2024-2025 Tax Planning Guides for Business and Individuals

Year-end tax planning involves a comprehensive review of your estimated tax requirements, anticipated cash outlays, off-season filing deadlines, new and expired tax laws, and relevant tax breaks. By taking a well-thought-out approach, taxpayers may optimize their retained, or after-tax, earnings and avoid penalties.

This being an election year, our team is closely monitoring potential tax policy changes, which may arise from the incoming administration. While the outcome of the election could influence whether these are extended or modified, now is an opportune time to begin tax planning. 

AAFCPAs wants to ensure clients have the tools and insight they need to claim all the tax breaks to which they are entitled. We encourage clients to review this guide and the many strategies available for both personal and business filing. The sooner you get started, the greater your advantage when it comes time to file your 2024 returns.

Personal Strategies 

• Accelerating or deferring income
• Maximizing or bunching deductions
• Making tax-savvy donations
• Contributing to a retirement plan
• Claiming all possible tax credits
• Taking child-related breaks
• Timing capital gains and losses
• Preparing for retirement plan distributions
• Participating in a flexible spending or health savings account
• Taking advantage of education savings plans
• Making timely estimated tax payments
• Incorporating tax strategies into your estate plan

Business Strategies

• Selecting or changing to a tax-advantaged business structure
• Claiming all eligible credits
• Deducting all eligible business expenses
• Accelerating or deferring income
• Using a tax-smart depreciation method
• Qualifying expenditures as repairs
• Taking advantage of bonus depreciation or Section 179 expensing
• Maximizing vehicle-related deductions
• Choosing and offering tax-saving employee benefits
• Setting up a retirement plan
• Using a net operating loss to your tax advantage
• Incorporating tax planning into your exit plan
• Disposing of obsolete inventory
• Optimizing pass-through entity tax
• Paying previously accrued expenses owed to related parties