Let's face it. Sometimes understanding and filing your taxes isn't as easy as it seems. For most of our clients, we are a tax solutions provider who specialize in accounting, payroll and tax services while providing professional tax consultation. Here at Tax Guru, LLC, we are emotionally invested in your success.
We focus on income taxes with specialized attention to all tax matters from a simple personal return to a complicated business return. We strive to build and preserve a relationship with you that is deeply rooted in trust and familiarity so that we can be responsive to, and even anticipate, your changing business needs and goals.
We focus on income taxes with specialized attention to all tax matters from a simple personal return to a complicated business return. We strive to build and preserve a relationship with you that is deeply rooted in trust and familiarity so that we can be responsive to, and even anticipate, your changing business needs and goals.
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As the end of the year is fast approaching, we should consider any last-minute strategies that might help reduce your 2019 tax bill. Last year was the first year to be impacted by the Tax Cuts and Jobs Act of 2017 (TCJA). While there was no significant new legislation in 2019 affecting individual taxes, situations do change from year to year, thus requiring a fresh look at how to approach year-end tax planning.
As the year draws to a close, it's time for us to discuss whether there are any last-minute actions we can take to reduce your business-related 2019 tax liability. The actions necessary will depend on the year-end estimate of your business taxable income. Two of the biggest tax incentives available to any business are the Section 179 expense deduction and the bonus depreciation deduction.
EIDL loans are now available. In addition to this loan the SBA is offering an immediate $10,000 advance (the Emergency Economic Injury Grant) within three days of applying for an EIDL. To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid.
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Roma Zaharov
Aug 31, 2019
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