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8 Year-End Tax Planning Tips for Small Businesses

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.

  1. Claim bonus depreciation for 2020 asset additions, QIP expenditures, and for heavy SUV, pickup, or van
  2. Cash in on large Section 179 deduction rules
  3. Time income and deductions for tax savings
  4. Consider taking steps to defer taxable income
  5. Create or increase a net operating loss (NOL)
  6. Reap a zero-percent tax rate on gains from selling QSBS stock
  7. Maximize qualified business income (QBI) deductions for pass-through business income
  8. 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.