End of Year Tax Strategy - with Tyler McBroom - EP 418

Could you be letting thousands of dollars slip through your fingers by not understanding the latest tax laws? Renowned tax strategy expert Tyler McBroom is on the 365 Driven podcast to uncover essential tax savings strategies every business owner should know. With the year-end looming, Tyler reveals the significance of proactive tax planning and how leveraging the right tax codes can allow you to reinvest in your business rather than handing over your hard-earned money to the IRS.

Tyler breaks down recent tax legislation changes, clarifying deductions that benefit both individuals and business owners. Tyler demystifies the often confusing terrain of tax deductions, like those for overtime and tips, and offers fresh insights into payroll taxes and Social Security. Get acquainted with the $6,000 senior deduction for those over 65 and understand how these shifts can enhance your financial planning, whether you're itemizing or taking the standard deduction.

Whether you're a new S-corp owner, a seasoned entrepreneur, or someone managing a side hustle, understanding the tax advantages available to you can lead to significant savings. From the nuances of LLCs and maintaining accurate records with tools like QuickBooks, to maximizing deductions through bonus depreciation and home office claims, this episode is packed with actionable insights. Together, Tyler and Tony stress the importance of scheduling proactive meetings with your accountant, especially as the holiday rush draws near, so you can optimize your tax strategy and ensure your financial decisions are timely and effective.

Key highlights:

• Tax Savings Strategies for Business Owners
• Tax Deductions Simplified for Individuals
• Tax Advantages for Business Owners
• Tax Benefits of Bonus Depreciation
• Maximizing Home Office Tax Deductions
• Tax Planning Strategies for Business Owners

Connect with Tyler McBroom:

• Instagram: @tylermcbroom

Connect with Tony Whatley:

• Website: 365driven.com
• Instagram: @365driven
• Facebook: 365 Driven