Show 82 - Tax Day is Over... Now What? with Sean Mullaney
In this episode, I talk with Sean Mullaney about tax planning for next year and all the levers you can pull to lower your tax bill.
4/23/20251 min read
Now that tax season is over it is time to start thinking about tax season again. Not that you have to worry about it for 9 months, but having a plan in place to be prepared for next tax season and to have the lowest tax bill you can requires some forethought. In this episode, Sean Mullaney, the Fi Tax Guy, and I discuss the ways you can think through preparing for next tax season.
Show Notes
IRS: Are you covered by a workplace retirement plan?
2025 IRA Contributions for Beginners
Recommended Books (Amazon Affiliate Links)
Solo 401k book
Key Ideas
Tax deductions matter little now due to the high standard deduction
The most important way you can reduce your tax bill is to contribute to retirement accounts (traditional or ROTH since this is a long term game!)
Check your Schedule D for capital gains and losses. You might be paying taxes unnecessarily there.
Check Form 88/89 HSA, Do your best to keep that money in your HSA account so it can grow tax free.
If you AND your employer don’t contribute to a 403b you can contribute to IRA for a deduction. Look for box 13 on your W2.
If you have a side hustle you can use a SEP IRA and/or a Solo 401k to really amplify your savings.
Bonus Tip
Here is a bonus tip I didn't get to in the episode.
Sean said that taxes are quite favorable in retirement. That makes the 457b and early retirement even more powerful. If you contribute to the traditional 457b and then retire early you’ll be able to access that money penalty free and start playing the tax game. This is something to talk to a tax planner about in detail for your situation!