Given that tax season is upon us, I hope that each of you took affirmative steps to minimize your tax liability in 2024.  There are a few things left you can still do in 2025 to lower your tax bill before the April filing deadline, and I encourage you to meet with your accountant ASAP to make sure you’re able to take advantage of these opportunities before the looming deadline.

If you didn’t do any tax planning in 2024, then I encourage you to make this a priority in 2025!  Why pay more taxes than you have to?  I think the following quote by U.S. Supreme Court Justice Learned Hand sums it up nicely and is as relevant today as it was in 1934 when he said it:

“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury.   There in not even a patriotic duty to increase one’s taxes.  Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible.  Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”

Preach Justice Hand. Preach!

Because your legacy deserves a plan.℠

This information is for general educational purposes only and in no way represents legal advice. To properly implement any of this information, you need legal advice for your particular situation. If you reside in Georgia or Illinois, I’d be happy to consult with you. For those in other states, I’m happy to provide referrals to estate planning attorneys in your state.