In this episode of the Teaching Taxable podcast, Chris and John discuss last-minute tax moves for the 2023 tax year. They cover individual tax moves, such as itemized deductions, state and local taxes, and retirement plan distributions. They also discuss business tax moves, including accelerating deductions and making equipment purchases. Additionally, they provide advice for real estate investors, such as paying property taxes before the ball drops and making necessary purchases. They also, as always, emphasize the importance of planning ahead and not waiting until the last minute to take advantage of these tax moves.
Takeaways
- Plan ahead and don't wait until the last minute to take advantage of tax moves.
- For individuals, consider itemized deductions, state and local taxes, and retirement plan distributions.
- Business owners can accelerate deductions, pay out year-end bonuses, and make equipment purchases.
- Real estate owners should pay property taxes and make necessary purchases before the end of the year.
Episode Sponsor:
Integrated Investment Group
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