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3 Great Tax Reduction Strategies For Small Businesses This Year

 

If you’re a small business owner in 2024, you’re probably worried about keeping your expenses down. While we can’t do anything about all the inflation in recent years, we can tell you about some tax savings opportunities you may qualify for.

Here are some great tax reduction strategies for small businesses today.

Research Overlooked Tax Incentives

Even with a great CPA, many business owners don’t know about all the special tax incentives they can benefit from at the federal, state, and local levels. With just a little research, you may be able to find some opportunities you’ve missed.

For example, many small business owners are not aware they qualify for the Work Opportunity Tax Credit, which has been extended through 2025. This credit rewards employers who hire individuals facing barriers to employment. If you employ qualified SNAP recipients, Temporary Assistance for Needy Families (TANF) recipients, ex-felons who were hired less than a year after their conviction date or prison release, or certain veterans, you may qualify.

The U.S. Chamber of Commerce offers a list of commonly overlooked small business tax credits. You may want to check out the list and see if you qualify for any of the credits mentioned.

Sole Proprietors: See If You Qualify For a Unique Tax Credit

Portrait of a happy female student using laptop computer in university

In 2024, it’s not too late to get certain COVID-era tax credits through an amended tax return. The Families First Coronavirus Response Act (FFCRA) created a Qualified Sick & Family Paid Leave Wage Credits program that many sole proprietors and self-employed individuals can qualify for. These tax credits go up to $32,220 per individual or 26 weeks of paid leave.

To qualify for FFCRA Qualified Sick & Family Paid Leave Wage Credits, you must have been a sole proprietor or self-employed individual in 2020 or 2021. You must also have missed work due to at least one of the following:

  • Quarantine
  • Illness
  • Childcare
  • Vaccination

Since the rules have changed since the program was implemented, many sole proprietors mistakenly think they aren’t eligible for this tax credit. After a professional review of your situation, you may find that you can claim the credit after all.

 

Talk to a Tax and Expense Reduction Consultant

Most businesses can reduce their regular expenses and find more tax-saving opportunities than they realize. That’s where a tax and expense reduction consultant like LG Resources comes in. Our findings often give clients a large savings boost very quickly.

At LG Resources, we don’t just find tax savings opportunities. Our consultants can also help your business cut down its utility spending. Our clients often find that they can lower expenses in these areas by double-digit percentages.

To see whether we can help you save on taxes and expenses, schedule a free, no-obligation consultation with us. We can often help clients find specialized rebates, under-utilized tax incentives, and other profit boosters that add up to significant savings. You may see some of the benefits in as little as a few weeks and others within six months.

Ready to find out how much you can save on taxes and expenses? Looking to check your eligibility for COVID-era tax credits? LG Resources is here to help. Schedule a consultation with us today to learn more about your savings opportunities.

 

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