Income Tax Strategies

Show aired on May 8th, 2021

As the extended income tax deadline draws near, Mike looks at some strategies you can use to potentially adjust your taxes from 2020.

• Are you aware of the different IRA rules?
• How does contributing to a retirement account affect taxes? If you contribute now, does it benefit last year’s taxes or this years?
• Are you contributing to and using an HSA if you are eligible?

Several listeners also called or texted in with questions like:

• I just moved a mobile home and plan to rent it out. Can I write off those moving and/or setup expenses?
• Is it possible to list rental income as passive income to offset taxes?
• What are the limits for an IRA contribution?
• Is there a good strategy for getting out of cryptocurrency to try to avoid paying future capital gains taxes?

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IRATax Planning

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Though Mike Miller is an employee of Ronald Blue Trust, Talking Money^® represents his individual views, and not those of his employer or any other sponsor of the program. During the program, Mike may discuss market trends as well as specific financial planning techniques and investment ideas. These discussions are for general information only and are not intended to provide specific advice or recommendations to any individual or organization. Work with your attorney, or accounting, or investment professional for specific individual advice and services. Any securities or investment products discussed on Talking Money® are not insured by the FDIC, are not a deposit or other obligation of or guaranteed by any bank, and are subject to investment risk, including possible loss of principal amount invested. Some shows contain time sensitive material that should not be relied upon without verifying.

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