ilmscore | Prediction Details
"if you are a single member llc a sole proprietor self-employed or an s-corporation claim your tax write-offs now before the year ends front load your expenses and accelerate your deductions what i mean by this is that if you're expecting to incur expenses in january or february then you might as well pay those bills now or in december anytime before 2020 ends so that you can use it as a write-off in 2020 instead of waiting 12 months for you to reap those benefits this could be things like rents utilities buying a laptop electronics supplies and so much more as long as the payments is initiated by december 31st or if it is mailed out by december 31st then it will count as a deduction for 2020 and then you'll get the benefit in 2020."
By ClearValue Tax | November 29, 2020 | Pending
From video
9 Tax Hacks To Maximize Your Refund! 00:07:00 - 00:07:58
Interpreted Prediction
Self-employed individuals (LLC, sole proprietor, S-corp) can accelerate expenses incurred in January/February of the next year and pay them in December of the current year (2020) to claim them as deductions for 2020, provided payment is initiated or mailed by December 31st.

Prediction Details

Topic
Accelerated Deductions for Self-Employed

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