CPA Shares Tax Tips to Lower Your 2024 (Yes, 2024) Taxes

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 18 February 2025

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

2024 may be long gone, but it’s NOT too late to lower your taxes for the previous year. If you have real estate or retirement accounts, you already hold the key to minimizing your taxable income and owing less to Uncle Sam. But how do you do it? We’re sharing 2024 and 2025 top tax reduction strategies in today’s show with expert CPA and real estate investor Amanda Han! Do you know about the real estate tax “loophole” that helps everyday investors cut their taxable income by tens of thousands? Got an employer-contributed retirement plan? You could STILL use it to lower your 2024 taxes! And why should you NOT take the standard deduction if you’ve bought a home in the past few years? We’re answering all of these questions so you can keep more of your hard-earned money. Finally, what audit red flags is Amanda seeing with her clients? There’s one easily avoidable audit trap that MANY Americans are falling into that could take just minutes to circumvent. Should we even be talking about income taxes if President Trump plans to eliminate them? Amanda, Mindy, and Scott are sharing their opinions on whether this will reach fruition. In This Episode We Cover How to save on your 2024 tax bill and moves to make before Tax Day 2025 The easily avoidable audit red flag that Amanda has seen spike lately The real estate tax deduction that could save those earning $150K or less tens of thousands Most commonly missed tax write-offs that many Americans can take but forget about Will President Trump abolish income taxes during his second term? Whether to pay your estimated taxes OR invest instead and take the interest hit And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: [email protected] Email Scott: [email protected] BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Find Investor-friendly Tax and Financial Experts Buy Amanda’s Book, “The Book on Tax Strategies for the Savvy Real Estate Investor” Find Investor-Friendly Lenders Tax Audit Tips Connect with Amanda (00:00) Intro (00:56) You Can STILL Save on 2024 Taxes (05:54) Lowering Your Taxable Income (10:27) You Can STILL Contribute for 2024! (14:22) Estimating Your Taxes (16:22) Itemizing vs. Standard Deduction (18:21) Commonly Overlooked Write-offs (21:41) Audit Red Flags! (23:06) Will Tax Rates Rise or Fall? (28:03) Opportunity Zones Have Changed (31:08) How to Prepare for 2024/2025 (35:15) Connect with Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-608 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You might be wondering, can you start to make moves to reduce what you'll owe Uncle Sam this year?
0:07.4	We are here to share strategies to lower your 2025 tax bill and set you up to keep more of your
0:13.9	hard-earned money going forward. And don't worry, we'll be breaking down strategies for your
0:18.7	retirement accounts, your real estate portfolio,
0:21.5	and everything in between.
0:23.1	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast.
0:26.1	My name is Mindy Jensen.
0:27.2	And with me, as always, is my Pulse His Weight at Tax Time co-host, Scott Trench.
0:32.4	Thanks, many.
0:32.8	You love Tax Time.
0:33.5	That's when I can realize my gains.
0:36.4	All right, Bigger Pockets is a goal of creating one million
0:38.8	millionaires. You are in the right place if you want to get your financial house in order because
0:42.3	we truly believe financial freedom is attainable for everyone, no matter when or where you're
0:46.7	starting or how much you owe the IRS every year. Today, we're joined by Amanda Hahn, CPA extraordinaire
0:53.2	to talk about all things tax. I promise it'll be fun.
0:56.8	Amanda Hahn, welcome to the Bigger Pockets Money podcast. I'm so excited to talk to you today.
1:01.0	Yeah, I am excited to be here. It's tax season and taxes are top of mind for people, right?
1:06.2	Taxes are top of mind for people. I just got my notice that my W-2 is available now. Yay. So that's one down
1:13.9	and like nine million more to go. Let's talk about saving money on last year's taxes. It's
1:21.1	2025 when we're recording this. It's going to come out in 2025, clearly because we don't have
1:24.9	a time machine. Is there anything that I can do now that we're in the new year to help me save on my taxes
	...

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