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Smart Tax Planning for Businesses: How to Lower Your 2024 Taxes

ARTICLE | July 29, 2024

Authored by Vasquez + Company


Summer is an ideal time to review and adjust your small business tax strategies for 2024. This article offers practical advice on optimizing your tax situation, including strategies for timing business income and deductions, maximizing depreciation tax breaks, setting up tax-favored retirement plans, and leveraging the Qualified Business Income (QBI) deduction. With no major federal tax changes anticipated, planning now can help you reduce your federal income tax bill for the coming year.

Key Points:

  • Timing Income and Deductions: Strategies for deferring or accelerating income and deductions based on expected tax bracket changes.
  • Depreciation Tax Breaks: How to maximize Section 179 and bonus depreciation for business assets.
  • Tax-Favored Retirement Plans: Benefits of setting up SEP-IRAs, SIMPLE-IRAs, and other retirement plans.
  • Maximizing QBI Deduction: Tips to optimize the Qualified Business Income deduction.
  • Tax Brackets for 2024: Overview of federal tax rates to inform planning decisions.

For more detailed 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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​Vasquez + Company LLP has over 50 years of experience in performing audit, tax, accounting, and consulting services for all types of nonprofit organizations, governmental entities, and private companies. We are the largest minority-controlled accounting firm in the United States and the only one to have global operations and certified as MBE with the Supplier Clearinghouse for the Utility Supplier Diversity Program of the California Public Utilities Commission.

For more information on how Vasquez can assist you, please email solutions@vasquezcpa.com or call +1.213.873.1700.

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