What should you be thinking about or doing with your tax planning as we approach the end of the year? Planning your taxes ahead of April is a great way to make the process more efficient.

When it comes to tax planning, the earlier you can do it outside of April, the more things you can get done. Some of the things you should be looking into include RMDs and QCDs, which depend on the situation or age.

In this episode of the Secure Your Retirement podcast, we have Steven Jarvis, a CPA, owner of Retirement Tax Services, the host of Retirement Tax Podcast, and is very knowledgeable in tax planning. We discuss QCDs, standard deductions, Roth conversions, and much more.

In this episode, find out: 

• Why these last months of the year are a great time to check on your taxes before April.
• Things to check on before the year ends to avoid tax interests and penalties.
• How QCDs allow you to give to charity without taxation and should be done by the end year.
• The advantages of doing QCDs if you’re charity inclined and over the age of seventy and a half.
• Understanding the standard deductions and how to save on taxes when donating to charity.
• The difference between a Roth conversion and contribution and how to do them correctly.
• The advantages of a Roth account in giving tax savings and flexibility.
• How taxes are paid on Roth conversions, depending on age and situation.
• Why the inflation reduction act doesn’t directly impact your taxes.  

Tweetable Quotes:

• “Tax planning should be a conversation we have thirteen months of the year.”- Steven Jarvis
• “Taxes should go into our considerations; they should not be the primary reason we do something.”- Steven Jarvis

Get in Touch with Steven:

• Website: https://retirementtaxservices.com/
• LinkedIn: https://www.linkedin.com/in/steven-jarvis-cpa-ba91aa23/

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.