Tax planning should be a year-round endeavor, not a year-end afterthought. Many of the most effective tax strategies for businesses require months of preparation. Nevertheless, as the end of the year approaches, there are strategies available to minimize a business’s tax bill for 2024. This article examines year-end tax planning strategies for businesses. A sidebar explains why changing the accounting method a business uses can be beneficial.

For investors, a popular year-end tax planning strategy is to “harvest” investment losses. This strategy allows them to offset investment gains plus up to $3,000 in wages or other ordinary income. However, if an investor plans to repurchase the same, or a substantially identical, security after selling an investment at a loss, watch out for the “wash sale” rule. This article details the rule and how to avoid it.

A key reason for creating an estate plan is gaining the peace of mind that family members will be taken care of after a person’s death. Indeed, no one wants there to be confusion or hurt feelings over the division of assets. That’s why it’s critical to fortify one’s plan against potential will contests or other challenges down the road. This article defines “undue” influence and explores why one might want to include a no-contest clause in an estate plan.

These brief tips detail two methods to use when calculating business-vehicle expense deductions; explain the need to name contingent beneficiaries; and explore the investment strategy of harvesting gains or losses.