Act Today, Save Tomorrow: Why Immediate Tax Preparation is Crucial for Small Businesses
Navigating through tax season can be complex for some, especially because it involves U.S. tax laws. As a small business owner, it’s important to get ahead in your tax preparations. Many financial experts recommend consulting with a knowledgeable accountant as your first step.
At T. Williams & Associates, we understand what small business owners face daily. We’re here to help and ready to simplify your tax season for you.
What’s New in Taxes for 2024 for small business owners, according to Inc.com: Registration with FinCEN Required: Small businesses must register with the Financial Crimes Enforcement Network under the Corporate Transparency Act by January 1, 2025, to combat financial crimes. Businesses created after January 1, 2024, have 90 days to comply. Delayed IRS Reporting for Digital Transactions: The IRS has postponed the requirement to report digital transactions over $600 to a threshold of $5,000 for the 2024 tax year, with plans to eventually implement the $600 threshold. New Reporting Requirements for Small Business Loans: The Consumer Financial Protection Bureau will require banks to report demographics and income of small business loan applicants to promote transparency and reduce discrimination. National Labor Relations Board Joint-Employer Rule: This rule, effective February 26, 2024, expands the definition of a “joint employer,” potentially impacting labor relations and liability issues for businesses. Changes in Wages and Overtime Regulations: Numerous states are increasing their minimum wage in 2024. Additionally, a proposed Department of Labor rule may expand overtime eligibility to more salaried workers.
So, take note of these new tax regulations. These are to protect the workers but remember that these also affect you as a small business owner because this will increase administrative costs. Starting your taxes early as a small business owner helps you prepare for additional requirements, and extra fees for being late or making mistakes, and you get more time to plan your budget and find tax breaks to save financials.
Ready to Take Control of Your Taxes? Contact T. Williams & Associates for expert assistance with your small business taxes. Begin with a free 30-minute consultation to set you on the path to a stress-free tax season. Sign up here for your consultation and start your journey to a smoother tax experience.