Confident Wealth

The Value of Working with an Advisor Ep. 4: Managing and Minimizing Taxes

In this episode, we dig deeper into the conversation about how a financial advisor adds value. In this fourth installment of this ongoing series we delve into the strategies and advantages of managing and minimizing your taxes. No one wants to pay too much in taxes. Learn about the right way to have your tax professional implement deductions, tax credits, taxable events, HSAs, and Roth conversions.


Show Notes:


  • 1:11 - Are you sure that you aren’t paying too much in taxes
  • 4:08 - Don’t miss available deductions and tax credits
  • 6:00 - Horizon Advisor Network looks back at old returns to find savings
  • 8:06 - Certain investments produce tax credits
  • 8:17 - Coordinate taxable events with your CPA or tax professional
  • 9:07 - The higher you go, the higher amount of tax opportunities you can use
  • 9:31 - What are the advantages of using HSAs
  • 11:14 - How can you make Roth conversions work for you
  • 12:05 - Horizon can help you coordinate charitable givings



3 Key Points:

  1. Know the right questions to ask your taxes and financial advisors to confirm you aren’t paying too much in taxes.
  2. Changes to your tax bill have to be done before December 31st of the tax year.
  3. In 2019, you can put $19,000 in your 401K plan.


Tweetable Quotes:

  • -    “Who wants to pay the government more than they really need to?” – Bill Bush
  • - “Are you confident that your tax and financial advisors have proactively turned over all of the stones to minimize your tax bill?” – Pete Bush
  • - “How would you overpay? Well, you would miss a deduction. You miss a strategy there where you could have reduced your tax bill.” – Pete Bush




Resources Mentioned: