You still have time to make some tax moves before the year-end. Here’s a list of eight things we think are right for you.
- Claim bonus depreciation for 2020 asset additions, QIP expenditures, and for heavy SUV, pickup, or van
- Cash in on large Section 179 deduction rules
- Time income and deductions for tax savings
- Consider taking steps to defer taxable income
- Create or increase a net operating loss (NOL)
- Reap a zero-percent tax rate on gains from selling QSBS stock
- Maximize qualified business income (QBI) deductions for pass-through business income
- Establish a tax-favored retirement plan
If you’re unsure how these tips apply to your business, give me a call. I can help you sort through the options and help you to maximize your tax deductions.