2024-25 Annual Tax Planning Guide for Individuals and Families

This guide provides comprehensive tax planning strategies for individuals and families for the years 2024 and 2025. It outlines various tax opportunities that should be considered before the end of 2024, such as loss harvesting, charitable contributions, 401(k) contributions, and annual exclusion gifts. The document details the implications of the Tax Cuts and Jobs Act (TCJA) set to expire in 2026, including changes to the qualified business income deduction, income tax rates, and standard deductions. It emphasizes the importance of evaluating estate planning strategies, particularly concerning the generation-skipping transfer (GST) tax and maximizing lifetime gift exemptions. The guide also discusses the potential benefits of transferring business interests and the IRS's increased enforcement activities targeting high net worth individuals. Overall, it serves as a resource for individuals and families to navigate complex tax considerations in a changing economic landscape.