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3 Year-End Tax Tips for Contractors

URL: ramlcpa.link/y1x

1) Make sure your mileage log is in order for the first 10 Months of 2020. Waiting is only going to give you more work to do later, plus it will give you a good idea of your total mileage expense for the year.

2) Get W-9's now from contractors you need to 1099 at year-end. Waiting until after year-end makes it much more likely that you'll never get them, especially if the contractor will not be working with you again.

3) Identify expenses to be paid by year-end to lower your taxes. This is a key tax planning step and one of the easiest to do, as paying expenses by year-end, vs. in January will give you a deduction in 2020.

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Contractor

Tax Tip

Deduction
Year End


This post first appeared on Growth, Profits, & Wealth Blog By Travis Raml, CPA, please read the originial post: here

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3 Year-End Tax Tips for Contractors

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