As summer approaches, it’s a great time for small business owners to plan for lowering their 2024 tax bill. This article provides actionable tips on timing your business income and deductions, maximizing depreciation breaks, establishing tax-favored retirement plans, and optimizing the Qualified Business Income (QBI) deduction. With no significant tax changes expected, these strategies can help you reduce your federal income tax liability. Read the full article for comprehensive guidance.

This article covers essential tax tips for businesses, including credits for improving accessibility, combating rising business fraud costs, and claiming tax breaks for historic renovations. It also explores recent IRS initiatives to enhance compliance and prevent fraud. Discover how these insights can benefit your business and stay informed on key tax issues. Read the full article for detailed information.

Employee recognition awards and gifts can boost morale and retention, but understanding their tax implications is crucial. This article explains what qualifies as a tax-deductible award, the requirements for tax-free employee awards, and the rules for small, occasional gifts. Learn how to maximize the benefits of employee recognition while minimizing tax costs. Read the full article for detailed guidelines.

Summer is an ideal time for business owners to review their estate plans, particularly with family gatherings making it easier to discuss long-term goals. This article explores the importance of understanding your business's value in updating your estate plan, the impact of the current federal gift and estate tax exemption, and effective strategies for wealth transfer. Learn about the key factors in business valuation and the benefits of using qualified appraisers to maximize tax advantages. Read the full article for comprehensive insights and guidance.