Hello Wealth Builders! Last week I shared 10 things you need to know before reducing taxes. This week we'll explore the next level. Here are 10 things you can do to start reducing taxes: Tax-Advantaged Accounts: Maximizing contributions to retirement accounts (401(k), IRA), Health Savings Accounts (HSA), and Flexible Spending Accounts (FSA). Tax Loss Harvesting: Strategies for offsetting capital gains with capital losses to reduce taxable income from investments. Charitable Contributions: How...
about 2 months ago • 1 min read
Hello Wealth Builders! I always say there are levels to building a business and saving on taxes. Too many times I've been approached by people who just want the secret sauce to paying little to no taxes, or don't take the time to understand how income works. I wanted to share 10 things that my most successful clients did and are doing to ensure they are handling their business correctly and paying the least amount in taxes: Understanding Tax Brackets: How progressive tax systems work and the...
about 2 months ago • 1 min read
Hello Wealth Builders! If you're a business owner, you know that you are consistently growing and changing to fit the needs of the market, and your brand. Over the years, through trial and error, I've found that I absolutely love preventing (first and foremost) and solving tax problems. I love doing all things tax related. Therefore, I have decided to no longer offer bookkeeping as part of our packages. We have partnered with some amazing bookkeepers and CFOs that can assist you no matter...
2 months ago • 2 min read
Hello Wealth Builders! No one told me how fast my son's senior year would come and go with graduation, college prep, and everything. Whew! It has been exciting helping him to transition to his next phase in life, and lots of adjustments on my end. Here are a few tax deductions and credits for you to consider for your college student: Tax Credits American Opportunity Tax Credit (AOTC): Worth up to $2,500 per eligible student. Available for the first four years of higher education. Covers 100%...
2 months ago • 1 min read
Hello High Earners and Future High Earners, When I was in DC, one of the things they said was that they are educating their staff on the 2017 tax laws. These are the tax laws prior to the Tax Cuts and Jobs Act of 2017 (TCJA). Some of the changes that were implemented with TCJA are: INDIVIDUALS: 1) Lower individual tax rates 2) Increased standard deduction 3) Elimination of personal exemptions 4) Increased child tax credit 5) State and Local Tax (SALT) deduction cap 6) Medical expense...
5 months ago • 1 min read
Hello High Earners and Future High Earners, Last week I had the opportunity to visit Washington, DC for the National Association of Enrolled Agents Fly-In. NAEA Fly-In Day 1 It was an amazing and enlightening experience. It's one thing to study and apply tax law, and another to sit down and speak with the law makers... members of Congress. We heard from the National Taxpayer Advocate, former and current IRS Commissioners, journalists from the Wall Street Journal, Bloomberg Tax, and Politico....
5 months ago • 1 min read
Hello High Earners and Future High Earners, I'm so excited! Tomorrow is the day Jennifer White and I will host the webinar From Solopreneur to CEO: Strategize Your Business for Financial Success. When I say I stay in my lane and focus on my area of expertise, I do. When I connected with Jennifer we realized we have a lot in common because she is the same way. She knows what she knows, and don't try to do what she doesn't know. Jennifer, along with her husband Marcus (The MJW Group), has a...
5 months ago • 1 min read
Hello High Earners and Future High Earners, It's the 5th month and I want to help 5 people who paid over $25,000 in taxes to significantly reduce their taxes this month. We are 33.3% of the way through the year. Many people feel a sigh of relief after they've filed their taxes, and think all is well until next tax season. That is until they receive that next tax bill. The key to paying less taxes is not what you do at tax time, it's what you do throughout the year. Join Jennifer White with...
5 months ago • 1 min read
Hello High Earners and Future High Earners, There are many reasons why people pay more than they have to in taxes. A few include: They only look at their numbers when they file They don't make quarterly estimated tax payments They aren't organized They don't meet with their tax professional throughout the year They don't understand what's causing the high tax bill so they repeat it year after year. If you wait until you are reviewing your return when it's time to file, there is little that...
6 months ago • 1 min read