Ring in 2024 with Tax Savings in Hand: Global Profit Advisors’ 5 Must-Do’s to Minimize Small Business Tax Bills
AUSTIN, Texas, Nov. 22, 2023 /PRNewswire/ — With 2023 winding down, small business owners should strategically review their tax situations and implement planning to optimize savings for the coming year. Proper preparation and foresight can lead to substantial reductions in tax obligations.
Here’s a smart tip for small business owners. Paying next year’s expenses, like rent and supplies, before December 31st can lower how much tax you owe this year. Also, consider putting more money into your retirement savings. Not only does this reduce your taxable income, but it also helps you save for the future.”
Additionally, taking advantage of the Section 179 expensing rules means you can deduct up to $1.08 million for things like tools or equipment you buy for your business. Checking how your business is set up can also help you get the most tax advantages. It’s also a good idea to figure out how much tax you owe so you don’t get fined for not paying enough in advance.
“Year-end is the perfect time for small businesses to connect with tax professionals to map out customized strategies aimed at controlling their tax bills,” says Tyler Higgins, President at Global Profit Advisors.
With proper planning, small businesses can strengthen their financial footing and ring in 2023 with tax savings in hand. Consult accounting and tax specialists like Global Profit Advisors to maximize end-of-year opportunities.
About Global Profit Advisors
Global Profit Advisors is a trusted tax planning and bookkeeping firm dedicated to helping individuals and businesses maximize tax savings. With a experienced team, we provide customized tax preparation and strategic tax planning services.
Our mission is to leverage our knowledge of the latest tax codes and regulations to ensure clients pay the absolute least amount owed. We find every available deduction and credit to minimize tax liabilities.
SOURCE Global Profit Advisors