Nov 30, 2020
In episode 316 of Financially Simple, Justin gives a concise list of 20 ways to reduce your tax bill.
As 2020 comes to a close, the time to figure out your taxes draws nearer. In this episode, Justin lists 20 ways to reduce your taxes, both as an individual and as a small business owner, from tax-free accounts to having a baby!
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00:48 - 20 Ways to Reduce Your 2020 Taxes
01:46 - Retirement Account Contributions
03:09 - Tax-Loss Harvesting
03:43 - Tax Bunching
05:11 - Health Insurance
05:35 - Health Savings Account
06:16 - Flexible Spending Account
06:41 - Medical Expenses
07:16 - Budget Tracking
07:57 - Income Adjustments
08:45 - Business Deductions
09:13 - 529 Plan Contribution
09:39 - Lifetime Learning Credit
09:56 - Have a Baby
10:22 - Give to Charity
11:04 - Buy a House
11:50 - Property Reassessment
12:05 - Improve Home Energy Efficiency
12:30 - Buy a Car
12:51 - Move to a Lower Income Tax State
13:37 - Donor Advised Fund
14:27 - Summary
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Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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