BiggerPockets Money Podcast

CPA Shares Tax Tips to Lower Your 2024 (Yes, 2024) Taxes

Feb 18, 2025

In this enlightening discussion, Amanda Han, a CPA and real estate investor, shares critical insights into savvy tax strategies for 2024 and beyond. Learn about the real estate tax loophole that could save everyday investors thousands and why you might want to skip the standard deduction if you bought a home recently. Amanda also highlights common audit red flags to avoid and discusses whether looming tax reforms under President Trump could actually materialize. It's a treasure trove of money-saving tips for savvy investors!

47:48

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Episode guests

Amanda Han

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Episode notes

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Quick takeaways

Organizing and verifying business expenses is essential for maximizing tax write-offs and minimizing audits, offering significant savings.

Real estate investors can utilize tax strategies like accelerated depreciation and the Real Estate Professional designation to effectively lower their taxable income.

Deep dives

Strategies for Reducing Taxes in 2025

Individuals can take proactive measures to lower their tax bills for 2025 by focusing on their business expenses and financial documentation. It is essential to organize and verify all business-related expenses to maximize potential tax write-offs before meeting with a tax professional. Proper record-keeping is crucial, as many people overlook unclaimed deductions, especially in light of increased IRS audits. Being organized can lead to significant savings and a smoother tax filing experience.

Intro

3min

Maximizing Tax Efficiency

7min

Navigating Real Estate Professional Status and Tax Strategies

5min

Navigating Tax Changes for Property Management

10min

Navigating Tax Deductions and Hiring Strategies

6min

Navigating Tax Strategies Ahead of 2025

17min

2024 may be long gone, but it’s NOT too late to lower your taxes for the previous year. If you have real estate or retirement accounts, you already hold the key to minimizing your taxable income and owing less to Uncle Sam. But how do you do it? We’re sharing 2024 and 2025 top tax reduction strategies in today’s show with expert CPA and real estate investor Amanda Han!

Do you know about the real estate tax “loophole” that helps everyday investors cut their taxable income by tens of thousands? Got an employer-contributed retirement plan? You could STILL use it to lower your 2024 taxes! And why should you NOT take the standard deduction if you’ve bought a home in the past few years? We’re answering all of these questions so you can keep more of your hard-earned money.

Finally, what audit red flags is Amanda seeing with her clients? There’s one easily avoidable audit trap that MANY Americans are falling into that could take just minutes to circumvent. Should we even be talking about income taxes if President Trump plans to eliminate them? Amanda, Mindy, and Scott are sharing their opinions on whether this will reach fruition.

In This Episode We Cover

How to save on your 2024 tax bill and moves to make before Tax Day 2025

The easily avoidable audit red flag that Amanda has seen spike lately

The real estate tax deduction that could save those earning $150K or less tens of thousands

Most commonly missed tax write-offs that many Americans can take but forget about

Will President Trump abolish income taxes during his second term?

Whether to pay your estimated taxes OR invest instead and take the interest hit

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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