10 Common Year-End Tax Planning Mistakes

The Wealth Mindset Show

Are you making the most of your year-end tax planning strategy? In this episode, the guys share the top 10 tax mistakes that could be costing you more than you realize. From the importance of filing away crucial documents to understanding the nuances between Traditional IRAs, Roth IRAs, and 401(k)s, each mistake presents a unique opportunity for improvement. Tune in as they dive into often-overlooked tax deductions, credits, and strategies to optimize your financial plan. Don’t miss out on essential insights that could help you save money and navigate the complexities of the tax system!
For show notes, links, and the full transcript, visit theinvesteddads.com/224

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1. 10 Common Year-End Tax Planning Mistakes (00:00:00)

2. Mistake #1: Not Filing Away Documents & Records (00:01:51)

3. Mistake #2: Not Taking Advantage of Tax Deductions (00:04:33)

4. Mistake #3: Ignoring Tax Credits (00:06:00)

5. Mistake #4: Not Knowing Traditional IRA, Roth IRA, and 401(k) Differences (00:06:51)

6. Mistake #5: Missing Out On HSA Contributions (00:08:45)

7. Dad Joke of the Week (00:10:41)

8. Mistake #6: Withholding Too Little Tax (00:11:03)

9. Mistake #7: Withholding Too Much (00:12:13)

10. Mistake #8: Not Trying to Reduce, Eliminate, or Offset Taxes (00:13:16)

11. Mistake #9: Underestimating Tax Payments & Triggering Penalties (00:16:30)

12. Mistake #10: Neglecting to Get Help From CPAs or Tax Professionals (00:18:00)