5 Tax Strategies Guaranteed To Save You Money Instantly
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 10 April 2024
⏱️ 16 minutes
🧾️ Download transcript
Summary
In this video, Ken McElroy and his tax accountant, Eric Freeman, go over five areas you should know before filing your taxes on April 15th. From leveraging the annualized method to strategically timing retirement contributions and energy-efficient home upgrades, Ken and Eric cover the complexities of tax laws and capitalize on deductions and credits effectively.
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. Let's get right into this episode. |
| 0:04.7 | These are five things everyone can do to save money on their taxes. These are tax strategies |
| 0:09.3 | for everyone, regardless of who you are. Number one, annualized method for penalties. |
| 0:16.2 | Yeah, so a lot of people don't know about this when I ran into it this week, actually. So if you're self-employed or maybe you have a lot of people don't know about this when I ran into it this week, actually. |
| 0:21.3 | So if you're self-employed or maybe you have a lot of rental income or other income that, you know, is not from a W-2 so you don't have withholdings, you have to pay estimates. |
| 0:31.6 | And if you don't, there's penalties. |
| 0:33.7 | And but what happens a lot of the time is you don't know what your income is going to be necessarily at the end of the year. |
| 0:39.9 | So I had someone who had regular interest dividends. |
| 0:43.6 | They're an investor. |
| 0:45.0 | And at the end of the year, in December, they decided to sell a bunch of stock, |
| 0:49.3 | which they didn't know that at the beginning of the year when they were paying their estimates. |
| 0:53.5 | So, you know, we were doing their tax return and realized, oh, shoot, they've got all these |
| 0:58.1 | penalties because they didn't pay estimates earlier on in the year. |
| 1:01.3 | So one of the strategies that you can use is you can actually break it down by quarter, the |
| 1:06.1 | income that you had, and that cut the penalties more than half. |
| 1:09.4 | How do you do that, though? |
| 1:12.1 | Like, how are you supposed to know? |
| 1:15.0 | Like, everything you're supposed to be doing in the last quarter of the year makes so sense. |
| 1:15.7 | Right. |
| 1:16.1 | Exactly. |
| 1:16.7 | And that's, you know, I think why they had this rule in there where you can pick this |
| 1:21.6 | method. |
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