4 Tax Breaks You're Leaving on the Table Every Single Year

Four episodes in, this miniseries has been a list of things to stop doing. Today is the mirror image: the perfectly legal, perfectly above board tax breaks the government is practically standing there waving at you, and that most people stroll past every single year without a glance. Because you can overpay your taxes through inaction just as easily as you can through any mistake. The tip jar fills up either way. Inside this episode: The 0% long term capital gains bracket, and how to harvest gains and buy the exact same shares right back the same day Why there is no wash sale rule on gains (that 30 day rule everybody half remembers only applies to losses) Dirt cheap Roth conversions in your low income years, and why tax brackets are use it or lose it Tax loss harvesting without tripping the wash sale rule or missing the recovery The HSA, the only triple tax advantaged account in the entire code, and the receipt strategy that turns it into the most powerful retirement account you own FREE DOWNLOAD: This episode's Fair Share Checklist. It's the "am I leaving money on the table" review you run every fall before the year closes. https://drive.google.com/drive/folder... CHAPTERS 00:00 Four episodes of what not to do 00:31 The tips you leave by doing nothing 01:12 Ground rules 01:35 Opportunity 1: The 0% capital gains bracket 02:53 The move: harvest the gain, buy it right back 03:34 There is no wash sale rule on gains 04:01 Example: a retired couple and a $60,000 gain 05:07 Opportunity 2: Cheap Roth conversions 05:40 Tax brackets are use it or lose it 06:58 The low bracket aisle is on sale, but not forever 07:22 The one question to ask yourself every year 07:47 Opportunity 3: Harvesting your losses 08:52 The wash sale trap, and how to sidestep it 09:45 Opportunity 4: The account almost everyone uses backwards 10:16 Why the HSA is the only triple tax advantaged account 10:53 The sophisticated HSA move: save every receipt 11:40 Tallying the tip jar 12:20 A low income year is not a problem, it's an opportunity 12:53 Your free Fair Share Checklist 13:30 Next episode: the taxes that punish generosity Have a low income year coming up? A retirement, a gap year, a sabbatical, a year between ventures is hands down the best time to sit down with us, because that's when the opportunities are widest and the windows are propped open. Next episode is the finale: the taxes that punish you for being generous, how good people overpay when they pass money to charity or to their families, and how a few small changes let you give more, help more, and hand the IRS less. Disclaimer: This is general education, not personalized advice. Wayne Firebaugh Inc. is a fee only registered investment advisor in Virginia. Your situation is your own, so please see a professional before you act. #RetirementPlanning #TaxPlanning #RothConversion #HSA #CapitalGains