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Finding a Better Tax Strategy

August 27, 2020

The Principle:

From Roth conversions to charitable giving, today’s episode of the podcast talks about tax strategies that you’ll want to consider.

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

Does your tax strategy have you changing your habits? Or are you overlooking savings in a big way? What if you could find a better way that fits you and your lifestyle?

How do you know when a Roth conversion is a good idea or when it isn’t a good plan? What if you convert the money from an IRA? What would the tax savings be? Some people think you should just convert it all at once, but that’s not the best way to do it! Instead, you should do it slowly and methodically. You want to make sure you pay attention to your tax brackets.

How can you be strategic about your taxes? Are you planning on leaving money to a charity as a beneficiary? Why not get a tax deduction by giving the money away now? Everybody has the desire and ability to pay less in taxes. So how can you do that? 

Your strategy doesn’t have to look the same as someone else’s. Maybe you don’t want to give all of your money away when you die, but you already give some amount yearly. How can that be structured in a beneficial way? Try to figure out a better way to do what you’re already doing. It’s not always about changing your habits significantly.

Listen to the entire episode or click on the timestamps below to skip to a specific strategy.

[0:16] – Are Roth conversions always a good idea?

[4:05] – Who would say you don’t have to pay taxes on a million dollars? Steve Martin, of course!

[4:57] – How can you pay less in taxes?

[7:25] – What is a good fit for you when it comes to charitable giving and tax strategy?

Today’s Truth:

We want you to continue to have the same lifestyle in retirement.

Brian Bowen

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The Host:

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Brian Bowen Integrity Financial Planning Roanoke Virginia discusses the deferred payment plan Bobby Bonilla and his agent were able to work out