We are all looking for ways to save money. Alan Pruitt of Pruitt Prep CPA joins Amy Davis to talk about things you can do right now to set yourself up for end of year taxes. Plus, how to best prepare yourself to save more money in 2023.
Watch the episode in the video link posted above.
Scroll to these timecodes in the episode to hear a specific topic
1:00 what you can do now to save on taxes in 2023
2:39 How taking out money for 401K can help on taxable income
3:00 advanced child tax credit
4:25 Tax deductions - four things that can count for deductions. Medical expenses, state taxes (property tax for home and sales taxes), Mortgage interest, charitable deductions
8:21 How to know if you should make a charitable contribution to go over into new bracket
9:47 Can you write off closing costs for homes?
10:18 Why the Roth IRA is a Triple tax benefit (deadline is April 17 next year for full year taxes)
13:03 HSA Healthcare savings accounts.
14:36 HSA vs FSA, the difference for consumers
17:00 be prepared for smaller refunds this year. Why??
19:00 dependent care is good for daycare but also summer camps for older kids.
20:12 tax tips for small business owners
23:00 saving money tips for 2023
24:30 Budgeting trick to save money next year
25:00 Zero sum budget / Dave Ramsey plan
27:30 Elizabeth Warren 50-30-20 type of budget
Websites and KPRC links mentioned
Best free budgeting tools according to CNBC.
How to tell if a debt consolidation company is legit.
Free budgeting help from the FTC.