Tax Strategies for Year-End Savings and Retirement Planning

About This Episode

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As the year comes to a close, it’s time to gear up for tax season. In this episode of the GWH Steps to Success Podcast, we dive deep into tax‑saving strategies with our special guest, Steve Hill, a managing partner and CPA. Steve brings his wealth of knowledge to help us understand the intricacies of tax planning, especially in a post‑election world where new tax reforms could be on the horizon.

Understanding Tax‑Saving Strategies

Steve kicks off the discussion by emphasizing the importance of getting organized. With the standard deduction now higher than ever—$29,000 for married couples and over $14,000 for individual filers—it’s crucial to evaluate whether itemizing could benefit you. Steve walks us through how medical expenses, mortgage interest, and charitable contributions can play a role in surpassing the standard deduction. He even introduces the concept of “chunking” charitable contributions to maximize tax benefits.

Retirement Contributions and Backdoor Roth IRAs

For those looking to reduce taxable income, Steve highlights the importance of maximizing retirement contributions. Whether it’s a 401(k) or an IRA, every bit counts toward reducing your tax bill. We also explore the Backdoor Roth IRA, a strategy for those who might not qualify for a Roth IRA directly but want to benefit from tax‑free growth and withdrawals in retirement.

Tax Harvesting and Capital Gains

Tax harvesting is another crucial topic we cover. By strategically selling investments at a loss to offset gains, you can minimize your tax liability. Steve explains how this strategy works best in the last quarter of the year, allowing you to make informed decisions based on your portfolio’s performance.

Home Office Deductions and Business Strategies

For business owners and self‑employed individuals, Steve shares tips on keeping personal and business finances separate to maximize deductions. From home office expenses to mileage and internet costs, every deduction counts. Steve also touches on retirement plans for business owners, which offer higher contribution limits and significant tax savings.

Listener Q&A: Real‑Life Tax Concerns

Throughout the episode, we address listener questions on topics like HELOC interest deductions, capital gains on home sales, and the implications of gifting money to grandchildren. Steve provides clear, concise answers, dispelling common myths and offering actionable advice.

Conclusion: Prepare for a Smooth Tax Season

This episode is packed with valuable insights to help you navigate the complexities of tax season. Whether you’re an individual filer or a business owner, Steve’s tips can help you make informed decisions and avoid surprises come April.

Don’t miss out on this informative episode filled with practical advice and expert knowledge. Tune in to the GWH Steps to Success Podcast to hear the full discussion and ensure you’re prepared for tax season. Visit gwhadvisors.com to subscribe and catch all our episodes on iTunes or Spotify. Your financial success starts with smart tax planning—listen now to get ahead!