In this episode of the Roadmap to Retirement Podcast, I am joined by Yitzchak Eilenberg, a CPA specializing in tax strategy and planning. Yitzchak provides insightful financial advice aimed at small business owners, including the importance of tax avoidance (not evasion) and various methods to maximize tax savings. We discuss the intricacies of compensating children within businesses for tax benefits, the balance between paying off debt and saving for retirement, and altering retirement strategies as financial situations evolve. Emphasis is placed on managing emergency funds, strategic use of IRAs, and the benefits of HSAs. Moreover, Yitzchak and I explore long-term saving approaches, including Roth IRAs and solo 401ks, alongside advanced strategies like paying family members to conserve generational wealth and potential estate planning tools like charitable remainder trusts and reverse mortgages. The episode rounds off with a discussion on how keeping in touch with financial and tax advisors throughout the year can facilitate better financial outcomes, particularly in tax-heavy periods.
If you would like to reach out to Yitzchak Eilenberg, you can reach out at:
LinkedIn: linkedin.com/in/yeilenberg
Email: [email protected]
Website: eilenbergcpa.com/ 

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