Tips | xqcpahouston 5/8

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #22 Bonus Depreciation

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

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #21 Net Operating Losses

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

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #20 R&D Tax Credit

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...

Tax Deadlines In January 2021! (Tax Forms, Updates, PPP2 and More!)

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...

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #18 Prepay Expenses

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,...

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #19 Stop Invoicing

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...

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #17 Invest in Revenue Generating Assets

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

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #16 Health Savings Account

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

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #14 Should You Pay Your Kids

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

30 Important Tax Tips You Must Know to Reduce Your Taxes! - #11 Missing Out-of-Pocket Expenses

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...

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