The Money Pig Podcast19 Juni 2023

What can I do now to plan for the next tax season?

Episode 17

AI meeting summary:

Reid Trego hosts the Money Pig podcast with CFP Justin Pitcock discussing tax strategies. Tax deductions are categorized as above the line and below the line, with above-the-line deductions including pre-tax 401k, HSA contributions, and employee component of health insurance that lower AGI. Below-the-line deductions include charity, mortgage interest, state and local tax (capped at $10k), medical expenses exceeding 7.5% of AGI which can be bunched together for itemized deduction along with charitable giving using a donor-advised fund to pre-fund future donations in high-income years before current law sunsets by end of 2025. State tax deductions like college funding through Georgia's five-to-nine plan do not have seasoning requirements making them deductible if used immediately.

Georgia residents can deduct Georgia five to nine contributions on their taxes if they itemize on both their federal and state returns, but higher income earners may not benefit. It's important to have money in pretax, Roth, and taxable accounts for retirement planning purposes, especially to avoid having Social Security benefits taxed. Business owners in Georgia can redirect their state tax dollars to a hospital or school of their choosing through programs like Georgia Heart and Georgia Goal. These donations are deductible as marketing expenses and also help build goodwill in the community. Pass-through businesses can pay all of their state tax liability through the business to avoid hitting the $10k cap on personal deductions for state and local taxes. Goodwin Investment Advisory offers personalized financial planning services beyond portfolio management.

Det här avsnittet är hämtat från ett öppet RSS-flöde och publiceras inte av Podme. Det kan innehålla reklam.

Avsnitt(120)

Financial Freedom Reimagined- Happy 250th USA

In this special Fourth of July edition of The Money Pig Podcast, hosts Tim Goodwin and Joe Beckford tackle one of the biggest questions in personal finance: what does financial freedom actually mean—a...

4 Juli 25min

What's the Point of Money if you Never Enjoy it?

In episode #118, “What’s the Point of Money If You Never Enjoy It?”, Tim and Joe explore a question many diligent savers and high earners eventually face: what is the point of building wealth if you n...

23 Juni 29min

Why Am I So Burned Out Even Though I’m Successful?

In episode #117, “Why Am I So Burned Out Even Though I’m Successful?”, Tim Goodwin and Joe Beckford unpack a question many high achievers quietly ask themselves: why do I feel exhausted when my career...

9 Juni 23min

The Cost of Always Being the Responsible One

In “The Cost of Always Being the Responsible One,” Tim Goodwin and Joe Beckford talk about what it means to be the person everyone depends on. Whether you are the one managing money, planning family e...

26 Maj 23min

Is Your Financial Advisor Saving You Enough in Taxes?

Maximize Your Tax Savings with Strategies You Need to KnowUnderstanding how to manage taxes efficiently is crucial to growing wealth—whether you're investing, planning for retirement, or managing dist...

19 Maj 26min

You Don’t Need More Advice — You Need This

Why Human Behavior and Accountability Drive Lasting ChangeIn this episode of the Money PIG podcast, co-hosts Tim Goodwin and Joe Beckford explore why information alone is insufficient for driving chan...

19 Maj 22min

Why AI isn't Your Life Coach

In this episode, we explore the limitations of AI as a life coach and highlight the irreplaceable value of human mentorship. While AI tools like ChatGPT can assist with decision-making and emotional r...

19 Maj 17min

You’re Not Behind — You’re Just Playing the Wrong Financial Game

In Episode 112 of the Money PIG Podcast presented by Goodwin Investment Advisory, Tim Goodwin is joined by his newly promoted co-host Joe Beckford. This episode blends practical wisdom with a friendly...

19 Maj 24min