As far as new legislation is concerned, 2024 was a quiet year – however there were some tax rules that went into effect that were part of legislation passed on previous years. With the presidential election behind us we can start to focus on what 2025 and beyond will look like.
Much of Trump’s tax agenda focused on the Tax Cuts and Jobs Act of 2017 (TCJA), the majority of which is set to sunset at the end of 2025. How the impending sunset is handled will be a critical issue throughout the next year.
Action on the soon-to-expire TCJA is likely to be high on the to-do list for the new Congress. Many leaders in the GOP have expressed interest in taking quick action to extend the provisions beyond their pending expiration at the end of 2025. However, given the fact that TCJA has one more year to go, the issue of extension is not highly relevant to year-end tax planning for 2024.
While there are always new strategies to consider, and indeed there are some changes from recent legislation that are in effect for 2024, the simple tactics of deferring income and increasing current deductions are the best bet for the next few weeks.
Click here to see complete details on these key tax planning tips.
For Individuals:
- Minimizing Individual Income Taxes
- Maximizing Deductions
- SALT Deduction
- Green Energy
- Retirement Savings
- And Other Strategies
For Businesses:
- Corporate Transparency Act
- Depreciation and Spending
- Clean Commercial Vehicles
- And Other Strategies
We hope you find this information helpful. Feel free to contact our tax team with any questions.