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Tax-Saving Moves Businesses Should Consider Before Year End
Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business.
Factoring the QBI Deduction into Year-End Tax Planning for Your Business
Thanks to the Tax Cuts and Jobs Act, sole proprietors and owners of pass-through entities, such as partnerships, S corporations, and limited liability companies, may be able to claim tax deductions based on their qualified business income (QBI) and certain other income.
An IRA Withdrawal Strategy with Tax-Reducing Power
If you’re 70½ or older, you may want to make a qualified charitable distribution (QCD) from your IRA before year-end. Typically, distributions from a traditional IRA are taxable.
Are You Aware of the Business Credits and Other Tax Benefits Available?
Tax incentives and sales tax exemptions, can make a big difference. Unfortunately, these benefits often go unclaimed because businesses don’t know about them or erroneously think they’re ineligible.
Medicare Premiums May Lead to Tax Savings
Suppose you pay premiums for Medicare health insurance. In that case, you may combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return.
Get a Jump on Tax Planning
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 from itemizing deductions.
Independent Contractors: Classify Carefully
Many businesses use independent contractors to help keep costs down and provide flexibility for short-term needs. However, whether a worker is an employee or an independent contractor is complex.
Does the Corporate Transparency Act Apply to Your Business?
Certain companies must provide information related to their “beneficial owners,” the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties.
Help Prevent Financial Scams Aimed at Older People
Here are three ways to help prevent elder financial abuse and fraud, whether you’re in this age bracket or you share them with senior loved ones
To Get an “Early” Refund, Adjust Your Withholding
You may want to adjust your withholding if you received a large refund this year. Each year, millions of taxpayers claim an income tax refund.