With year-end approaching, it’s the perfect time to explore ways to reduce your 2024 business taxes. At Private Tax Solutions, we’re here to help you maximize your deductions with these six effective strategies tailored to your business’s needs. Implementing these tips before the year ends can make a significant impact on your tax savings.
1. Prepay Expenses Using the IRS Safe Harbor
Take advantage of the IRS safe-harbor rule, which lets cash-basis taxpayers prepay and deduct certain expenses up to 12 months in advance. These include costs like rent, equipment leases, and insurance premiums. For example, if you pay $2,000 in monthly rent, you can prepay for 2025 this December, securing a $24,000 deduction in 2024.









