What if you could reduce one of your biggest expenses? For some, taxes are a major expense, so it’s vital that you are strategic about your taxes, both now and in the future. If your tax rate is in the high 20s and 30s, that bill could amount to a high portion of your total costs. In this episode, Brian talks through several strategies people consider when it comes to minimizing taxes and whether you should incorporate them into your financial plan.
From HSA contributions to back-door Roth IRAs, you’ll want to make sure you are investing and protecting your money in the right way. Having the right person helping you with taxes can make all the difference. Stay tuned to gain some valuable insight on minimizing your biggest expense.
Here’s what you’ll learn on today’s show:
- How can you reduce your biggest expense? (0:12)
- Should you max out retirement accounts? (11:44)
- What is a back-door Roth? (12:34)
- Should you contribute to an HSA? (15:36)
- Is it worth contributing to a 529? (16:30)
- How should you use charitable gifting strategies? (17:58)
- There’s a new lottery winner in Virginia. (19:45)