Expense Shifting Tax Strategies

Expense shifting tax strategies involve timing expenses for when you can receive the biggest tax deduction or credit.

 

Examples include:

• Bunching itemized deductions
• Using your home for your business
• Combining business and personal travel

• Dependent care reimbursement plans

• Employee accountable reimbursement plans

• Employer accountable reimbursement plans

• Health care flexible spending accounts (FSA)

• Health savings accounts (HSA)

• Hiring your spouse in your business

• Medical expense reimbursement plans (MERP)

• Pre-tax health insurance

• Student loan payments made by an employer

 

To learn more about how these strategies work, how much you could save, and how to put these strategies into action, contact a tax advisor now.