Скачать или смотреть TAX CREDIT 2021!

The hot topic right now is.... THE 2021 CHILD TAX CREDIT?! If we had known you guys were so interested in tax strategies we would have made some videos on it! Oh... we have. Check out our Between Two Erics playlist for a bunch of tax related content!

In the meantime, here are a few awesome strategies you can use for your upcoming tax return!

If you would like a free consult, please visit econologics.com or call us at 727-588-1540

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"You will not believe what is trending on google right now no it is not the vaccine no it is not kanye and kim and no it is not the royal family what's trending right now the child tax credit of 2021 can you believe it my dreams have come true people actually do care about their personal finances so in light of that i want to give you three strategies that you can use right now to help minimize your taxes so i'm gonna drop the first one on you right now are you ready number one section 139 of the tax code actually allows for employers as long as there was a a national disaster which was declared which there was you can actually reimburse your employees for qualified disaster expenses so you know if you give bonuses or anything like that you can probably actually classify some of that income to them as section 139 what's the benefit well you still get the business deduction but they get that income tax free so it's really a nice way to reward especially good employees by giving them income that they don't pay tax on.

Number two health savings accounts now these are not new but i see a lot of people that are not utilizing them. if you have a high deductible health insurance plan and you want to get a tax deduction and then use that money for qualified medical expenses it's like a triple tax benefit so if you're an individual i think the contribution level is 3600 for a family it is 7200 and if you're over 55 you can dump in an extra thousand dollars so it's a really good way to minimize your tax bill by almost 7200 bucks especially if you have a family and it's a it's a really powerful way to make sure you're paying for medical expenses as well.

Number three so um you have a home you have a business you can rent your house out for 14 days out of the year and you can collect that money completely tax-free so make sure that you're at least having some executive meetings at your house you can expense the business just make sure that you get documentation you actually have to have the meeting make sure you get an estimate at a local hotel or a restaurant but this is a great way that you can you know the the amount's gonna be different for everybody but you know five to fifteen thousand dollars in total over 14 days it's a very very powerful tax strategy that not a lot of people are using okay so i gave you three right there and if you implement those there's tens of thousands of dollars that you can save on taxes but i got a bonus for you if you have a business or you have a piece of real estate that you are looking to sell right now there's actually a strategy that you can defer your capital gains for 30 years and keep wait for it 93 and a half percent of the sale proceeds now think about that most of you if you sell a million dollar asset you got to pay anywhere between 25 and 30 percent in capital gains that year i have a better strategy keep ninety three and a half percent of the sale proceeds defer the tax for 30 years have more money to invest for that time frame it's a very powerful strategy it's complex but you can save hundreds of thousands of dollars in taxes by doing this so it's a really cool strategy not a lot of people know about that actually can save you tens of thousands of dollars in taxes. saving on taxes is not a passive activity you got to take an active role so get off your butt and make sure that you are looking for strategies and building a tax team that is trying to chop your tax bill down okay so hey you know what keep trending on google keep paying attention to your finances i'll see you next time."

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