Tax guides offer insights for businesses, individuals and industry-specific sectors
CHICAGO — As macroeconomic trends upend long-term planning, business cycles are turning over faster than ever. Recent tax changes coupled with the potential for an economic slowdown have made it even more critical for companies and individuals to make smart decisions on investments and financing.
To help companies and individual taxpayers understand their planning options, Grant Thornton LLP, one of America’s largest professional services firms, has released 2024 tax-planning guides for businesses and individuals. The firm also released industry-specific tax-planning guides for the following Industries: manufacturing, services, technology, asset management, healthcare, energy and hospitality.
“Whether it’s a new stricter limit on the ability to deduct interest expenses, increasingly aggressive state tax law initiatives, or companies dealing with new foreign tax credit rules, taxpayers and businesses must contend with a lot of challenges in the upcoming year,” said Dustin Stamper, managing director in Grant Thornton’s Washington National Tax Office. “As 2023 comes to a close and the new year begins, it’s an ideal time for companies and individuals to assess their plans and identify key tax-planning opportunities.”
Here are some of the most important tax-planning considerations for businesses and individuals heading into 2024:
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