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As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end tax planning can lead to significant savings and set you up for financial success in the new year. In 2025, the lifetime gift tax exclusion will rise to $13.99 million ($27.22
Informally fund nonqualified deferred compensationplans If the business has a nonqualified deferred compensationplan for key employees, it may make sense to informally fund that plan in 2023 to ensure the company has the cash flow to meet the future obligation. A few have already been mentioned.
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