109: Year-End Tax 2022: Last-Minute Deductions To Consider Before 12/31

It's the end of 2022 and there have been some new things that have been flying through about taxes this year. From the new reporting requirements for returns to new credits and new things around energy being done. 

You can't navigate this all on your own because frankly, we can't either. It's a frenzy most of the time, especially when we're cycling up to an election year. And this is the very reason you don't want to wait until December 31.

Today, we discuss six powerful business tax deduction strategies you need to think about. Talk to your accountant or tax pro about what makes sense for you because there's nothing more personal than tax. Every situation is different so make sure to understand how it relates to you and your tax situation.

Lastly, please show grace to your accountants and tax preparers. There's a lot that you depend on them for and hopefully, you're with the one that you trust, because this is one of those times when partnership matters a lot.

In this episode, you will hear:

• Pre-paying your expenses and delaying billing your customers
• Buying office equipment to write it off through depreciation
• Using credit cards correctly and dealing with qualified improvement property
• Deduction strategies for vehicle purchases to save on taxes
• Last year-end retirement deductions and medical plan strategies
• Year-end strategies for marriage, kids, and family, and your investment portfolio

Supporting Resources:

• Gusto
• Guideline
• Episode 084: How to Help Kids Build Wealth with IRAs
• Why Hiring Your Child or Grandchild Is A Rock-Solid Profit Decision For Your Business

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Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

Keep more of your money & learn our Top 50 Tax Deductions and the details to legally create potential income tax savings right now.