As year-end approaches, now’s the time to implement changes to cut your income taxes for 2024. Here are our top 50 year-end tax planning strategies.
___ 1. Maximize the 20% of qualified business income (QBI) deduction available under Section 199A for your practice and real estate. If your taxable income exceeds the 2024 phase-out level ($241,950 single or $483,900 married), consider purchasing a business car, equipment, or other assets as described below, and optimizing depreciation, deferring income by postponing billing and collections, and accelerating deductions by prepaying rent, increasing retirement plan and HSA contributions, shifting income to family members, and boosting charitable contributions, to qualify.
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