What to Do Now to Lower Taxes Before Year End

As the year-end is closing in, it's a great time to chat about how to keep more of your hard-earned cash in your pocket. By making some clever money moves before December 31, you can seriously cut down on what you owe when tax season rolls around. In this episode, I’ll guide you through strategic steps to minimize your tax burden. We'll discuss reviewing expenses, verifying classifications, and maximizing deductions. And, we'll delve into the benefits of retirement plans, charitable donations, and the intricacies of crypto transactions. Being proactive in your tax strategy can result in more money in your pocket and help you achieve your financial goals. So, stick around to find out what you can do now to max out your deductions and minimize your tax worries before the year's up. IN TODAY’S EPISODE, I DISCUSS: Reviewing expenses and correct classification How Section 179 impact equipment expenses and potential tax deductions Consulting a tax advisor for deductions and strategies ★★★ READY FOR AN UNSHAKEABLE FINANCIAL FOUNDATION? ★★★ Join the VIP EXCLUSIVE LIVE Experience called The Affluent Entrepreneur LIVE. It is totally FREE and it will be a 3-part deep dive into money, wealth, and the exact process you need to take control of your financial destiny. Go here to get on the priority VIP list www.AffluenceLive.com ★★★ TAKE THE FINANCIAL LIBERATION ASSESSMENT ★★★ Take this free assessment to see where you are on the path to financial freedom and what your next steps to move you to a new financial destiny at www.YourFinancialFreedomQuiz.com/ ★ RECOMMENDED VIDEOS FOR YOU ★ If you liked this video, you'll love these ones: - Q&A Why Taking a 401K Loan Can Destroy Your Wealth:    • Q&A Why Taking a 401K Loan Can Destro...   - Making Sense of Life Insurance - What to Avoid!:    • Making Sense of Life Insurance - What...   - Using Target Date Index Funds to Build Wealth:    • Using Target Date Index Funds to Buil...   - Doing Nothing with Your Money Isn't An Option!:    • Doing Nothing with Your Money Isn't A...   ★ OTHER RESOURCES ★ - 7 Day Money Plan Workshop: www.TheMoneyPlanWorkshop.com/ - Affluent Entrepreneurs Private Facebook Group www.melabraham.com/group/ - My website melabraham.com/ - Book: Mel H. Abraham - The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans and Freedom www.melabraham.com/book/ - Find me on Facebook www.facebook.com/melhabraham/ - Find me on Instagram www.instagram.com/melabraham9/ - Find me on LinkedIn www.linkedin.com/in/melhabraham/ - Find me on Twitter twitter.com/MelHAb - Find me on YouTube youtube.com/user/MelHAbraham ------------------------------------------------------------------- ★ WHO IS MEL ABRAHAM ★ ------------------------------------------------------------------- I’m a CPA by education but an entrepreneur by exhilaration, entrepreneur and author of the #1 Bestseller, The Entrepreneur's Solution: The Modern Millionaire's Path to More Profit, Fans & Freedom. I’m the founder of Thoughtpreneur™ Academy & Business Breakthrough Academy where I help entrepreneurs bring their businesses to the world and build the lifestyle that they want. I have helped and advised some of today’s top entrepreneurs to build their businesses, create their wealth and find financial independence. After finding a cancerous tumor in my bladder larger than a baseball in June 2019, I began to openly teach The Affluence Blueprint™ because my cancer journey spotlighted the immediate and urgent need for entrepreneurs to find “financial liberation” and peace of mind. Most entrepreneurs are building a financial house of cards and don’t even realize it…and traditional financial advice will not work for them. Now it’s your turn! Meet Mel at melabraham.com/ Cheers, Mel ==== Time Stamps ==== 00:00 - Introduction 05:18 - Navigating the maze of the tax code 07:19 - Embracing digital platforms and taming taxable income 09:43 - Balancing taxes, bills, and legacy building 12:50 - Key considerations on your financial journey 19:09 - The crucial role of expense review and deductions 19:54 - Tax savings through LLC structural changes 26:36 - Unpacking Section 179 and equipment deductions 31:00 - Taxes in the world of crypto and the realm of charitable donations 32:40 - Limits on state taxes explained