CORRECTION: I misspoke and said end of January, I meant the end of December.

In this video, we explore key moves you need to make before December 31st to reduce your taxes. This is relevant for people facing retirement, but honestly it’s relevant for anyone who wants to reduce their tax bill for 2023.

*Free Retirement Assessment* //
*Private Facebook Group* //

——————————————————————————————————————————–
*ABOUT ME*

I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission — pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money — so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!

📅 *THE BASICS OF retirement planning*

retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.

Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won’t be playing catch-up for long.

Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.

Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you’re building your emergency fund — especially if you have an employer retirement plan that matches any portion of your contributions.

Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.

Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.

❣ *SPONSORED* No, this video was not sponsored.

⚠️ “DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it’s for entertainment purposes only. #retirementplanning #retirement #passiveincome…(read more)

LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

Reduce Taxes With These 5 Moves

Paying taxes is a necessary part of life, but there are strategies that individuals and businesses can use to minimize the amount of taxes they owe. With careful planning and consideration, it is possible to take advantage of tax breaks and deductions that can ultimately reduce your tax bill. Here are five moves that you can make to reduce your taxes.

1. Contribute to Retirement Accounts
One of the most effective ways to reduce your taxable income is to contribute to retirement accounts such as 401(k)s, IRAs, and self-employed retirement plans like a SEP or SIMPLE IRA. The money you contribute to these accounts is typically tax-deductible, which means you’ll pay less in taxes now and potentially have more in retirement savings later on.

2. Take Advantage of Tax Credits
Tax credits are a powerful tool for reducing your tax bill. They directly reduce the amount of taxes you owe, dollar for dollar. There are numerous tax credits available, including the Earned Income Tax Credit, the Child and Dependent Care Credit, and the American Opportunity Tax Credit for education expenses. Make sure to take advantage of all the tax credits you qualify for to lower your tax liability.

3. Maximize Deductions
Deductions reduce your taxable income, which in turn lowers the amount of taxes you owe. Common deductions include mortgage interest, charitable donations, medical expenses, and state and local taxes. Additionally, self-employed individuals can deduct business expenses such as office supplies, travel expenses, and home office expenses. It’s important to keep good records and be aware of all deductible expenses to make the most of this tax-saving technique.

4. Utilize Tax-Advantaged Accounts
In addition to retirement accounts, there are other tax-advantaged accounts that can help reduce your tax bill. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars for medical expenses, while 529 college savings plans offer tax-free growth and withdrawals for education expenses. By utilizing these accounts, you can save on taxes and prepare for future expenses.

5. Consider Tax-Loss Harvesting
For investors, tax-loss harvesting can be an effective way to reduce capital gains taxes. This strategy involves selling investments that have experienced a loss to offset gains elsewhere in your portfolio. By realizing losses, you can lower your overall tax liability on investment income. Just be mindful of the IRS’s wash-sale rule, which restricts buying back the same or substantially identical securities within 30 days.

In conclusion, reducing taxes requires proactive planning and utilizing all available resources. By contributing to retirement accounts, taking advantage of tax credits and deductions, utilizing tax-advantaged accounts, and considering tax-loss harvesting, you can effectively reduce your tax burden. It’s important to work with a qualified tax professional to ensure that you’re making the most of these tax-saving strategies and staying compliant with tax laws and regulations. By taking these five moves into consideration, you can potentially save a significant amount on your tax bill.