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You don’t want to get stuck with a big tax bill! Taxes may be inevitable, but we have good news! There are smart, LEGAL strategies to help you pay fewer taxes this year and every year to come. We use these strategies for ourselves and our clients and, in this episode, we’re going to walk you through the basics. Put these into practice today and you’ll have complete peace of mind when tax season comes around next year!
In this episode, you’ll learn:
- Why you need to pay attention to Capital Gains Distributions
- How Charitable Giving can help you save BIG during tax season
- Which accounts need to be maxed out by year-end
- How to avoid surprise tax bills and penalties from the IRS
Research and resource from this episode:
- Donation Value Guide (Salvation Army)
- Valuation Guide for Goodwill Donors
- Retirement Plan and IRA Required Minimum Distributions FAQs (IRS)
- The Rules on RMDs for Inherited IRA Beneficiaries (Investopedia)
- Topic No. 306 Penalty for Underpayment of Estimated Tax (IRS)
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