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10 Tax Tips for Small Businesses

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4 Year-End Money Tips to Lower Your Tax Bill in 2020

4 Year-End Money Tips to Lower Your Tax Bill in 2020

Many Americans don't think about their tax bills until the new year. But there are things you need to do before Dec. 31 if you want to pay less later.


Author's Note: 10 Tax Tips for Small Businesses

Perhaps we made the home office deduction sound a bit daunting, but do know that even the IRS is trying to make it easier for folks to claim. Instead of making you figure out a percentage of your expenses to deduct based on the space you use in your home, the IRS now offers the "simplified" home office deduction: Simply multiply the square footage of your office (up to 350 feet [107 meters]) by $5, and then deduct that dollar amount.

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Sources

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  • Eisenberg, Richard. "Secrets of Claiming a Home-Office Deduction." Forbes. February 8, 2013. (Oct. 10, 2014) http://www.forbes.com/sites/nextavenue/2013/02/08/secrets-of-claiming-a-home-office-deduction/
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