Listen to the podcast here: https://moneypig.buzzsprout.com/2136084/12880977-what-can-i-do-now-to-plan-for-the-next-tax-season
*Sorry for any grammatical errors as this description was generated using AI
Goodwin Investment Advisory CERTIFIED FINANCIAL PLANNER™ Professional, Justin Pitcock, joins The Money Pig Podcast to discuss tax strategies and planning ahead for the 2024 tax season. Justin shares that Tax deductions are categorized as above the line and below the line, with above-the-line deductions including pre-tax 401k, HSA contributions, and employee components of health insurance that lower AGI. Below-the-line deductions include charity, mortgage interest, state and local tax (capped at $10k), medical expenses exceeding 7.5% of AGI which can be bunched together for itemized deduction along with charitable giving using a donor-advised fund to pre-fund future donations in high-income years before current law sunsets by end of 2025.
State tax deductions like college funding through Georgia’s 529 plan do not have seasoning requirements making them deductible if used immediately. Georgia residents can deduct Georgia 529 contributions on their taxes if they itemize on both their federal and state returns, but higher income earners may not benefit. It’s important to have money in pretax, Roth, and taxable accounts for retirement planning purposes, especially to avoid having Social Security benefits taxed. Business owners in Georgia can redirect their state tax dollars to a hospital or school of their choosing through programs like Georgia Heart and Georgia GOAL. These donations are deductible as marketing expenses and also help build goodwill in the community.
He continues to share that Pass-through businesses can pay all of their state tax liability through the business to avoid hitting the $10k cap on personal deductions for state and local taxes. Goodwin Investment Advisory offers personalized financial planning services beyond portfolio management. If you are looking for ways to save money on taxes, or to learn more about tax strategies that could be beneficial to you, reach out to Justin Pitcock by scheduling an intro call with our consultant who will get to know your story and answer any questions you might have before setting up a free consultation with one of our Wealth Advisors. Look for our new printable 2024 tax planning guide coming soon on our website as well.
The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.
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