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8 Ways to Reduce Your Taxes in 2024
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On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Patrice Bening to discuss eight tax-saving strategies.
1. Health Savings Accounts (HSAs) are highlighted as a triple benefit tax-saving strategy, allowing pre-tax contributions, tax-free growth for medical expenses, and tax-free withdrawals for those expenses
2. Retirement contributions to plans like 401(k)s and IRAs are recommended for tax savings.
3. Marriage can offer tax benefits by providing access to wider tax brackets and potentially lowering the overall tax liability for the couple.
4. Some eco-friendly purchases on items like solar panels and electric vehicles can offer dollar-for-dollar tax credits. Click here to learn more.
5. Donor Advised Funds (DAFs) can be an efficient way to manage charitable donations, offering immediate tax deductions for contributions made to the fund, the ability to grow donations tax-free, and flexibility in distributing funds to charities over time.
6. Conducting a cost segregation study for short-term rentals can accelerate depreciation deductions. By doing so, owners can significantly reduce their taxable income.
7. Obtaining a professional designation in real estate can offset W-2 income with real estate losses.
8. Making less money will also minimize your taxes, although not recommended!
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