2.Time your deductions and income.
-If possible don’t send invoices or accept payments until January 1st
-Front-load your estimated upcoming expenses by paying them before December 31st
-Expenses to consider paying early are mortgage payments, rent, leases, or buying business products
2. Contribute appreciated property to charity; this includes stock, art, crypto, real estate, etc.
-This gives you a larger charitable deduction and helps you avoid paying taxes on the appreciation
-Keep in mind this is only beneficial if you will be itemizing
3. Sell stock & crypto losers
-Selling your stocks that have large losses can help your taxes this year
-You can get up to $3,000 to offset other income by selling your losses
-Crypto currently doesn’t have the $3,000 limitation and can create larger losses depending on your portfolio. There are plans to stop this current loophole.
Though these can be DIY it is recommended to talk with us or your tax professional.
As always our tax plan for business owners or investors bundles this knowledge and MUCH more into account to create your individualized tax plan to be used for YEARS. Feel free to text, email, or call us to see how a tax plan could benefit you.