There are two certainties in life: Death, and that other, scarier thing…
However, as 2024 wraps up and people begin looking at the upcoming tax season, there are some things to reduce how much of your income goes to ole' Uncle Sam.
However, doing so takes some strategizing. So how does one go about that?
Dave Cohen interviewed former IRS agent and CPA of 27 years, Byron Gerrety. He offered many tips on how to go about prepping for 2024.
For example, in Louisiana, Gerrety explains that due to Hurricanes this year, the IRS extended tax payment deadlines to February 3rd, 2025. So, if you pay before the deadline, you can avoid penalties and interest. This is critical given that federal interest rates have gone up significantly.
It’s important to remember though that although there are things you can do now to reduce your 2024 taxes, it’s even more important to start looking to 2025 now—that’s how you’ll see true results.
Gerrety also discusses itemized deductions vs. standard deductions, charitable contributions, medical expenses, flexible spending accounts, 401ks, and much more.
In the end, it’s many little steps that help you reach your goals, but you have to know what steps to take.
Tax advice isn't cheap, but today we’re giving to you for free. So check out Cohen's interview with Gerrety to glean some advice as you look to navigate taxes this year and in the future.