Pittsburgh, PA: 6 Year End Tax Saving Ideas For Cash Basis Businesses
By Christian Halas, Tax, Insurance, Investment Specialist
(Halas Consulting)
I perform tax prep and planning, as well as IRS and state civil tax representation for Pittsburgh and vicinity, as well as the rest of the Commonwealth of PA. The time is now to make your last-minute tax moves for 2022. Not a whole lot can be done after December 31st. 1. Prepay rent using IRS Safe Harbor RulesThe tax rules allow you pay up to 12 months in expenses in advance without challenge, adjustment or change by the IRSExample: Your rent is $3000 per month and you would like a $36,000 (or less) deduction for 2022, so on Friday December 30th you mail a check your landlord for up to $36,000. He receives the money on Tuesday January 3rd. You deduct the up to $36,000 in rent in 2022, the year you paid it. He claims it in 2023 the year he receives it. You get a tax deduction in 2022, an...
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