The Money Knight

Ep 54: Tax Planning Strategies

November 18, 2021

Taxes may not be the most exciting conversation, but they are important! Today, we are talking about tax planning and why it’s important to retirement planning. Tax planning is part of our process and it’s not just something we do once a year. These strategies are important in keeping your overall plan efficient.

We look at both the short-term and long-term strategies. As we reach the end of the year, we really want to think about tax planning. There are a lot of opportunities to maximize your tax efficiency whether you use conversions or charitable giving. We will be discussing tax strategy, deductions, end-of-year tax planning, and more. Wade will also answer two mailbag questions about taxes on retirement accounts and catch-up contributions.


What we discuss on this episode: 

1:17 – Thanksgiving plans

3:15 – Tax planning year-round

6:09 – Deductions you can take today

6:48 – Things that will help you in the future

7:46 – End of year tax planning

9:00 – Opportunities towards the end of the year

10:28 – How do taxes impact retirement?

11:55 – Taxes in the future

13:06 – Mailbag: Can I get out of paying taxes on my 401(k) and IRA?

15:27 – Mailbag: Can I catch up on my 401(k) and IRA?


More Resources: 

Risk Survey:

Retirement Planning Quiz: 


Important Links:

Chessman Wealth Website:

Call: 214-572-2120