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Flight #73: The Tax Man Cometh – Do Not Be Afraid!

Join us for a deep dive into the complex world of taxes, where we’ll dissect the mysteries of what’s fraudulent, what’s a gray area, and what’s not only legal, but also incredibly smart. Discover why the allure of complexity may not be in your best interest and why trying to outsmart the tax man is a risky game. 

We’ll navigate through side hustles, farm taxation, deductions on vehicles, and even delve into deducting expenses related to airplanes. You will learn the dos and don’ts of reducing taxable income without jeopardizing your net worth and several smart financial moves, from backdoor Roth strategies to maximizing benefits from Health Savings Accounts and taxable brokerage accounts.

What You’ll Learn In Today’s Episode:

  • What you should do with a bonus check.
  • Why we’re all drawn to solving the riddle of tax.
  • What happens if you want to buy a second home.
  • Why you shouldn’t reduce your NET worth to save on taxes.
  • How to be smart about your taxes.
  • What you need to know about the backdoor Roth.

Ideas Worth Sharing:

  • “Make a good investment decision first, think about taxes second.” – Charlie Mattingly
  • “Don’t fool yourself into thinking that losing money to save on taxes is ever a good idea because it’s just not.” – Kevin Gormley
  • “Real estate can be done correctly and can be a great investment if you enjoy it and are good at it, but don’t spend a dollar trying to save thirty cents.” – Charlie Mattingly

Resources In Today’s Episode:

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