2024 may be long gone, but it’s NOT too late to lower your taxes for the previous year. If you have real estate or retirement accounts, you already hold the key to minimizing your taxable income and owing less to Uncle Sam. But how do you do it? We’re sharing 2024 and 2025 top tax reduction strategies in today’s show with expert CPA and real estate investor Amanda Han!Do you know about the real estate tax “loophole” that helps everyday investors cut their taxable income by tens of thousands? Got an employer-contributed retirement plan? You could STILL use it to lower your 2024 taxes! And why should you NOT take the standard deduction if you’ve bought a home in the past few years? We’re answering all of these questions so you can keep more of your hard-earned money.Finally, what audit red flags is Amanda seeing with her clients? There’s one easily avoidable audit trap that MANY Americans are falling into that could take just minutes to circumvent. Should we even be talking about income taxes if President Trump plans to eliminate them? Amanda, Mindy, and Scott are sharing their opinions on whether this will reach fruition.In This Episode We CoverHow to save on your 2024 tax bill and moves to make before Tax Day 2025 The easily avoidable audit red flag that Amanda has seen spike lately The real estate tax deduction that could save those earning $150K or less tens of thousandsMost commonly missed tax write-offs that many Americans can take but forget about Will President Trump abolish income taxes during his second term?Whether to pay your estimated taxes OR invest instead and take the interest hit And So Much More!Links from the ShowMindy on BiggerPocketsScott on BiggerPocketsListen to All Your Favorite BiggerPockets Podcasts in One PlaceJoin BiggerPockets for FREEEmail Mindy: [email protected] Scott: [email protected] Money Facebook GroupFollow BiggerPockets Money on Instagram“Like” BiggerPockets Money on FacebookBiggerPockets Money YouTube ChannelFind Investor-friendly Tax and Financial ExpertsBuy Amanda’s Book, “The Book on Tax Strategies for the Savvy Real Estate Investor”Find Investor-Friendly LendersTax Audit TipsConnect with Amanda(00:00) Intro(00:56) You Can STILL Save on 2024 Taxes (05:54) Lowering Your Taxable Income (10:27) You Can STILL Contribute for 2024!(14:22) Estimating Your Taxes(16:22) Itemizing vs. Standard Deduction(18:21) Commonly Overlooked Write-offs (21:41) Audit Red Flags! (23:06) Will Tax Rates Rise or Fall? (28:03) Opportunity Zones Have Changed(31:08) How to Prepare for 2024/2025(35:15) Connect with Amanda!Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-608Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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