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Tip #24 QBI. Qualified Business Income Deduction, also known as Section 199A, allows businesses to claim a tax deduction of up to 20% of...

You are busy running your business and you simply do not have the time to prepare and file your business taxes.

Tip #23 IRA Contribution. It is a retirement contribution to a traditional IRA account if you have active (earned) income. IRA...

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...