Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.
Here are seven powerful business tax-deduction strategies that you can easily understand and implement before the end of 2020.
1. Prepay Expenses Using the IRS Safe Harbor
2. Stop Billing Customers, Clients, and Patients
3. Buy Office Equipment
4. Use Your Credit Cards
5. Don’t Assume You Are Taking Too Many Deductions
6. Utilize COVID-19 Opportunities
7. Deal with Your Qualified Improvement Property
We trust that you will find these seven ideas worthwhile. If you would like to discuss any of them, please contact us.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.