These 4 Strategies Will Instantly Reduce Your 2024 Taxes

[@LesterHess-t1x]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.

[@wmwoods-l4f]

Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.

[@j.ottinger]

Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.

[@speak2Gary]

Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370K the last downturn, made it clear there's more to the markets than we average joes know.

[@PaulaCarbonell-n7j]

That's quite impressive!, I could really benefit from the experience of these advisors, my portfolio has been performing poorly, who is assisting you?

[@speak2Gary]

There are several independent advisors you could research. However, I have been working with “ 'Annette Marie Holt ” for almost four years, and we get along great. If she appeals to your judgement, you could continue with her. I support her.

[@jasonbroom7147]

Your content is very well-organized, very well-presented, and very thorough. I wish all channels on personal finance were as transparent and concise as yours is! I have been maxing out an HSA plan for several years. We do not spend from this account and have it invested in a low-cost S&P 500 index fund. Since we are still relatively young and healthy, we pay for our medical costs out of pocket, allowing the magic of compound interest to create a large HSA fund for later in life, when we will need it more. This account is almost 1/3 of the way to our target amount of six figures, which it should easily reach by the time we need it.

[@gingerkilkus]

I dislike taxes for one main reason: the government requires individuals to calculate their own taxes and imposes heavy penalties for mistakes. While I have no problem paying taxes as a US citizen, it seems strange to me that I have to do the paperwork when the government already has all the necessary information.

[@eric7441]

The gov doesn’t have all the information they need. They require you to volunteer info that they don’t automatically collect.

[@ebells33]

As always Sherman, thank you. By far the BEST and most informational videos!!

[@mycpacoach]

My pleasure. Thank you!

[@melb.6617]

Really helpful!

[@mycpacoach]

Happy to hear that!

[@BrigitteBrodski]

you make the smartest and best videos!

[@mycpacoach]

Thank you!

[@natashyas4149]

This is so helpful. Thank you, Sherman!!

[@bricknercj]

You are REALLY good. I'm glad YT handed me your channel. Thanks for all of your great info.

[@mycpacoach]

Thank you for the positive feedback. I’m glad you find our content helpful.

[@roninmmatexas]

For renting part of your home. Or claiming a home office deduction. Are you supposed to claim the depreciation on your taxes. Or will you be subject to a recapture tax when you sell your home? Thanks

[@seastarbutterfly]

Very interesting about section 162.

[@javi1012]

you mention work retirement plans - my employer only has profit sharing that they no longer contribute to it. it has not grown but shrunk. Would having this disqualify me from setting up an IRA as a W2 employee?

[@samc1056]

You didn't make it clear if a couple were filling jointly, one is covered by 401k, and the other is not. What is the max contribution to the IRA as a couple.

[@Eddy-ov4tx]

This just shows that if you don’t own your own business that makes a profit, you’re paying way more in taxes than someone who does Our tax system literally goes against the majority of Americans who don’t own a business and favors the rich who can afford it or those lucky enough to make a living off their own business

[@ladygeneva1070]

Can you write off your church contribution, being self-employed.

[@mycpacoach]

C Corporations can. Otherwise, individuals can write them off as an itemized deduction on their individual return (if they take it instead of the standard deduction).

[@ladygeneva1070]

@mycpacoach Thank you

[@supernoahsark1]

What’s the name of your tax office?

[@mycpacoach]

My CPA Coach

[@yoh_park]

roth

[@nathanholt1637]

Neil degrasse taxson?

[@ycarraza]

I stopped watching the video as soon as you mentioned Roth IRA and 401K. Both plans just make you a prisoner of the plans until retirement when probably you will pay more taxes if you are lucky to keep the money and not die.

[@PatrickHatcherT]

Me scratching my head: So you are going to save all your money to, say, a brokerage account, pay a boatload of taxes now as well as 15% more on the capital gains? Just in case you die? Not very smart

[@notreal5311]

That isn't correct, with Roth IRA. You can always withdraw principal, just not the interest. You need to look up some videos on the subject where they talk about Basis.

[@pete0078]

Exactly. Everyone knows these now a days.