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Year-End Tax Planning Strategies for Businesses to Prepare for 2024 

Anders CPA

Year-end is approaching fast, which means this is the perfect time for businesses to make some final adjustments to their tax planning strategies. Consulting with a trusted tax professional to determine your eligibility for certain deductible activities is the best way to maximize your tax savings.

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2022 Year-End Tax Planning Checklist

Withum

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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Congress Fails To Pass Key Tax Extenders, Now What?

Withum

Some will try to argue that these changes merely result in timing differences, which generally do not impact tax financial statement disclosures. However, the amount of cash investment needed to be in compliance with these temporary federal income tax provisions could force some businesses to make tough decisions to stay afloat.

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