As the end of 2024 approaches, now is the time for individuals to fine-tune financial strategies and explore opportunities to reduce federal income taxes due at year end. There are several steps which can be taken in the closing weeks of the year to help reduce 2024 income taxes.
In November 2024, the IRS announced that interest rates will decrease for the first quarter of 2025, which begins January 1, 2025. The changes outlined in IR-2024-290 outline all the relevant interest rate changes including various reductions.
By KLATZKIN TAX TEAM
Earlier this month, the IRS announced the retirement plan contribution limit changes for 2025. The limits are adjusted annually to account for inflationary changes and other economic factors. Starting next year, there are several increases coming. This is welcome news for individuals and families that rely on employer sponsored and other retirement plans as the main retirement savings vehicle.
