Nov 22, 20231 min5. Don’t Assume You Are Taking Too Many DeductionsIf your business deductions exceed your business income, you have a tax loss for the year. With a few modifications to the loss, tax law...
Nov 22, 20231 min3. Buy Office EquipmentIncreased limits on Section 179 expensing now enable 100 percent write-offs on most equipment and machinery, whereas bonus depreciation...
Nov 22, 20232 min1. Prepay Expenses Using the IRS Safe HarborIRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in...