Business Owners, It’s Not Too Late to Save Money on 2024 Taxes

New tax laws offer opportunities for significant savings

The Tax Cuts and Jobs Act of 2017 made significant changes to the tax code, and many of these changes will have a major impact on businesses. Some of the most important changes include:

• The reduction of the corporate tax rate from 35% to 21%
• The creation of a new 20% deduction for pass-through businesses
• The elimination of personal exemptions and the doubling of the standard deduction
• The limitation of itemized deductions for high-income taxpayers
• The repeal of the Affordable Care Act individual mandate

Tax-Saving Strategies for Businesses

There are a number of tax-saving strategies that businesses can implement to take advantage of the new tax laws. Some of these strategies include:

• Maximizing the new 20% deduction for pass-through businesses
• Taking advantage of the increased standard deduction
• Limiting itemized deductions
• Considering the impact of the repeal of the Affordable Care Act individual mandate
• Prepaying expenses in 2023 to take advantage of the higher deduction limits
• Delaying income until 2024 to take advantage of the lower tax rates

Get Help from a Tax Professional

The new tax laws are complex, and it is important to seek professional advice to ensure that you are taking advantage of all of the available tax savings. A tax professional can help you develop a tax-saving strategy that is tailored to your specific business needs.

Additional Resources

• IRS website for businesses
• Tax Policy Center article on the 20% deduction for pass-through businesses
• Forbes article on the 20% deduction for pass-through businesses