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.
25:58
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Quick takeaways
- Maintaining proper bookkeeping and consulting a CPA are crucial for maximizing tax deductions and minimizing audit risks for entrepreneurs.
- Prepaying estimated taxes and leveraging retirement accounts are effective strategies to manage tax liabilities and avoid penalties before year-end.
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