Sarah Sullivan summarizes a CPA-led webinar providing three practical, immediately actionable ways investors can lower their 2023 taxes in Q4 2023: 1) choose tax-advantaged investments (e.g., real estate, oil & gas) that offer deductions/deferrals; 2) make business purchases (equipment, vehicles >6,000 lbs, boats, airplanes) to accelerate depreciation or full write-offs; 3) consider changes in ownership or entity structure (e.g., S corp → C corp) to optimize tax outcomes. The video includes personal examples and a disclaimer that Sarah is not a CPA.
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Good morning, Sugal Capital Investors. We recently had a webinar with my cpa, CPA for Sugal Capital and a number of our funds. And we did a joint webinar where we talked about what investors can do in Q4 of 2023 in order to lower their 2023 taxes. It was amazing content, jam packed for one hour and then I had a bunch of investors say it was so much content. Can you distill it down into like the top three things I need to know? Sarah so disclaimer, I'm not a cpa, but here are my notes. Okay, so today I'm going to talk about the top three things you can do this quarter to reduce your 2023 taxes as described by a CPA. Number one, you can choose investments that have a tax advantage. So that would be real estate, oil and gas. There's some other things, but it's really assets that the government influences. Things that the government wants you to invest in, they incentivize you by giving you a tax write off, tax deduction, tax deferral, all these things. So that's one thing is finding investments that will give you a tax deferral. Number two, purchases. So you can purchase equipment for your business, you can purchase, you know, cars over 6,000 pounds or vehicles over 6,000 pounds. Boat. Airplane. So we purchased a boat. You pay 20% down to buy the boat, but you get to write off a hundred percent of the cost of the boat. So depending on your, your state you're in and your, your tax bracket, that could be you, you could get a tax deferral of twice what you put down. That's what we're doing. And three is taking a look at change of ownership. So can you take something and put it in someone else's name or can you change, you know, an S corp to a C corp or you know, all those things which I am not an expert on, but CPAs are. And so if you change the ownership structure of some of your assets, you know who holds them or what holds them or how they're held, then that can be give you a tax advantage for 2023. All right, I'll see you next week for some more highlights from the event.
