In this episode, Tom discusses the importance of proactive tax planning, especially as the year comes to a close. He emphasizes the need to plan ahead to avoid last-minute stress and suboptimal financial decisions. The conversation covers various aspects of tax planning, including deductions, credits, income conversion strategies, and navigating tax brackets. Tom encourages listeners to educate themselves about the tax code and work with financial professionals to optimize their tax situations and ultimately retain more wealth.
Highlights
03:32 - Planning to mitigate tax stress
05:56 - Tax deferral: conventional wisdom
07:35 - Importance of deductions
10:25 - Credits as tax reducers
13:08 - Converting income types
16:05 - Progressive tax brackets strategy
18:05 - Income splitting benefits
21:15 - Tax deferral with 401k and IRA
23:36 - Real estate and 1031 exchanges
24:43 - Opportunity zones benefits
26:03 - Strategic tax planning importance
Episode Resources
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