As we approach the end of this unprecedented year, there are some tax opportunities your family and business may want to consider before year-end. The outline below includes some of these potential saving opportunities.
Please reach out to your local team at HiAccounting if you would like to discuss any of these opportunities. Our CPA’s and accounting professionals are ready to assist!
Phone: 808-529-9990
Email: info@nemeanbuhar.com
如果你是独资企业或转口企业，如合伙企业或S公司, the Qualified 商业收入(QBI)扣除为您提供高达20%的商业收入税收减免, subject to certain limitations. 如果您的收入在2020年达到以下阈值，可能会受到限制，
增加你的税前401(k)缴款来减少你调整后的总收入.
The standard deductions for 2020 are,
将慈善捐款和医疗费用等允许的分项扣除项目集中在一起，可以最大限度地提高你的收入 deductions to help surpass the standard deduction amount.
If you do not itemize your deductions, 《稳定的十大彩票网站》允许扣除300美元的慈善捐款. This deduction applies to 2020 only.
在您的个人使用物业(主要住宅)上安装太阳能物业可获得26%的抵免, vacation home) drops to 22% for property installed after December 31, 2020 and no credit is available if the solar property is installed after December 31, 2021. 因此，如果你打算安装太阳能，你要考虑尽快这样做 possible.
现在也是确定你的健康保险是否是高免赔额健康计划的好时机, allowing you to make a HSA (Health Saving Account) contribution. Some employers offer you the ability to do this as a salary deferral, so you may want to inquire.
Here are several 在2020年底之前，您可以实施的强大的营业税减免策略:
在2020年12月31日之前，停止向你的客户、客户和病人收费. (We assume here that you or your corporation is on a cash basis and operates on the calendar year) Customers, clients, patients, and insurance companies generally don’t pay until billed. 不向客户和病人收费是一种久经考验的税收规划策略 business owners have used successfully for years.
IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS.
For a cash-basis taxpayer, 符合条件的费用可能包括商务车辆的租赁费、车辆的租金 offices and machinery, and business and malpractice insurance premiums.
奖金折旧现在为100%，同时增加了第179条费用的限额, buy your vehicles, equipment or machinery and place it in service before December 31, 2020 and get a deduction for 100 percent of the cost in 2020. 合格的奖金折旧和第179条购买包括新的和使用过的个人财产，如机器, 设备、电脑、桌椅和其他家具(以及某些符合条件的车辆).
如果您是单人有限责任公司或独资经营者，为您的业务提交附表C, the day you charge a purchase to your business or personal credit card is the day you deduct the expense. Therefore, as a Schedule C taxpayer, you should 考虑用信用卡在最后一刻购买办公用品和其他商业必需品.
If you operate your business as a corporation, and if the corporation has a credit card in the corporate name, the same 规则适用:费用的日期是公司的扣除日期.
但如果你是一家公司，你是信用卡的个人所有人, the corporation must reimburse you if you want the corporation to realize the tax deduction, and that happens on the date of reimbursement. Thus, 提交你的费用报告，让你的公司在12月31日前给你报销, 2020.
If you pay for health insurance through, or are reimbursed by your S Corporation, the correct tax reporting for any 拥有公司2%以上股份的股东将在他们的2020年W-2表格中包括支付的医疗保险 Boxes 1 & 16 and Box 14. The health insurance payments are not subject to payroll taxes. All you need to do is inform 公司为股东支付了XX美元的健康保险. The payroll 税务部门应该知道这意味着什么，然后应该在股东的W-2表格上写明金额, as appropriate, added to wages reported in Boxes 1 & 16, with the amount of health insurance also reported in Box 14. If this is not done, the 美国国税局的立场是，健康保险将被视为一个逐项扣除受制于7.5% of AGI limitation. (Please make sure the payroll is done correctly to include the health insurance premiums for >2% Shareholders on their 2020 Form W-2).
If you reimburse yourself for auto mileage from your company, then read no further on this subject, as what follows will not apply to you. 然而，如果你的公司为你支付所有的汽车费用，你就必须包括 PUCC fringe benefit amount in your W-2. 它被认为是你的应税收入，需要缴纳工资税 also appear in Box 14. 加上这个附加福利，你就可以勾销公司所有的汽车费用. The 这个附加福利的计算并不十分复杂——你所需要知道的就是这个的近似值 auto when it was placed in service, 以及2020年驾驶的里程数——包括个人和总里程数 year. Click links to download a worksheet and table that will allow you to make this calculation. An alternative calculation is 使用“通勤价值法”，即包括每天3元作为补偿，或每年780元. Including PUCC in your W-2 will show that you are complying with the fringe benefit rules, and if this does apply to you, we recommend you include the appropriate amount on your W-2. 您将需要通知您的工资服务的PUCC附带福利 should be included on your 2020 W-2. 或者，你可以报销公司的个人使用金额，而不是 include any amount as a fringe benefit.
请务必报销您在本年度可能代表公司支付的费用. Related expenses may include travel, business meals and mileage, supplies, postage, phone, home office expenses, dues and subscriptions, etc. 这样做很重要的原因是，这样费用就会在公司全额扣除 level. Otherwise you may be leaving deductible expenses on the table, because if you try to deduct them as employee business expenses on your individual return, they are considered miscellaneous itemized deductions and are no longer deductible for federal tax purposes. Click here for an Excel template to organize and help document your expense reimbursement, 然后你剩下要做的就是给自己开一张支票或者抵消你之前可能有的分配 already made to yourself.
Download Expense Reimbursement Template
如果你今年一直在领取失业救济金，并且没有代扣联邦或州所得税, 考虑一下你今年的收入，以决定你是否应该进行第四季度的预估纳税.
《稳定的十大彩票网站》为受冠状病毒影响的个人提供了免罚款的提款选择.
Affected individuals can withdraw up to $100,000 without an early withdrawal penalty until December 31, 2020. You must meet certain qualifications to qualify for this treatment. You can repay the money within three (3) years of the distribution date and pay no tax or penalty on the amount.
Two (2) NOL opportunities for your business are:
Before the CARES Act, you could not carry back your 2018, 2019, or 2020 losses, and your NOL could offset only up to 80 percent of taxable income before your Section 199A deduction.
The CARES act fixed the QIP error made in the original TCJA tax reform. QIP is any 纳税人对建筑物的内部部分进行的改进，该建筑物是非住宅房地产(想想) office buildings, retail stores, 和购物中心)如果你在你提出的日期之后提出服务的改进 the building in service.
If you have such property on an already filed 2018 or 2019 return, it’s on that return as depreciable 39-year property. With the CARES act correction, you can now change it to 15-year property, eligible for both bonus depreciation and Section 179 expensing.
我们知道，上面的一些考虑可能会令人困惑，并且可能难以驾驭. If we can be of further assistance, please do not hesitate to call us at 808.529.9990 or email us at info@nemeanbuhar.com. Our experienced team of Certified Public Accountants (CPA), 注册代理和税务专业人员可以帮助您和您的企业利用所有可用的机会!
Aloha,
The HiAccounting Team
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