YFP 233: Tax Moves to Consider Before 2022

Your Financial Pharmacist

Paul Eikenberg, YFP CFO and Director of YFP Tax, discusses how pharmacists can optimize their tax strategy.

Key Points from this Episode

• Paul and Tim catch us up with some exciting happenings in the YFP tax team.
• Understanding the important difference between tax preparation and tax planning.
• Differentiating your marginal tax rate and effective tax rate as a decision-making tool.
• Paul explains the implications of AGI and how to arrive at that number.
• Touching on the complicated system of student loans and pursuing loan forgiveness.
• Some common tax blunders that you should look out for!
• Key credits and deductions that you might not be taking advantage of.
• What is going to be available moving forward with child-care and dependent care.
• Explaining donor-advised funds and a potential strategy around bunching.
• Two exciting tax services: reporting only and year-round planning and reporting

Links Mentioned in Today’s Episode

• Join the YFP Tax Waitlist
• Join APhA - Get 25% Off Your Membership with Code: YFP
• YFP 165: The Power of a Health Savings Account
• Why I’m Not Using My Health Savings Account to Pay for Medical Expenses
• YFP Planning: Financial Planning for Pharmacists
• Ask a YFP CFP #85: How can I maximize the tax benefits of donor advised funds?
• YFP 211: The Ins and Outs of the 529 College Savings Plan
• 7 Things to Consider Before Starting a 529 Plan
• Your Financial Pharmacist Disclaimer and Disclosures

End of Year Tax Checklist

• Project your income, taxes, and withholding
• Maximize your HSA contribution
• Know your FSA carryover limits and spend accordingly
• Consider 529 account contributions
• Document side business expenses - Mileage Logs**
• Have and execute a charitable contribution strategy
• Correct any over contributions to 401K/403B/IRAs
• Manage your capital gains
• Look for IRS Letter 6419 Advanced Child Credit & Notice 1444-C
• Have a system for organizing your tax documents
• Select & engage your tax preparation method