In this week’s podcast, we’re talking taxes.
They say death and taxes are the only certain things in life. Certain or not, though, taxes are definitely stressful, which is probably why one-third of Americans procrastinate when tax time rolls around.
And that can be an expensive mistake. Example: Now’s the time to focus on year-end tax moves and take advantage of strategies that could save you thousands of dollars and will disappear by Dec. 31.
Let’s make sure that doesn’t happen to you.
As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week’s special guest is tax attorney Kelly Phillips Erb, the founder of Taxgirl and an editor at Bloomberg Tax.
Remember, even though we sometimes talk about money and specific investments on this show, don’t take them as recommendations. Before investing in anything or making any other money moves, do your own research and make your own decisions.
You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:
Why is now a good time to think about taxes?
We don’t often think about taxes until it gets closer to April. But that can be a mistake. The tax year runs along with the calendar year for most of us. So, when you file taxes in 2023, you’ll file your tax return for 2022. That means you just have a couple of short weeks to get the biggest bang for your buck.
Here are some articles we have on taxes and what to expect.
- 7 Ways Retirees Can Lower Their Income Taxes
- New Bill Could Lower Taxes for Retirees in 2023
- 17 Ways Your Income Taxes Will Be Different in 2023
- 15 Cities Where People Pay the Most in Taxes
- IRS Hikes Penalties for Underpaying Taxes in 2023
- 5 Ways to Avoid Taxes on Social Security Income
- 6 Free and Cheap Ways to File Your Taxes Online
- How to Save Money on Tax Prep and Do Your Own Taxes
- 8 Things That Can Happen If You Don’t Pay Taxes
- 4 Strategies to Avoid Taxes on Required Minimum Distributions
Tips for reducing your tax bill
We also talk about different ways you can reduce your tax bill. Here are some additional articles and ideas about how you can legally reduce what you owe in taxes.
- 4 Ways to Tax-Proof Your Investment Portfolio
- Tax Strategies That Save You Money
- 5 Things You Need to Know About This Horrible Stock Market
- 3 Things You Need to Know Before Making a Donation
- How to Save on Taxes With Qualified Charitable Distributions
- 10 Top-Rated Charities for Year-End Donations
- Health Savings Accounts and Why They Are Great for Retirement
- This Overlooked Retirement Tax Credit Gets Better in 2023
- Have a 401(k)? Here’s a Secret Retirement Plan You Probably Don’t Know About
- Over 50? Here’s How to Catch Up on Retirement Savings
- Work for Yourself? Here’s How to Reduce Self-Employment Taxes
Meet this week’s guest, Kelly Phillips Erb
Before moving to Bloomberg, Kelly Erb was a senior editor at Forbes. Her articles and interviews have appeared in a wide range of media outlets, including CNN Money, NPR’s Marketplace, BBC, Time, Forbes Magazine, Esquire, Martha Stewart Living, the Philadelphia Inquirer and the ABA Journal.
She is a member of the bar of Pennsylvania and is licensed to practice in front of the U.S. Tax Court.
Kelly is the author of the popular blog Taxgirl, which has been recognized by the ABA Journal as one of the top blogs written by lawyers: In 2014, the blog was added to the ABA Journal’s Blawg 100 Hall of Fame.
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.