Year-End Tax Planning

  • Wealth Planning

In Summary

With another year, as well as another election cycle, coming to a close, potential tax law changes remain front of mind.  It remains uncertain exactly what impact the election results will have on the expiring provisions of the Tax Cuts and Jobs Act, as well as tax laws in general.  Regardless of what changes are made, or not made, opportunities still exist to deploy tax planning strategies before year-end to reduce both current and future tax liabilities. We encourage clients to reach out to their Private Advisors to discuss which strategies might be right for them, as a little extra planning now could make a significant difference in the future. 

Key Takeaways

  • With the year coming to a close, it’s important to evaluate all tax management strategies that may be available to reduce both current and future tax liabilities. There are several strategies and elections that can still be accomplished before the end of the year to achieve these goals. 
  • Many provisions of the Tax Cuts and Jobs Act of 2017 are currently legislated to expire at the end of 2025. While the results of the recent election could have a significant impact on the status of these provisions, it’s still important to be aware of the provisions that may be impacted, and the planning opportunities and considerations stemming from their potential sunset or extension. 
  • With tax laws in a state of flux, especially with the recent election results, we encourage clients to reach out to their Private Advisors to help determine which year-end tax planning strategies are right for you. 
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