💡Increase your tax write-offs by incurring more business expenses, which will reduce your taxable income and lower your taxes.
💸Make tax-smart investments such as real estate or retirement plans to significantly reduce your tax bill.
⏰Prepay expenses before the end of the year or delay incoming revenue to reduce your taxable income.
Why would I spend more money on expenses to save on taxes?
—By investing in your business or making strategic expenses, you can grow your income and benefit from tax savings, making it a worthwhile investment.
How can I reduce my taxes through investments?
—Investments like real estate or retirement plans can provide tax deductions, reducing your taxable income and ultimately lowering your tax bill.
What are some examples of tax-smart investments?
—Real estate, stocks, bonds, and retirement plans are examples of investments that can significantly reduce your tax bill when structured properly.
How can I prepay expenses to reduce my taxes?
—By prepaying expenses that you expect to have in the future, you can create deductions in the current year and lower your taxable income.
How does delaying revenue help with taxes?
—Delaying revenue until the next tax year can postpone the taxable income, giving you more time to plan and potentially lower your overall tax liability.
00:00The video warns business owners that their next tax bill is approaching and provides three key moves to save money.
02:27The first move is to increase your tax write-offs by incurring more business expenses, reducing your taxable income and taxes.
04:43The second move is to make tax-smart investments, such as real estate or retirement plans, to significantly reduce your tax bill.
06:36The third move is to prepay expenses or delay revenue to lower your taxable income before the year ends.
