What are 3 things I can do now to reduce my taxes and build wealth faster in the coming year?

1. Review and document your deductions

Entrepreneurs and investors tend to be big-picture, visionary thinkers… not the kind of folks who relish keeping up with detailed bookkeeping. But tracking and documenting expenses is a critical part of maximizing your deductions come tax time and successfully making it through an audit should one arise. Find time before the end of the year to review and document all your potential deductions. This includes:

Mileage

Real estate hours

Loan payments

Travel expenses

Meals & entertainment

2. Get reimbursed for your business expenses

If you have paid for any business expenses personally and have not been reimbursed, it's time to submit that expense report and get paid. This is true even if you own the business. You don’t want to leave this money — or potential tax deductions — on the table.

3. Look for the win-win

As you develop your business and investing plans for the coming year, use the tax law as your guide. Look for investment opportunities that match your criteria AND are incentivized by the government. You’ll find great options across business, technology, real estate, energy, agriculture, insurance and retirement savings. There’s something for everyone! Check out Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make,” to learn more.

If you’re ready to revamp your wealth strategy, give us a call! The team at TFW Advisors®  would love to get to know you and explore how our proven system can work for you.