Imagine not knowing about a tax advantage that could have saved your business thousands of dollars. Money that could be used to buy new equipment, set aside for tough times or reward hard-working employees? Now think about Pat, who nearly missed out on the opportunity in 2021 to secure a specific credit for keeping the company handyman on staff during the pandemic. Luckily, Pat learned that the credit could be accessed by amending IRS returns for 2020 and 2021. (The IRS allows this for three years following filing.) Had Pat learned about the credit today, it would not have been available. While relatively small for Pat, it was still meaningful.

This is just a small example of the value of keeping up on tax law changes. Any change enacted by Congress (or even your local governments) can save or cost your business. Most small businesses will spend the next few weeks filing their 2023 taxes. That makes this a good time to take a look at changes that you may have missed when planning for 2023, but that you still may be able to take advantage of.

Knowing new tax laws is about more than just the effect on your annual business tax. Knowing about tax law changes in advance lets you plan your finances better. You can save money to ensure you can pay. If you pay less, you can use the money to implement business strategies you might have had to put off or forgo entirely.

With the 2023 tax filing season barely underway, now is the time to check to see what changes have occurred that affect your business. If any of these items give you pause, act now to prevent difficulties closer to April 15.

Related: Want Taxes to Be Easy? Work on Them Year Round, Not Last Minute.

Related: Make Tax Season As Painless as Possible by Taking These 6 Steps

Remember to make sure that you aren't missing local changes when focusing on federal. Iowa and Arkansas reduced their top corporate tax rate in 2023; did your state and local government?

Need help? The IRS is staffing up on customer service representatives — though the recent budget deal reduced some of the funding allocated in the Inflation Reduction Act.

Looking forward to 2024, where do you learn about these changes? Be alert to coverage in the business press, either in the business section of a reliable news organization (in print or online; you're already reading Entrepreneur.com) or a specific industry-oriented publication. The IRS website offers a variety of help. Its news releases will give early warning of changes to take place. Also look for tax news websites, chambers of commerce, the Small Business Administration, the small business development center near you, any industry association you may belong to, blogs from your accounting software provider or check with your accounting professional.

Remember, business tax season is really 12 months a year. Stay organized, plan for the future and start watching now for 2024 changes. Doing so will help you adapt and thrive.