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Financially Simple Bizcast

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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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Financially Simple podcasts are recorded on a Blue Yeti Microphone & Samsung Notebook 9.

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Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.