As a follow up to my earlier post on my taxes, it turns out that $5k was the correct amount to send off to Uncle Sam. It’s always painful to see so much money leave my account but the only thing I can do is build tax strategies to reduce the amount. The $5000 is way better than the $15,000 I owed the previous year.
Key Tax Strategy
While I built a tax plan for 2025 which I wrote about here. I have beginning to question if many of those tax strategies will be viable in the near future with this new administration restructuring tax laws.
For a summary video, I would encourage you to watch the video below from DiamondNest Egg talking about potential tax changes to things like municipal bonds and their tax free income.
It is possible that current munis get grandfathered so if municipal bonds fit in your portfolio, now may be the best time to load up with higher rates, tax free income and plenty of options.
Share The Wealth
Are you worried about your favorite tax strategy? Let me know in the comments below.