There are aspects of your retirement planning that you can’t control, but are you controlling the controllable – like your taxes in retirement? The White House estimates that our collective individual income tax will add up to $2.3 trillion this year! How much of that will you be paying? Learn from Joe Anderson, CFP®, and Big Al Clopine, CPA, the 10 tax-cutting moves to make now – so you can send less of your money to the IRS.

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00:00 – Intro
01:54 – Tax Overview
04:06 – 2023 Tax Deductions
05:38 – 2023 Tax Brackets
07:34 – Retirement Contribution Limits
08:36 – Move 1: Max-Out Retirement Contributions
08:50 – Move 2: Solo 401(k) for Self-Employed
09:17 – Top 10 Tax Tips – FREE Guide
07:40 – True/False: Enrolling in a Health Savings Account (HSA) can reduce your 2023 taxes. [True]
10:30 – Move 3: HSA
11:19 – Move 4: Tax Loss Harvesting
13:10 – Move 5: Tax Gain Harvesting
14:23 – Move 6: Roth Conversion
15:56 – Move 7: Backdoor Roth
16:47 – Move 8: Donor-Advised Fund
17:06 – Top 10 Tax Tips – FREE Guide
17:46 – True/False: Tax credits are generally more valuable than tax deductions. [True]
18:24 – Move 9: Take Advantage of Tax Credits
18:38 – Move 10: Net Unrealized Appreciation (NUA)
19:30 – Ask Joe & Al: What happens if I don’t pay my taxes on time? – Lenny, Nevada
22:28 – Pure Takeaway
22:54 – Top 10 Tax Tips – FREE Guide

Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period….(read more)

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As the tax season approaches, it’s time to start thinking about tax planning and finding ways to reduce your tax bill. With the right strategies in place, you can minimize your tax liability and keep more of your hard-earned money. Here are 10 tax-cutting moves to make now to help you maximize your tax savings:

1. Contribute to Retirement Accounts: Maximize your contributions to tax-advantaged retirement accounts such as 401(k)s, IRAs, and HSAs. These contributions can lower your taxable income and help you save for the future.

2. Take Advantage of Deductions: Make sure to take advantage of all available deductions, such as mortgage interest, charitable contributions, and state and local taxes. Keeping track of these expenses throughout the year can help reduce your taxable income.

3. Review Your Investment Strategy: Consider tax-efficient investment strategies to minimize your tax liability. This may include holding onto investments for more than a year to qualify for lower long-term capital gains tax rates.

4. Consider Tax-Loss Harvesting: Take advantage of tax-loss harvesting by selling investments that have experienced a loss to offset capital gains and reduce your tax bill.

5. Maximize Education Savings: Take advantage of tax-advantaged education savings accounts such as 529 plans to save for your children’s education expenses while also benefiting from tax-free growth and withdrawals for qualified education expenses.

6. Make Charitable Contributions: Make charitable contributions to qualified organizations to lower your taxable income and help support causes you care about.

7. Keep Track of Business Expenses: If you’re self-employed or a business owner, keep track of all business-related expenses and take advantage of tax deductions for items such as office supplies, travel expenses, and home office deductions.

8. Consider Health Savings Accounts (HSAs): If you have a high-deductible health plan, consider contributing to an HSA, which offers a triple tax advantage – contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free.

9. Review Your Tax Withholding: Make sure your tax withholding is in line with your tax liability to avoid overpaying throughout the year and potentially missing out on the opportunity to invest those funds.

10. Consult with a Tax Professional: Consider working with a tax professional who can help you navigate the complex tax laws and identify opportunities to reduce your tax burden while ensuring compliance with tax regulations.

Taking proactive steps to reduce your tax liability can result in significant savings and better financial outcomes. By implementing these tax-cutting moves now, you can position yourself for a more tax-efficient future and keep more of your money in your pocket.

#TaxPlanning – Your Money, Your Wealth® TV – S9 | E14 offers expert insights and tips for effective tax planning strategies to help viewers make informed decisions about their financial futures. By taking advantage of these strategies and staying informed about the latest developments in tax law, viewers can better optimize their tax planning and minimize their tax liabilities.