Important Things to Know About Taxes

On this episode of the Wiser Roundtable Podcast, Casey Smith is joined by Jordan Sute, CPA, from Sute CPAs to talk about the most important things to know about taxes. Taxes can be a dull thing, but you need to find someone who gets excited to learn, grow, and adapt as your CPA. Specialization is also important in finding the right CPA for you.

Listen on Apple Podcasts or watch on YouTube:


Donor Advised Funds

Utilizing a Donor Advised Fund is a great way to save on taxes immediately and disperse your funds on your own time. It’s not too late to stack your deductions. Writing two checks in December lets you get the benefit immediately.

Tax Credits that Help the Community

Tax credits that also help the community entail being able to put your state tax into scholarships and hospital credits. This has double benefits because you can impact your community using your state tax dollars.

Moving to a New State

No matter what, states have a budget that they must meet. A state may not have a state tax per say, but they may have raised the tax in other places to meet their budgets. Really, you should just move because you want to and not to get a tax credit.

Maximize Retirement Savings

Investing money into your 401k is a great way to save for retirement. HSA’s are also a great way to reduce tax. If your company does not offer a 401k, you can still contribute to an IRA.

Avoiding Letters from the IRS

The IRS is actually very easy to work with. If you owe money to the IRS, you can go online and pick a payment plan to be done in just a few months. If you are falling behind on your payments, don’t stick your head in the sand, contact them and come up with a plan. Also, never answer the phone to talk to the IRS because they will not call you, it is likely a scam.

Tax Loss Harvesting

Tax loss harvesting is something most people don’t do very well, but they should be. You have gains and losses in your portfolio and you have an opportunity to write off the differences. This is an opportunity that is provided to you by the IRS tax code, so you should take advantage of it.

Tax Deductions for Business Owners

We have a lot of clients ask questions about tax deductions for business owners. There isn’t a magic formula to save you from all your taxes. A bonus tip: if you own a business you are supposed to have an annual meeting to update your business and shareholders. Keeping those minutes are important because they prove that the business is legit.

1031 Exchange

A lot of people don’t know how 1031 exchanges work. If you sell a property that sells for more than it was purchased for, you have the ability to roll those capital gains into another property if it is chosen in time.


9:32 Donor Advised Funds

10:59 Tax Credits that Help the Community

12:33 Moving to a New State

15:28 Maximize Retirement Savings

19:33 Avoiding Letters from the IRS

21:24 Tax Loss Harvesting

25:51 Tax Deductions for Business Owners

28:51 1031 Exchange


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

Learn more about Brad Lyons.

Learn more about Matthews Barnett.


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


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