Tax Tips January 2020

Did you know? 

By Jeiver Gonzalez of GNO Tax & Bookkeeping

Click aqui para español- >Consejos sobre los Taxes

• If you own an LLC and convert your company to an S corporation*, you could save thousands of dollars in paying taxes. *Must have legal status
• If your cash flow allows it, collecting and depositing end-of-the-year checks at the beginning of 2020 could reduce your reportable 2019 income considerably.
• If you changed any equipment and/or vehicle before December 31st, you can use the bonus depreciation and Section 179, which would allow you to deduct 100% of the cost as a 2019 expense. • If you used your credit card for business-related purchases before the end of the year, you can charge 100% of purchases in 2019 and pay for it in 2020.