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January 30, 2025

Brent A. Wilkinson

Principal, Tax Practice Leader

Atlanta, GA

678-510-2732

[email protected]

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Tax Planning Guide Offers Key Strategies for Higher-Income Taxpayers

2024-2025 Income Tax Strategies

For higher-income taxpayers hoping to maximize their tax savings this year, Windham Brannon’s Tax Planning Guide provides practical insight for year-round tax strategies that go above and beyond just tax compliance, but also assists in identifying and implementing tax strategies that work to minimize your tax liability while enhancing opportunities for tax savings and breaks. Our planning guide is based on thorough research and analysis of current and proposed tax laws combined with our hands-on expertise and experience helping higher-income clients.

Tax Planning with TCJA in Mind

This year’s guide takes into consideration the uncertain future of the Tax Cuts and Jobs Act (TCJA), whose various tax provisions are scheduled to sunset at the end of 2025, pending any legislation that would renew or extend such provisions. There may be actions you can take to help lock in certain tax savings, while also remaining aware of any legislative changes from Washington. Of course, your tax advisor can help you stay up to date.

The following are key highlights covered within the strategies of the 2024-2025 Tax Planning Guide, which we recommend you discuss with your Windham Brannon tax advisor to determine which ones best fit your tax situation.

  • Income and Deductions: TCJA timing strategies, tax breaks for healthcare (including the additional 0.9 percent Medicare tax), avoiding or reducing alternative minimum tax (AMT) and payroll tax considerations for self-employment as well as owner-employees.
  • Executive Compensation: Saving taxes on restricted stock, incentive stock options and nonqualified stock options.
  • Investing: Timing strategies for capital gains, determining if you owe net investment income tax (NIIT), shifting income to take advantage of the 0 percent long-term capital gains rate and how to use the wash sale rule to be tax smart with losses.
  • Real Estate: Home-related itemized deductions and tax credits (including the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit), Section 179 expensing and bonus depreciation strategies.
  • Business Ownership: Balancing your tax strategies for your business (e.g., Section 199A deduction for pass-through entities and loss deductions) along with tax-smart retirement and exit planning, as well as business sale and acquisition.
  • Charitable Giving: Charitable donation strategies that don’t undermine your subjugation to the AMT, how much itemizers can deduct for donations and long-term charitable giving strategies through the use of trusts.
  • Family and Education: Various child tax credits and care-related breaks, the benefits of IRAs for teenagers, and new options with 529 savings plans.
  • Retirement: Making the most of your retirement plan by maxing contributions and remaining aware of tax pitfalls, including best practices with IRAs and required minimum distributions (RMDs).
  • Estate Planning: How to take advantage of record-high levels of tax exemptions for estate, gift and generation transfer tax amid pending sunset in 2025.
  • Tax Rates: Details on tax rates for individual, corporate, estate and trust income.

You can access a copy of our 2024-2025 Tax Planning Guide here – for questions or more information, contact your Windham Brannon advisor, or reach out to Brent Wilkinson.

Tax Planning Guide