Dear Clients and Friends,
If the last 4 years have taught us anything it is that change and taxes are inevitable, and you can only postpone taxes temporarily. We don’t know what the future holds, but we can take steps to proactively plan for and keep ourselves informed of the ever-changing landscape. To help you identify strategies that might work for you in 2024, we’re pleased to present this tax planning guide. There have been no significant tax bills passed that will impact 2024, though many phase outs are expected for 2025. However, with the recent changes in the executive and legislative branches, there are certain to be additional changes on the horizon. This guide discusses timing issues related to income and deduction recognition, investment income characterization and loss harvesting, as well as planning for complex transactions, such as stock-based compensation. It provides insight for tax saving strategies and opportunities for business and real estate owners. Be sure to review the “What’s new!” sidebars summarizing the updates to home energy efficient improvements, 529 plans, and retirement planning implemented by the SECURE 2.0 Act. Various strategies apply to different situations, and this guide presents charts and case studies to illustrate some specifics of tax planning.
Understanding the ins and outs of recent tax law changes as well as the available opportunities and determining which steps to take isn’t easy. That’s why it’s important to work with an advisor who understands their complexities and is well versed in the full range of actions you can take to save tax. We can provide the advice you need, based on our deep knowledge of tax law and our years of experience in helping clients like you minimize taxes. We would welcome the opportunity to help you map out a tax plan that takes full advantage of all strategies available to you. Most tax reduction strategies must be implemented by December 31 — and some even earlier. So please contact us at your earliest convenience to discuss how we can help you develop a tax plan for 2024 and beyond. We look forward to working with you to maximize your tax savings.
