#547 Year-End Tax Strategies The IRS Haven’t Heard Of w/ Carter Cofield

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Nov 22, 2024

This discussion dives into unique year-end tax strategies, spotlighting the intriguing 'December loophole' for vehicle depreciation. Discover the benefits of renting out your home for tax deductions and how holiday family board meetings can help maximize expense write-offs. Learn about leveraging Health Savings Accounts effectively and the perks of Roth conversions. The importance of proactive payroll planning and charitable contributions is also emphasized, making it a treasure trove of actionable financial advice.

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Intro

00:00 • 2min

Maximizing Year-End Tax Strategies

01:51 • 5min

Maximizing Tax Deductions Through Family Board Meetings

06:39 • 3min

Year-End Tax Strategies for Business Owners

09:10 • 12min

Year-End Tax Strategies: Roth Chunking and Solo 401ks

21:26 • 7min

Maximizing Tax Savings for Business Owners

28:02 • 9min

Maximizing Charitable Contributions

36:41 • 6min

In this episode of the Main Street Business Podcast, Mark J. Kohler welcomes Carter Cofield to discuss must-know year-end tax strategies that can save you money and set you up for success. They dive into the "December loophole" for vehicle depreciation, maximizing health savings accounts (HSAs), and using Roth conversions to lower your future tax burden. Whether you're a seasoned business owner or just starting out, these actionable tips are essential for closing out the year on a strong financial footing.

Here are some of the highlights:

Mark and Carter discuss the tax benefits of renting out a primary residence for business purposes, emphasizing the $14,000 tax deduction and tax-free income potential.
Mark comments on the current market trends, including rising markets, crypto, and interest rates, urging listeners to invest in their future and business.
How to hold board meetings during family gatherings to write off travel and dining expenses, making it a tax-efficient holiday activity.
Carter highlights the importance of reviewing entity structures in the last quarter of the year, especially for LLC owners with unexpected profits.
They emphasize the need to finalize payroll amounts before year-end to avoid last-minute adjustments and penalties.
Explanation of the "December loophole" for healthcare, where health insurance must be in place before December 1 to qualify for the entire year's HSA contribution deduction.
The importance of planning and using tax savings accounts strategically to maximize tax benefits.

Need more Carter Cofield in your life? Check him out on the Melanin Money Show

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