Bill Faeth Unfiltered End of Year Tax Strategies w/ Ryan Bakke
Nov 26, 2024
Ryan Bakke, a tax strategist specializing in small and medium businesses as well as short-term rentals, shares invaluable insights on year-end tax strategies. He emphasizes the critical role of proper bookkeeping and having a CPA to navigate tax planning effectively. Ryan discusses innovative tips like paying children for business tasks to build their Roth IRAs, and the strategic benefits of cost segregation studies for maximizing deductions. He provides actionable advice on prepaying taxes and utilizing retirement accounts to enhance savings before the fiscal year closes.
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Bookkeeping Basics
- Maintain proper bookkeeping to track expenses and maximize deductions.
- Implement checks and balances with a bookkeeper, personal review, and CPA review.
CPA Meetings and Extensions
- Meet with your CPA quarterly for effective tax planning.
- File extensions to allow more time for planning and avoid inaccurate returns.
Prepay Estimated Taxes
- Prepay estimated taxes to avoid penalties and high interest rates.
- The IRS interest rate has increased, making prepayment more crucial.