Do you want to pay more business taxes than you have to?
Of course not!
That’s why you should check out the five business-deduction strategies we’re providing in this new issue of the Tax Reduction Letter.
These perfectly legal strategies, that you can put to work in December, can help produce additional business tax deductions (and/or less taxable income) for 2019.
Want to give Uncle Sam only what he’s due and not a penny more?
Read my new article titled Tax Tips: 5 Year-End Business Tax Deduction Strategies.
Five strategies you can use
to increase your business-tax deductions:
Strategy #1: Prepay Expenses Using the IRS Safe Harbor. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to twelve months in advance without challenge, adjustment, or change by the IRS! You’ll get the whole story when you read the full article.
Strategy #2: Stop Billing Customers, Clients, and Patients. Not forever. Just don’t bill until after December 31, 2019. By moving that income into 2020, you’ll reduce your taxable income significantly. All will be explained when you read the full article.
Strategy #3: Buy Office Equipment Now. With bonus depreciation now at 100-percent along with increased limits for Section 179 expensing, buy your equipment or machinery and place it in service before December 31. When you do, you’ll get a deduction for 100-percent of the cost in 2019. We’ll give you all the details when you read the full article.
Strategy #4: Make sure you’re using your credit cards. If you’re a single-member LLC or sole proprietor filing Schedule C, the day you charge a purchase to your business or personal credit card is the day you deduct the expense. So consider using your credit cards for last-minute business necessities. Everything will be explained clearly when you read the full article.
Strategy #5: Don’t be afraid of taking too many deductions. Are you concerned that taking quite a few deductions will raise a red flag in front of the IRS? They won’t! If your deductions are legitimate, and you’ve got documentation to back them up, you’ll be in good shape. To get a lot more information, read the full article.