Ronald L. Tharp PC logo

12900 Preston Road, #800

Dallas, TX 75230

 

972-661-9928

 

www.rtcpa.us

2024 Tax Planning Guide

Business Tax Considerations

Business Tax Considerations

Whether dealing with a pandemic or fighting the erosive effects of inflation, business owners need to plan. Here’s a checklist of practical considerations. Talk to your tax professional for a complete list of documents you’ll need to bring to your next tax-planning meeting.


  • Revisit how much you saved for estimated taxes.

  • Know how changing tax laws may affect you, as many tax provisions have a phase-out schedule.

  • Understand that state and local tax jurisdictions may not recognize all federal tax law changes.

  • Owners of most business structures, including freelancers, need to understand the term “qualified business income (QBI).” You may qualify for a pass-through tax benefit on a portion of income, which may lower your personal federal income tax rate.

  • Be aware of depreciation formulas that may be phasing out.

  • You may switch from an accrual accounting method to a cash method of accounting if your average annual gross receipts were $29 million or less in the three previous tax years. This is an increase.

  • You may deduct up to 80% of net operating losses and carry forward these losses indefinitely, so keep your documentation until you use up this tax benefit.

  • Revisit your payroll and bookkeeping records to see if you need to hire employees or contractors to handle them.

  • If you hire contractors, work with professionals who understand your business environment to ensure strict employer/contractor laws in some states don’t trip you up.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online tax guide so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Ronald L Tharp, PC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.