1. Work with the right advisor.
You deserve a tax advisor with a proven strategy for tax reduction. For the best results, look for a CPA with an entrepreneurial mindset who can explain their system — and results — to you.
2. Make strategic investments.Look for win-win investments the government prioritizes, such as energy, technology, insurance, real estate, and your business. These investments grow your wealth and offer tax deductions and credits.
3. Get organized.Precise and accurate bookkeeping is crucial for stress-free tax filing and identifying tax deductions. Invest in a sound bookkeeping system or hire a professional.
4. Take advantage of deductions.Don’t overlook deductions like the home office deduction or those related to medical and childcare expenses.
5. Put your kids to work.Hiring your minor children can significantly lower the tax rate on some of your income. It also gives them valuable work and money management experience.
Want to learn more about how you can make way more money and pay way less in tax? Book a call with the team at TFW Advisors® today!