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2024 Tax Planning Guide
Personal Tax Considerations
Do you need to meet with your team of legal, tax, and financial professionals? There are any number of situations in which you might. Not the least of which is having put it off for some time.
- Reviewing any wills, trusts, and other legal documents ensures they remain properly drafted to meet your needs.
- It is also a good practice to check with your human resources department to ensure you withhold just enough from your income to pay next year’s taxes.
- You might want to reexamine saving for college through a 529 plan. Depending on your state, these plans expanded access to people who want to save for and withdraw up to $10,000 annually to pay for private and parochial school from kindergarten through high school.
- You can also bunch your full annual gift tax exemption for five years as a contribution to a 529 plan, but you can’t make another gift to the same person during this time.
- If you made money in a side gig, remember that you must report all the income even if you don’t receive a 1099 statement for the amount. This form isn’t required for annual earnings under $600, but taxes are still due.
Check with your tax and other professionals for a complete list of what you’ll need for your next planning meeting.
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Ronald L Tharp, PC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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