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Tax Season 2022: 6 Ways to Reduce Your Taxable Income
Manage episode 321786241 series 3202356
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Today's guest is Michel Valbrun, award-winning CPA and a best-selling author with over 200,000 followers on Instagram who's going to talk about the best tax practices in 2022 to reduce taxable income.
Get in touch with Michel:
Instagram: @michelvalbrun
Website: https://www.michelvalbrun.com/hero-page1588902401991
Twitter: @michelvalbrun
Facebook: @michelvalbrun
YouTube: https://www.youtube.com/c/michelvalbrun
The first way to reduce your taxable income is to create a business or decide that you're a business owner so that's just making the decision that you are a business owner. If let's say you're too scared to be a business owner there are different ways that you can save just from your nine to five so one of the ways is itemized deductions. The standard deduction is what you get literally automatically for right now it's about $12,550 but with the itemized deductions there are five categories. I call the MITCH. So the first one is Medical expense so if you have medical expenses and they qualify for an itemized deduction you could be able to deduct for that. You also have Interest paid during the year so interest paid like let's say you own a home, mortgage interest is going to be something that you could deduct. Taxes paid so property tax is going to be one of those taxes that you pay that you're able to take out as an itemized deduction. You have charitable contributions, so by contributing to charities there's going to be an opportunity. And the last one is what I call help and help stand it help relates to casualty losses so let's say your house catches on fire whatever the case is maybe you've got something is stolen that's very valuable than that could be a way for you to be able to itemize your deductions.
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