Welcome to Episode 11 of Grow For It! This is a podcast for small business owners, managers and professionals. I’m Jim, and my goal is to work in the space between your ears – you know on your mindset – to help you move closer towards your Vision.
While I tried to limit previous episodes of the Grow For It podcast to less than 10 minutes in duration, my radio show featured interviews lasting about an hour. As we move forward in 2020, my Grow For It podcast will now feature more in-depth content and interviews to provide additional value and to take advantage of some interesting changes by Google.
Today’s topic deals with Income Tax for Business Owners. My guest CPA Steve King offers advice on some of the impacts and changes to tax laws. We wrap up the episode with 5 End of Year Tax Moves.
Steve is a partner at Meyerowitz & King, CPAs in Louisville, Kentucky. His phone number is (502) 587-9833. You can visit his website at www.TheLouisvilleOffice.com.
Today’s discussion covers:
- Qualified Business Income Deductions
- Qualified Opportunity Zones
- New Equipment Depreciation
- Changes to the Deductibility of Alimony
- The Loss of Entertainment Deductions
- The Loss of Moving Expense Deductions, and
- A brief point about the new Secure Act which was recently passed, but has not been signed into law as of this recording.
5 End of Year Tax Moves
- Max out your HSA contributions to take advantage of the tax deduction.
- Max out your Retirement Plan contributions.
- Think about everything included in your Home Office deduction.
- Harvest your Tax Losses (remember the Wash Sale Rule).
- Take your Required Minimum Distribution if you are required to do so to avoid a significant penalty.
I interviewed Steve King on my small business radio show, Let’s Get It Started, in May of 2018. Here’s a link to that interview: https://jimrayconsultingservices.com/radio/tax-issues-for-small-businesses/.
Previous episodes of this podcast, as well as podcasts of my small business radio show are available on my website JimRayConsultingServices.com. You can also find them on iTunes. Just type my company name in the podcast search bar.
As we close, remember, there’s no time like the present to begin planning for your 2020 tax strategies, if you need a talented CPA and advisor, call Steve King. When you’re ready, Let’s Grow For It!