How To Be More Intentional With Your Money, Starting Now!

Tax Filing

Rachel Cruze emphasizes the importance of timely tax filing and working with professionals to avoid overpaying taxes. She advises filing taxes early, ideally by late February or early March, to prevent last-minute stress and ensure accuracy. Rachel also highlights the value of aiming for a net zero tax situation, where you neither owe nor receive a refund, as this allows you to utilize your money throughout the year rather than letting it sit with the government.

Ideally, you would owe nothing and you wouldn't get anything in a refund. Like you would find a net zero there.

--- Rachel Cruze

Consulting with a tax professional can help navigate life changes and optimize tax outcomes 1.

   

Exemptions

Exploring tax exemptions can significantly benefit small business owners and investors. Rachel Cruze discusses the importance of keeping receipts for business expenses, such as office space and travel, which can be reimbursed. She also explains the 1031 exchange, a tool for real estate investors to defer capital gains taxes by reinvesting in similar properties.

There are literally dozens of random exemptions that you can apply for.

--- Rachel Cruze

Rachel encourages consulting a tax professional to ensure all eligible exemptions are claimed and to implement tax-saving strategies throughout the year 2.