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Navigating Capital Gains Tax Changes in 2024: What Every Business Owner Should Know

Ah, the ever-changing tax code! Just when you thought you had it all figured out, Uncle Sam throws a curveball. This year, it's the capital gains tax that's seeing some adjustments. But don't worry; we're here to break it down for you and keep it lighthearted—because who said taxes can't be fun?

First, the basics: for 2024, the capital gains tax rates have undergone a slight makeover. The long-term capital gains rates are now 0%, 15%, and 20%, based on your income bracket. The good news? If you're in the lower income bracket, you're in for some sweet relief. The not-so-good news? If you're raking in the big bucks, you might feel a bit more of a pinch.

For professionally owned businesses, these changes can be a mixed bag. On one hand, selling appreciated assets might incur higher taxes if you're in a higher bracket. On the other hand, savvy planning can help you navigate these waters smoothly. Here's how:

  1. Strategize Your Sales: Timing is everything. Consider spreading out the sale of assets over multiple years to stay within a lower tax bracket.

  2. Leverage Tax-Advantaged Accounts: Use retirement accounts and other tax-advantaged strategies to defer or reduce capital gains taxes.

  3. Invest in Opportunity Zones: These zones offer tax incentives for reinvested capital gains, potentially reducing your tax bill.

Still feeling a bit overwhelmed? That's where we come in.

Tax Resolution and Preparation Services

Are capital gains giving you a headache? At Mabry Tax Advisory we specialize in turning tax woes into wins. Whether it's strategic planning to minimize capital gains tax or comprehensive tax preparation, we've got your back. Our expert tax strategists will ensure you're not leaving money on the table. Let us handle the numbers so you can focus on what you do best—running your business.

Ready to take control of your taxes? Contact us today and discover how we can help you navigate the tax maze with ease and confidence. Because with the right guide, even the trickiest tax challenges can become a walk in the park.

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