Want to Save BIG on Taxes? Watch This

I am not a tax professional but I have learned a few strategies that have helped with my tax burden over the years. I am not a fan of just going to buy things to save on taxes, but I love the idea of buying things I would need in December to save on taxes for this year. I also use a SEP IRA to fund my retirement while helping reduce my taxes. I would love to hear tax saving tips and strategies you use in the comments. Enjoy the video!
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[@keith-kalfas]

🔥

[@JsCrazyCutzLLC]

Back in 2021 we purchased a brand new Superduty for our mowing business. We were able to write off half of the purchase that year and we were able to depreciate it for 4 more years. We also wrote off all fuel and maintenance on that truck as well. This saved us a bunch of money compared to cashing in our millage at 50-60 cents per mile. I have just recently learned that they passed a new law ( passed in the summer of 2023 ) Supposedly you can purchase a personal vehicle and you are able to write off the car note, insurance, fuel, maintenance etc ( if you can prove that the new purchase is used for more than half the time ( for business ) accordingly to the millage). Obviously you will have to document the millage every time you use the vehicle. You have the option to use ( millage ) OR ( use exspenses of the vehicle).

[@leeroyjenkins422]

Good info! Tks!

[@naturesrelax]

Nice content, are you open to new idea

[@tahaahmed6899]

Heyy sir i am professional graphic designer can i make your youtube thumbnails?

[@Detectken]

Jason, Why were my comments removed? I thought you wanted tax savings info.

[@lawncarelife]

I'm not sure I saw your comment. What was it?

[@Detectken]

@@lawncarelife, If you have SEP, Traditional or Simple IRAs, you must roll those funds into a Solo, or your employer’s, 401(k) plan FIRST. You can’t have deductible (pre-tax) funds in any IRAs. You would need the Solo 401(k). Once you do this, you can make a non-deductible (after tax) contribution to a Traditional IRA, and then convert these to a Roth IRA. There is an IRS form that must be filled out correctly, to inform the IRS that these were non-deductible funds. They automatically assume these were deductible, and assume you owe taxes on the conversion.

[@lawncarelife]

@Detectken thanks for the info. Like I said, I'm not a tax professional. I just do what my accountant tells me to do

[@Detectken]

@@lawncarelife The “I’ll try again,” section is the first part of what I’ve been trying to post. It keeps disappearing. The “If you have a SEP…” is the second part, explaining the Backdoor Roth.

[@Detectken]

@@lawncarelife I’ll try again. For business taxes, check out Mat Sorensen’s (Finance Lawyer) and Mark J Kohler’s (CPA) channels. In the last two weeks, they have both covered ways to decrease your business taxes 5 months ago they were both on Mat’s channel, discussing the advantages of a Solo 401(k) over a SEP IRA. Also, High income individuals and business owners can contribute to a Roth IRA, but not directly. You must do it through what’s called a “Backdoor Roth” contribution.