Here are 30 tax tips that will save you money:

1. You can pay $0 in federal taxes on $100,000 of income during retirement if you structure your portfolio correctly.

(bookmark this thread) 2. Tax code favors business owners. It allows you to strategically lower your taxes (timing of expenses/revenue, bonus depreciation, etc)

3. Tax refund is not free money. It's a 0% loan you gave to the IRS, instead of investing or putting it in a HYSA

🚨BREAKING: A new $600 stimulus check might be coming...

It's part of the new proposal, the "American Worker Rebate Act of 2025"

Here's how it would work: Sen. Hawley just proposed new stimulus checks funded by revenue raised from tariffs.

This is obviously just a proposal, but let me break down some key details.

Quick overview:

IRS just clarified which cars qualify for a new $10,000 car loan deduction.

Here’s how to check if yours makes the cut (and how it works): Quick background:

Effective for 2025 through 2028, you may deduct interest paid on a loan used to purchase a qualified vehicle (lease payments don't qualify)

The maximum deduction is $10,000, and phases out if your gross income is over $100,000 ($200,000 jointly)

Retirees just got a new $12,000 tax break under OBBBA.

Peter and Sammy use it to:

• Convert $65K/year to Roth IRA
• Live on $80K/year
• Pay only $2,000 in federal tax

Here’s exactly how they do it: With the new tax bill, seniors that are 65 or older can effectively recognize $46,700 of tax free income.

Due to:

> $31,500 standard deduction
> $3,200 additional standard deduction
> $12,000 senior deduction (<$150k MAGI)

Nvidia's CEO is now the 7h richest person in the world worth $148 BILLION.

And he's legally avoided paying over $5.5 BILLION in taxes using strategies 99% of people have never heard of.

Here's how he's doing it: When a rich person passes away, they have to pay an estate tax.

It's basically a tax on transferring property, cash, stocks, etc to their heirs.

But with smart tax planning, you can minimize or even avoid it.

Being a real estate investor is one of the best ways to save on taxes.

With the OBBBA, bonus depreciation is now back to 100% in 2025.

Here’s how smart investors are leveraging this to cut their tax bills: The new tax bill increases bonus depreciation from 40% to 100% for assets that are “placed in service” on or after Jan 19, 2025.

This means that investors can significantly reduce their tax bill by doing a cost segregation study.

Let me explain...

The new tax bill raises the SALT cap from $10,000 to $40,000.

But for high earners, it could come with a hidden SALT torpedo pushing your tax rate up to 45%.

Let's walk through how it works: The OBBBA tax bill increases the state and local tax deduction cap from $10,000 to $40,000 for single/married filing jointly, increased by 1% for inflation.

However, there is an income limitation that high earners shouldn't ignore.

Let me explain...

There is still so much confusion about the new "no tax on Social Security income"

It’s the most asked question I get about the tax bill.

Here's the full breakdown (with examples): The new tax bill has nothing to do with Social Security.

The tax bill creates a new $6,000 deduction for people who are age 65 and older during the tax year.

Quick example...

90% of Americans never got a tax break for donating to charity.

The new tax bill completely overhauls charitable giving.

4 tax planning moves to make before the rules change: The new tax bill made some changes to charitable deductions that are worth discussing.

Now, many people donate without caring for the tax deduction, but I still want to educate you on the strategies.

Let's get into it:

You could legally pay $0 in federal taxes even on $300,000 of W-2 income.

And the new tax bill just made it a lot easier.

Here's how to take advantage of this: The new tax bill made a massive change:

100% bonus depreciation for property placed in service after January 19, 2025 instead of 40%.

This allows for big tax savings for real estate investors.

If you have a business or a side gig, pay attention...

The new tax bill made a lot of changes to your taxes.

Here's what it means for your wallet: The new tax law made a lot of changes for business owners and side hustlers, with many provisions going into effect retroactively to 2025.

My goal is to cover them so you are informed on the impacts on your taxes.

People say "Trump tax bills gave tax cuts only to billionaires"

I analyzed IRS data from 152.9M tax returns and the new tax bill to find out if that's true.

Here's what you must know: Before we analyze the current version of the tax bill, we need to go back to the Tax Cuts and Jobs Act (TCJA) of 2017.

That's because many of the provisions enacted 11 days ago are simply continuations of the tax cuts from 2017.

🚨New tax bill just quadrupled SALT cap from $10,000 to $40,000 starting in 2025.

With the right "bunching" strategy, you could save thousands in taxes...

Here's how to make it work for you: The new tax bill increases the state and local tax deduction limit from $10,000 to $40,000 starting in 2025.

It will also be inflation adjusted by 1% each year through 2029.

But there is an income limit...

If you have kids, pay attention...

The new tax bill significantly upgraded 529 savings plans.

Here's everything that's changing: 529 plans are accounts that help pay for education costs in tax-advantaged ways:

1. Tax-free growth and withdrawals for education

2. Some states offer tax deductions

The OBBB expands many parts of it.

The new tax bill allows you to write off car loan interest.

BUT only certain types of cars and loans qualify.

Here's exactly how it works: The new tax bill allows a maximum deduction of $10,000 for auto loan interest.

This means you can write off up to $10,000 per year in interest paid on *qualifying* auto loans.

But it comes with requirements...

Congress just created a special IRA account called "Trump account"

I reviewed all the specifics so you don't have to.

Here's everything you need to know (and if it's even worth contributing): "Trump account" is a custodial traditional IRA account (section 408(a)) with certain modifications.

This account would be created by the Treasury Secretary for the exclusive benefit of an "eligible beneficiary"

Let's break that down further...

There's a lot of false info and confusion about the new "no tax on Social Security"

Let me break down exactly what's changing for seniors with the new tax bill (examples included): First, let me start by saying that the tax bill DOES NOT exempt taxes on Social Security.

There is no such provision.

However, it COULD result in no taxes on Social Security in some cases (more on this in a bit).

There is a lot of misinformation and confusion about the "no tax on overtime"

Let me break it down exactly how it works (with real examples and tax impacts): The President officially signed the tax bill into a law on Friday.

A new deduction is created equal to the qualified overtime compensation received during the year.

This deduction should not exceed $12,500 (or $25,000 filing jointly).

🚨Trump just signed a $4.5 TRILLION tax cut into law.

I reviewed every page, so you don’t have to.

Here’s exactly how it will impact your taxes: 1. Extension of the rates

The tax bill makes the tax rates enacted in 2017 permanent.

As a reminder, if this tax bill didn’t pass, they would have increased to:
12% -> 15%
22% -> 25%
24% -> 28%
32% -> 33%
37% -> 39.6%

"Don’t put more than the match in your 401k! You’ll never get it out early!”

That’s what many financial gurus say. But they’re wrong.

Here are 4 ways to access your retirement accounts early without 10% IRS penalty: First of all, you shouldn’t touch your 401(k) until retirement.

But plenty of people want to retire early.

Most finance influencers tell them “Just get the match. Put the rest in a brokerage account (after Roth IRA)"

But this advice is often tax inefficient.

Mega Backdoor Roth strategy allows married couples to invest $80,000+ a year into a Roth IRA.

It’s one of the most powerful tax strategies to avoid taxes on investments, but 99% of people have never even heard of it.

Here's how to take advantage of it: First, make sure to bookmark the first post for reference and share it with a friend.

Your 401(k) plan generally has 2 options:

1. Before-tax (traditional)
2. Roth 401(k)