By Jeffrey T. Rogers, CPA, MST | Partner, E.J. Callahan & Associates
The final month of 2024 is upon us and that can only mean one thing…it’s time to engage in year-end tax planning. Only, this year feels a bit different than recent years in that taxpayers aren’t racing to implement strategies to minimize the impact of future rising tax rates. With minimal exceptions, which will be discussed, taxpayers aren’t faced with concerns over increases to their income tax in 2025. On the contrary, it would not be beyond reality to think that 2025 could bring lower taxes. However, at this stage there are no bills in Congress that would allow us to characterize this as more than wishful thinking. A stronger bet would be to expect some major legislation to be passed prior to the end of 2025 when several favorable provisions of the Tax Cuts and Jobs Act (“TCJA”) are due to sunset.
This is not to say that there is not anything to think about over the remaining days of 2024. This article is intended to look into some of those practical strategies and one very important filing requirement.
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