The past few years have seen major changes in the economy. Inflation has led to both higher prices and higher interest rates. The market has seen major fluctuations. Tax planning is an important task for individuals. It can help to manage cash flow and minimize people’s tax bills. For example, deferring or accelerating income or deductions can make a big difference in the bottom line.
The following article offers an overview of changes in federal tax laws and regulations in 2023 and 2024. State, local and foreign taxes may also be subject to change. To ensure compliance with all relevant tax laws, individuals should work with a financial professional who has experience in their area.