[WINii Event Update] "Tax with Me" Zoom event today!

Author

Minki Jung
March 31, 2024

Hi WINers!

Ready to do your taxes today?

Please join our silent working session today - might as well get taxes done and over with! ✅

(Hearing the Google Calendar invite link did not work for all WINers, so resending the Zoom link directly) 

Quick reminder that WINii does NOT provide tax advice, and we won’t be holding a Q&A. 

When: 3/31 Sunday @1pm ET | 10am PT
Where: Zoom👇

Yesterday’s newsletter below! 👇

💰 Crazy Tax Loopholes

Ever wonder how some people get away with paying little to no taxes? The billionaires among us sure do. 

In an episode of NPR's Planet Money, people shared their favorite tax loopholes, ranging from the bizarre to the super-practical. 

Here are some of the best ones: 

  • If you can get your large estate to qualify as a farm, you can score a huge tax break.

  • Drive a G-Wagon? They weigh so much that they can sometimes count as heavy machinery - another tax write off.

  • One family who ran a junkyard wrote off their cat food as a business expense. Why? Because the cats were used to scare off snakes and rats (a business necessity). 

Tax loopholes aren't always as weird as some of the ones above. Here are a couple of practical ones shared by callers in the episode:

  • If you have a child or family member with a disability, building an ADA accessible home counts as a qualifying medical expense, which you can write off on your taxes. Renovations count, too.

  • 1031 exchanges are a favorite of real estate tycoons. Essentially if you have a house and sell it, you don't have to pay taxes on the profits as long as you roll it into another house.

  • If you're a resident living abroad and make your money in another country, fill out a Form 2555, or FEIE. As long as you live outside of the U.S. and qualify, you may not have to pay federal taxes on your income. NOTE: there are limits on how much of your income you can exclude. Head here to learn more.

To dig into more helpful (and eye-opening) tax loopholes, check out the episode here!

🎤 From Music to Tech w/ Linda Haviv @AWS

Linda Haviv always wanted to become a singer. She came from a musical family and had the talent to go professional.

However, through her career in music and later on in tv production, she saw how difficult it can be as a woman in front of the media. 

She decided to seek out a career where she can maintain autonomy - so Linda became a software engineer. 

I was fascinated by Linda's process in finding career advancing opportunities. After deciding to switch careers into tech, she didn't jump straight into a bootcamp. She contacted HR and the managers of the digital department at Fox Corporation (the company she was working at the time), and first heard what roles and skills the company was hiring for. Linda then went out and learned those skills to become hirable.

How to upskill yourself so you're in demand? Ask what your company needs!

Hear all about Linda's career and money journey as a rapping developer advocate at AWS here! ⏬

Don't forget!

Reminder: you can still contribute up to $6,500 to your 2023 IRA ($7,500 if you're age 50 or older) until April 15 2024. 

Make those last contributions count. 🤑

Have a wonderful week ahead!

Minki
Founder, WINii
Making wealth building actionable for women in tech. Empowering a million women to become millionaires!