Here are a few, which you should discuss with a professional tax advisor:
TAKE THE ALTERNATIVE
If your business is structured as an S corporation, partnership or LLC or you have a sole entrepreneurship, you may be able to deduct up to 20% of qualified business income, subject to a variety of rules and limits. A tax professional can advise you on your individual circumstances.
NOW OR LATER
If you expect your business to earn more next year than in 2019, delay paying expenses until 2020 and accelerate income this year. If your business looks like it will earn less next year, do the opposite.
Along these same lines, consider moving up bonuses from early 2020 to 2019 if you expect this year to be more profitable than the next.
BUY AND DEDUCT
Buy qualified business equipment, property or other assets and write off up to $1.02 million at once, instead of depreciating, in 2019. Your business may also take 100% depreciation on other assets. As always, these tax features are subject to limits and restrictions.
Reasonable costs of buying meals for clients are 50% deductible.
If you run a family business, the costs of hiring an attorney, valuation expert, business consultant, and other professionals to plan your firm’s succession are deductible.
MAKE A SPLASH
Hire marketing and social media vendors to increase your company’s reach and influence, and deduct reasonable costs from your business income.
HAVE A PARTY
Sponsoring a holiday party for employees can bring goodwill and another tax deduction on your 2019 return.
Work with a tax professional and get a tax break on tax services, too.READ MORE