Episode 132: End of the year tax tips that you must complete by Dec 31

The Grow Your Wealthy Mindset Podcast

While filing taxes may still feel like a long time away, December is the time to strategize what you can do before the end of the year to decrease your tax burden. In this episode, I review actions you may want to consider to decrease your tax bill.

Maxing out your employee contributions to your employer sponsored retirement accounts, your 401K or 403B

Donate to 501(c)(3) charities if you itemize your tax deductions

Putting your family to work in your business if you have a profitable business. This could be your private practice or a side-business

Maximize any business tax deductions including purchasing needed equipment that qualifies for bonus depreciation or pre-paying business expenses like rent and utilities for the following month

Depending on your situation, prepay state and local income taxes.

I am not an accountant or CPA so please review any of these strategies with your CPA to make sure you are following to rules to maximize your tax deductions.

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Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.