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Use Tax Planning as a Window into Your Financial Future

With the April 15th tax deadline having come and gone, you might feel a sense of relief since you won’t have to deal with anything tax-related for a while. But just because you’ve completed your taxes for the year doesn’t mean you’re done with tax planning.

Your tax return can tell you a lot about your financial life. In fact, we like to think of it as the window into all of your most important financial decisions.

Are you taking advantage of all the tax benefits you’re entitled to? Are you filing in the most efficient way? Unless you’re a CPA, that might be a difficult question to answer.

Fortunately for you, that’s where we can help!

On this episode, we’re going to help you put together your tax planning toolbox by sharing what you need to know to take as many deductions as possible, identify tax savings opportunities, and so much more!

But before we begin, we want to take a moment to remind you that we’re fee-only financial advisors who would love to help you on your path toward financial success. We thoroughly enjoy having our listeners become client, so if you like our common sense approach to all things finance and want to learn more, please feel free to contact us: brian [at] money-guy.com or bo [at] money-guy.com.

In This Episode, You’ll Learn:

  • How you can get into a lower tax bracket
  • The biggest legal loophole that the government allows
  • What you can do to invest in a tax efficient manner
  • How paying off your student loans can affect your tax deductions
  • The tax implications of owning rental real property
  • What it means to be an “active participant” in your rental real estate
  • The problem with getting a huge refund
  • The difference between SEP and SOLO IRAs
  • When you should contribute to a Health Savings Account
  • How to structure your disability insurance contributions

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