As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.

It's almost holiday season, so taxes probably aren't top of mind for taxpayers. But along with the festivities, it's also a good time to consider tax strategies that may reduce this year's tax bill — and possibly future years' tax bills as well. Here are three tax planning moves that might trim the fat off a 2024 tax bill.

To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer's return. Examiners may use IRS Audit Techniques Guides (ATGs) to do so. A little-known secret is that these guides are available to the public on the IRS website. In other words, a business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here's one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in their home — and may be concerned about the tax bill.