In our 2024 year-end tax strategies for business deductions, we showed how you could pay 12 months’ rent in advance on December 31 and deduct the full amount this year using the IRS safe harbor.1

Here’s a twist on the example we used in the original article.

Say you operate your S corporation business on the cash basis and pay fair market rent to your single-member LLC that owns the building you use for the business.

On Tuesday, December 31, 2024, your S ... Log in to view full article.