Navigating Tax Changes for Small Businesses in 2023
Tax laws and regulations are constantly changing, and small businesses must stay informed to avoid penalties and maximize tax savings. We will explore the key tax changes for small businesses in 2023:
New tax brackets:
The IRS has updated tax brackets, which could impact small businesses' tax liability.
Changes to deductions: The IRS has made changes to several deductions, including the home office deduction and the business meals deduction.
Expanded child tax credit: Small business owners with children may be eligible for an expanded child tax credit.
Employee retention credit: The employee retention credit has been extended and expanded, providing a tax benefit for small businesses that retain employees.
State tax changes: State tax laws are constantly changing, and small businesses should stay informed of any changes that could impact their tax liability.
By staying informed of these tax changes and working with one of our tax professionals at I-Tax Plan, small businesses can navigate tax regulations and maximize their tax savings in 2023.
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