Little-known Tax Deduction for your Valentine

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Punxsutawney Phil did not see his shadow, the Kansas City Chiefs won the Super Bowl, and Valentine’s Day is here. It’s a busy time of year, and while “Be my little tax deduction” isn’t the most romantic thing to say to your spouse this holiday, we’re going to discuss a tax deduction you can make for your Valentine before April 15th in today’s show.

Punxsutawney Phil did not see his shadow, the Kansas City Chiefs won the Super Bowl, and Valentine’s Day is here. It’s a busy time of year, and while “Be my little tax deduction” isn’t the most romantic thing to say to your spouse this holiday, we’re going to discuss a tax deduction you can make for your Valentine before April 15th in today’s show.

Amidst the roses and chocolates, we’ll shed light on a less romantic, yet incredibly valuable aspect of financial planning: the spousal IRA contribution. This is an often-overlooked strategy that allows a non-working spouse to contribute to an IRA based on the income of the working spouse. Tune in to discover how this simple gesture could yield significant benefits for you and your loved one’s financial future.

Here’s some of what we discuss in this episode:

  • The randomness and unpredictability of Groundhog’s Day, the Super Bowl, and the stock market
  • What is a spousal IRA contribution and how does it differ from a normal IRA contribution?
  • How can spousal IRA contributions benefit retirees and pre-retirees in terms of tax deductions and retirement savings?
  • The implications of IRA contributions for individuals over age 73 + alternative retirement savings options for self-employed individuals

 

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ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

Don't Stop Here...

Driverless Cars, Missed Medical Expenses & Tax Breaks

In our last episode, we teased a discussion about long-term care insurance deductions and health savings accounts but ran out of time. Don’t worry though, because today we’re diving deep into these important topics.

WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com