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Hello Wealth Builders!

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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).

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• Tax Loss Harvesting: Strategies for offsetting capital gains with capital losses to reduce taxable income from investments.

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• Charitable Contributions: How to maximize deductions for charitable donations.

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• Home Ownership Benefits: Tax benefits related to mortgage interest, property taxes, and home improvements.

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• Business Expenses: Deductible expenses for self-employed individuals and small business owners, including home office deductions and vehicle expenses.

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• Tax-Free Investments: Utilizing tax-free or tax-deferred investments like municipal bonds and certain types of life insurance.

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• Education Credits and Deductions: Available credits and deductions for higher education expenses, such as the American Opportunity Credit and Lifetime Learning Credit.

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• Estate and Gift Taxes: Understanding the basics of estate planning and how to minimize estate and gift taxes through trusts and other strategies.

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• State and Local Taxes: Strategies for reducing state and local tax burdens, including potential deductions and credits.

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• Tax Planning for Major Life Events: Preparing for the tax implications of major life events like marriage, divorce, having children, or retirement.

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If you are already doing these things, GREAT! Believe it or not, there's so much more. These strategies provide a structured approach to building a solid foundation before delving into more advanced tax reduction strategies. That's where working with a tax preparer (licensed or not) and a tax strategist makes all the difference in the world.

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A FEW IMPORTANT REMINDERS:

September 15th

• Individuals and C Corporations - Internal deadline in order to meet the Federal tax deadlines:
• 3rd Quarter estimated tax payments
• S Corporation and Partnership returns

October 15th

• Individual and Corporation returns

December 31st

• Last day to file your Beneficial Ownership Report if you established a business/LLC prior to January 1, 2024. Please click on the link for additional information.

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We specialize in providing high touch exclusive tax planning, tax preparation, and tax resolution services for high earners.

If you are seeking to increase your income by reducing your tax liabilities, please feel free to select the call that best describes your needs using the button below:

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Tax filing is a one time event, but successful tax planning happens year 'round.