6 "Hidden" Tax Savings Opportunities Before Year End

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 1 December 2020

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our topic on this episode of the Ready for Retirement podcast is “6 "Hidden" Tax Savings Opportunities Before Year End”. Maximizing tax savings can be one the greatest ways to save money; James gives a checklist of six things we should review for tax savings before 2020 comes to a close. Should I take an itemized deduction or standard deduction? When is it best to do charitable giving? How can I lower my future taxable income with a Roth conversion? Is my stimulus check taxable? Listen ...

Transcript

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0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:27.1	Hi, everyone.
0:28.9	Welcome to another episode of Ready for Retirement.
0:30.2	I'm your host, James Cannell.
0:33.7	And on today's episode, we're going to be talking about some things that need to be addressed fairly urgently if you're going to do them.
0:36.2	So we are at the end of 2020 as this is being
0:38.7	recorded and released. And there's an end of your tax planning points. I'm going through with a lot of
0:43.1	clients and I thought it would be great to do an episode on so that you could check your
0:46.7	financial situation to see if any of these things apply to you. So real quick, some background.
0:51.9	And by the way, if you're listening to this, if you want a summary of all this, if you want
0:56.1	just a quick PDF that outlines exactly what we're going to be talking about and gives you
1:00.1	a little bit of context around it, go to the Ready for Retirement website.
1:04.5	That's ready for retirement.com.
1:06.5	Select this podcast page in the show notes.
1:08.8	You'll be able to download that. So just a quick
1:10.8	FYI, if you want a quick place to be able to access all of this, you can find that there.
1:15.1	With that, let's jump in. And let's actually take a big step back and see what's happened over
1:18.9	the past few years that creates a favorable tax climate in a lot of ways for some good planning to be done. So at the end of 2017, the Tax Cut and Jobs Act, TCJA, that passed. That's under the
1:30.5	tax law passed under President Trump. And then at the end of 2019, the Secure Act passed. Now, what this did
1:37.6	is both of those had fairly significant impacts on how people are taxed. And most Americans are going
	...

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