I outline the top three year-end tax planning strategies that can benefit you this fall. I emphasize the importance of assessing your tax situation as the year draws to a close, highlighting that by this time, you typically have a clearer picture of your income and taxes due to bonuses and other financial events. The first strategy I discuss is Roth conversions, which can be advantageous in years of lower income, allowing you to pay taxes on the converted amounts now rather than later. The second strategy focuses on charitable contribution planning, particularly through donor-advised funds (DAFs) and using required minimum distributions (RMDs) to donate directly to charity, maximizing tax benefits while avoiding capital gains taxes. Finally, I touch on retirement account contributions, stressing how contributions to traditional accounts can lower your taxable income, especially if you’re a business owner. Overall, I provide practical advice for you to optimize your tax situation as the year ends.

Key Takeaways:

• Converting traditional pre-tax money to Roth accounts can be beneficial in low-income years, allowing you to pay taxes now rather than later.

• Having a mix of traditional and Roth accounts is important for tax management in retirement, providing flexibility in withdrawals.

• Donor-advised funds (DAFs) are a powerful tool for charitable giving, allowing for immediate tax deductions and avoiding capital gains taxes on appreciated stock.

• Individuals subject to required minimum distributions (RMDs) can donate their RMDs directly to charity to avoid increasing their taxable income.

• High-income earners can use backdoor Roth contributions to get money into Roth IRAs despite income limits.

• Implementing these strategies can result in significant tax savings, sometimes amounting to thousands of dollars in reduced taxable income.

Key Timestamps:

(00:00) - 3 Fall Tax Planning Moves for Veteran Business Owners

(01:25) - Understanding Roth Conversions

(02:52) - Benefits of Roth Conversions in Retirement

(04:05) - Charitable Contribution Planning

(04:45) - Utilizing Donor Advised Funds

(05:40) - Tax Benefits of Donor-Advised Funds

(06:48) - Required Minimum Distributions to Charity

(07:48) - Maximizing Retirement Account Contributions

(09:45) - Roth Conversions and Charitable Deduction Planning

(10:56) - End-of-Year Tax Strategies Recap

(11:31) - Closing Remarks and Resources

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, DAFs, RMDs

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/54

I dive into the critical components of employee benefits packages during open enrollment season. I walk through key considerations like health insurance options (HSA and PPO plans), life insurance, and disability insurance, explaining how they fit into both personal and family financial plans. I also touch on underutilized benefits like dependent care FSAs, 401k matches, and ESPPs, emphasizing how to maximize these offerings based on individual needs. Ultimately, this episode is a reminder to evaluate your employer benefits annually, ensuring that they align with your unique financial goals and family situation.

Key Takeaways:

• Will securing long-term disability insurance with a private policy provide greater stability for you?

• When carefully planned, FSAs can help you save on taxes.

• Ways you can maximize your employer’s 401k match and Employee Stock Purchase Plan (ESPP).

• Fringe benefits often go unnoticed or unused. Pay special attention to opportunities for gym memberships, education assistance, and more.

• Regularly reassess your benefits during open enrollment to ensure they match your family’s changing needs, especially if you’re comparing offers from different employers.

Key Timestamps:

(00:00) – Open Enrollment and Employee Benefits

(01:13) – Understanding Health Insurance Options

(03:36) – Life Insurance: What You Need to Know

(05:15) – The Importance of Disability Insurance

(07:38) – Dependent Care FSA: A Valuable Benefit

(09:14) – Maximizing Your 401k and ESPP

(10:51) – Other Important Employer Benefits

(11:39) – Conclusion and Final Thoughts

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show. ESPP, Employee Stock Purchase Plan, 401k match, fringe benefits, employee benefits, health insurance, disability insurance

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/53

In episode 52, I welcome my wife, Shelley Baskin, to talk about how we handle finances in our marriage. We share our thoughts on joint versus separate finances, the importance of open communication, and how we balance our individual spending preferences. We also dive into managing our household finances while running a business and setting long-term financial goals. Shelley and I emphasize how crucial shared values and honest communication are in creating financial harmony.

Key Takeaways:

• Should all accounts be joint? When should accounts become joint?

• Who pays for what? And is there a right answer?

• Monthly financial check-ins.

• How common values can guide financial decision making.

• When do prenups actually make sense?

• When the kids grow up, how do we want them to see money?

Key Timestamps:

(00:00) – Welcome and Introduction

(00:56) – Joint vs. Separate Finances

(03:23) – Spending Priorities and Values

(10:17) – Monthly Financial Reviews

(12:04) – Business Finances and Household Impact

(14:10) – Early Financial Planning and Saving Strategies

(15:34) – Defining Financial Goals and Comfort

(19:40) – Views on Prenups

(21:40) – Teaching Kids About Money

(23:14) – Closing Thoughts and Resources

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, marriage, common values, monthly financial check in

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/52