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Tax Tips February 2020

 

Tax Tips 

By Jeiver Gonzalez

Click aqui para español- >Consejos de Taxes Febrero 2020

  • If your cash flow allows it, you can pay in advance your Workers comp, General Liability, Income insurance and any payment in advance and use the Safe Harbor rule that allows you to deduct expenses in 2019 as qualified expenses. 
  • If a spouse or family member helps you with the technical aspects of your business, you can pay them as services provided and reduce your tax bracket. 
  • If you use part of your home as an office, you can make a weighted calculation of the value of that space, prorating the expenses and deducting them in your taxes. 
  • Marriage is worldwide and if you are legally married and your spouse lives offshore and you do not receive any income, you may include her/him in your taxes and take advantage of higher deduction on the filing status. (*restrictions may apply).
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