Your Roadmap to Tax Savviness w/Tyler Russell

Wealth Witches

In this insightful episode of the Wealth Witches Podcast, host Katelyn Magnuson sits down with Tyler Russell, a seasoned tax strategist, to explore the essential steps toward achieving tax savviness. Together, they dive deep into key strategies every entrepreneur and small business owner should know. The conversation begins with practical tips on maximizing mileage deductions, ensuring listeners are well-equipped to claim the most from their business travel expenses—a straightforward yet effective way to cut down on taxes.

As the discussion continues, they explore the complexities of health insurance for the self-employed, highlighting crucial deductions that are often overlooked. Tyler also offers expert advice on making smart retirement contributions, helping you navigate the long-term benefits of various retirement plans, and ensuring you’re on the right path to financial security.

A special focus is given to the Augusta Rule, where Tyler explains how business owners can rent out their homes to their businesses for up to 14 days a year without paying taxes on the income—a powerful tax-saving tool when used correctly. Throughout the episode, Katelyn and Tyler provide actionable insights and clarify common misconceptions, making this a must-listen for anyone looking to optimize their tax strategy and enhance their financial well-being.

Key Takeaways

• Learn how accurately tracking and claiming business mileage can greatly reduce your tax bill.
• Discover how self-employed individuals can access health insurance tax deductions and why eligibility is key.
• Find out how smart retirement contributions can ensure long-term financial security and tax benefits.
• Learn how the Augusta Rule allows business owners to rent their homes to their businesses for up to 14 days tax-free.
• Understand how choosing the right business entity, like an S Corporation, can lead to significant tax savings.

Get Your Finance Shit Together Mastermind

To find sign up for the waitlist, or to sign up if we are actively enrolling, go here: www.thefreelancecfo.biz/wealth-witches-GYFST-Mastermind

🔮 Wealth Witches™ Monthly Membership Program 🔮

Are you ready to take your financial journey to the next level? Join the Wealth Witches™ membership for exclusive access to live training sessions on money, taxes, retirement, and business support. You'll also gain entry to our inclusive community where you can connect with like-minded individuals and get even more out of your financial journey. We're a community of passionate, purpose-driven entrepreneurs who see creating wealth holistically rather than stuck in another crypto-bro investing black hole membership. Join today: www.thefreelancecfo.com/wealth-witches-podcast-member

Thanks for Listening:

Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share! Follow us on Instagram @WealthWitchesPodcast or drop us a message with your questions and episode requests. Looking for more finance tips, visit our main Instagram @thefreelancecfo.

Subscribe to The Podcast:

If you would like to get automatic updates of new podcast episodes, don't forget to subscribe. You can also give us a follow on your favorite podcast app.

Leave Us a Review:

Leave a 5-star review and include your IG handle to enter to win a free month of Wealth Witches Membership! We draw the winner at the beginning of each quarter.

Stay magical and empowered, and remember, wealth isn't just about dollars in the bank – it's about creating abundance in all aspects of your life.

DISCLAIMER: This Podcast may receive compensation for promoting or recommending products or services through affiliate links. We only recommend products and services that we believe are of value to our listeners. The content provided in this podcast is for informational purposes only and does not constitute professional financial, accounting, or legal advice. Listeners are advised to consult with qualified professionals before making any financial decisions. The Freelance CFO is not responsible for any actions taken based on the information provided

Music credit: Neon Fairies by Wolves