Tax day for 2023 has come and gone. Now it's time to start preparing to pay LESS taxes and save more money in 2024!
Let me give you some easy tips, tricks, and tools to KEEP more money this year.
In last week’s podcast episode, I reviewed Amanda Han and Matthew MacFarland’s “The Book on Tax Strategies for the Savvy Real Estate Investor.” It’s a MUST READ for all real estate professionals.
One thing that stood out to me was the quote, “it may sound shocking to hear that the average American pays more money in taxes than they spend on food, clothing, and shelter combined, but unfortunately, that is the reality.”
Here is a quick, free tool that I created that outlines all of the common tax deductions for small business owners and rental property owners. You can download it for free and use it as a basic checklist to review with your CPA as you plan to save more money this year.
You must track your tax-deductible expenses–make sure you are tracking mileage, depreciation, and other expenses like your home office, travel, meals and entertainment to get a lot of tax deductions.
Also, stay tuned in to my podcast, because we will be diving into more advanced tax strategies in the coming weeks.