As the culmination of 2024 nears, join us for a discussion of crucial topics to be addressed during year-end meetings with clients as they strive to optimize their tax situations before filing their 2024 income tax returns.
DESIGNED FOR
CPAs and other financial professionals
BENEFITS
Understand potential actions to take by Dec. 31, 2024, and planning opportunities that will remain available in 2025.
HIGHLIGHTS
- Planning to optimize the use of tax brackets — taking action to deal with avoidable spikes in 2024 or 2025 taxable income
- Identifying items of income and deduction where the taxpayer can control the year of inclusion in taxable income
- Knowing which deductible expenses can be arranged to be paid in 2024 and what the limits are for doing so
- Reviewing retirement plans for year-end tax planning: Are there options to make deductible retirement contributions, including the establishment of new retirement plans for a taxpayer’s business?
- Consideration of the timing of any Roth IRA conversions, taking into account possible changes in 2026 due to the expiration of many TCJA provisions
- Giving advice in a fashion to reduce the possibility that a client makes mistakes that sabotage the plan, including overdoing steps like accelerating so many deductions into 2024 as to have them wasted against low tax bracket income