Today I’ll break down the biggest tax mistakes people make and how to avoid them. I’m looking at this across three stages of wealth: accumulating assets, preparing for retirement, and decumulating assets in retirement.
I’ll walk through the common mistakes people make at different income and wealth levels, like missing tax credits or employer matches, using the wrong accounts, ignoring Roth conversion opportunities, mishandling RMDs, and failing to plan for estate taxes.
The biggest takeaway? Building wealth is only part of it. Keeping more of what you build requires lifetime tax planning, not just annual tax preparation. Other than investing in yourself, one of the best returns you can get is the tax you can legally avoid.
Important Information:
This podcast was created to provide accurate and reliable information on the subjects covered but should not be regarded as a complete analysis of these subjects. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation.