85: Mastering Tax Season: Strategies for Preparation, Document Gathering, and Future Planning

Take Back Retirement

“If they're only worried about that current year, then that's what they're going to focus on. Let your accountant know, ‘I'm interested in what my tax bill's going to be three, five years down the road. So, if there's something we need to be doing, let's have a conversation.’”

Tax season is among us. Or as Kevin would sing, “It’s the most wonderful time of the year!” Whether you share Kevin’s sentiment, or not so much, you’ll want to tune into this one as our hosts Kevin Gaines and Stephanie McCullough peel back the curtain on the world of tax preparation, sharing their own stories of triumph and tribulation. Their chat isn't just theory; they offer actionable tips and stress the importance of software as a reliable sidekick, ensuring you can step into tax season with your head held high and your numbers in order.

Gathering tax documents can feel like a scavenger hunt. Stephanie and Kevin break down the must-have forms, from W-2s to various 1099s, and share strategies for proactively obtaining them, sometimes needing to look beyond the mailbox to online portals. They delve into the importance of keeping an organized record of deductible expenses for smoother and more accurate reporting.

This conversation is designed to help you understand the vital details so that you can either compile your documents like a pro or hand them off to one without a hitch. So join in, and let's chart a course through the fiscal galaxy, armed with knowledge and a dash of humor, because taxes don't have to be all that taxing, after all.

Key Topics:

• Tax Season is Here! DIY vs Professional Help (02:09)
• Tax Preparation and Documentation (10:52)
• Tax Planning and Strategies for Small Business Owners (15:45)
• Tax Planning, Retirement Savings and IRAs (20:45)
• Tax Planning Strategies for Retirement Accounts and Income Brackets (26:18)
• Wrap-Up (29:40)

Resources:

• Take Back Retirement Episode 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
• Take Back Retirement Episode 20: Women + Roth IRA’s – What Should You Be Aware Of?
• Take Back Retirement Episode 12: What Women Need to Know About IRA’s, with Sarah Brenner
• Take Back Retirement Episode 27: Health Savings Accounts (HSA’s): What Women Need to Know

If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [e-mail]

You can find the transcript and more information about this episode at www.takebackretirement.com.

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