Tax Strategies You Might Be Missing, with Natalie Kolodij

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 11 April 2025

⏱️ 91 minutes

🔗️ Recording | iTunes | RSS

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Summary

#598: Tax day is approaching, and if you're like most people, you might be overlooking deductions that could save you money. In our latest podcast episode, tax strategist Natalie Kolodij joins us to reveal common tax misconceptions and share strategies that could potentially lower your tax bill. "The tax code is 70,000 pages," Natalie explains. "There's so much. So I really like to have people focus on a handful of things to be mindful of." For W-2 employees who often have fewer tax advantages, Natalie highlights several overlooked deductions. If you live in a state without income tax (like Florida or Washington), you can deduct sales tax instead — especially on major purchases. Don't forget about personal property taxes on vehicles, boats or RVs either. Medical expenses can be deductible, but only amounts exceeding 7.5 percent of your adjusted gross income. Natalie suggests consolidating elective procedures into a single tax year to maximize this benefit. Charitable deductions offer surprising opportunities too. Miles driven while volunteering, expenses from fostering animals, and even home renovation materials donated to organizations like Habitat for Humanity can all qualify. Natalie also explains how "bunching" donations in alternate years can significantly increase tax savings compared to giving the same amount annually. The interview tackles major misconceptions about selling your primary residence. While many believe living in a home for two years makes all gains tax-free, Natalie clarifies that any "non-qualified use" periods (like when it was a rental property) can still be taxable. For small business owners and real estate investors, Natalie recommends tracking all business-related expenses — even seemingly minor ones like industry-related books or educational materials. She emphasizes the importance of proper record-keeping and having separate accounts for business expenses. As we navigate tax law changes following the recent election, Natalie's advice rings true: maintain flexibility in your tax planning and consider working with professionals who specialize in your specific situation. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (0:00) Intro to tax day discussion (2:46) Common tax savings for W-2 employees (4:12) Standard vs itemized deductions explained (5:46) Often forgotten property tax deductions (6:58) Sales tax deductions for no-income-tax states (9:06) Medical expense deduction thresholds (12:53) Charitable giving strategies and overlooked deductions (17:51) Bunching donations in alternate years (22:20) Home sale tax exclusion misconceptions (30:44) Tax withholding changes and common mistakes (44:35) Bonus payment tax myths debunked (52:52) Finding the right tax professional (1:02:02) Small business and real estate investor tips (1:09:38) Best practices for tax record keeping (1:15:14) Preparing for potential tax code changes Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Tax day is right around the corner. If you're like most people, you might be leaving thousands of
0:04.2	dollars on the table without even realizing it. So today I'm talking with Natalie Kalati. She's a tax
0:09.9	strategist, IRS enrolled agent, national tax educator, IRSCE instructor, and founder of the
0:15.8	certified real estate tax strategist credential. There's a lot of information out there about
0:20.4	tax strategies for small business owners and real estate investors,'s a lot of information out there about tax strategies for small
0:22.1	business owners and real estate investors, but a lot of times when it comes to talking about
0:25.7	taxes, W2 employees get overlooked. So we're going to focus on what you can do if you're a
0:31.5	salaried employee. We'll talk about commonly overlooked tax deductions. We're going to bust through
0:36.1	some persistent tax myths that could be costing you a lot of money. And We're going to bust through some persistent tax myths that
0:38.1	could be costing you a lot of money. And we're going to reveal some strategic approaches to
0:42.8	tax planning that you can use to really substantially reduce what you owe. If you're a W-2
0:49.1	employee, you're going to get a lot of value. If you're a small business owner or a real
0:52.0	estate investor, of course, there's going to be loads in here for you as well. So no matter what situation you're in, you're going to
0:58.4	walk away from this episode with actionable insights to potentially save thousands of dollars on
1:04.4	your taxes. Welcome to the Afford Anything podcast, the show that understands you can afford
1:08.7	anything, but not everything.
1:14.2	Every choice carries a tradeoff, and that applies not just to your money, but to your time,
1:15.3	your focus, your energy.
1:18.9	So, what matters most, and how do you make choices accordingly?
1:22.9	This show covers five pillars, financial psychology, increasing your income, investing,
1:24.4	real estate, and entrepreneurship.
1:25.6	It's double eye fire.
	...

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