Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit by itemizing deductions. If it’s a toss-up between taking the standard deduction and itemizing, here are some ways to increase your itemized deductions and possibly lower your tax bill: Accelerate elective medical, dental and vision care expenses into 2024. Beef up charitable donations to IRS-approved charities. With some exceptions, you can prepay state and local income tax and property taxes that are due in early 2025, and make your Jan. 1, 2025, mortgage payment in 2024. Contact the Cg Team to schedule a tax planning meeting. © 2024