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Main Street Business
#547 Year-End Tax Strategies The IRS Haven’t Heard Of w/ Carter Cofield
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.
42:40
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Quick takeaways
- Utilizing the 'December loophole' allows business owners to rent their primary residence for tax-free income up to $14,000 annually.
- Converting an LLC to an S-Corp can significantly lower self-employment taxes, particularly beneficial for those with unexpected profits.
Deep dives
Maximizing Tax Benefits Through the Augusta Rule
The IRS allows business owners to rent their primary residence to their business for up to 14 days a year, providing a strategic opportunity for significant tax deductions. By leveraging the Augusta Rule, homeowners can potentially deduct up to $14,000 in rental income without having to report it as personal income. This is especially advantageous during the holiday season when rental rates tend to increase due to events and gatherings, allowing businesses to claim fair market value for the space used. Combining this strategy with board meetings held at home maximizes deductions while promoting business growth.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode