First, choose a win-win investment. The government offers HUGE tax savings to people who invest in activities it wants the private sector to undertake. Business. Technology. Real estate. Energy. Agriculture. Insurance. Retirement savings.
Make this the year that you get serious about learning which types of investments come with government incentives and which fit your life best. Then act! Your future self … and your bank account … will thank you.
Second, get organized. Have you noticed how many ads there are in January for home organization? Storage containers, shelving and cleaning products are all on sale, ready to help you give your home a reset.
Give your finances the same treatment! Make sure your bookkeeping is up to date and you have a solid system for maintaining it throughout the year. And pay special attention to documenting your business activity so you don’t miss any deductions. Common business deductions to document include travel, vehicle use, meals, education, interest payments, real estate hours (for real estate professionals), and software purchases.
Third, work with a pro. Tom believes that taxes can—and should—be fun and easy to understand. But that doesn’t mean they aren’t complex. When it comes to implementing win-win wealth strategies, the details matter.
This isn’t the year to play small. Make sure you have the right CPA on your team. Look for someone who:
✅ Has a proven system for permanently reducing your taxes
✅ Works with you as an advisor, not as a transactional vendor
✅ Brings you great ideas for reaching your goals faster
✅ Isn’t afraid of the IRS
We’ve spent more than 40 years perfecting a system for permanently reducing the taxes of entrepreneurs and investors just like you.
Schedule a call with the team at TFW Advisors® to learn more!