LEAP AHEAD OF TAX STRESS Maximize Your Deductions for Leap Year
TAKE A BREAK 2. ORGANIZE YOUR BUSINESS EXPENSE REIMBURSEMENTS. Making sure you have all your business expenses in a specific file will make your 2020 is a leap year, meaning we have an additional day in February.This extra 24 hours is the perfect opportunity to get organized, especially when it comes to your business. If you are ready to make the most of your taxes this year, here are five ways you can make that happen right now! 1. CHECK YOUR DOCUMENTATION. Reviewing your documentation for your business is a great and simple way to increase tax deductions, as proper documentation leaves less room for missed deductions.
life much easier. If you paid for any business expenses personally (this includes your own business) and have not been reimbursed, make sure you submit those as well. 3. SCHEDULE YOUR ANNUAL MEETING. Get this on the calendar now! Meeting minutes are an ideal place to document the activity in your tax strategy. All the items on this list should make their way into your annual meeting. 4. ADD AN ENTITY TO YOUR STRUCTURE. Entities are one of the most effective tools for tax reduction. Knowing the right time to add an entity — and knowing the right entity to add — can save you as much
as $10,000 per year in taxes. However, the entity needs to be in place in order for the tax savings to occur, so this is an important one to look at right now! 5. CHANGE HOWYOUR ENTITY IS TAXED. When we create a tax strategy with a client, it’s not uncommon for an entity to be created with the intent that once it reaches a certain income level, an election will be made to change how it is taxed. Let’s get this process started!
EASY SHRIMP SCAMPI
Ingredients • 4 tbsp butter • 4 tbsp olive oil
Directions
1. In a skillet over medium heat, melt 2 tbsp of butter with 2 tbsp of olive oil. Add garlic and cook for 2 minutes. 2. Add shrimp and oregano, stirring frequently until shrimp is pink. Remove shrimp from skillet. 3. Add wine and lemon juice to skillet and bring the mixture to a boil. 4. Stir in remaining butter and olive oil and cook until butter is melted. 5. Add cooked shrimp to skillet and cook for 1 minute, stirring occasionally. 6. In a serving bowl, top cooked linguine with shrimp mixture. Garnish with parsley and serve.
• 1 tbsp minced garlic • 1 lb shrimp, peeled and deveined • 1/2 tsp oregano • 1/2 cup dry white wine • 1/4 cup lemon juice • 8 oz cooked linguine • 1/4 cup parsley
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Inspired by The Blond Cook
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