Ep 127: 🔥 "The Hidden MVPs of Tax Planning: Above-the-Line Deductions!" 🎙️💰
The 9Innings Podcast · Kevin Thompson, RICP®, CFP®
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Show Notes
In this episode of the 9innings Podcast, Kevin Thompson delves into the topic of "above the line deductions" to help listeners lower their adjusted gross income (AGI). Using relatable analogies like baseball, Kevin breaks down complex tax concepts into understandable and actionable steps. He covers common deductions such as educator expenses, retirement contributions, student loan interest, and Health Savings Account (HSA) contributions. Kevin also highlights additional deductions for self-employed individuals.
Throughout the episode, he emphasizes the importance of understanding these deductions to maximize tax savings and keep more money in one's pocket.
Understanding Above the Line Deductions (00:01:05)
Importance of Adjusted Gross Income (00:02:30)
Common Above the Line Deductions (00:03:43)
Health Savings Account Contributions (00:06:17)
Self-Employment Tax Deductions (00:07:31)
Unique Deductions and Wild Cards (00:08:58)
Action Steps for Tax Savings (00:10:14)
Conclusion and Wrap Up (00:11:17)
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