Description

In this insightful episode of the Wealth Witches Podcast, host Katelyn Magnuson sits down with Tyler Russell, a seasoned tax strategist, to explore the essential steps toward achieving tax savviness. Together, they dive deep into key strategies every entrepreneur and small business owner should know. The conversation begins with practical tips on maximizing mileage deductions, ensuring listeners are well-equipped to claim the most from their business travel expenses—a straightforward yet effective way to cut down on taxes.

As the discussion continues, they explore the complexities of health insurance for the self-employed, highlighting crucial deductions that are often overlooked. Tyler also offers expert advice on making smart retirement contributions, helping you navigate the long-term benefits of various retirement plans, and ensuring you’re on the right path to financial security.

A special focus is given to the Augusta Rule, where Tyler explains how business owners can rent out their homes to their businesses for up to 14 days a year without paying taxes on the income—a powerful tax-saving tool when used correctly. Throughout the episode, Katelyn and Tyler provide actionable insights and clarify common misconceptions, making this a must-listen for anyone looking to optimize their tax strategy and enhance their financial well-being.

Key Takeaways

• Learn how accurately tracking and claiming business mileage can greatly reduce your tax bill.
• Discover how self-employed individuals can access health insurance tax deductions and why eligibility is key.
• Find out how smart retirement contributions can ensure long-term financial security and tax benefits.
• Learn how the Augusta Rule allows business owners to rent their homes to their businesses for up to 14 days tax-free.
• Understand how choosing the right business entity, like an S Corporation, can lead to significant tax savings.

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