As a business owner, do you want to pay more in income taxes than you have to?
Of course not!
That’s why you should check out the seven business tax-deduction strategies in this new issue of the Tax Reduction Letter.
These perfectly legal strategies, that you can put to work now, can help produce additional business tax deductions (and/or create less taxable income) for 2021.
Want to give Uncle Sam only what he’s due and not a penny more?
Read the full article titled 2021 Last-Minute Year-End General Business Income Tax Deductions
Here are snippets from three of the seven strategies you can use
to pay less in taxes this year:
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, 2021. By moving that income into 2022, 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 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 2021. We’ll give you all the details when you read the full article.