As 2024 comes to a close, taxpayers may need to be even more diligent than normal, as you’re not only comparing 2024 to 2025, but you must also compare 2024 to what 2025 might be. Setting aside time to effectively plan requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There’s a real opportunity for tax savings but one needs to be informed, to be flexible and to be ready to act before December 31st, if required.
