Your year-end tax planning doesn’t have to be hard. This article takes your daily business activities and identifies easy year-end tax-planning moves you can make today. Our six strategies will increase your tax deductions, which will reduce your taxable income so the government gets less of your 2024 cash.

Here’s an easy question: Do you need more 2024 tax deductions and credits? If so, continue reading. Next easy question: Do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate both the first problem (needing more deductions and credits) and the second problem (obtaining a replacement vehicle), but you must get your replacement vehicle in service on or before December 31, 2024. This article helps you find the right vehicle for the deduction or credit you desire.

Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2024 taxes. In this article, you will learn how to find and release tax deductions that the tax code trapped inside your existing business cars, SUVs, trucks, and vans. And you will learn how the Tax Cuts and Jobs Act makes it possible for you to find a big deduction from your existing personal vehicle (note the terms “existing” and “personal”).

Are you thinking of getting married or divorced? If so, you need to consider December 31, 2024, in your tax planning. Here’s another question: Do you give money to family or friends (other than your children who are subject to the kiddie tax)? If so, you need to consider the zero-tax planning strategy. And now, consider your children who are under age 18. Have you paid them for work they’ve done for your business? Have you paid them the right way? You’ll find the answers here.

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2024 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct strategies. In addition to saving taxes with the game of offset, you can avoid paying taxes on stock appreciation by gifting stock to charity, your parents, and your children who are not subject to the kiddie tax.

Does your business have a retirement plan for you and, if you have employees, your employees? It should. The tax code gives you good reasons to get your retirement plan in place and perhaps make changes in existing plans.

Are you eligible for COVID-19 tax credits for yourself and/or your employees? Have you reimbursed your employees (including your employee-spouse) as stipulated in your health reimbursement arrangements? And if you operate as an S corporation, do you have your health insurance set up correctly for your best tax deduction? In this article, we help with these matters and more.

Remember to consider your Section 199A deduction in your 2024 year-end tax planning. If you don’t, you could end up with a useless $0 for your deduction amount. We’ll review three year-end moves that simultaneously (a) reduce your income taxes and (b) boost your Section 199A deduction.