Austin Knows Finance

There is always time. It might mean you have to wake up earlier or go to bed later. But there is always time. Successful, ambitious people don’t make excuses with their time. They just get things done. So get your life where you want it to be. No excuses!

Liabilities vs. Assets A DJ buys a new hard-drive and 4 new speakers. The purchase will allow him to accommodate larger venues. Asset. The DJ will be able to book bigger gigs and make more money. He’s actively using the purchase to generate more income. A dentist buys a new Audi as a personal vehicle. Liability. The vehicle serves no purpose other than transportation. It depreciates as soon as it leaves the dealership and cannot help the dentist generate income. Moral of the story: Purchase or invest in things that can make you money.

The fact that the banks will give you a $80,000 loan for a car or give you $200,000 loan for your college education, but won’t give you a $5,000 business loan should tell you everything you need to know.

Understand that a tax refund isn’t a gift from the government. In fact, it’s an interest-free loan you gave the government for 12 months. Don’t look at tax time as “free money” but instead as a time that you reclaim what’s already yours. I can help you do that.

Tax Strategy for the $100K+/yr Employee w/ a Small Business 1) Track all business miles. At 70 cents a mile this is one of your greatest assets. 2) Purchase a business vehicle. Up to a $20,400 tax deduction. 3) All business meals used to actively pursue business income are 80% tax deductible. 4) Instead of a vacation, do an owner’s/board meeting at a desired location. The trip expenses are 100% tax deductible. 5) Hire a tax preparer that knows strategies unique to your situation. It will put thousands back in your pocket.

I’m not just a tax preparer. I’m a tax strategist. I don’t just help people get tax refunds. That’s easy. I help people save THOUSANDS and even TENS OF THOUSANDS in taxes. You don’t need a dependent or fraudulent credits to make sure you’re saving on your taxes. You just need me as your tax strategist.

Adoption Credit: A non-refundable credit for qualified adoption expenses, with a maximum amount of $17,280 for 2025.

Earned Income Tax Credit (EITC): A refundable credit for low-to-moderate income working individuals and families. The maximum amount depends on your filing status and number of children, starting at $649 for an individual with no children and going all the way up to $8,046 for those with three or more children.

2025 Most Common Tax Credit Amounts and What They Add to Your Tax Refund! Child Tax Credit (CTC): For each qualifying child under 17, the maximum credit is $2,200, with up to $1,700 of it being refundable.

Lifetime Learning Credit (LLC): A non-refundable credit for qualified tuition and expenses for undergraduate, graduate, or non-degree courses to improve job skills. It offers up to $2,000 per tax return, regardless of the number of students.

American Opportunity Tax Credit (AOTC): 
Available for the first four years of higher education, it provides up to $2,500 per eligible student.

Child and Dependent Care Credit (CDCC): A non-refundable credit to help offset the cost of childcare or care for a dependent so you can work. It covers between 20% and 35% of qualified expenses (up to $3,000 for one qualifying person or $6,000 for two or more) depending on your AGI. A maximum credit of $1,050 for one child/dependent and $2,100 for two or more children/dependents.

5. Meals: The IRS lets you have a 50% tax deduction for everyday meals and an 80% tax deduction for business meals. Keep. Every. Receipt. Food costs add up quickly and can save you thousands in taxes!

4. Depreciation/Section 179: Bought a new vehicle for business purposes? Awesome. The IRS lets you deduct up to $20,400 of your vehicle purchase in the first year!

Top 5 Tax Deductions for Independent Contractors/Small Business Owners 1. Home Office Deduction: The IRS allows you to use part of your home/apartment as an office. You are alotted $5 per square foot of space up to 300 square feet for a maximum tax deduction of $1500.

Financial freedom starts with your choices. A $300 bottle of Don Julio in the club could’ve been $300 invested in the stock market. That $1,500 trip to Jamaica could’ve been the start of your emergency fund. Changing your choices changes your situation.

Give that man his MVP. 41 TD passes 4 ints, 900 yds rushing, 2nd highest passer rating in NFL history and they’re division champs. L. Jackson has earned MVP this season. Go in your closet and debate yourself. #BrownsRavens #NFLSaturdayFootball