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12 Days of Tax Tips for 2024: A Christmas Guide for Individuals and Small Business Owners

December 01, 2023

As the festive season approaches, it's time to unwrap some year-end tax tips. In the spirit of the
12 Days of Christmas, we're gifting you with 12 tax tips to help optimize your tax strategies for
2023 and prepare for 2024.

1. Maximize Deductions:Keep track of all your expenses, including travel, home office,
and health insurance. These can be deducted from your taxable income, reducing your
debt. Remember, the IRS requires receipts for any expenses over $75 1 .


2. Utilize Tax Credits: Tax credits are a dollar-for-dollar reduction in your tax bill. Some
credits are refundable, meaning you could receive a refund even if you owe no tax.
Common credits include the Child Tax Credit, the American Opportunity Credit, and the
Earned Income Tax Credit 1 .


3. Carry Forward the Health Credit: Small business owners who provide health
insurance to their employees may qualify for a tax credit. If you didn't owe tax during the
year, you can carry the credit forward to future years 1 .


4. Deduct Section 179 Property: Businesses can deduct the full purchase price of
qualifying equipment bought or financed during the tax year. This includes machinery,
computers, software, office furniture, vehicles, and office equipment 1 .


5. Gifts to Your Family: You can give up to $15,000 per person per year without incurring
a gift tax. If both spouses are alive, they can gift up to $30,000 per person per year 2 .


6. Harness Appreciable Stock: If you donate appreciated stock to a qualified charity, you
can take a tax deduction for the stock's market value and avoid paying capital gains tax 1 .


7. Clean Energy Credits: If you've installed renewable energy sources like solar panels,
wind turbines, or geothermal heat systems, you may be eligible for a tax credit 3 .


8. Student Loan Assistance: Employers can now provide up to $5,250 annually in tax-free
student loan repayment benefits. This means the employer payments would not be
included in the employee's income 3 .


9. Prepare for 1099-K Rule Changes: The American Rescue Plan Act of 2021 lowered the
reporting threshold for third-party payment processors to $600 3 . Make sure you're
prepared for these changes to avoid penalties.


10. Implement Payroll Management: Payroll management involves handling all aspects of
payroll, from calculating pay and deductions to distributing checks and paying
employment taxes. Effective payroll management ensures accurate tax withholdings and
filings 4 .

11. Leverage R&D Tax Credit Changes: The IRS has made changes to Form 6765 related
to the Research & Development & tax credit 5 . Stay updated on these changes to
make sure you're not missing out on any potential credits.


12. Year-End Review with George Wealth Management: A year-end review can help
ensure you're maximizing your tax strategies for the current year and setting yourself up
for success in the future. Schedule a conference call with an advisor at George Wealth
Management and your tax advisor to discuss your strategy.


This festive season, gift yourself the benefit of strategic tax planning. At George Wealth
Management, we're here to help navigate the complex tax landscape. Reach out to us today to
schedule a year-end review and start the new year on a financially sound note.


Contact us today to schedule a time for an advisor at George Wealth Management to have a
year-end conference call with you and your tax advisor. Let's ensure you are maximizing your
tax strategies for 2023 and positioning yourself for a successful 2024.


Disclosure: George Wealth Management does not offer tax or legal advice. This material has been prepared for
informational purposes only, and is not intended to provide, and should not be relied on for, tax or legal advice. You
should consult your own tax, legal, and accounting advisors before engaging in any transaction.

Footnotes
"6 Tax Strategies to Reduce Taxable Income in 2024" ↩ ↩ 2 ↩ 3 ↩ 4 ↩ 5

"Tax Tips for Small Business Owners for This Year's Taxes" ↩

"Plan now to take advantage of new and existing..." ↩ ↩ 2 ↩ 3

"14 need-to-know tax tips for small businesses"↩

"Tax Credits Small Businesses Don't Know They Qualify For" ↩