Watch this video to learn about some of the most important tax deductions you may be able to claim in the year 2022. From property tax deductions to charity contributions, we’ll cover everything you need to know about last-minute tax deductions.
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Show Notes:
0:00 Intro
1:41 IRA Conversion
9:00 Salary and Bonus
10:06 Pay your kids
12:35 Employee 401(k) Contributions
14:34 Charity Contributions
18:17 RMDs by end of the year
20:17 Gain Harvesting / Loss Harvesting
27:15 Equipment
29:22 Short-term rentals
32:37 Prepay expenses
34:10 Hold your invoices
36:30 Write-off bad debt
37:56 Pay reimbursements
39:10 HSA
42:59 Peaches Grand Entrance
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at
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For the Roth conversion. Can I put the $6,000 limit in a traditional IRA then immediately convert it to a Roth?. Or do I have to wait a period of time? I make to much to put in a Roth Ira outright.
Thanks for your great information. I appreciate your efforts, when I came across such types of videos.
i am confused by the “pay your kids” tax advice. doesnt that mean that when they file their taxes, the reason its 0% is because they are now claiming themselves for their own standard deduction?? meaning YOU THE PARENT have lost them as one of your dependents for your own deduction?? so isnt that a wash and zero net benefit? or is the kid deducting themselves on their own taxes a better benefit than a parent claiming a child on their taxes?
Thank you so much for the information I definitely going to use them, Seeing your cats really brought me happiness
Great info!! I also love the beautiful picture behind you, ! would to know where can I get one? Thanks!!
For the capital gain and loss harvesting, what month option in the money are you buying? Are you buying a January 2023 option?
Does this loss harvest apply only if I sell stocks or MFs right?
Pay your kids, but with a 1099 NEC 1099 misc? Also this must be true of non income earning parents too where we pay our parents tax free limit ~$12700 2022. Which form do you recommend?
It sounds from the way Toby presents it that for 2022 the employer 401(k) match is $61k IN ADDITION to the employee contribution of $20.5k, but that’s not correct. The TOTAL of employer + employee contributions in 2022 cannot exceed $61k, or $67.5k if you’re 50 or older.
Best to convert to Roth Ira, when you have business losses and low income.
30 years? 1% return a year?
OT – but what are you using for a camera, writing white board?
Toby most people dont have 30 years to make this make sense 🙁 , I love the Pay your kids strategy we will be implementing this immediately. Thank you
Couldn't holding invoices be considered cooking the books…e.g. tax evasion?
Aren't solar panels tax deductible?
Toby, it will be very helpful if you can organize your presentation better and make the video shorter and to the point. List your 14 points in the very beginning and we can skip the rest (if we want).
Thank you Sir!
Pay for kids for 1099 or only W2?
Gain Harvesting / Loss Harvesting – IS THERE A "HOW TO" VIDEO ON IT?
Hey Toby, I love your videos. Thank you for sharing your wealth of information. One thing that I think you might be wrong on was when you mentioned that you had to earn $15,000 if you were paying a 50% tax bracket to pay for $10,000 of school. That’s actually not right, you would have to actually earn $20,000 because you’re paying 50% tax to have 10,000 left over. That’s where people get confused on profits and losses. You have to make deviled the percentage profit to get back to where you were when you lose. In other words, if you lose 50% of your portfolio, you have to earn 100% to get back to where you were
Gret video,perfect timing to release it,what is the minimum age for kids to be hired as an employee by parents?
Oh yeah, forgot to mention I lost 32k on Tesla stock this year so far.
Can I move to Roth and keep my investments or do I have to sell stocks first?
thanks but the call option loss harvest part is hard to understand. Wouldn't wash sales rule apply to both the ITM option loss and the new purchase of shares?
Capital gain — can long term gains offset short term loss? vice versa?
Can an IRA that was inherited this year be converted to a Roth by the beneficiary or does the IRA have to be original to that person?
Very informative. Thanks. One quick question. @25:00, would you have to hold the ITM option for 30 days before selling it in order for the resulting loss not to be assigned to the new shares you purchased in the final step?
There is a different aspect to the Roth during retirement that didn't used to be relevant. Most people (with or without planning) will end up using Medicare services at some point. There is an asset calculation formula that they use that ignores the Roth but includes the other assets (if I remember correctly). It's really hard to look that far down the road, but those what-if scenarios become important.
gold heading to a low low by 2024 be careful with gold
Wouldn’t it be better to put money into gold & silver which you don’t pay taxes on? This system is bs. We take our earned dollars and invest into a IRA or something similar and then government gets a huge piece for saving!?
Thanks tobey