477: Year-End Tax Planning Tips You NEED to Know Before the 2024 Tax Season

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 6 December 2023

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

With 2024 right around the corner, it’s time for a final year-end tax planning push! There are all kinds of ways to pay less to the IRS, and today’s guest is here to help you save as much money as possible! Welcome back to the BiggerPockets Money podcast! Today, we’re joined by certified public accountant and financial planner Sean Mullaney. In this episode, Sean delivers a thorough breakdown of everything you should be doing to lower your tax burden for not only 2023 but also over your entire lifetime. While there are many moves you can make before this year’s filing deadline, you don’t have to make them all at once. Sean shares how most tax moves fall into one of three “buckets”—moves that should be handled urgently, by year-end, or in early 2024. Whether you’re rushing to tie up loose ends in 2023 or looking to maximize retirement savings, Sean offers a variety of helpful tax tips for those in different phases of life. You’ll learn how to reap the tax benefits of donor-advised funds, how to time a Roth conversion, and how to avoid giving the IRS a large interest-free loan! In This Episode We Cover Tax moves to make immediately, by year-end, and in early 2024 New tax-saving strategies to start implementing next year Lowering your total lifetime tax burden with the Roth conversion strategy How to get a tax deduction and avoid capital gains tax with a donor-advised fund The BEST retirement accounts for entrepreneurs and self-employed individuals How to choose the perfect health insurance plan for you in 2024 And So Much More! DISCLAIMER: "The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Scott, Mindy, BiggerPockets, and the BiggerPockets Money podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services." Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment What You Need to Do NOW to Pay Fewer Taxes in 2024 I’m Over Paying Taxes, So Here’s How I Plan to Significantly (and Legally) Lower My Liability The FI Tax Guy Click here to check the full show notes: https://www.biggerpockets.com/blog/money-477 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pocket's Money Podcast, where I interview Sean Malaney and talk about year-end tax planning.
0:06.3	Hello, hello, hello, my name is Scott Trench, and I am here to make financial independence less scary, less just for somebody else.
0:12.4	To introduce you to every money story and every
0:16.0	tax tip because I truly believe that financial freedom is attainable for everyone, no matter
0:20.6	where or when you're starting.
0:22.4	Whether you want to retire early and travel the world,
0:24.0	go on to make big-time investments in assets like real estate,
0:26.0	start your own business,
0:28.0	or save a few thousand dollars at tax time,
0:30.0	or get your plan into gear for 2024,
0:32.0	we'll help you, I'll'll help you reach your financial goals and get money out of the way so you can launch yourself towards your dreams
0:38.0	The reason I'm solo today unfortunately is because Mindy is feeling really under the weather and this is a huge bummer because taxes
0:44.4	are legitimately her favorite subject and I don't mean that as a joke I mean that
0:48.2	literally that's you know something unique about Mindy I too love taxes though and hope that will come
0:54.1	through and Sean definitely does as well our guest today so looking forward to it I think
0:58.6	you'll have a great time listening to it and and I'm looking forward to learning from him. All right now I'm going to
1:05.1	bring in Sean. Remember when you had to pay to get a Leeds phone number? It was like
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	...

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