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Ep. 84 | Top Tax Strategies for Low-to-Mid Income Households (less than 100k annual income)
Manage episode 419429538 series 3461862
Konten disediakan oleh Teaching Tax Flow, Chris Picciurro, and John Tripolsky. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Teaching Tax Flow, Chris Picciurro, and John Tripolsky atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang diuraikan di sini https://id.player.fm/legal.
In this episode of the Teaching Tax Flow podcast, Chris Piccurrio and his co-host John Tripolsky delve into valuable tax strategies for low to mid-income households, specifically targeting those with an annual taxable income of around $100k and below.
The conversation quickly gets to the meat of the episode: tax planning for average-income earners. With insight and enthusiasm, Chris outlines why tax strategy is not just for the affluent but is critical for households in the lower income brackets, where every dollar saved holds significant value. The episode promises to debunk myths surrounding tax planning accessibility and delivers concrete strategies that listeners can readily adopt.
Key Takeaways:
- Health Savings Account (HSA) contributions are beneficial for low to mid-income earners as it offers a method to save for medical expenses in a tax-free manner.
- Strategic retirement plan distributions can be advantageous, especially if they can be done without incurring a 10% early distribution penalty.
- Utilizing Roth accounts for contributions and conversions is an effective approach to securing tax-free growth and distributions, making it ideal for individuals in the 10% to 12% marginal tax rate bracket.
- Tax planning is disproportionately more beneficial for low to mid-income households, as it significantly affects the percentage of their income compared to higher-income households.
- The misconception that tax planning is only for high earners is a barrier that Teaching Tax Flow aims to dismantle, educating listeners on how they, too, can minimize lifetime taxes legally and ethically.
Notable Quotes:
- "Tax planning is so important for the...lower to middle-income taxable income households."
- "You pick your tax or the IRS does."
- "Roth contributions are part of my number three strategy for middle to lower income. The IRA contribution or traditional 401k really doesn't do you that much good."
- "Even if they didn't need the money, they should start taking money out of their 401K plan early."
- "It's very important for everyone to tax plan."
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