When you hear the words “Tax Planning”, what comes to mind? For so many of us, those words stir up images of the well-to-do, working with their CPAs and tax advisors to build sophisticated strategies to take advantage of tax breaks that are only available to the wealthy and privileged. But in reality, proactive tax planning can play an important role in the wealth building strategies of those of us who are nowhere near the 1%. Tax planning for the rest of us is the topic of this episode of CFO at Home with Cathyana Jean-Baptiste, founder and CEO of Skinny Tax. You can learn more about Skinny Tax by going to Skinny.Tax
Key Takeaways
(11:16) Options in setting up an IRA
(14:03) HSA - A tax advantage savings account
(18:38) 529 accounts that allow parents to defer taxes on future education expenses
(24:16) With the standard deduction being raised, do fewer people itemize deductions
(29:51) Side hustles and deductions
(31:05) Skinny Tax focuses on helping people minimize their tax liability and maximize financial freedom
Ways to contact/follow:
Contact the Host - vince@thecfoathome.com
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