Season 2: Episode 5: Tax Planning for Individuals

taradavis@harriscpas.com

In this episode of Accounting for Tomorrow, join partners Cheryl Guiddy and David Hutchison from Harris CPAs as they explore crucial aspects of individual tax planning. With year-end approaching, the discussion delves into nuances like tax rates, brackets, and changes for the current year. The experts share insights on timing income, deductions, and effective tax strategies, covering topics such as capital gains, retirement plans, IRA options, Idaho-specific deductions, credits, and updates on electric vehicle tax credits. Emphasizing the role of cash flow and budgeting in tax planning, they also address the intersection of tax decisions with estate planning. Ideal for self-employed business owners or new retirees, this episode offers valuable tips to optimize tax strategy for current and future financial success.

Show notes:

  • 00:53 – Understanding Tax Brackets: Effective Tax Rates vs Marginal Tax rates
  • 02:35 – Timing of Income and Tax Deductions
  • 04:07 – Strategies for Stock Sales and Capital Gains
  • 06:50 – Retirement Plan Options for Schedule C Taxpayers
  • 10:33 – Understanding the different types of Individual IRAs and how they can be used for planning
  • 13:13 – Idaho specific Deductions and Credits
  • 17:51 – Electric Vehicle Credits
  • 17:40 – Importance of Cash Flow and Budgeting
  • 20:07 – Conclusion and Final Thoughts

Links:

Cheryl Guiddy’s Biography

David Hutchison’s Biography

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