4th Quarter Tax Planning

Wealth-Building Made Simple

English - September 08, 2023 13:51 - 15 minutes - 14.2 MB - ★★★★★ - 12 ratings
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Previous Episode: Mind Over Money, There Is No Reward Without Risk

Next Episode: Mind Over Money: Money Is NOT the Root of All Evil

Key Takeaways:

Purge your house and donate non-cash items to charity to maximize tax deductions.
Consider donating underperforming stocks to charity to offset gains in the stock market.
Maximize contributions to your 401(k) to save for retirement and reduce taxable income.
Prepay expenses for the upcoming year, such as marketing expenses or rent, to take advantage of tax deductions.
Utilize a donor-advised fund for charitable giving to receive immediate tax savings.
Contribute to a Health Savings Account (HSA) to reduce taxable income and save for future medical expenses.

Chapters:

| **Timestamp** | **Summary** |
| ------------- | ----------- |
| 0:00:07 | Introduction and disclaimer about investment advice |
| 0:00:48 | Discussion about tax planning for the fourth quarter |
| 0:02:41 | Suggestions for donating non-cash items and investment assets |
| 0:05:09 | Maximizing 401K contributions and prepaying expenses for tax benefits |
| 0:07:10 | Paying quarterly taxes to avoid underpayment penalties |
| 0:09:49 | Exploring the history of taxes and their influence on behavior |
| 0:10:53 | Taking advantage of employer-matched 401K contributions |
| 0:11:31 | Maximizing HSA contributions for medical expenses |
| 0:12:08 | Considering donor advice funds for charitable donations |
| 0:12:38 | Using business funds to make charitable contributions for nonprofits |
| 0:13:36 | Discussion about the number 13 |
| 0:13:48 | Personal connection to the number 13 |
| 0:14:08 | How to contact Allison for tax planning assistance |
| 0:14:32 | Disclaimer about investment advice and performance |

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.