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.
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
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.
-lease payments on business vehicles
-rent payments on offices and machinery
-and business and malpractice insurance premiums
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.
-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.
If you are a single-member LLC or sole proprietor filing Schedule C for your business,
the day you charge a purchase to your business or personal credit card is the day you deduct the expense.
The same rule applies:
The date of charge is the date of deduction for the corporation
the corporation must reimburse you if you want the corporation to realize the tax deduction, and that happens on the date of reimbursement.
But again, you still have time.
This applies to both new AND used vehicles.
Personally, I buy mine used.
About 4 years old with < 50k miles.
You should never stop documenting your deductions, and you should always claim ALL your rightful deductions.
Don’t think you have too many, and don’t try to avoid deductions that you think could be a red flag.
Second, no one knows exactly what those red flags are.
Third, if the deduction is legitimate, it doesn’t matter if the IRS audits it—you’ll win.
And their audit rate is currently less than 2%
Anyway, those are some absolute last-minute strategies for you.
Want to pay the absolute LEAST amount possible in 2021?
Then you need to grab my course Slash Your Taxes.
This info was from the 1st 15 min of ONE week.
& each month in 2021, we'll answer questions in a monthly call AND we'll do one financial tax makeover a month.
Seriously, this is the best deal on the planet if you have a business, or side hustle.
And, of course, the cost is a deduction.
https://t.co/0HZaqbQk4p
More from Finance
The Dutch regulator and DNB as financial supervisor are a tough cookie to deal with. In essence they hyperregulate EU-rules into goldplated Dutch rules which go beyond what is prescribed in Europe.
All NL-customers at British banks may thus be kicked out on brexit.
Thread
/1
If we start with the capital requirements directive, it says attracting deposits is forbidden. In article 9.
https://t.co/RYl7SXligC
Now the translation of that rule into Dutch law is slightly expanded to not only prohibit attracting deposits, but to also prohibit, having those deposits under custody ('ter beschikking hebben').
That's not in EU law, but it is in our Dutch law.
https://t.co/PsbWfNY3PA
So if you wonder how this would work out for UK banks and Payment institutions servicing Dutch customers. Have a read at the technical explanation of DNB, the financial supervisor and their summarising table.
https://t.co/LL0fAnYkRJ
Passive servicing of Dutch is not allowed!
Any bank or PSP in the UK that continues to serve Dutch customers (as in retail customers, professional players are excepted) can thus be subject to fines and policing under Dutch law.
Meaning we not only have Accidental American issues in payments, but also Accidental Dutchies
All NL-customers at British banks may thus be kicked out on brexit.
Thread
/1
If we start with the capital requirements directive, it says attracting deposits is forbidden. In article 9.
https://t.co/RYl7SXligC
Now the translation of that rule into Dutch law is slightly expanded to not only prohibit attracting deposits, but to also prohibit, having those deposits under custody ('ter beschikking hebben').
That's not in EU law, but it is in our Dutch law.
https://t.co/PsbWfNY3PA
So if you wonder how this would work out for UK banks and Payment institutions servicing Dutch customers. Have a read at the technical explanation of DNB, the financial supervisor and their summarising table.
https://t.co/LL0fAnYkRJ
Passive servicing of Dutch is not allowed!
Any bank or PSP in the UK that continues to serve Dutch customers (as in retail customers, professional players are excepted) can thus be subject to fines and policing under Dutch law.
Meaning we not only have Accidental American issues in payments, but also Accidental Dutchies
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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
