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Tip #22 Bonus Depreciation. Having a hard time finding deductions to minimize your tax burden for 2020? Have you considered bonus...

Tip #21: Net Operating Losses. A Net Operating Loss (NOL) can benefit your tax position by carrying back these losses to offset your...

Tip #20: R&D Tax Credits. Tax credit is a tax incentive that allows you to offset your tax liability dollar to dollar. However, it is...

It’s now January and there are many deadlines that you must prepare for the upcoming tax season. Not to mention there is also the next...

Tip #18: Prepay Expenses. They are future expenses that have been paid in advance, so expenses that will be used in the future like rent,...

Tip #19: Stop Invoicing. It has been a long year for everyone, and you have been working hard throughout all of 2020. As the year is...

Tip #17: Invest in Revenue Generating Assets. When running your business, how often do you purchase equipment or machinery for it? Do you...

HSA (Health Savings Account), like a savings account but only used for qualified healthcare expenses. They can help you with...

Tip #14: Should You Pay Your Kids? When you hire your children, you can get a business tax deduction (for employee wage expense)....

Tip #11: Missing Out-of-Pocket Expenses. When going out for a business trip or to get some supplies for the office, you may have...