Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount.
Have you been contributing enough in 2019 to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the just-announced limit for 2020.
If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes. Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C. Employ your under-age-18 child to make taxable income disappear. Employ your spouse without paying him or her a W-2 wage.Continue reading “Proven Tax Reduction Strategies for Sole Proprietors”