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Most people start to think about taxes right about now around the tax filing deadline.
They gather a bunch of documents, send them to their tax preparer, and mistakenly believe their tax preparer is going to come up with this MAGIC way to save a bunch of money on taxes.
Then they get ticked off because there is not much you can do in April to lower your tax bill.
Finally, they get frustrated by the complexity of the tax code and call it a day…until next year, rinse and repeat.
So what they are failing to comprehend is that “TAX PREPARATION” is NOT “TAX PLANNING!”
Tax Planning is ongoing, it doesn’t start and stop at the tax filing deadline. And it’s about reducing your LIFETIME tax bill, not simply looking for a maximum tax refund year to year.
In this episode, we are going to talk about this concept of “Tax Planning” and what can you, PFR Nation, do to reframe your way of thinking about your taxes in your retirement journey.
Then, we’re going to talk through some action items you still can take advantage of before tax time, as well as a few common misconceptions about our tax code.
And finally, we are going to talk about TAX PLANNING strategies for YOU, PFR Nation!
But first, I had to go on a brief rant about what is rattling the markets right now. I’ll give you a hint: it has to do with DOGE.
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This is for general education purposes only and should not be considered as tax, legal or investment advice.