Plan for New Tax Laws from New Administration

With the new administration beginning on January 20, 2025, significant tax law changes are expected. While it is not advisable to act on predictions of those changes, there are certain actions that can be taken now to maximize the benefit of such new laws if/when they are enacted.

Payments of certain state and local taxes could be deferred into 2025 in case there is a change to the federal limit on the deduction for such taxes for the purpose of federal itemized deductions.

Placing 2024 returns on extension if the returns contain provisions that could be retroactively changed might also be beneficial.

We will discuss planning issues and strategies in our upcoming December and January seminars. If you are not already registered for our seminars in December and January, register here so you will be fully prepared for the upcoming changes!