This week, we’re going to talk about taxes, but in an exciting way: we’re going to learn how to reduce them and put more money in our pockets. I’ll share with you ten different ideas to pay fewer taxes. We’ll talk about reviewing our incomes, expenses and withholdings. We will look at the triple-tax advantage of Health Savings Accounts and learn how to max out our retirement account. We also explore the tax reductions from donations and charitable legacies, loss harvesting, the Roth IRA conversion and more.
What You Will Learn In This Episode:
– When reviewing our income, expenses, withholdings and estimates, what we need to look at to help us reduce taxes?
– How we can max out our retirement account, whether we have an IRA or 401k?
– What is the triple-tax advantage of Health Savings Accounts?
– How donations can help us reduce taxes, what it means to bundle our donations and charitable legacies are?
– What loss harvesting is and how we can reduce taxes through it?
– What is a Roth IRA conversion?
These tax moves are really helpful to reduce our taxes and leave more money in our pockets, but some of them need to be done before this year is over. So, if you feel like some of these tips make sense, talk to your tax advisor and make them happen. Yes, we all must pay taxes, but we are not obligated to overpay them, so we have the right to use every legal deduction available.
If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you!
– Affluent Entrepreneurs Private Facebook Group https://www.facebook.com/groups/affluenceblueprint
– My website https://melabraham.com/
– Book: Mel H. Abraham – The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans and Freedom https://www.melabrahamtraining.com/TES-Book-Launch-1
– Find me on Facebook https://www.facebook.com/melhabraham/
– Find me on Instagram https://www.instagram.com/melabraham9/
– Find me on LinkedIn https://www.linkedin.com/in/melhabraham/
– Find me on Twitter https://twitter.com/MelHAb
– Find me on YouTube http://www.youtube.com/user/MelHAbraham