year end tax planning

Ep. 59 Year End Planning - Make the Most of Capital Gains and Losses

In this episode of the Red Barn Financial Podcast, we will talk about how to minimize your taxes by taking advantage of capital gain and loss planning.   We will talk about what the differences are between short term gains and losses versus long term capital gains and losses.  I will explain the netting rules and how each are taxed.  

I will share with you how to use capital gains to offset capital losses and how to avoid wash sale rules that could prevent you from deducting your capital losses.

If you have questions about this strategy or other financial planning topics, please reach out. Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com

Disclaimer: Information provided in this podcast are not tax, legal or financial advice. 

Ep. 57 The Power of the Health Savings Account - Triple Tax Benefits

In this episode of the Red Barn Financial podcast we talk about the power and benefits of Health Savings Accounts or HSAs.

They provide unique tax benefits:

1. You get a tax deduction for the contribution if you qualify for an HSA
2. The money grows tax deferred
3. If you take it out for qualified medical purposes it is never taxed

If you have questions about this strategy or other financial planning topics, please reach out. Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com

Disclaimer - The information provided is for educational purposes only and is not tax, legal or financial advice.  

Too many people look at their taxes in the new year and they ask "What can I do to lower my taxes".   By that time it's often too late.  Instead plan ahead and be sure you have yourself set up for success before the year is out.  

You can do the following things and more to make sure you optimize your tax situation.

1. Update Your Withholding on your paycheck.  Get more today so you don't give the IRS a large interest free loan

2. Prepay Your bills if you are a cash basis taxpayer.  You may want to pay medical expenses, property taxes or even tuition to get a tax deduction

3.  Use tax loss harvesting techniques and maybe even harvest some gains.  You can net capital gains and losses to potentially save yourself some taxes. 

4.  Contribute more to your retirement plan - Whether it's your company 401(k), a SEP IRA or traditional IRA or maybe even a Solo 401(k) make sure you take advantage of the options available to you.  In many cases you have until April 15 of the following year to do this, but not with a company plan, so get those in before year end.

5. If you have a small business or side hustle, make sure you are taking full advantage of tax deductions available to you.

6. Giving to Charity - whether it's cash or household items or even real property, you can save money and make a solid impact.  Check out epidode 14 for more on this.

We are 10 Episodes into the Red Barn Financial Podcast and I'm having a lot of fun.  I look forward to interviewing more guests and sharing financial tips with you.

Here are a few things I mentioned in this episode: 

YouTube:  https://www.youtube.com/c/redbarnfinancialtv

Podcast episode about Charitable Giving was Episode 4:  https://sites.libsyn.com/433728/ep-4

Disclaimer - Information contained in the Red Barn Financial Podcast is for informational and educational purposes only.  It is not considered financial advice.  Everyone's situation is different so please consult a financial advisor prior to making any decision. 

If you would like to learn more about Red Barn Financial please visit www.redbarnfinancial.com or to inquire about working with us contact Sean Moran at smoran@redbarnfinancial.com