Use Tax Planning as a Window into Your Financial Future

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 20 May 2016

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

With April behind us, you might feel a sense of relief since you won’t have to deal with anything tax-related for a while. But just because you’ve completed your taxes for the year doesn’t mean you’re done with tax planning. Your tax return can tell you a lot about your financial life. In fact, we like to think of it as the window into all of your most important financial decisions. On this episode, we’ll help you put together your tax planning toolbox by sharing what you need to know to take as many deductions as possible, identify tax savings opportunities, and so much more!

Transcript

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0:00.0	So, Bo, we're about a month outside of April 15th, which everybody knows is just a great
0:06.5	time of the year and the fact that we're all done with our taxes or at least we've extended them
0:10.5	and we can put them out of mind. But now that you have completed your taxes, are you done?
0:16.8	Or should you use those tax returns as a transparent window into your financial life?
0:24.9	All that and more guys, we're going to tell you how we can prepare for next year as well as
0:29.2	to find savings opportunities just by using that annoying tool which is your annual 1040 tax return.
0:53.9	Well, I think I'm two for two on most recent intros just completely blowing this thing out of the
0:58.8	water. Let me get it back on track. I've got it. We did the last podcast on the Purple Rain estate plan
1:06.8	where we talked about Prince. One of the things I talked about with Prince was I was very upset
1:11.9	that he didn't first. A man that was so gifted at genius level, so sophisticated the way he
1:17.2	structured his business dealings and other things. I felt like it was a waste to society that the legacy,
1:24.4	the income that his estate was going to generate was lost for future, meaning that whatever
1:32.4	his favorite charity is, whatever his church, he could have really created something that could
1:36.4	have been perpetually funded and now that's gone. So I thought others would probably have that
1:42.4	same thought, especially within the whole celebrity universe. Sure, you would think. Not the case.
1:48.2	Carter, who works with this, he reads everything by the way. The dude reads way more than any of us.
1:56.4	Without a doubt. But here's what Carter found. He sent me over, was it a business insider article?
2:01.4	Carter sent me a business insider article that Snoop Dogg, oh, Snoop Snoop Snoop, you know, Snoop,
2:08.3	who I don't consider to sophisticated his prince. He also doesn't see the need in having
2:14.7	an estate plan because he basically said, what do I care if my family has to fight over it?
2:20.9	I'm not here anymore. If anything, maybe I'll get to come back as a butterfly and get to experience
2:27.2	this. And by the way, he said this in much more colorful language that we can, that's why we're
	...

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