Bob Gauvreau shows how to claim tax deductions a year early by prepaying expenses before year-end. Buy a $50,000 coaching program in December 2023, deduct it that year, and use it in 2024.
Okay, let's talk about accelerating tax deductions. Strategic timing is what's going to accelerate our tax deductions for us. And I'll give you an example, and it'll probably get you thinking about how you could do this in your own business. One example would be, okay, I'm gonna invest in this new coaching program. We're gonna head into 2024 here very soon. I wanna actually take this course or bring on this coach in 2024. It's gonna cost me $50,000 to invest in this. It's investing in me. It's the best investment I can make. Absolutely, right? But if I don't invest that until 2024, I'm not going to get that deduction until 2024. I want it now in 2023 where I can save tax money. So instead, what we do is we buy it or we invest in it at the end of 2023, and we actually put that money in there. We expense it in 2023. We get access to the tax benefit of that now. And then we use that coaching service to blow up our business in 2024. So that strategic timing is accelerating that deduction and getting us access to that tax savings a year before we actually should.
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