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Three Tips for Tax Planning as a W2 Employee

Alright, let's dive into the nitty-gritty of tax tips for W2 employees. You're hustling hard, and it's only fair you get a good deal with Uncle Sam. Let's break down the top three tax strategies to keep more of that hard-earned cash in your pocket.

1. Standard Deduction - Your Tax BFF

First up, the standard deduction. This isn't just a deduction; it's your financial knight in shining armor. For 2023, we're talking $13,850 for single filers or married folks filing separately, $20,800 for heads of households, and a whopping $27,700 for married couples filing jointly. This deduction is like a magic wand, instantly reducing how much of your income is subject to taxes. So, if you're not diving into complex itemized deductions, this is your golden ticket.

2. Make Your Retirement Accounts Work for You

Next, let's talk about retirement accounts, specifically 401(k) plans. If you're not maxing these out, you're leaving money on the table. Contribute to your 401(k) and watch your taxable income shrink. Yes, you'll pay taxes when you withdraw during retirement, but let's focus on the now - reducing your current tax bill. This is a no-brainer move for smart tax planning.

3. Child Tax Credit - A Boon for Parents

For those of you juggling business and parenthood, don't overlook the child tax credit. We're talking up to $2,000 per kid under 17. And guess what? $1,600 of this can be refundable, which means it could come back to you as a refund if it's more than what you owe in taxes. This is a serious game-changer for families.

Remember, these are just the starters in the grand feast of tax strategies. There's a whole world of deductions and credits out there, and they can get pretty complex. My advice? Don't try to be a tax superhero. Consult with a tax pro who gets your unique situation.. They can help you navigate these waters and potentially save a bundle.

12 Days of Giving is HERE!!!

Gather around because we've got something epic brewing just for you. It's time to shake off the dust from those humdrum tax tips and dive headfirst into our fiery "12 Days of Giving Series."

This ain't your grandma's financial advice series – it's a turbocharged, no-BS journey into the world of savvy finance and killer strategies, tailored just for you.

Welcome to the Wild Ride!

Our "12 Days of Giving Series" is like a financial rollercoaster that'll leave you more educated, empowered, and ready to conquer the fiscal world. Each day is packed with unfiltered, real-life stories that hit you where it matters. From tales of unexpected tragedy leading to financial disarray, to the thrilling highs of turning side gigs into lucrative empires – we're covering it all. And guess what? You're invited to hop on board!

Subscribe or Miss Out – Your Call!

Here's the deal – if you don't hit that subscribe button, you're missing out big time. We're not just talking tax tips; we're talking life-changing, money-moving, game-changing advice.

Subscribe to our series on Spotify and Apple , or catch the visual action on YouTube Don't be the one hearing about it after the fact. Be the one living it in real-time.

Real Stories, Real Impact

This isn't about spewing boring numbers and stale advice. Our series brings the raw, the real, and the relatable. Imagine hearing about a client who, in the throes of familial tragedy, finds their finances in shambles – a situation many of us fear but rarely talk about. We're laying it all out, discussing how to navigate such crises, and transforming despair into empowerment. This is the kind of stuff that can shape your future, and we're not holding back.

Why Are We Doing This?

Why? Because you deserve more than the standard, cookie-cutter financial advice. You deserve strategies that resonate with your unique journey. We're here to lift you up, to be the financial ally you never knew you needed, and to turn your challenges into triumphs.

So, let's make some noise, shake up the financial world, and embark on this "12 Days of Giving Series" together. It's time to redefine what it means to be financially savvy. Are you in? Remember, hit that subscribe button and let's turn these days of giving into a lifetime of thriving. Let's do this! 🚀🌈💼🎉

Next Issue Teaser: Prep For New Year (Issue #61)

As we grind our way through 2023, we will take a look into 2024, how to prep for it and what our mindset should be going into the new year!

#NoBSWealth Clip of The Week

Cannot wait until next week or just want more, check out our podcast @nobswealth and catch us on Youtube. You can always follow me on Instagram and Twitter as well! Or just email me, [email protected].

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