1. Year End Tax Tips:

Yes, there is still time to save money on taxes for 2020....even today.

Here is a list of some of your top options:

A) You can pay your kids up to age 18 up to $12,400 and if they have no other income, they owe NO federal taxes, but YOU get the deduction

2. Next up, you can prepay your expenses up to 1 year, using the IRS Safe Harbor:

This allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS.

3. Qualifying expenses include, among others:

-lease payments on business vehicles

-rent payments on offices and machinery

-and business and malpractice insurance premiums

4. Buy Office Equipment

With bonus depreciation now at 100 percent along with increased limits for Section 179 expensing,

buy your equipment or machinery and place it in service before December 31 and get a deduction for 100 percent of the cost in 2020.

5. Qualifying bonus depreciation and Section 179 purchase examples

-new and used personal property such as machinery, equipment, computers, desks, furniture, and chairs (and certain qualifying vehicles).

I'm picking up a stand up desk since someone went and filled my bin.