If you missed the NJCPA’s Monthly Tax Update with Ed Zollars, you can watch a replay. The content is accurate as of the original date presented, 11/25/24. There is no CPE for this on-demand replay.
DESIGNED FOR
CPAs and other financial professionals
BENEFITS
Understand potential actions to take by Dec. 31, 2024, and planning opportunities that will remain available in 2025.
HIGHLIGHTS
- Planning to optimize the use of tax brackets — taking action to deal with avoidable spikes in 2024 or 2025 taxable income
- Identifying items of income and deduction where the taxpayer can control the year of inclusion in taxable income
- Knowing which deductible expenses can be arranged to be paid in 2024 and what the limits are for doing so
- Reviewing retirement plans for year-end tax planning: Are there options to make deductible retirement contributions, including the establishment of new retirement plans for a taxpayer’s business?
- Consideration of the timing of any Roth IRA conversions, taking into account possible changes in 2026 due to the expiration of many TCJA provisions
- Giving advice in a fashion to reduce the possibility that a client makes mistakes that sabotage the plan, including overdoing steps like accelerating so many deductions into 2024 as to have them wasted against low tax bracket income