4th Quarter Tax Planning

<p>Key Takeaways:</p> <ul><li>Purge your house and donate non-cash items to charity to maximize tax deductions.</li> <li>Consider donating underperforming stocks to charity to offset gains in the stock market.</li> <li>Maximize contributions to your 401(k) to save for retirement and reduce taxable income.</li> <li>Prepay expenses for the upcoming year, such as marketing expenses or rent, to take advantage of tax deductions.</li> <li>Utilize a donor-advised fund for charitable giving to receive immediate tax savings.</li> <li>Contribute to a Health Savings Account (HSA) to reduce taxable income and save for future medical expenses.</li> </ul> <p class="p1">Chapters:</p> <p class="p3">| **Timestamp** | **Summary** | | ------------- | ----------- | | 0:00:07 | Introduction and disclaimer about investment advice | | 0:00:48 | Discussion about tax planning for the fourth quarter | | 0:02:41 | Suggestions for donating non-cash items and investment assets | | 0:05:09 | Maximizing 401K contributions and prepaying expenses for tax benefits | | 0:07:10 | Paying quarterly taxes to avoid underpayment penalties | | 0:09:49 | Exploring the history of taxes and their influence on behavior | | 0:10:53 | Taking advantage of employer-matched 401K contributions | | 0:11:31 | Maximizing HSA contributions for medical expenses | | 0:12:08 | Considering donor advice funds for charitable donations | | 0:12:38 | Using business funds to make charitable contributions for nonprofits | | 0:13:36 | Discussion about the number 13 | | 0:13:48 | Personal connection to the number 13 | | 0:14:08 | How to contact Allison for tax planning assistance | | 0:14:32 | Disclaimer about investment advice and performance |</p> <p class="p3"> </p> <p>Powered by <a href='https://www.reiffmartincpa.com/'>ReiffMartin CPA</a> and <a href='https://stonehillwealthmanagement.com/'>Stone Hill Wealth Management</a></p> <p class="p3"> </p> <p>Social Media Handles </p> <p>Follow Philip Washington, Jr. on Instagram (<a href='https://www.instagram.com/askphillip/?hl=en'>