State And Local Tax Year-end Planning and Strategic Considerations
Overview
State legislatures faced a growing number of budget shortfalls to begin fiscal year 2025 as lower tax collections and a slowing economy curtailed the pandemic-era revenue boom. However, tax increases were rarely in the discussion. Budgets were balanced, and some states still have managed to cut taxes. Regardless of what occurs in statehouses, taxpayers need to prepare for both unforeseen economic changes and the potential for federal tax reform to trickle down to the states. Here, we address year-end state and local tax planning optimization strategies that may help businesses maintain compliance, leverage opportunity, and prepare for uncertainty.
For additional tax planning guidance and insights, see: