Building Wealthy Habits

Episode 64 - Save Money on Taxes in 2025

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Description

This episode digs deep into effective tax strategies for minimizing tax liability, focusing on long-term planning, estate planning, retirement contributions, and smart investing. Randy, Laura and Jeremiah discuss the implications of recent tax law changes, the importance of proactive tax planning, and various strategies such as tax loss harvesting and charitable contributions to optimize tax outcomes.
 
In this episode:
  • Chances of being audited are likely reduced this year.
  • Long-term tax planning is essential to avoid surprises.
  • Estate tax exemptions are set to change in 2025.
  • Retirement contributions can significantly impact tax liability.
  • Tax loss harvesting can offset gains with losses.
  • Charitable contributions can reduce taxable income.
  • Holistic investment strategies can optimize tax outcomes.
  • Communication with CPAs is critical for effective tax planning.
  • Understanding the difference between Roth and traditional IRAs is key.
  • Proactive planning can prevent last-minute tax issues.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn: https://www.linkedin.com/in/rkbarkley/
Email: Randy@tricordadv.com

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.