Hey ,

As a small business owner, you know how important it is to plan ahead for your taxes. The tax season in 2024 may bring some changes and challenges, so it’s wise to start preparing now. Here are some tips and resources to help you get ready.

Tip #1: Pay or adjust your estimated taxes

Estimated taxes are quarterly payments you make to the IRS based on your expected income and expenses. If you don’t pay enough, you may face penalties and interest. If you pay too much, you may miss out on cash flow and investment opportunities. To avoid these problems, you should work closely with me, your accountant, to make adjustments to your estimated payments. 

Tip #2: Maximize your deductions and credits

One of the best ways to reduce your tax liability is to take advantage of all the deductions and credits that you are eligible for. Some of the most common ones for small businesses are:

• Accelerated and bonus depreciation
• Employee retention tax credit
• Retirement plans

For more information on these and other deductions and credits, please visit the IRS website or consult with me, your accountant.

I hope these tips will help you prepare for a successful tax season in 2024. If you have any questions or need any assistance, please feel free to contact me. Call my office at 202-618-1297 to get started. You can also use the button below to book a quick chat.

Hey Entrepreneur! I am Folasade Ayegbusi. I am an Enrolled Agent, Accountant, Ex-insurance Broker, Speaker, and Small Business Growth Strategist. Additionally, I am a Mother, and Entrepreneur.

I have helped entrepreneurs and small business owners save over $25 million dollars in lost revenue, tax assessments, penalties, and interests over the last 12 months. I am confident that I can assist you with all of your accounting needs.