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Maximize Your Tax Savings: Key Federal Updates Every Business Owner Should Know

ARTICLE | October 22, 2024

Authored by Vasquez + Company


Staying informed about tax deductions and regulations is essential for business owners. This article, "Federal Tax News for Businesses," outlines several key topics, including deductions for working pets, opportunities to lower 2024 tax bills, limitations on business interest deductions, benefits of student loan assistance programs, and strategies for cash basis businesses.

Key Points:

  • Deductions for Working Pets: Business owners can deduct expenses for animals that perform specific work-related tasks, keeping detailed records to separate business and personal use.
  • Lowering 2024 Tax Bills: Small business owners may be eligible for a Qualified Business Income deduction of up to 20%, which requires strategic planning to optimize.
  • Interest Deduction Limitations: Understanding the limitations on business interest deductions can impact financial planning for businesses exceeding the $30 million gross receipts threshold.
  • Student Loan Assistance Programs: Employers can assist employees with student loan payments through educational assistance programs until December 31, 2025.
  • Cash Basis Accounting Strategies: Cash basis businesses may benefit from accelerating deductible expenses before the year ends, considering future tax rate changes.

For more information, read the full article here.

 


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.

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