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:

• Schedule a Call

 

Connect with David Pulcini:

• info@sixpointfp.com
• SixPoint Financial
• (585) 406-4645
• LinkedIn: David Pulcini
• LinkedIn: SixPoint Financial
• Twitter: SixPoint Financial
• Facebook: SixPoint Financial

View The Full Episode Transcript Here

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