End-of-Year Tax Planning: Don't Miss These Opportunities!

Key Takeaways:

1. Boost Retirement Savings
   Putting as much money as possible into retirement accounts like a 401k or SEP IRA isn’t just good for your future—it can lower the amount of taxes you pay now.
2. Smart Business Purchases
   If your business needs big equipment, like a computer or machinery, buying it before the end of the year could reduce your taxes. But only do this if it makes sense for your business plan and budget.
3. Plan Your Spending Wisely
   Pay attention to how and when you spend money or send out invoices. Sometimes, spending or paying bills a little earlier can help reduce taxes.
4. Celebrate Growth, Even Taxes
   Getting a tax bill can feel frustrating, but it also means your business or income is growing. It’s a sign of success!
5. Get Professional Advice
   Working with a CPA (a tax expert) and a financial planner can help you find the best ways to save on taxes while growing your money and business.

 

Chapters:

Timestamp Summary

0:00 Year-End Tax Strategies for Business Owners

1:59 Tax Strategies for Retirement and Business Investments

4:07 Bitcoin Mining Machines as Legit Business Expenses

4:22 Balancing Business Growth with Tax Efficiency and Strategic Investments

6:44 Visualizing Success Through Tax Obligations and Business Growth

9:08 Investment Risks and the Importance of Professional Guidance

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.