Three Strategies to Reduce Your 2022 Taxes

Tax filing deadlines for businesses sometimes catch employees and business owners off guard. However, tax season is upon us again, and it is essential to be prepared with the right strategies. Staying on top of your tax preparation throughout the year is necessary to file your taxes accurately and avoid any unforeseen problems regarding your personal or business finances.

 

Regarding taxes, most people are looking for ways to reduce their tax liability and save money. You may minimize your tax liability and keep more of your hard-earned cash by being knowledgeable on tax planning options, deductions, and potential credits that are available to you. 

 

In this week's episode of the Free Retiree Show, Wealth Manager Lee Michael Murphy shares valuable tax strategies and tips. While none of the content provided is tax advice, Lee's expertise in finance has helped many individuals and businesses minimize their tax burden. Discover helpful tips on traditional IRA contributions, phase-out ranges, Roth IRA contributions, the benefits of having an HSA account, and more! By taking these proactive steps, you'll be better equipped to face tax season head-on and maximize your financial success. Tune in now. 

 

What you'll learn in this episode: 

• Contributing to retirement accounts, like traditional or Roth IRAs, can be a strategy for reducing taxes.
• Traditional IRAs may provide tax-deductible contributions
• How business owners can potentially benefit from accelerated depreciation on equipment or other assets
• How the benefits of Health Savings Accounts (HSAs) may give individuals a triple tax benefit.

 

Please note that the information provided in this episode is for educational and informational purposes only. It is not intended as legal or tax advice and should not be relied upon as such. We strongly recommend consulting with a qualified tax professional or accountant for personalized advice tailored to your specific financial situation. We do not assume any responsibility for actions taken based on the information provided in this episode.