1113-Friday Q&A: Lower Tax Bill For This Year, Why Do Family Planning Before Financial Planning

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 24 October 2025

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today's live Q&A we discuss:

1:00 I made a bunch more money this year; how do I lower my tax bill?
28:07 Why should I do family planning before I do financial planning?

If you'd like to join me on next week's Q&A show, join here: https://patreon.com/radicalpersonalfinance

Enjoy!

Joshua

Transcript

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0:00.0	Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now while building a plan for financial freedom in 10 years or less. My name is Joshua Sheets. Today is Friday, October 24, 2025, and on this Friday, we record live Q&A. You can call in, speak about anything that you want, ask any questions, raise any topics. This is a great chance for you to give feedback on the show, for you to ask questions about your personal life, for you to raise any topic that you would like to chat with about, chat about with me and with the audience. If you would like to join one of these Friday Q&A shows, you can do so by becoming a patron of the show. Go to patreon.com slash radical personal finance, Patreon.com
0:37.6	slash radical personal finance. Sign up to support the show there, and you will gain access
0:41.4	to one of these Friday shows. Jose, welcome to the show. How can I serve you today?
0:46.7	Thanks. Good afternoon, Joshua. And to you. It's been a while since he spoke.
0:52.6	This question is not the worst problem to have, but we've earned
0:57.4	a decent amount more than we normally earn in a year. And so I'm looking for some ideas
1:05.5	to decrease my tax obligation for the year. I am meeting with the CPA next week to discuss this, but I don't know if he is very radical.
1:17.2	So I wanted to get maybe some radical ideas out of you, just different things to think about before the end of the year.
1:22.9	Are you an employee or do you own a business?
1:25.7	Oh, yeah.
1:26.5	Sorry.
1:26.8	No, self-employed business is set up as an S-Corp.
1:31.1	Okay. And the extra money that you have made, how did it come about? Was it, and do you expect it to continue in the future?
1:43.1	It's kind of a variable business, real estate investments, and there's just some years that are significantly better than others.
1:51.2	Um, so I, I don't know. I mean, yeah, I don't know if I should expect this every year, but hopefully not losing years like last again.
2:02.5	Okay. And how much total will your income be for this year as your best guess?
2:08.5	And how much more is that than you're accustomed to?
2:13.7	So this year will probably be somewhere in the low to mid-400,000.
2:18.3	Okay.
2:19.3	And that's probably about twice average.
2:24.3	Okay, cool.
2:25.3	So let's just go through the list.
	...

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