4 Ways To Pay Obnoxiously Less In Taxes (EP.80)

By dearrochesterretirewell | March 20, 2024

It’s that time of the year when people are figuring out their tax liabilities and what their tax refund might be. Ideally, we’d all like to end up even, owing zero and getting zero back, but that’s usually not how it works out in business.

If you are looking for tax-saving strategies that are both effective and straightforward, tune in to this episode with your host, David Pulcini, the Managing Partner at SixPoint Financial Partners.

Today, David unravels why you might owe taxes or be eligible for a tax refund this year. Moreover, he takes the listeners through 4 easiest yet remarkably effective strategies to reduce your tax burden.

First on the list is the power of channeling your savings into pre-tax retirement accounts. By increasing your contributions to these accounts, you not only secure your financial future but also enjoy immediate tax benefits.

He also explores the benefits of contributing to a Health Savings Account (HSA) and how it can serve as a dual-purpose tool for managing healthcare expenses while enjoying tax advantages such as tax-free growth and withdrawals.

Additionally, David demystifies the concept of Tax Loss Harvesting and discusses the significant impact charitable contributions can have on your tax deductions and overall financial strategy.

Finally, he emphasizes the importance of seeking professional guidance for tax and financial matters. Tune in to understand why entrusting your tax and financial planning to experts can lead to smarter decisions and potentially greater financial gains in the long run.

Watch The Full Episode on Youtube: https://youtu.be/8YAFrCoRSNo

During this episode, you will learn about:

[01:17] Why you might owe taxes or be eligible for a tax refund this year

[05:12] Easiest ways to reduce what you pay in taxes

[05:23] #1 Increasing savings into a Pre Tax Retirement Account

[07:16] What does SixPoint mean?

Website: https://sixpointfp.com/

[07:43] #2 Contribute to a Health Savings Account

[10:10] The maximum amount to contribute to an HSA,

[11:00] #3 Tax Loss Harvesting

[13:26] Tax Loss Harvesting: The garden analogy

[16:02] https://sixpointfp.com/

[16:17] #4 Charitable Contributions

[16:50] Factors influencing the extent of tax deductions for charitable contributions

[22:43] Why you should hire a professional for your tax and financial planning

Key Takeaways:

In the United States tax system, income is taxed at different rates that escalate as the income increases. [02:00]
Filling taxes involves adjustments, deductions, and additions to get the final number. [03:47]
Most successful people increase their retirement contribution by 1% or 2% every year. [06:21]
A Health Savings Account allows for tax-free withdrawals for medical expenses. [09:19]
Incorporating a Health Savings Account into the tax planning strategy secures immediate and long-term benefits through tax-free growth and withdrawals. [09:58]
Tax loss harvesting is a strategic financial move to sell investments that are at a loss to offset capital gains and reduce tax liability. [11:04]
When you donate to a qualified organization, the IRS allows you to deduct the value of your contribution from your gross income. [16:28]
Non-cash donations enable you to avoid capital gains. [17:47]

Book Time with David Pulcini:

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What Is Required To Build A Sellable Business (EP. 79)

By dearrochesterretirewell | March 6, 2024

At some point, every business must undergo a transition of ownership, whether through succession planning, a sale, or closure. Selling your business can not only bring financial freedom, but also frees you from operational burdens like employee management and client demands.

However, despite these benefits, some individuals may experience regrets because they are uncertain about what to do next as they navigate a new chapter without the familiar demands of their business.

In this enlightening episode, David Pulcini, the Managing Partner at SixPoint Financial Partners, sheds light on the transformative journey of selling a business, highlighting the profound changes that accompany such a significant decision.

Pulcini discusses the sacrifices business owners must make to ensure the success of their ventures. Additionally, he shares an inspiring story of his friend John, a visionary entrepreneur who built his business from scratch and navigated challenges and setbacks, ultimately achieving a successful sale of his business for $24 million.

Tune in for valuable insights.

Watch The Full Episode on Youtube: https://youtu.be/2JQ6WS9ggZ4

During this episode, you will learn about:

[00:32] Episode introduction

[01:05] Today’s focus: Selling your business

[01:37] The changes that occur when you sell your business

[02:29] The story of David Pulcini’s friend John, who built his business from the ground up and later successfully sold it

[03:21] The sacrifices you have to make as a business owner

[04:16] https://sixpointfp.com/

[04:31] The challenges John navigated in his business journey and how he successfully rebuilt his business

[10:30] What does SixPoint mean?

Website: https://sixpointfp.com/

[13:05] What John did with his money after selling his business for $24 million

Key Takeaways:

At some point, whether sooner or later, every business must change hands, either through a succession plan, a sale, or closure. [00:44]
Selling your business brings financial freedom and liberates you from order issues, employee concerns, and client demands. However, despite these benefits, some people may experience regrets because the business no longer needs them, leaving them with no idea of what to do next. [01:37]
As a business owner, you must constantly make sacrifices, such as missing out on social activities and experiencing less financial stability, for the sake of your business. [03:21]
First-generation business owners don’t just become successful by luck; they attain success through hard work and dedication. They sacrifice their time and friendships to achieve success in their businesses. [11:37]

Book Time with David Pulcini: