Tax Planning Guide for Businesses & Individuals (2023-2024)

Year-end tax planning is the practice of evaluating your tax situation and trying to minimize your tax liabilities while looking at your overall financial position. It is also an opportune moment to reassess your estimated tax obligations, forecast cash expenses for the filing deadline, and take measures to prevent penalties from underpaying your estimated taxes. While this can take place at any time during the year, there are certainly actions taxpayers may take now to realize a more favorable tax outcome.

AAFCPAs encourages clients to review our 2023-2024 Tax Planning Guide for Businesses & Individuals to familiarize yourself with sections or strategies that may apply to your situation and discuss with your AAFCPAs Tax Advisor.

Personal Tax 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 Tax 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 100 percent 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

There are many ways AAFCPAs can minimize your tax liability. We welcome the opportunity to help you navigate the upcoming 2023-2024 tax season. Time is limited. Please contact your AAFCPAs Tax Advisor to discuss a tax plan that works this year and beyond.

A special note from AAF Wealth Management

Tax exposure affects the ultimate value of your investments, real estate, trusts, and other financial reserves. AAF Wealth Management advises that clients incorporate prudent tax planning into their overall personal financial plans. We leverage our shared knowledge base with AAFCPAs and apply that insight into your long-term plan while taking tax implications of decisions into consideration.