“…In this world, nothing is certain except death and taxes,” wrote Benjamin Franklin when updating his friend, French scientist Jean-Baptiste Le Roy, on the latest political developments in the States. And while we can’t do anything to change your mortality, we CAN offer you some tax breaks in this episode.
Want to pay less in taxes? Who doesn’t! In this episode of the show, we’re talking through 5 ways that you can significantly reduce your tax exposure, and therefore save money by not sending so much of it off to the IRS.
Today, we’re discussing strategies to:
- Create liquidity from investments without triggering taxable events
- Grow tax-free wealth
- Pay less on investment gains
- Get more money into tax-advantaged retirement accounts (even when you make too much to contirbute to those accounts directly)
- Avoid paying income tax entirely
If you’re ready to learn (legally!) how to pay less in taxes, this tactical episode is for you.
Jump into the episode here:
Further Reading & Links from This Episode on How to Pay Less Taxes
- In case you missed it, here’s our deep dive episode on maximizing your 401(k).
- If you’re on board with saving more than you absolutely have to, check out how to save 30-40 percent (or more!) of your income.
- Get more details on how to best leverage an HSA (and who this strategy makes sense for).
- HSA contribution limits for 2022 and 2023.
- Roth IRA contribution limits.
- Some specific situations where tax-loss harvesting makes sense.
- Learn more about wash sale rules (and how to avoid violating them).
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