2024-2025 Tax Planning Guide
Brought to you by Cray Kaiser
To keep your taxes to a minimum, you first need to be aware of all of the tax breaks for which you’re eligible. Then you have to implement strategies that allow you to take maximum advantage of those breaks and other tax savings opportunities while staying in compliance with tax law. You also can’t forget about the massive Tax Cuts and Jobs Act (TCJA) that generally went into effect six years ago but still significantly impacts tax planning. Many of its provisions are scheduled to expire after 2025, and it’s uncertain whether they’ll be extended. There may be actions you can take this year to help lock in tax savings. Finally, you need to keep an eye on Washington, because the outcome of the 2024 elections will have a big impact on taxes in the future.
This guide provides an overview of some of the key tax provisions you need to be aware of. It offers a variety of strategies for minimizing your taxes in the current tax environment. Use it to identify the best ones for your particular situation with your tax advisor, who also can keep you apprised of any new tax law developments that might affect you.