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

Anders CPA

Pass-through entities like a sole proprietorship, partnership or S-corp, won’t see the benefits as any charitable donation made by those businesses will pass through to your personal tax return. Anders Tax advisors work with businesses on customized tax strategies to reach their highest potential.

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2022 Year-End Tax Planning Checklist

Withum

Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact a member of Withum’s Tax Services Team to start planning as year-end approaches. Year-End Tax Planning for Businesses. The corporate tax rate is currently a flat 21% rate. Energy credits. Not-for-profits.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

Withum

Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year.

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Democrats’ Bill Would Allow Auto Dealers to Claim Clean Vehicle Tax Credits Starting in 2024

Withum

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

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Democrats’ Bill Would Allow Auto Dealers To Claim Clean Vehicle Tax Credits

Withum

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

Tax 52