Inside Out Money 096. Tax Time Tips: Pay Less, Save More
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Feb 10, 2025 Dive into the complexities of the U.S. tax system, demystifying tax brackets and the benefits of understanding your tax obligations. Discover legal strategies to minimize your liabilities, especially through retirement accounts. The hosts weigh DIY tax filing against professional help, exploring the quirks of TurboTax and urging careful record-keeping. With a blend of humor and insight, they tackle tax extensions and the importance of organizing your financial documents, making tax time a bit less daunting!
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Tax Optimization
- Reduce your tax burden legally through tax avoidance strategies like 401(k) contributions and HSAs.
- Consult a tax professional for personalized advice.
Maximize Tax-Advantaged Accounts
- Maximize 401(k) contributions to the annual IRS limit, not just to your company's match.
- Contribute to an HSA if eligible for triple tax advantages.
Strategic Car Purchases
- Maggie and Andrew strategically purchased cars to utilize EV tax credits.
- Andrew got a nearly free two-year lease on a Nissan Leaf due to state and federal credits.