2024 Tax Planning

by | Nov 1, 2024 | Tax

As we approach the end of 2024, now is the ideal time to evaluate your tax situation in preparation for your upcoming tax return. While we can’t predict exactly how the year will conclude for each client, we can analyze expected outcomes and identify potential tax shortfalls. This proactive approach allows us to minimize penalties and interest associated with late payments while uncovering tax planning opportunities.

Tax planning involves strategically managing your finances to reduce your tax liability and protect your assets at both federal and state levels. It encompasses deductions, credits, and considerations of current versus future tax rates. The goal is to find effective, legal methods to lower your tax burden now and in the years ahead.

While everyone can benefit from thoughtful tax planning, those with more complex financial situations—such as business owners and high-net-worth individuals—stand to gain the most.

Effective tax planning goes well beyond basic tax preparation. To navigate this process successfully, consider partnering with a qualified CPA who has experience working with a diverse range of clients, including business owners and those facing unique financial circumstances.

Key Considerations for Tax Planning:

  • Standard vs. Itemized Deductions
  • Charitable Contributions
  • SALT Limitations
  • Medical Expenses
  • Education Savings
  • Capital Gains and Losses
  • Child and Dependent Care Credits
  • ROTH Conversions
  • Loss Harvesting
  • Retirement Plan Contributions
  • Record Keeping and Documentation
  • Gift Tax Implications
  • Medicare Premiums
  • Reasonable Compensation for S-Corp Owners
  • Executive Compensation Packages
  • Maximizing the 20% QBI Deduction
  • Depreciation Strategies
  • Revenue Recognition or Deferral
  • Net Operating Losses
  • Tax Structure and Entity Considerations
  • Paycheck Protection Program Opportunities

If you’re ready to get a head start on your tax planning for 2024 or if you have any questions, we’re here to assist you!

Always remember, Senter, CPA is here for you if you need any assistance.

Don't hesitate to give us a call at 248-934-0550, or contact us below.

How to Document Charitable Donations for Tax Deductions

Accurate documentation is essential when claiming charitable contributions on your tax return. The IRS requires specific records depending on the type and value of your donations. Maintaining proper records ensures your contributions are deductible and helps you avoid issues if your return is ever reviewed.

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At Senter, CPA, our goal is to make your tax preparation experience as seamless and efficient as possible.

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Qualified Charitable Distributions (QCDs) are a tax-efficient way for eligible IRA owners to support charitable organizations while managing taxable income. Individuals who are age 70½ or older may donate up to $108,000 in 2025 directly from a traditional IRA to a qualified charity. When structured properly, a QCD is excluded from taxable income, may satisfy Required Minimum Distribution (RMD) requirements, and can help reduce overall tax liability.

Common Tax Documentation for 2025 Tax Season

Getting your tax documents organized for your preparer can feel overwhelming—but you don’t have to do it alone. One of the most common questions we hear is, “What documents do I need for my individual tax return?”

2025 Senter, CPA Year in Review

Reflecting on 2025, Senter CPA has experienced significant growth and success, both personally and professionally. As we roll into 2026, we’re heading into our ninth year as a firm. That’s wild. It honestly feels like just yesterday that we unlocked the doors on January 1, 2018.

URGENT: New Electronic Payment Requirements

Tax season is getting a serious tech upgrade.

New Schedule C Excel Worksheet For 2025

If you file Schedule C as a sole proprietor or single-member LLC, you already know how detailed the IRS can be. The form requires a thorough breakdown of your business income and expenses, leaving little room for guesswork. Schedule C is the primary IRS form used to report your business’s profit or loss and completing it accurately is essential for both compliance and tax planning.

New Schedule E Excel Worksheet For 2025

If you report rental income on Schedule E, you already know the IRS wants your numbers broken out by category and by property. Schedule E is the main IRS form used to report rental real estate income and expenses on your personal return, and clean detail makes prep faster and cuts down on follow-ups.

Help Us Keep Spreading the Senter CPA Magic!

First off—thank you for being part of the Senter, CPA, P.C. family! Whether we helped untangle your taxes, guided your business through accounting complexities, or simply answered that one stubborn finance question that was bugging you, we hope we’ve made your financial life a little easier (and maybe even a little brighter!). Now, we’re turning to you—not for more numbers or forms—but for just a few kind words.