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- Years almost over. Have you done THIS? - Dec 2024 (#48)
Years almost over. Have you done THIS? - Dec 2024 (#48)
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Brent Crosby
December 18, 2024
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Years almost over. Have you done THIS? - Dec 2024 (#48)
Seasons greetings dear reader! Your dude Brent has received a lot of questions lately about a very UNPOPULAR, but IMPORTANT topic as we approach year end. If you aren’t accounting for THIS in your financial plans… then you are doing it wrong…
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I’ll make this quick and concise because y’all got holiday stuff to do… and let’s be honest this is not a topic that gets the blood pumping for most folks. People have been reaching out in these last few weeks of the year wanting to know what they can do to save on taxes. While there are a few things you can do… your going to save A LOT more if you start EARLIER in the year. This one will be primarily aimed toward Americans as our system is the most arcane lol.
Filing taxes (at least for us Americans) are needlessly complex and a bummer, but a fact of life. If you’re a working stiff with a 9-5 you probably work until MAY each year just to pay your taxes! However, I’d invite you to change your perspective on the tax code. The tax code is FULL of ways to incentivize Americans to do things that the government has deemed beneficial. The government want’s you to help your fellow man, like give people jobs, start businesses, and provide more housing. So if you can just learn what the government wants you to do and do it you won’t have to pay as much taxes. In fact, there are people who pay no taxes at all… Don’t get angry, get on board! …. Get in on it!
Let me say first, I am not a tax accountant and I strongly encourage you to shop hard for a good one! So anything I say should be passed by an accountant, but here are the things I’d be looking at if I’d come to the end of the year and was sweatin’ a tax bill.
Contribute to tax-advantaged retirement account thingies like 401ks and IRAs, your future self with thank you
Max out HSAs, your gonna get sick and pay way too much to get better… might as well not pay taxes on that money
Contribute to a 529 plan, got kids? Want them to get educated? This one is a no brainer
Harvest tax losses, have a stock or some other security that’s suuucking this year? Sell it and take the write off!
Ok now lets talk about what to do long term. Here’s THE big way to save on taxes long term. OWN REAL ESTATE!!! Especially commercial real estate!!! There’s something called depreciation that works AMAZING for saving you on taxes. It is essentially the worlds largest hustle… lol. If you are an owner of real estate it REALLY helps your taxes. I know people that haven’t paid a dime in taxes since Obama was in office! Why? They own and keep buying real estate! If you’ve got some major tax liabilities coming up for next year let me know. I’ve got great connections with people and projects that can help you save enormous amounts on your taxes. Remember to start your planning NOW.
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That’s all folks!
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Copyright (C) 2024 Ann Royal Advisors All rights reserved.
The information contained on this Newsletter and any resources available for download through this newsletter are not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, CPA, or financial advisor, nor am I holding myself out to be, and the information contained on this newsletter is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.
Question? Comment? Concern? Email me here:
[email protected]
ATTN GRAB - MONT 20YEAR (#NUMBER)
Your dude Brent is
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TLDR;
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WARNING: Below button reveals an offensive meme that is intended for you ONLY if you are a horrible person.
That’s all folks!
RATE TODAY'S NEWSLETTERWhat'd you think of today's edition? |
Have a question? Reply on this email!
Copyright (C) 2024 Ann Royal Advisors All rights reserved.
The information contained on this Newsletter and any resources available for download through this newsletter are not intended as, and shall not be understood or construed as, financial advice. I am not an attorney, CPA, or financial advisor, nor am I holding myself out to be, and the information contained on this newsletter is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.
Question? Comment? Concern? Email me here:
[email protected]
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