Top 5 Tax Solutions in Venice Every Small Business Owner Should Know

Running a small business in Venice, Florida comes with its share of financial challenges — especially during tax season. Fortunately, the right strategies can help reduce your burden and keep you compliant. If you’re looking for effective tax solutions Venice business owners trust, this guide highlights five tried-and-true approaches.

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1. Use the Section 179 Deduction

Section 179 of the IRS code allows businesses to deduct the full price of qualifying equipment and software purchased during the year.

Benefits:

• Deduct the full cost upfront instead of depreciating over time

• Applies to machinery, tech, and business-use vehicles

• 2024 limit: $1,220,000 (visit the IRS website for current figures)

Perfect for businesses investing in growth.

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2. Claim the Qualified Business Income (QBI) Deduction

The QBI deduction gives eligible businesses a 20% tax break on qualified income.

Eligibility Includes:

• Sole proprietors, LLCs, partnerships, S corporations

• Income thresholds apply (e.g., $182,100 for individuals)

• Some service-based businesses may have limitations

QBI is one of the most valuable tax solutions Venice professionals can utilize.

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3. Start a Retirement Plan

Tax-advantaged retirement plans help you save and reduce taxable income.

Options for Small Businesses:

• SEP IRA

• SIMPLE IRA

• Solo 401(k)

Contributions are deductible and help you (and your employees) plan for the future.

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4. Prioritize Digital Bookkeeping

Clean records mean cleaner tax returns.

Tips:

• Use digital tools like QuickBooks or Xero

• Store receipts and mileage logs digitally

• Keep personal and business expenses separate

You’ll be ready for deductions — and audits — with confidence.

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5. Work With a Local Tax Professional

A local expert knows Venice’s tax landscape and can help optimize your strategy.

A qualified pro will:

• Identify overlooked deductions

• Keep your business compliant

• Provide personalized planning

Find vetted tax professionals via the IRS directory.

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Final Thoughts

Being proactive with your taxes can save you money and stress. These tax solutions in Venice are a strong starting point — but personalized support makes all the difference.

👉 For expert advice, year-round planning, and a stress-free filing season, contact White Sands Tax — trusted by Venice business owners for reliable, local tax solutions.