SE L F -E MPL OYE D 2 Or ganize your r e c or ds Ve ry - PDF document

12/3/2019 YE AR E ND T AX ST RAT E GI E S Srully Ne ima n a nd Mo she Amse l 1 SE L F -E MPL OYE D 2 Or ganize your r e c or ds Ve ry impo rta nt to se pa ra te b usine ss a nd pe rso na l re c o rds. Be ing o rg a nize d a vo ids misse d ta x de duc tio ns. QBI – Qualifie d Busine ss Inc ome  20% o f yo ur se lf-e mplo yme nt inc o me is no t ta xe d b y the fe de ra l g o ve rnme nt  De duc tio n a pplie s to 1099 inc o me a nd inc o me e a rne d b y L L C, pa rtne rship, o r S-c o rpo ra tio n  Spe c ia l rule s: Ce rta in pro fe ssio ns a nd tho se with ta xa b le inc o me o ve r $315K re q uire pa yro ll 3 1

12/3/2019 Stay e ligible for QBI spe c ial tax tre atme nt by managing your inc ome be fore ye ar- e nd  ity – re duc e 2019 ta xa b le inc o me Char  quipme nt/ Asse t De pre c iation – de duc t up to 100% o f E 2019 purc ha se  xpe nse s – re duc e 2019 ta xa b le inc o me Ac c e le r ate E  osse s – if yo u ha ve c a pita l g a ins Harve st Capital L 4 Stay e ligible for QBI spe c ial tax tre atme nt by managing your inc ome be fore ye ar- e nd  ibutions – So lo 401K -$19,000 + Re tir e me nt Contr 20% o f e a rning s up to $56,000  axable Inc ome – E mploy Your Childr e n T o L owe r Your T spe c ia l rule s in so me c a se s  Conside r Home Offic e De duc tion 5 F OR I NDI VI DUAL S 6 2

12/3/2019  osse s – o ffse t to c a pita l g a ins Harve st Capital L  ity – a vo id inc o me , Donate Appr e c iate d Stoc k to Char a nd ta ke de duc tio n  ity – ta ke c a pita l Do NOT Donate Stoc k L osse s to Char lo sse s pe rso na lly  Janua ry Mortgage Pa yme nt – e xtra inte re st de duc tio n  ity – re duc e s ta xa b le inc o me Char 7  uition – utilize ta x c re dit, if a va ila b le Colle g e T  529 Pla n – NY de duc tio n b ut NOT fo r K -12  Maximize Re tire me nt Contr ibutions  a xe s – During 2019 pa y simila r ta xe s to E stima te d T 2018 ta xe s  Calc ulate / E stimate your inc ome and taxe s be for e the ye ar -e nd 8 Contac t Us Sr ully Ne iman, CPA Moshe Amse l, MBA K o hlha g e n Ne ima n & Co . Dre a mb uilde r F ina nc ia l isra e l@ knc pa s.c o m ma mse l@ dre a mb uilde rfina nc ia l.c o m 201-385-1100 845-504-0910 845-598-0753 9 3