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Holistic Wealth and Health Podcast

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Episode 6: Year-End Tax Strategies and Investment Insights

Host: Jason L Smith, CEP, BPC, and guest Jeff Warnkin, CFP, CPA, NSSA

 
Episode Overview:

In this episode, Jason L Smith and Jeff Warnkin, Lead Advisor at JL Smith,  discuss a range of topics centered around year-end tax planning strategies, investment insights, and the importance of tax management in personal finance. The conversation covers a variety of subjects including the benefits of different types of retirement accounts, strategies for tax -loss harvesting, and the advantages of Health Savings Accounts (HSAs).

Key Topics Discussed:

1. Introduction to Tax Management 
   - Overview of the importance of sound tax management in personal financial planning.
 

2. Tax Planning vs. Tax Management vs. Tax Preparation
   - Explanation of the differences between tax planning, tax management, and tax preparation.
   - Insights into how these components work together to optimize financial outcomes.

 
3. Retirement Account Strategies (401(k), Roth IRA, etc.)
   - Detailed discussion on the advantages of various retirement accounts.
   - Insights into choosing between traditional and Roth options based on individual tax situations and future expectations.

 
4. Year-End Tax Strategies
   - Strategies for maximizing deductions and contributions by the year-end deadline.
   - The concept of tax loss and gain harvesting to optimize tax efficiency.

 
5. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)
   - Exploring the triple tax benefits of HSAs and the use-it-or-lose-it nature of FSAs.
   - Guidelines on how to maximize these accounts for healthcare expenses.

 
6. Investment Insights: Capital Gains and Loss Harvesting
   - Strategies for managing capital gains and losses in investment portfolios.
   - Discussion on the timing and implications of these strategies on taxes.

 
7. Donor-Advised Funds and Charitable Giving
   - How to use donor-advised funds and charitable giving as part of tax management.
   - Benefits of gifting appreciated stock and other assets to minimize tax liability.

 
8. Estate Planning and Gift Tax Exclusions
   - Overview of current estate tax landscape and strategies for reducing potential future liabilities.
   - Explaining annual gift limits and the advantages of gifting appreciated assets.

 
Closing Remarks:
- Jason and Jeff summarize the importance of proactive tax planning and management.
- Encouragement for listeners to reach out for personalized advice and further information.



Disclaimer:
Investment advisory services are provided through Prosperity Capital Advisors LLC (“PCA”) an investment advisor registered with the United States Securities and Exchange Commission (SEC). For a detailed discussion of PCA and its investment advisory fees, see the firm’s Form ADV and Form CRS on file with the SEC at www.adviserinfo.sec.gov. The views expressed herein represent the opinions of PCA and are not intended to predict or depict performance of any particular investment.