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Listen "Smart Tax Planning: Tax Tips for Investors and Business Owners"
Episode Synopsis
America’s least favorite day is quickly approaching in a little over two weeks. Millions scramble to frantically count their beans while the oppressive Eye of ‘Providence’ lords over them.
April 15 may usher in the Spring with all its good vibes, longer days, and the smell of outdoor barbecues with freshly cut grass. But it also marks a cumulative day of stress with the unholy combination of a strict deadline with complex accounting that exposes the consequences of last year’s financial decisions.
The instinct is to bum rush the problem with brute force intensity, outsourcing as much work as possible to caffeine tweaked accountants. Mistakes are made, and tempers are bound to flare. Let 2025 be the year you get ahead of the problem.
Good tax planning is a year-long process and Ben and Brent discuss what this entails. They highlight several common areas where they see mistakes so you can avoid them. The overarching message is to not rely on your accountant, accounting software, and definitely not the IRS to catch errors on your return.
While tax calculations are formulaic, the results are only as accurate as the input. The art of tax planning involves optimizing and confirming accuracy of the inputs over all relevant tax years. It's a great way your financial advisor can add value!
Topics discussed include:
What is a 1040? Components of a tax return?
Planning opportunities along the tax return:
Maximizing above the line deductions, retirement plans, corporate benefits
Business deductions, strategic planning done to reduce taxable income
Back door Roth IRA - Roth
Capital gains - which bracket are you in? Strategic ways to use gains/losses
Being aware of itemized vs standard deduction, can you “bunch”?
Estimated payments, how does it work and opportunities to take advantage
Borrowing from appreciated assets to defer tax - like the billionaires
What are some of the common elements we see in client tax returns that are “high risk”?
Don’t assume the tax return tells the whole story
Back door Roth IRA’s - easily reported incorrectly
RSU’s - underwithholding issues and basis reporting issues
QCD’s incorrectly reported
Things that don’t even generate a tax form (estimated payments)
Looking to the future - TCJA expiration in 2026 and possible tax outcomes
______
About Your Hosts
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com
Sign up for Ben’s newsletter at www.karastick.com
Follow him on X @thekaratstick
https://www.linkedin.com/in/ben-nwmg/
____
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
Read Brent's latest newsletter --> https://40221980.hs-sites.com/infinite-wealth-plannings-february-newsletter-is-live?ecid=&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-_Efdxwvp3oso7SBWpKxOU7Rxa0wru_6V-AGrl_LgK7QRQR8XQhfQHlOLqA4xUUUKt9_Phs
Sign Up For Brent's Newsletter -- > https://share.hsforms.com/1maVO0YZ0T3uIA80kyeGi1Any3h8
______
Editor
Trevor Gargano
Email: [email protected]
Linkedin: https://www.linkedin.com/in/trevor-gargano-72727b67/
Website: TheDigitalQuarterback.com
______
Follow our socials to support the podcast; see extra clips and announcements!
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod
Facebook: https://www.facebook.com/profile.php?id=61556458987483
______
Disclosure:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Advisors associated with National Wealth Management Group may be either (1) registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC, and investment advisor representatives of National Wealth Management Group; or (2) solely investment advisor representatives of National Wealth Management Group, and not affiliated with LPL Financial. Investment advice offered through National Wealth Management Group, a registered investment advisor and separate entity from LPL Financial.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice.
April 15 may usher in the Spring with all its good vibes, longer days, and the smell of outdoor barbecues with freshly cut grass. But it also marks a cumulative day of stress with the unholy combination of a strict deadline with complex accounting that exposes the consequences of last year’s financial decisions.
The instinct is to bum rush the problem with brute force intensity, outsourcing as much work as possible to caffeine tweaked accountants. Mistakes are made, and tempers are bound to flare. Let 2025 be the year you get ahead of the problem.
Good tax planning is a year-long process and Ben and Brent discuss what this entails. They highlight several common areas where they see mistakes so you can avoid them. The overarching message is to not rely on your accountant, accounting software, and definitely not the IRS to catch errors on your return.
While tax calculations are formulaic, the results are only as accurate as the input. The art of tax planning involves optimizing and confirming accuracy of the inputs over all relevant tax years. It's a great way your financial advisor can add value!
Topics discussed include:
What is a 1040? Components of a tax return?
Planning opportunities along the tax return:
Maximizing above the line deductions, retirement plans, corporate benefits
Business deductions, strategic planning done to reduce taxable income
Back door Roth IRA - Roth
Capital gains - which bracket are you in? Strategic ways to use gains/losses
Being aware of itemized vs standard deduction, can you “bunch”?
Estimated payments, how does it work and opportunities to take advantage
Borrowing from appreciated assets to defer tax - like the billionaires
What are some of the common elements we see in client tax returns that are “high risk”?
Don’t assume the tax return tells the whole story
Back door Roth IRA’s - easily reported incorrectly
RSU’s - underwithholding issues and basis reporting issues
QCD’s incorrectly reported
Things that don’t even generate a tax form (estimated payments)
Looking to the future - TCJA expiration in 2026 and possible tax outcomes
______
About Your Hosts
Ben Jones
Managing Director, National Wealth Management Group
www.nwmgadvisors.com
Sign up for Ben’s newsletter at www.karastick.com
Follow him on X @thekaratstick
https://www.linkedin.com/in/ben-nwmg/
____
Brent Gargano, CFPⓇ
Founder & Advisor, Infinite Wealth Planning
www.infinitewealthplanning.com
linkedin.com/in/brent-gargano-cfp®-2067b573
Read Brent's latest newsletter --> https://40221980.hs-sites.com/infinite-wealth-plannings-february-newsletter-is-live?ecid=&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-_Efdxwvp3oso7SBWpKxOU7Rxa0wru_6V-AGrl_LgK7QRQR8XQhfQHlOLqA4xUUUKt9_Phs
Sign Up For Brent's Newsletter -- > https://share.hsforms.com/1maVO0YZ0T3uIA80kyeGi1Any3h8
______
Editor
Trevor Gargano
Email: [email protected]
Linkedin: https://www.linkedin.com/in/trevor-gargano-72727b67/
Website: TheDigitalQuarterback.com
______
Follow our socials to support the podcast; see extra clips and announcements!
Instagram: https://www.instagram.com/moneyalchemistpod/
X: https://twitter.com/moneyalchpod
Facebook: https://www.facebook.com/profile.php?id=61556458987483
______
Disclosure:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Advisors associated with National Wealth Management Group may be either (1) registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC, and investment advisor representatives of National Wealth Management Group; or (2) solely investment advisor representatives of National Wealth Management Group, and not affiliated with LPL Financial. Investment advice offered through National Wealth Management Group, a registered investment advisor and separate entity from LPL Financial.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice.
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