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Welcome to the end of 2024! This year has been full of political ups and downs, with the market trending upwards and still no action by Congress to fix or extend tax provisions that could benefit individuals and small businesses alike. Now that we are past the election, tax planning will likely be driven by tax proposals that the Republican party has put forward as part of their platform. The last time President Donald Trump was in office we saw the passage of the Tax Cuts and Jobs Act (TCJA) of 2017, and there is a general feeling that many of the beneficial tax provisions included in this bill will be under consideration for extension or renewal. We have more on the TCJA and President Trump’s proposals in the following pages.
The rest of this planning letter contains information and planning strategies we generally use when beneficial for our clients. The information and strategies are based on federal laws, regulations, court cases, and policies that are in effect as of the publication date. The planning strategies and recommendations discussed generally focus on federal tax laws, so if you live in a state that does not typically follow the federal tax rules additional nuances may need to be considered before implementing a strategy. Our state and local tax (SALT) experts provide some insights in this letter, and are also available to provide additional planning strategies that may be more beneficial at the state level.
Tax planning is a continuous effort, and HBK is here to help you throughout the year to make sure the financial choices you make will provide the best tax result possible. We encourage you to reach out to your HBK tax advisor to talk through your current situation and make sure you are capturing all of the tax benefits available to you for your 2024 tax filings. We will continue to keep you updated as the Trump administration takes office and new tax legislation is proposed, and we look forward to working with you this coming year.
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