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Radical Personal Finance

Major Tax Planning Strategies #2 and #3 β€” Shifting and Converting Income From High Rates to Low Rates RPF0041

Radical Personal Finance

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

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 β€’ 1.9K Ratings

πŸ—“οΈ 14 August 2014

⏱️ 46 minutes

🧾️ Download transcript

Summary

Today we round out major tax strategies #2 and #3. As a refresher, here are the three basic tax planning strategies: Timing (deferring or accelerating taxable income and tax deductions) Income shifting (shifting income from high to low tax rate taxpayers) Conversion (converting income from high to low tax rate activities) Tax rates vary across […]

Transcript

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0:00.0

Radical Personal Finance, Episode 41.

0:03.4

In today's show, we round out the basic tax planning strategies

0:07.2

of income shifting and income conversion. in. Welcome to the Radical Personal Finance Podcast for today, Wednesday, August 13, 2014. This is episode 41. Today we're going to wrap up basic

0:36.0

tax planning strategy number two and basic tax planning strategy number three.

0:40.1

Number one was timing. Number two is shifting, number three is conversion.

0:44.0

Gonna save you some money today.

0:46.0

I hope you're excited about that like I am. If you haven't listened to episodes 15 and 36 I'm going to recommend right here at the

1:04.2

beginning that you go back and listen to episode 15 and 36 because these shows are

1:08.8

building. This is basic tax planning but we're not talking about technique yet.

1:13.4

So this is going to be applicable to you,

1:15.4

no matter where in the world you live.

1:17.4

I'm in the US, so I don't know much of the taxing systems

1:19.8

of the rest of the world as far as the in depth technique.

1:22.8

But these tax planning strategies that we're going to cover are going to be useful to you

1:26.8

no matter what tax jurisdiction you live in.

1:29.2

And so go back, if you haven't, if you're new to the show welcome go back and listen to episode 15 which is entitled how to eliminate your taxes the basic foundation

1:38.5

You need to understand to do good tax planning that can be founded radical personal finance dot com slash 15 and

1:44.7

then also listen to episode 36 which is entitled major tax planning strategy

1:49.6

number one adjusting the timing of income for maximum effect.

1:53.7

I'm going to try in today's show not to do a lot of repeat

1:57.2

of those past shows.

1:58.8

So I'm just going to point you there right at the beginning

...

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