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What are 11 tax related new years resolutions I should adopt?
Season 6 Episode 347
Are you grappling with the financial strain of tax season, caught between your obligations to pay taxes and your commitment to generous giving? Ralph shares powerful insights by revealing 11 biblical tax resolutions that helped one small business owner turn a daunting $12,000 tax bill into a surprising $3,000 refund. These strategies aim to align your financial decisions with your faith, ensuring you can honor your responsibilities while maintaining peace of mind. From maximizing retirement contributions to optimizing tax-advantaged accounts, Ralph provides actionable steps that can save you thousands. Join the conversation and discover how to navigate the complexities of taxes with a faith-based approach that prioritizes both financial success and spiritual stewardship—perfect inspiration for setting meaningful tax-related New Year’s resolutions.
https://www.askralphpodcast.com/tax-related-new-years-resolutions/
Podcast Timestamps:
00:00 Episode Overview
01:27 Heartfelt Message from Melinda
02:44 Join the Community
04:57 Bible Verse: 1 Timothy 5:8
06:40 11 Tax Resolutions to Save You Thousands
06:52 #1 Maximizing Retirement Contributions
08:35 #2 Optimizing Tax-Advantaged Accounts
10:04 #3 Strategic Tax Loss Harvesting
11:52 #4 Smarter Asset Location
13:12 #5 Long-Term Investment Strategy
15:06 #6 Enhanced Itemized Deductions
19:50 #7 Education Benefits Maximization
20:29 #8 Home-Related Tax Advantages
21:10 #9 Developing a Documentation System
22:16 #10 Professional Guidance
23:53 #11 Quarterly Review System
26:15 Call to Action
27:38 Action Steps You Can Take
28:55 Closing
Takeaways:
- Maximizing your retirement contributions can significantly reduce your tax bill and secure your future.
- Consider utilizing health savings accounts to take advantage of their triple tax benefits.
- Strategic tax loss harvesting can offset gains and minimize your capital gains tax burden.
- Establish a documentation system for tracking deductions throughout the year to simplify tax season.
- Consulting a tax professional regularly can provide proactive strategies for effective tax planning.
- Implementing a quarterly review system can help you stay on top of your financial goals.
Links referenced in this episode:
- https://www.askralphpodcast.com/putting-into-retirement/
- https://www.askralphpodcast.com/health-savings-accounts/
- https://www.askralphpodcast.com/two-types-of-529-plans/
- Ask Ralph Insiders Community https://mailchi.mp/askralph.com/group
- Ask Ralph Show Live https://askralphpodcast.com/live
- What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
- Join our email list and get a free copy of “Mastering Your Finances” at https://askralph.com/