2020 Tax Facts – 2 Year Comparison

  2020 Tax Facts – 2 Year Comparison. Here’s is a quick review of some of the tax changes you’ll see from 2019 to 2020 as a result of inflation adjustments and new tax laws. Provision 2019 2020 Business equipment Sec. 179 expensing deduction $1,020,000 $1,040,000 Total purchase limit for full Sec. 179 expensing deduction $2,550,000 $2,590,000 Standard mileage rate: business 58¢ per mile 57.5¢ per mile Standard mileage rate: medical/moving 20¢ per mile 17¢

14 Year End Tax Tips to Consider

Planning ahead  is a good idea when it comes to adopting a strategy to reduce your taxes. But for some people, time just gets away from them. So with that being said here are 14 year end tax tips to consider: 14 Year End Tax Tips to Consider: 1. Review income and deductions. It’s all in the timing. The most fundamental year-end tax move is to adjust the timing of income and deductions. If your income is