As the year winds down, it’s essential for businesses to review their tax strategies to optimize savings and reduce liabilities for 2024. Proactive planning can leverage key deductions, credits, and timing strategies while aligning with upcoming changes in tax law.
With significant provisions of the Tax Cuts and Jobs Act (TCJA) expiring in 2025—such as the Qualified Business Income (QBI) deduction and bonus depreciation—now is the time to assess how these changes might affect your business. Adjustments made in 2024 can ensure you are well-positioned for the transition.
The 2024 elections may further influence tax policies, potentially reshaping laws that impact your business. Staying informed about these developments and preparing for potential shifts is critical. In the meantime, businesses can focus on current opportunities, such as:
- R&D tax credits, which reward innovation and development.
- Child care and employee benefit tax credits, supporting workforce needs.
- Strategic planning to maximize deductions and optimize tax timing.
Smith Schafer encourages businesses to take advantage of our year-end planning guide to navigate these changes and implement strategies for long-term tax efficiency. Proactive steps now can help mitigate risks and seize opportunities, ensuring your business remains ahead of evolving tax landscapes.
Are you confident you are doing everything to minimize taxes for your business?
