As 2024 comes to a close, taxpayers face a unique planning landscape with the recent election signaling potential tax law changes in 2025 under the new administration. 

While the specific scope and timing of these changes remain uncertain, the likelihood of significant shifts in tax policy raises the possibility of new legislation that could impact various tax structures, rates and credits. Some proposals under consideration may even retroactively affect 2024, meaning that careful year-end planning is crucial to mitigate any unexpected implications.

GHJ’s Tax Practice has developed a comprehensive 2024 Year-End Tax Guide to help businesses and individuals navigate key tax considerations before closing out the year. Each installment in this series addresses critical topics that will help taxpayers plan proactively.

The team has outlined strategies for businesses and individuals to optimize their tax position based on existing laws.