How to Cut Your Taxes Before Year-End - Your Money, Your Wealth® podcast 457

How to Cut Your Taxes Before Year-End - Your Money, Your Wealth® podcast 457

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Your last-minute tax questions answered, today on Your Money, Your Wealth® podcast 457 with Joe Anderson, CFP® and Big Al Clopine, CPA: should Brad save to his regular 401(k) instead of his Roth 401(k) so he can claim the American Opportunity Tax Credit? Should Jennifer and Zeke set up a Roth IRA and file taxes for their 13-year-old who’s got some earned income? Does Cindy have to report her Medicare Advantage over-the-counter medication benefit on her taxes? And should our buddy Carl Spackler wait until the new year to deposit his rollover check? Plus, Em needs ideas for moving her Mom from a low-cost-of-living area to a high-cost-of-living area, Wannabe Landlord wonders about creating an LLC for his real estate, and can CJ report pro-rated real estate expenses on schedule E? Finally, the 5-year rule on Roth withdrawals once again, this time for Brutus Buckeye, and Bruce from Joisey is back, this time he wants to pay cash for a car. Podcast show notes, free financial resources, episode transcript: https://bit.ly/ymyw-457

00:00 - Intro
01:08 - American Opportunity Tax Credit and Other Tax Strategies
05:07 - Tax Filing for 13-Year-Old With Earned Income
09:47 - HSA: The Last Month Rule for Health Savings Accounts
13:01 - Income Tax and Sales Tax Explained
15:35 - End of Year Tax Strategies Guide - free download: https://purefinancial.com/white-papers/end-of-year-tax-strategies/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW-457
Webinar: Reduce Your 2023 Taxes With These End-of-Year Tax Planning Strategies: https://purefinancial.com/ask-pure/reduce-your-2023-taxes-with-these-end-of-year-tax-planning-strategies/?utm_source=youtube.com&utm_medium=podcast&utm_campaign=YMYW-457
16:23 - Deposit Rollover Check After New Year to Avoid the Pro-Rata Rule?
21:12 - Strategies for Mom to Move from LCOL to HCOL Area
26:28 - LLC For Real Estate Investment Properties?
28:28 - How to Report Pro-Rated Real Estate Expenses on Taxes
31:16 - DIY Retirement Guide - LIMITED TIME OFFER! Download by Friday Dec 1, 2023: https://purefinancial.com/ymyw/#ymyw-special-offer
32:22 - 5-Year Roth IRA Withdrawal Rule - Sigh
37:41 - Should I Pay Cash for a Car?
43:15 - The Derails

Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.

Schedule a free assessment with an experienced financial professional: http://bit.ly/PureAssessment
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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.


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