Phillips Financial Services talks about 2019 year-end tax strategies to Cypress Chamber members

Cypress Chamber of Commerce networking breakfast Phillips Financial Services
James A. Phillips (Ph.D., CFP, EA) of Phillips Financial Services. Photo by C.E.H. Wiedel.

Members and visitors to the Cypress Chamber of Commerce regular December networking breakfast heard about 2019 year-end tax strategies from principals of Phillps Financial Services, James A. Phillips (Pd.D. CFP, EA) and Daniel E. Phillips (MBA, EA).

The presentation broke down 2019 year-end tax strategies into eight categories:

  1. Capitalize on an available 20% qualified business income (QBI) deduction.
  2. Substantiate deductible business expnses. (Document, document document!)
  3. Maximize contribution to pension plans.
  4. Increase itemized deductions and lower income.
  5. Determine worker classification based on new law (the ABC test from CA AB 5).
  6. Pay estimated fourth quarter taxes (both federal and state) by January 15, 2020.
  7. Submit W-2 wages and 1099-MISC non-employee compensation forms by January 31, 2020.
  8. File 2019 corporate tax return by March 15, 2020 and personal income tax return by April 15, 2020.

For more information about 2019 year-end tax strategies, or for other small business financial questions, call Phillips Financial Services at 714-826-9744.