June 07, 2024 | Posted in:

Five Summer Tax Planning Ideas for Your Business

As summer heats up, it’s the perfect time for businesses to strategically plan ahead for taxes and find ways to save in 2024. Consider implementing these five tax planning ideas:

1. Review employee benefits.

An annual review of health, dental, vision, and retirement benefits can not only reduce expenses, it can also be a source of tax benefits for your business. Remember, there are many options, including Roth 401(k)s, Traditional 401(k)s, SIMPLE IRAs, SEP IRAs, and defined benefit plans.

2. Plan equipment purchases.

You may be able to take advantage of tax savings if you purchase business equipment and have it in service before the end of the year. In 2024, you can expense up to $1.22 million worth of purchases of qualified assets.

3. Review any changing tax legislation.

Here are two of the biggest changes to consider:

a. New electric vehicle credit. Businesses that purchase a qualified commercial clean vehicle may qualify for a clean vehicle tax credit up to $40,000.

b. New retirement plan benefit. If your business does not have a retirement plan, setting up a retirement plan is more affordable thanks to new rules. A tax credit equal to 100 percent of administrative costs is available for up to three years for qualifying businesses that set up new plans.

4. Conduct a periodic business organizational review.

Changes in your business may cause you to consider an organizational change.

5. Understand interstate tax risks.

If you conduct business in more than one state, your tax review should include a review of state tax liability obligations.

We’re here to help! Please call if you have any questions about these tax saving tips.


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