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2023 Year-End Tax Planning Strategies for Businesses

Cherry Bekaert

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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Upcoming Tax Issues Facing Dealerships That Need To Be Addressed Now

Withum

However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025. Coupled with the increased individual income tax rates that take effect after December 31, 2025, taxpayers will see an increase in their effective tax rate of 10%, going from 30% to 39.6%.

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