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In my book, Beyond the Basics: Maximizing, Allocating, and Protecting Your Capital, I dedicate a chapter to smarter tax planning because the more you save on taxes the more capital you have to create future growth. It’s a complicated topic, made even more so by the fact that by the time you’ve filed your tax return it’s too late to minimize your tax bite from the previous year. You need to understand the tax code, use it to your advantage during the year, and work with a dedicated team to help you with smarter tax planning throughout the year.
I summarized some key tax-planning takeaways from the book in this short post – How to Pay Less in Taxes.
And in this latest episode of the Wealthy Behavior podcast, I talk to Heritage’s Chief Planning Officer, Ed Jastrem, about his insights into helping you make the most of your tax planning strategies. We discussed the following and so much more:
- Why reviewing your tax return annually is one of the most valuable financial planning things you can do
- Why it is so hard to determine what tax bracket you are actually in
- Hidden taxes you may be paying
- Things to do, and not to do, to improve your tax situation
- Age-based and special situations that cause pause to reflect on your tax planning strategies, such as investment real estate, stock options, and Roth IRA conversions
Keep More of What You Earn: Taxes
Available through the link in title and wherever you get your podcasts
Missed an episode? Catch-up on Wealthy Behavior here.
