Episode Details

CPA Shares Tax Tips to Lower Your 2024 (Yes, 2024) Taxes

Episode 608 Published 10 months, 3 weeks ago

Description

2024 may be long gone, but it’s NOT too late to lower your taxes for the previous year. If you have real estate or retirement accounts, you already hold the key to minimizing your taxable income and owing less to Uncle Sam. But how do you do it? We’re sharing 2024 and 2025 top tax reduction strategies in today’s show with expert CPA and real estate investor Amanda Han!

Do you know about the real estate tax “loophole” that helps everyday investors cut their taxable income by tens of thousands? Got an employer-contributed retirement plan? You could STILL use it to lower your 2024 taxes! And why should you NOT take the standard deduction if you’ve bought a home in the past few years? We’re answering all of these questions so you can keep more of your hard-earned money.

Finally, what audit red flags is Amanda seeing with her clients? There’s one easily avoidable audit trap that MANY Americans are falling into that could take just minutes to circumvent. Should we even be talking about income taxes if President Trump plans to eliminate them? Amanda, Mindy, and Scott are sharing their opinions on whether this will reach fruition.

In This Episode We Cover

How to save on your 2024 tax bill and moves to make before Tax Day 2025

The easily avoidable audit red flag that Amanda has seen spike lately

The real estate tax deduction that could save those earning $150K or less tens of thousands

Most commonly missed tax write-offs that many Americans can take but forget about

Will President Trump abolish income taxes during his second term?

Whether to pay your estimated taxes OR invest instead and take the interest hit

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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