2024 Financial Services Year-End Tax Guide

As we go to press with our annual year-end tax planning guide, we are closing out an eventful year and welcoming a new President along with a new Congress. Stock market volatility, inflation concerns, and geopolitical tensions were all factors on the minds of taxpayers during the most recent election cycle. The new regime promises quick action on the economy and tax relief once they take office in the new year. In the forefront is extending key provisions of the Tax Cuts and Jobs Act (TCJA), enacted in late 2017, many of which are slated to sunset after December 31, 2025.

This guide offers a variety of strategies for reducing one's taxes in the current tax environment. Use it to identify the best strategies for your situation with your tax advisor, who also can keep you apprised of any new tax law developments that might affect you. Key decisions – including those related to choice of business entity, tax loss harvesting and general tax planning – should be top of mind as you prepare now to make informed and timely decisions towards both your short term and long-term goals.