What to Do Today to Pay Less Tax and Keep More Money from Building Your Money Machine

Building Your Money Machine

Mel H Abraham, CPA, CVA, ASA, CSP

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What to Do Today to Pay Less Tax and Keep More Money

47 minutes Posted Nov 20, 2023 at 8:00 am.

Introduction

Individual and business taxes, impacts and strategies

Maximize tax reduction opportunities before year-end

Uncover assets, devise tax strategy, ensure understanding

Understanding deductible expenses and proper documentation

Tax strategy saved client $20k, consider feasibility

Understanding origins, managing withholdings, avoiding tax overpayment

The Wealth Priority Ladder

HSA requires high deductible medical plan

HSA investment doubles in 10 years

Donors not credited for insufficient charitable contributions

Donor advised funds allow for tax deductions

Consider contributing to a Roth for tax-free growth

Annual will and trust review for relevance

Utilize tax code for maximum benefit

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With tax rates approaching 40-50% in some states, every dollar saved is significant.

What can you do right now to reduce your tax bill and keep more of your hard-earned money?

In this episode, I share a checklist of 10 impactful tax strategies to consider implementing before December 31st. From reviewing your income and expenses to maximizing retirement savings and potentially converting IRAs to Roth, learn practical tips that may help lower your tax obligation and increase your take-home pay.

The time to act is now. Let's make sure you're not overpaying in taxes and that you're on the path to a more prosperous financial future.

So, join me as I uncover the secrets to paying less tax and keeping more of your hard-earned money.

IN TODAY’S EPISODE, I DISCUSS:

Updating wills and trusts for life events
Tax advantages of S corporation over LLC
Reviewing income and expenses for tax planning

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