Hi everyone,

With year end approaching here's a few strategies that you can implement before year end to reduce your tax bill.

AUGUSTA RULE.........If you rent your home out for 14 days or less before year end the rental income you receive is 100% tax free. And better yet, if you rent your home to your business, you get tax free rental income and your business gets a tax deduction.

SEP IRA..........If you're self employed you should consider maxing out your SEP IRA. Contributions into this account are tax deductible to you producing more tax savings.

HEAVY SUV.........Bonus depreciation has dropped to 60% for 2024. But this can still produce substantial tax savings. So if you're in the market for a new car, consider purchasing a heavy SUV (weighs more than 6,000 pounds) and you can write off up to 60% of the purchase price this year. If you buy a $100k car, you can deduct up to $60k of that this year. Still big savings!

Hope this helps. If you have questions, please let me know.