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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
November/December 2024
Act Now! Year-end Tax-Saving Opportunities
As the year draws to a close, it's time to maximize your current year's tax deductions and other tax planning opportunities. Here's a brief checklist of moves you can make to help reduce current or future tax exposure.
Pre-pay Business Expenses
You may be able to reduce your 2024 tax bill by pre-paying certain business expenses before the year's end. For example, you can renew subscriptions, pay ahead for advertising, business insurance premiums, rent, business licenses, and other items that don't extend more than 12 months. Some other year-end moves that could cut your tax bill include:Maintenance
Repair broken equipment and physical plant items by the end of the year.Invest in Equipment
Buy business equipment and put it into service by year's end. Your business can deduct the entire cost of qualified equipment up to a purchase limit of $1,220,000 for tax year 2024.Maximize QBI Deductions
If you meet certain income limits, owners of S corporations, partnerships, and sole proprietorships may deduct up to 20% of qualified business income (QBI). For tax year 2024, eligibility for the deduction begins to phase out at income levels of $182,100 for single filers and $364,200 for joint filers.* If you're over the income threshold, consider finding some more deductions.Contribute to Retirement Accounts
Make matching contributions to employee 401(k)s.Contribute to Health Savings Accounts (HSAs)
Employer contributions to employee HSAs, including your own, are deductible to the employer.Deduct Losses
Scour your financials to find every deduction to which you are entitled. See your tax professional for details.Give to Charity
Even donated equipment, computers or inventory may provide a useful year-end tax deduction.Above all, be proactive. Book your appointment with your tax professional well before the end of the year so you don't have to scramble.
*Exceptions apply for certain service businesses.
GE-6952366.1(8/24)(Exp.9/26)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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