Smart Tax Strategies for W-2 Employees and Small Business Owners

#92: Chris shares his list of the top year end optimizations to consider for your taxes, money, points and miles. That includes tax-loss harvesting, charitable deductions, retirement contributions and FSA/HSAs. It'll also cover taking advantage of all your annual credit card credits and perks.

Full show notes at: https://allthehacks.com/year-end-money-taxes-points-2022

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Resources Mentioned

Taxes/Investing

• Gelt: Tax planning service (skip the waitlist!)
• Gelt Tax Guide: Tax Concepts Worth Knowing During a Recession
• All the Hacks Newsletter: All About Investing Part 2
• Donor-Advised Fund Definition
• Daffy: $25 to towards a charity of your choice
• Tax-Loss Harvesting
• Wash-Sale Rule
• Series I Savings Bonds
• Opportunity Zone Investing
• Wealthfront: $5,000 managed free
• Grail test: Detect Cancer Early
• Augusta Rule: Tax Rules for Renting out Your Home

Points/Miles/Credits

• FlyerTalk: Example Forum Page for Southwest Credits
• The Platinum Card® from American Express
• Saks Credit Ideas: Aesop and Mack Weldon Underwear
• American Express® Gold Card
• Capital One Venture X Rewards Credit Card
• Hilton Honors American Express Aspire Card
• For other cards mentioned visit our Best Credit Cards Page

Full Show Notes

(01:25) Should You Take the Standard Deduction or Should You Itemize?

(03:59) Accelerating or Deferring Income

(04:56) Charitable Donations

(05:37) Donating Appreciated Assets

(07:28) Donor-Advised Fund

(08:39) Tax-Loss Harvesting and Common Index Fund Pairing

(10:57) Selling Crypto at a Loss/Abandonment Loss

(14:40) Opportunity Zone Investing

(15:17) I-Savings Bonds

(16:45) Stock Options/ISOs

(17:37) Retirement Accounts

(19:38) Contributing to a 529 Account

(20:37) Use Up the Money in Your FSA Account

(21:31) Max Out Your HSA Account

(22:11) Energy Efficiency Upgrades

(23:12) EV Tax Credit

(23:27) Hired as a Business vs a W-2 Employee

(24:52) Business Owner Tax Optimizations

(30:19) HSA/FSAs and the Augusta Rule

(32:31) California Municipal Bonds

(32:54) End-of-the-Year Housekeeping: Points and Miles

(34:05) Chasing Flight and Hotel Status

(35:14) Taking Advantage of Benefits/Upgrades/Lounge Access Passes

(35:39) Hotel, Credit Card, and Airline Credits

(38:42) Credit Card: Travel Credits

(39:18) Benefits Included with the American Express Hilton Aspire Card

(40:47) San Francisco Event

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