5 Last Minute Ways to Cut Your 2020 Taxes - 304

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 15 December 2020

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

A final look at the CARES Act COVID-19 stimulus package, Coronavirus related distributions, and whether they affect your 2020 taxes. Plus, action items to pay less tax in 2020, like Roth conversions, tax gain and tax-loss harvesting, and charitable giving strategies. Also, when to do Roth contributions, how much of your portfolio should be in Roth accounts, and if you can lower your taxes from swing trading. Access the transcript & financial resources, ask your money questions: https://bit.ly/YMYW-304

Transcript

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0:00.0	Today on Your Money, Your We'll take one more look at the CARES Act.
0:03.8	You remember that was the COVID stimulus package earlier this year that did a number of other things,
0:08.7	like allowing coronavirus-related distributions from your retirement accounts,
0:12.8	and it waived required minimum distributions in 2020.
0:16.6	Joe and Al also provides some last-minute action items to reduce your 2020 tax burden, including the ever-popular Roth conversions, tax loss harvesting, tax gain harvesting, and some charitable giving strategies.
0:29.0	And the fellows go over when you should be doing Roth contributions and how much of your portfolio should be in Roth accounts.
0:35.2	And they answer a question on lowering taxes from swing trading after they figure out what
0:39.5	swing trading is.
0:40.9	I'm producer Andy Last, and here are the hosts of your money, your wealth, Joe Anderson,
0:45.7	CFP, and Big Alclopine CPA.
0:49.2	All right.
0:50.4	We got Judy.
0:51.8	She writes in and she goes to the YMYW trio.
0:55.5	First, let's get the important things out of the way.
0:57.7	I drive a 2015 Buke encore, metallic silver.
1:02.3	That means gray.
1:03.7	Nice, Judy.
1:04.8	A little sexy car there driving around.
1:08.0	Yeah, I can picture it silver.
1:09.5	She's got a...
1:10.5	Or gray. Yeah, I have a terrier dog. a 20-year-old cat in two foster kittens.
1:16.6	Oh, it's just a regular farm. I usually listen to the YMYW podcast by gardening. And I must
	...

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