Are you unsure of what tax credits or deductions apply to your personal return?
Are you running a profitable business, or is your business running you out of profits?
I know that filing your taxes can be overwhelming, time-consuming, and scary. It feels like you’ve made money just to give it away. But what if you were able to learn proven tax-saving strategies to lower your tax liability?
These are the same strategies my clients used to save over $118,000 on their taxes last year.
Just imagine how much more confident you'd be knowing that you could keep more of what you earned by deducting the correct personal and business expenses.
Since you're now a part of the Tax Tip Diva (TTD) fam, I got you covered. I’ve been working in the Tax Industry over 25 years and my passion is educating everyone on how to keep more of what they’ve earned.
By organizing their receipts and identifying expenses, many of my clients were able to write off charitable donations, travel expenses, medical expenses and even save money from driving their vehicle.
What I teach my TTD fam (and will soon teach you) can be the difference between owing more money during tax time and receiving a refund.
As you prepare for the upcoming tax season here is your 2023 Close Out Tax Tip:
Business Owners: USE CREDIT CARD - If you are a single-member LLC or sole proprietor filing Schedule C for your business, the day you charge a purchase to your business or personal credit card is the day you deduct the expense. Therefore, as a Schedule C taxpayer, you should consider using your credit card for last-minute purchases of office supplies and other business necessities.
If you operate your business as a corporation, and if the corporation has a credit card in the corporate name, the same rule applies: the date of charge is the date of deduction for the corporation.
But suppose you operate your business as a corporation and are the personal owner of the credit card. In that case, the corporation must reimburse you if you want the corporation to realize the tax deduction, which happens on the reimbursement date. Thus, submit your expense report and have your corporation make its reimbursements to you before midnight on December 31.
Individual Tax Filers: IRA CONVERSION
Think about converting your 401(k) or traditional IRA to a Roth IRA.
Here is the main point to consider: How much tax will you have to pay to convert your existing plan to a Roth IRA? With this answer, you now know how much cash you need on hand to pay the extra taxes caused by the conversion to a Roth IRA.
Stay up to date with all of The Tax Gems Trainings offered by following me on Instagram and Facebook (TikTok coming soon). Also, if there is a topic you want to learn more about contact me (get in my Comments or DM)