The only 2023 Year End Tax Tip That Makes Sense!

Welcome once again to the end of a year!

Please read my 2022 year end tax tips if you want to revisit the dribble that comes from so called journalistic mouths.

The tips they share have been reused for decades.

Get and IRA, Sell loser stocks, give to charity. All rubbish! All cost you money!

Here it is – The ONLY tax tip that makes sense (and dollars)

If you are an employee – sorry , you are screwed. Get a side hustle and you will put $2,000-$5,000 per year in your pocket!

Email me at steve@do-my-taxes.com

Here we go. If you did not take my advice all year from my other posts, you have one chance at redemption – and money!

If you have a child between the ages of 7 and 17, you can pay that child up to $12,000 per year to help with your business!

You say, well I did not do it all year!

OK – Pay them a Christmas bonus. Let’s say $2,000.

You write a check and deposit it in your child’s account. After that – pay anything you want with it

Then you get a $2,000 deduction. This will put up to $600 cash in your pocket!

Now – If you put $2,000 in an IRA – you get a $300 cash back and you’re out of pocket $1,700

$600 PLUS or $1,700 MINUS

If you are stumped – email me! (see above)

If you want the whole picture – get on a webinar by clicking here

It’s your money! Inflation kicking your butt? Get on board and kick it back!

Cheers

Steve