Tax Tips for W2 Employees and Full-Time Business Owners: Avoiding Common Mistakes and Maximizing Savings | Ep. 41
The BetterWallet · Ryan Bakke
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Show Notes
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In today's episode, Marc brings on Ryan Bakke, a CPA, to discuss how W2 employees can prepare for tax season.
Ryan recommends using software to self-prepare basic tax returns and suggests seeking the help of trained professionals at places like H&R Block if you don't feel confident doing it yourself. Ryan also emphasizes the importance of being aware of credits and deductions that may be available, such as the child tax credit, education credit, 401K deductions, and HSA deductions. Ryan also suggests that listeners review these potential credits and deductions when preparing their tax returns to avoid missing out on potential savings.
[03:24] Software to help with taxes
[05:25] Potential tax credits
[13:00] Tax mistakes entrepreneurs make
[16:00] S Corp or LLC?
[19:26] Creating different investment accounts
[21:34] Keeping track of all your expenses
[24:09] Shifting to a lower tax bracket legally
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