Withum federal tax policy lead, Lynn M Mucenski-Keck has outlined tax strategies for US businesses and individuals as year-end nears. 

The CPA and advisory company advised both businesses and individuals to take proactive steps to lower tax liabilities and secure a more favourable financial outlook for the coming year. 

For businesses, Mucenski-Keck suggests accelerating expenses, deferring income, applying for tax credits, and taking advantage of bonus depreciation and Section 179 expensing.  

Mucenski-Keck also recommends setting up employee benefits programmes and purchasing green energy tax credits. 

Cash-basis taxpayers can pay next year’s expenses in advance and delay income collection efforts. Tax credits such as the R&D tax credit, work opportunity tax credit, and the 2021 employee retention credit are also beneficial. 

She also highlights the opportunity for businesses to claim 60% bonus depreciation in 2024 for certain property placed in service by year-end and encourages small/medium-sized businesses to take advantage of Section 179 by expensing up to certain investment limits. 

For individuals, the strategies include making annual exclusion gifts, contemplating the impact of legislative changes and the TCJA sunset, harvesting tax losses, funding retirement plans, and considering ROTH IRA conversions.  

Maximising 401(k) contributions can lead to tax-deferred growth and potential tax savings. 

In November 2024, Withum launched a new AI-focused website, withum.ai, to offer businesses services around AI strategy, implementation, engineering, and AI adoption and governance.  

This initiative forms part of the company’s broader mission to foster innovation and deliver forward-thinking approaches to help clients stay ahead of technological change.  

Established in 1974 and headquartered in Princeton, New Jersey, Withum is a public accounting business with 23 offices.  

The company offers advisory, tax and audit services to businesses and individuals.