Maximize Your Money: Unveiling Game-Changing Tax Strategies for W2 Earners

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What is the best approach for your taxes as a W2 earner? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies to save on taxes and grow wealth. Learn how to take advantage of employer matches, and traditional or ROTH IRA contributions, become an active investor in rental properties, qualify as a real estate professional, use the short-term rental loophole, and explore other opportunities to offset income with rental losses.       

 

Mike covers everything from pre-tax retirement, contributions, Health Savings Accounts (HSAs), rental properties, starting a business, itemized deductions, and standard education.    

 

Tune in now and listen as Mike provides tips and tricks to find out when income begins to increase, and more advanced planning opportunities like charitable activities or solar investments may become available!

 

[00:24] Maximize Your Tax Savings And Secure Your Financial Future

Today’s topic is, “Do you want to maximize your tax savings and secure your financial future?”Mike discusses retirement plans, Health Savings Accounts (HSAs), rental properties, and starting a business

[04:15] Maximize Your Retirement Savings And Take Advantage Of Tax Benefits

Take full advantage of any employer match offered as a W2 earnerConsider traditional or ROTH IRA contributions with income limits and backdoor ROTH IRA optionsHSAs provide tax deductions for contributions and tax-free withdrawals for qualified medical expensesSelf-directed investments and brokerage accounts can be used with an HSA

[08:37] Maximizing Your Tax Savings As A W2 Income Earner

Real estate can be a great tax-saving strategy and wealth-building toolRental losses may not offset W2 income, but there are strategies to do soQualifying as a real estate professional or using the short-term rental loophole can help offset your W2 incomeFlexible Spending Accountants (FSAs) allow for pre-tax money to be used for certain items

[15:32] Closing Segment

Mike provides his tips and tricks to increase wealth planning opportunities!Final Words

 

Key Quotes

“When you make pre-tax contributions, you get a tax deduction. You're not taxed on that. You can reduce your taxable income by that amount when you contribute to that retirement plan. But when you withdraw in retirement, you pay taxes on that. So, think of the strategy as more like a tax deferral. Get a tax break today, but pay taxes later on.” – Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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Podcast Website: https://www.TaxSavingsPodcast.com

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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: [email protected]