Paul Eikenberg, YFP CFO and Director of YFP Tax, discusses how pharmacists can optimize their tax strategy.
Key Points from this Episode
- Paul and Tim catch us up with some exciting happenings in the YFP tax team.
- Understanding the important difference between tax preparation and tax planning.
- Differentiating your marginal tax rate and effective tax rate as a decision-making tool.
- Paul explains the implications of AGI and how to arrive at that number.
- Touching on the complicated system of student loans and pursuing loan forgiveness.
- Some common tax blunders that you should look out for!
- Key credits and deductions that you might not be taking advantage of.
- What is going to be available moving forward with child-care and dependent care.
- Explaining donor-advised funds and a potential strategy around bunching.
- Two exciting tax services: reporting only and year-round planning and reporting
Links Mentioned in Today's Episode
End of Year Tax Checklist
- Project your income, taxes, and withholding
- Maximize your HSA contribution
- Know your FSA carryover limits and spend accordingly
- Consider 529 account contributions
- Document side business expenses - Mileage Logs**
- Have and execute a charitable contribution strategy
- Correct any over contributions to 401K/403B/IRAs
- Manage your capital gains
- Look for IRS Letter 6419 Advanced Child Credit & Notice 1444-C
- Have a system for organizing your tax documents
- Select & engage your tax preparation method
