When it comes time to file your 2024 taxes, most business owners want to optimize their tax planning and manage their taxes. Bonus depreciation, which lets businesses immediately deduct a significant percentage of the cost of qualifying business property, is a helpful tax management tool. However, bonus depreciation rules are changing, and you want to know what it means for your business.

Alimony and child support are critical financial components often arising during divorce proceedings. These payments can significantly impact both parties' finances, particularly during tax time. Understanding how these payments are taxed may ease some concerns and provide clarity at tax time.

Knowing how to take the deductions you are entitled to may help your bottom line if you are a business owner.¹ You may use various deductions this tax season 2024 to manage your taxable income and hopefully keep more of your hard-earned dollars. Here’s a rundown of the main tax deductions your business may take for 2024.²

1. Business Operating Expenses

Asset protection is a crucial aspect of entrepreneurship that women entrepreneurs must be aware of, regardless of the industry in which they operate. In our current economic climate, where lawsuits and creditor claims are becoming increasingly common, creating a barrier to personal and business assets is vital.

How Taxes Can Impact Retirement Savings Accounts

How To Factor Taxes Into Your Retirement Planning 

Retirement planning is not just about saving money — it’s about surviving on the money you saved and may receive in retirement, such as Social Security benefits. Tax considerations are easy to overlook when establishing a retirement plan, and various forms of retirement income are taxed differently.

The 2024 tax season is approaching, so be prepared for any changes that could affect your return. As credits, deductions, and tax laws change frequently, it pays to plan ahead to get all the tax breaks you deserve and take advantage of deductions and credits you qualify to receive.

Each year when tax season rolls around, it comes with the burden of figuring out how to file your taxes correctly. The good news is that there are several ways to prepare and file your taxes, depending on your needs and the complexity of your taxes.

When it comes to planning for retirement, there are a myriad of strategies and options available. One often overlooked method is making after-tax contributions into retirement savings vehicles. This approach to investing after-tax dollars may significantly increase one's retirement savings and help reduce taxes in retirement.

The end of the year is not just a season for celebration and reflection but also a perfect time to ensure that our finances are in order. This includes crucial aspects such as wrapping up all financial contributions before the year-end for retirement savings plans such as Keogh, Solo 401(k), and 401(k) and making strategic decisions about selling stock to realize gains or losses.