In 2024, the tax year was a hit or miss for small business owners—it ensured an after-the-fight narrative, where surprises and optimizing tax returns proved crucial. Small businesses often struggled to ensure they accounted for all aspects of their operations and taxes upon closure, leaving them vulnerable to audits and unexpected revenue. With this in mind, tax professionals recognized the need to provide greater guidance during this pivotal season. Amber Gray-Fenner, a renowned tax consultant, highlighted three key strategies to help small businesses optimize their filings and reduce tax burdens after the year ended.
The Ascending}$ of the Optimization Strategies
Amber Gray-Fenner outlined three strategies—each tailored to different business events that year—to help small businesses navigate the tax landscape safely. The first strategy, concerning elections, provided practical guidance for stakeholders to minimize their tax load on election days. The second strategy, focusing on elections and closeout, emphasized the importance of working closely with accountants near the end of the year, ensuring no discrepancies or deductions went unmakers. Similarly, the third strategy, tied to shareholder plans, stressed the need to secure your tax strategies upfront to meet shareholder expectations. Together, these strategies aim to mitigate potential penalties and enhance the overall efficiency of your tax filing process.
The Impact of Business Events
The year 2024 was a testing period for small businesses and their tax professionals. selectively technological advancements and changes in corporate behavior continued to shape how businesses could optimize their filings. For example, clickstream analysis and predictive analytics saw their place rise during elections and elections closeout, enabling informed decisions that year. Meanwhile, advancements in digital platforms, such as compliance software, also played a significant role in streamlining the closeout process. Apple’s introduction of a new iPhone update was a prime example of how digital tools adapted to meet the needs of their tax season.
Conclusion and Prophecy
As 2024 winds to a close, the success of these optimization strategies resonated across the tax landscape. It was clear that time was running out, and a skills-based workforce was needed to capitalize on the emerging opportunities. Amber Gray-Fenner’s insights not only provided direction for small businesses but also set the stage for future strategies, as other professionals began to model best practices after such a challenging time. In 2025, the road may be paved with greater reliance on data, unprecedented transparency, and a growing emphasis on customization tailored to each business’s specific needs. Embracing these future trends will undoubtedly shape the path forward for small business tax year 2024 and beyond.
