Pay Fewer Taxes in 2024 | What You Need to Do NOW

Episode #846

If you want to pay fewer taxes or outright avoid taxes in 2024, you’re in the right place. We’re about to give you all the last-chance tax tips and loopholes you can use NOW to pay WAY less in taxes in 2024. All of these are perfectly legal, but many will require some form of real estate investing. Don’t own any rental property yet? Not a problem! You can STILL start planning to pay lower taxes BEFORE you buy!

We brought back our two favorite tax experts, Amanda Han and Matt MacFarland, on to the show to share all the last-minute tax tips YOU can use to pay Uncle Sam less and keep more in your pocket. Plus, Amanda and Matt share a tax “loophole” that anyone who makes under $100K per year OR owns a short-term rental property can use to save thousands, if not tens of thousands, in taxes.

We’ll also get into common ways anyone can reduce their taxes through retirement account contributions, charitable donations, and more. Plus, the common misconception costing you thousands of dollars in write-offs that you never knew you could take!

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Hear Mindy on “BiggerPockets Money Podcast”:
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Connect with Amanda and Matt:
BiggerPockets: https://www.biggerpockets.com/users/keystonecpa?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @amanda_han_cpa or https://www.instagram.com/amanda_han_cpa/
Website: https://www.keystonecpa.com/
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Connect with Mindy and Rob on BiggerPockets:
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none
Rob: https://www.biggerpockets.com/users/robuilt?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Mindy on X/Twitter:
@MindyatBP or https://twitter.com/mindyatbp
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Connect with Rob (Robuilt):
Instagram: https://www.instagram.com/robuilt/
TikTok: https://www.tiktok.com/@robuilto
X/Twitter: https://www.twitter.com/robuiltchannel
YouTube: https://www.youtube.com/c/Robuilt

Show notes at: https://link.chtbl.com/BPRE


00:00 Intro

01:20 How to Pay Fewer Taxes in 2024

05:03 Investing in Retirement Accounts

11:43 Defined Benefit Plans

14:05 Donating to Charity

19:03 Top Real Estate Write-Offs

22:40 Cost Segregation

26:16 The Short-Term Rental "Loophole"

29:29 1031 Exchanges

34:32 Cash-Out Refinances and Syndications

37:38 Delaying Your Expenses/Sales

41:46 If You Make Under $100K, Do THIS!

44:31 Commonly Missed Deductions

48:55 Start Doing This NOW!

56:58 Connect with Amanda and Matt!