I’m going to give you five tax tips to do before the end of the year.
This video was produced in The Kitchen Table Cafe in awesome Callicoon, New York.
Their Instagram: The Kitchen Table Cafe 33.
Here are five tax tips to save you money to lower your tax burden before the end of the year
Number one, you want to fund your retirement accounts. Fund them before the end of the year. Most of us use the calendar year as our tax year. Max out your retirement accounts, and defer the taxes on that income.
Number two, make sure whatever distributions you’re taking from your business match what’s called your basis. Your accountant can tell you what it is. Don’t exceed your basis. You’ll get slaughtered in taxes.
Number three, are you going to any place in 2023 for business? Book it now and pay for it now and take the write-off now.
Number four, if you’re going to take any courses online or in person, book them also right now, pay for them right now, and use those to defer taxes for this calendar year, even though the trip won’t be til next year.
Number five, if you’re purchasing assets, anything you can pay for before the end of the year, even if you’re going to use it next year, you want to get that tax deduction as soon as possible to protect your income.