Tax-Savvy Strategies: Proactive Planning to Maximize Wealth

In this episode, Tom discusses the importance of proactive tax planning, especially as the year comes to a close. He emphasizes the need to plan ahead to avoid last-minute stress and suboptimal financial decisions. The conversation covers various aspects of tax planning, including deductions, credits, income conversion strategies, and navigating tax brackets. Tom encourages listeners to educate themselves about the tax code and work with financial professionals to optimize their tax situations and ultimately retain more wealth.

Highlights

03:32 - Planning to mitigate tax stress 05:56 - Tax deferral: conventional wisdom 07:35 - Importance of deductions 10:25 - Credits as tax reducers 13:08 - Converting income types 16:05 - Progressive tax brackets strategy 18:05 - Income splitting benefits 21:15 - Tax deferral with 401k and IRA 23:36 - Real estate and 1031 exchanges 24:43 - Opportunity zones benefits 26:03 - Strategic tax planning importance

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA

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