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

Anders CPA

Year-end is approaching fast, which means this is the perfect time for businesses to make some final adjustments to their tax planning strategies. Consulting with a trusted tax professional to determine your eligibility for certain deductible activities is the best way to maximize your tax savings.

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2022 Year-End Tax Planning Checklist

Withum

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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Congress Fails To Pass Key Tax Extenders, Now What?

Withum

Based on the current legislation, bonus depreciation will continue to decrease by 20% each year until it is no longer available starting in the 2027 taxable year. Planning Strategies If a company is looking to make significant qualified property purchases, the sooner the better. And it does not get better after that.

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