On today’s episode of the Wiser Roundtable Podcast, the team is joined by Jordan Sute, CPA from Sute CPAs to kick off our new series on all things tax. They go over 10 important things to know about taxes. Make sure you listen to our podcast in the coming weeks as we take a deep dive into these 10 tax tips. If you want to learn more about these tips now, click here to download our FREE guide on “10 Important Things to Know About Taxes.

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SUMMARY:

Finding a CPA

If you are not doing your taxes yourself, how do you find the right person to do them? Like attorneys, CPAs are specialists in different areas. There are bookkeepers, auditors, tax preparers, corporate CPAs, etc. You have to find someone who will be the best fit for you and your situation.

Donor Advised Funds

These entail giving from your heart and strategically doing so. You can essentially run your own family non-profit by choosing your charity of choice or giving to an organization. There are many donor advised fund options.

Tax Credits That Help the Community

Most are paying state tax that goes into a large fund. You can actually direct where that tax goes. You could send it to a certain hospitals, schools, or communities if you want to.

Retirement Tax Savings

We will go over what to do and what NOT to do when it comes to paying taxes in retirement.

Tax-Loss Harvesting

Some securities in your portfolio have increased in value while some have decreased in value – those losses can be harvested and used as a tax credit.

S Corp, C Corp, and LLC

We are going to cover the differences in various corporate structures, the different tax strategies behind them, as well as the legal structures of each.

Missed Tax Deductions for Business Owners

A lot of people miss tax deductions for their businesses, so we are going to go over the most common ones.

1031 Exchange

Taking a property and then selling it, but instead of having to take those capital gains, you can roll them into the new investment property that you are purchasing.

TIMESTAMPS:

2:52 Finding a CPA

4:32 Donor Advised Funds

5:38 Tax Credits That Help the Community

7:06 Retirement Tax Savings

10:06 Tax-Loss Harvesting

11:50 S Corp, C Corp, and LLC

12:08 Missed Tax Deductions for Business Owners

12:26 1031 Exchange

LINKS:

Learn more about Casey Smith and connect with him on Twitter.

Learn more about Brad Lyons.

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Learn more about the Wiser Wealth Management Roundtable podcast and access previous episodes.