What is the best approach for your taxes as a W2 earner? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies to save on taxes and grow wealth. Learn how to take advantage of employer matches, and traditional or ROTH IRA contributions, become an active investor in rental properties, qualify as a real estate professional, use the short-term rental loophole, and explore other opportunities to offset income with rental losses.
Mike covers everything from pre-tax retirement, contributions, Health Savings Accounts (HSAs), rental properties, starting a business, itemized deductions, and standard education.
Tune in now and listen as Mike provides tips and tricks to find out when income begins to increase, and more advanced planning opportunities like charitable activities or solar investments may become available!
[00:24] Maximize Your Tax Savings And Secure Your Financial Future
[04:15] Maximize Your Retirement Savings And Take Advantage Of Tax Benefits
[08:37] Maximizing Your Tax Savings As A W2 Income Earner
[15:32] Closing Segment
“When you make pre-tax contributions, you get a tax deduction. You're not taxed on that. You can reduce your taxable income by that amount when you contribute to that retirement plan. But when you withdraw in retirement, you pay taxes on that. So, think of the strategy as more like a tax deferral. Get a tax break today, but pay taxes later on.” – Mike Jesowshek, CPA
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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