03/20/2024
Let's Talk Medium Effort Tax Savings Tips For Salaried Employees!
👉️Pro tip: a little time and money put into your tax-saving strategy can lead to big results
1️⃣ Learn More About Employee-Sponsored Retirement Options
💲💲💲Potential Savings: $23,000-$26,500
Ask about:
- 401(k)
- Roth 401(k)
- Additional Retirement options
2️⃣ Open Up a Traditional IRA
💲💲Potential Savings: $7,000-$8,000
If you've maxed out your 401(k) contributions, or don't have a 401(k) at work, you can put up to $7,000 ($8,000 if you're 50 and older) into a traditional IRA for tax savings
3️⃣ Check Where You Fall Within the Tax Brackets
💲💲Potential Savings: 2%, 3%, 8%, or 10% (depending on your current tax bracket)
If you're within thousands of the next-lowest tax bracket, or are comfortable enough to put major contributions to tax-savings plans, the more you put in, the lower your adjusted gross income, meaning the lower your taxable income. For many, the money they are spending on taxes could be put into a retirement savings account, with tax savings to boot.
4️⃣ Set up a Tax Strategy Meeting with a CPA
💲💲💲💲 Potential Savings: Maximum Available
The most straightforward way to save on taxes as a salaried employee is to invest in a tax-savings strategy session with a CPA. In just a handful of hours with a CPA, you'll get...
👍️ A clear picture of how your finances influence your taxes
👍️ Eligible tax credits and deductions you've missed out on
👍️ Direct advice on how to direct taxable income
👍️ Long-Term and Short-Term tax savings goals
👍️ Most new clients save $2,000-$5,000 or more each year
❌️ No more worrying that you're overpaying on taxes
Tax Literacy is Financial Literacy! 🤩
Always speak to a CPA before changing your tax strategy.
