Maximize Year-End Tax Savings with Tyler McBroom - EP 331

The countdown to year-end has begun! Tyler McBroom is back on the 365 Driven Podcast to discuss some killer tax strategies to maximize your year-end tax savings.

Are you leaving money on the table? Tyler McBroom is a CPA and tax strategist, and he explains the significance of precise bookkeeping and dives into the critical distinction between a tax preparer and a tax strategist - it's all about proactive advice and maximized savings. Tyler lends his expertise, sharing a plethora of tax-saving maneuvers that can be implemented before the year ends. From the benefits of prepaying for services, setting up retirement plans, to the little-known Augusta rule, this episode is full of tax wisdom, but Tyler breaks it down in an easy-to-understand way.

Tyler unravels the complex world of taxes by explaining deductions for business vehicles and real estate professionals. Tyler warns against the common pitfall of purchasing a vehicle solely for the tax deduction, stressing the importance of factoring in certain aspects. Real estate professionals, on the other hand, can harness the power of accelerated depreciation on qualified improvements for substantial savings. 

Switching gears, Tyler dives into tax planning benefits for individuals and families. Did you know that even children and pets could be part of your tax-saving strategy? Tyler explores these unconventional (and completely legal) ideas along with more traditional ones like the standard deductions. Lastly, he delves into tax-free and investing strategies for small business owners. With an explanation on defined benefit plans, cash balance plans, profit sharing plans, and setting up a Roth IRA, this episode promises to offer a wealth of knowledge. So, don't miss the chance to keep more money before 2023 is over!

Key highlights:

• Tax Planning Strategies for Business Owners

• Understanding Tax Deductions for Vehicle Purchases

• Real Estate and Business Tax Strategies

• Tax Planning and Deductions for Children

• Tax-Free Accounts and Investing Strategies

Connect with Tyler McBroom:

• Get a FREE copy of Tyler’s book: Cash Flow and Grow

• Instagram: @tylermcbroom

Connect with Tony Whatley:

• Instagram: @365driven

• Facebook: 365 Driven

• LinkedIn: Tony Whatley