Radical Personal Finance 1113-Friday Q&A: Lower Tax Bill For This Year, Why Do Family Planning Before Financial Planning
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Oct 24, 2025 Listeners dive into strategies for lowering tax bills, including maximizing retirement contributions and timing deductions for business expenses. The discussion also explores innovative tax frameworks, like using AI as a tax coach. A deeper conversation challenges traditional life priorities, highlighting the urgency of family planning over financial pursuits. Joshua emphasizes the importance of clear communication in relationships regarding marriage and children, addressing biological clocks and the pivotal nature of time-bound goals.
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Max Out Retirement Contributions Now
- Max out retirement accounts like a Solo 401(k) to reduce taxable income this year.
- If your spouse can legitimately be employed, pay them wages so they can also contribute and shelter additional income.
Accelerate Business Deductions That Drive Growth
- Pull forward legitimate business expenses that will boost future revenue to reduce taxable income now.
- Spend on hires, equipment, advertising, or coaching if those investments increase the chance of repeating or expanding this year's success.
Bunch Personal Deductions And Use Tax-Advantaged Accounts
- Lump personal itemizable deductions into this tax year to exceed the standard deduction if helpful.
- Use HSAs, 529s (for state deduction where available), and bunch charitable contributions into a donor-advised fund to claim deductions now.
