Year-End Tax Reduction Strategies (Part 1)

You've worked hard for your money, and naturally, you want to keep as much of it as possible instead of handing it over to Uncle Sam. Fortunately, there are smart strategies to help reduce your tax burden and keep more of your earnings where they belong- in your pocket. And, as the end of the year approaches, it's the perfect time to start thinking about these tax reduction strategies.

In part one of this two-part conversation, Scott breaks down the difference between tax preparation and tax planning and provides a detailed walkthrough of a hypothetical couple's financial situation to illustrate how different income sources and savings impact their taxable income. As the episode progresses, he shares several year-end tax strategies that you should consider implementing before December 31.

 

Here’s some of what we discuss in this episode:

0:00 - Intro

6:47 – Tax preparation vs. tax planning

9:22 – How income planning ties into tax planning

17:47 – Understanding what your taxable income is

23:06 – Tax brackets

27:19 – Workplace retirement plans

32:08 – Health Savings Account

33:37 – Backdoor Roth IRA

 

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