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

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

Dec 12, 2023 18 likes •48 views

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

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SLIDE 1

12/3/2019 1

YE AR E ND T AX ST RAT E GI E S

Srully Ne ima n a nd Mo she Amse l

SE L F

  • E

MPL OYE D

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

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.

1 2 3

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SLIDE 2

12/3/2019 2

Stay e ligible for QBI spe c ial tax tre atme nt by managing your inc ome be fore ye ar- e nd

  • Char

ity – re duc e 2019 ta xa b le inc o me

  • E

quipme nt/ Asse t De pre c iation – de duc t up to 100% o f

2019 purc ha se

  • Ac c e le r

ate E xpe nse s – re duc e 2019 ta xa b le inc o me

  • Harve st Capital L
  • sse s – if yo u ha ve c a pita l g a ins

Stay e ligible for QBI spe c ial tax tre atme nt by managing your inc ome be fore ye ar- e nd

  • Re tir

e me nt Contr ibutions – So lo 401K

  • $19,000 +

20% o f e a rning s up to $56,000

  • E

mploy Your Childr e n T

  • L
  • we r

Your T axable Inc ome –

spe c ia l rule s in so me c a se s

  • Conside r

Home Offic e De duc tion

F OR I NDI VI DUAL S

4 5 6

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SLIDE 3

12/3/2019 3

  • Harve st Capital L
  • sse s – o ffse t to c a pita l g a ins
  • Donate Appr

e c iate d Stoc k to Char ity – a vo id inc o me ,

a nd ta ke de duc tio n

  • Do NOT

Donate Stoc k L

  • sse s to Char

ity – ta ke c a pita l

lo sse s pe rso na lly

  • Janua ry Mortgage Pa yme nt – e xtra inte re st de duc tio n
  • Char

ity – re duc e s ta xa b le inc o me

  • Colle g e T

uition – utilize ta x c re dit, if a va ila b le

  • 529 Pla n – NY de duc tio n b ut NOT

fo r K

  • 12
  • Maximize Re tire me nt Contr

ibutions

  • E

stima te d T a xe s – During 2019 pa y simila r ta xe s to

2018 ta xe s

  • Calc ulate / E

stimate your inc ome and taxe s be for e the ye ar

  • e nd

Contac t Us

Sr ully Ne iman, CPA K

  • hlha g e n Ne ima n & Co .

isra e l@ knc pa s.c o m

201-385-1100 845-598-0753 Moshe Amse l, MBA Dre a mb uilde r F ina nc ia l

ma mse l@ dre a mb uilde rfina nc ia l.c o m

845-504-0910

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