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.

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