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As we approach the midpoint of the decade, small businesses in the USA are facing new tax regulations that could significantly impact their financial strategies. The Internal Revenue Service (IRS) has introduced several updates aimed at streamlining tax compliance and enhancing revenue collection. Here’s a breakdown of the key changes and how they might affect your business.
Key Changes in Tax Regulations
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Digital Tax Filing Mandate Starting from January 2025, all small businesses with an annual turnover exceeding $500,000 will be required to file their taxes digitally. This move is part of the IRS’s efforts to modernize the tax system and reduce paperwork. Businesses are encouraged to familiarize themselves with the new digital platforms to ensure a smooth transition.
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Increased Tax Deductions for Green Initiatives In a bid to promote sustainability, the government has introduced higher tax deductions for businesses that invest in green technologies. This includes solar energy, energy-efficient equipment, and eco-friendly packaging. Small businesses can now claim up to 30% more in deductions for such investments, making it a financially viable option to go green.
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