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Understanding Capital Gains and Losses: A Guide to Optimizing Your Tax Outcomes When it comes to taxes, one of the most significant areas to consider is capital gains and losses. Whether you’re selling stocks, real estate, or other investments, understanding how these transactions are taxed can make a big difference in your financial outcomes. This newsletter will break down the essentials and offer strategies to help you minimize your tax liability. What Are Capital Gains and Losses? Capital...
Take Advantage of Retirement Accounts to Lower Your Tax Liability Year-end tax planning isn’t just about reducing your taxable income; it’s about setting yourself up for long-term financial success. Leveraging retirement accounts like 401(k)s and Health Savings Accounts (HSAs) can significantly impact both your future retirement and your immediate tax situation. Here’s everything you need to know to maximize these opportunities. 401(k) Plans: Your Tax-Advantaged Retirement Tool A 401(k)...
Family Payroll Perks: How Hiring Your Kids Can Lower Your Taxes! Looking for a way to cut taxes while benefiting the whole family? Hiring your kids to work in your business can be a surprisingly effective tax-saving strategy. Here’s how bringing your children onto the payroll can benefit your bottom line—and theirs! Why Consider Hiring Your Kids? 1. Tax-Free Income for Your Children For 2024, your child can earn up to $13,850 without paying federal income tax if this is their only income....