2024 Year End Tax Planning

As the end of the year approaches, it’s time to start planning ahead.

In between the busyness and usual “to-do’s” of the holiday season, now is a good time to begin pulling out last year’s tax return, along with your current pay stubs and account statements.

Doing a few quick projections will help you estimate your present tax position, considering any changes throughout 2024, and identify any issues you might need to address. 

Take into account these items below:

• Tax Loss Harvesting: Capture realized losses thoughtfully before year end.

• Charitable Contributions: Identify ways to give back and make full use of your charitable deduction while there’s still time.

• Funding Company Retirement Plan: Maximize your contribution if possible and take full advantage of any employer match benefit.

• • Review Contributions to FSAs and HSAs: Maximize your contribution if possible. Clients ages 55+ can contribute an additional $1,000 to an HSA for 2024.

   

  • Reviewing Estate Plans: Be sure to update beneficiary designations and review trustee appointments, power of attorney provisions, and health care directives.

We will be happy to speak with your tax advisor or send you any year-to-date statements you may need. If you don’t already have a tax advisor, we can recommend one to you.

Please also reach out to your advisor if you’d like a comprehensive tax preparation checklist for 2024, or if you’d like to review the 2024 tax rates and contribution limits for your reference.

We look forward to answering any questions you may have.