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Can the next 30 minutes save you a hundred grand or more in taxes over your lifetime?
In this episode, Jeremy Keil brings on Mike Jesowshek, CPA, Host of Small Business Tax Savings Podcast and Founder of TaxElm, to talk about tax minimization strategies to save a hundred grand or more in taxes over your lifetime. They cover topics such as the benefits of renting out your residence for short periods, gifting and its tax implications, and the requirements to qualify as a real estate professional for tax purposes. They also discuss tax strategies for W2 earners, including maximizing contributions to health savings accounts and starting a business or purchasing rental properties. Jeremy and Mike aim to help you understand and utilize these tax-saving strategies to their fullest potential.
Mike discusses:
- The Augusta rule and tax benefits of renting out personal residence
- How to utilize gifting money and the tax implications around it
- Qualifying as a real estate professional for tax purposes
- Tax strategies for W-2 earners, including retirement plans and HSAs
- And more
Related: How Retirees Avoid the Tax Bomb in Their Portfolios