Last-Minute Tax Moves for 2024: A Guide for Small Businesses

ARTICLE | March 14, 2025

Authored by Vasquez + Company

As the federal and state tax seasons approach, many small business owners are looking for ways to manage and potentially reduce their 2024 tax liabilities. While there often seems to be too little time to make meaningful changes, a number of last-minute strategies and deductions are still available. From understanding the annual filing deadlines to using available depreciation options and considering a tax-favored retirement plan, it’s essential to stay informed and act promptly. This guide provides a detailed overview of key deadlines, possible deductions, and proactive steps that businesses of all types—including sole proprietorships, single-member LLCs, S corporations, and C corporations—can take to improve their tax positions.

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While the clock is ticking on 2024, small business owners can still make fast yet meaningful moves to bolster their bottom line come tax season. Understanding your filing deadlines ensures you don’t miss critical windows, while strategic use of the QBI deduction and accelerated depreciation provisions can deliver powerful savings. Adopting or enhancing a tax-favored retirement plan can further reduce your taxable income and help you plan for the future, and if your business has to weather a natural disaster, casualty loss deductions offer a lifeline in otherwise trying times.

The sooner you act, the better positioned you’ll be to lock in these benefits for the 2024 tax year. As always, a tailored review of your specific situation is the best way to pinpoint every opportunity. If you have questions about any of these strategies—or want to explore other ways to lower your taxes—reach out to a tax professional who can offer individualized guidance.

Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.