Near tax time each year, do you find yourself wondering what other tax strategies you may be missing? Many people have a goal of paying less in taxes but are missing opportunities to be as tax efficient as possible with their entire financial picture. Fact is, there are things you can do between now and the end of the year that could be a nice benefit when filing your tax return next year.
Join us this week, as we are interviewing a seasoned CPA expert on tax strategies people miss. Will Holt has spent 25 years preparing, reviewing and revising tax returns for clients. It was fun picking his brain to tease out seven tips for people to better position their tax situation next year.
What You’ll Learn in This Episode
- How important decisions during open enrollment could be for next year.
- The impact of missing out of employer contributions in your 401(k) or HSA.
- Why contributing to an account for your non-working spouse can be a better move.
- The ins and outs of gifting the right type of asset
- Understand the difference between taxable income and AGI as it relates to tax brackets
- Don’t let the tax tail wag the investment dog.
- Education credits are powerful if used correctly
Facts and Links Mentioned In the Show
- Beware the Tax Cliff With Health Care Premium Tax Credit
- Why a Health Savings Account May Be Your Best Retirement Account
- The Odds of Success For Individual Stocks
- Tax Breaks and Loan Options to Pay for College
- Episode 42 – How to Navigate Open Enrollment
- CNBC – The Pros and Cons of Donor-Advised Funds
- Reach out to Will Holt
- Connect with Chad:
- Connect with Mike: