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!
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
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
Subscribe to the Financially Simple Newsletter
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.