The Personal Finance Podcast · Andrew Giancola

10 Tax Moves Everyone Should Review Each Year

·49 min·2 clips

Self-employed? You can shelter $72,000 from taxes with a solo 401k—here's how.

Host Andrew of MasterMoney.co outlines ten essential tax strategies for both W-2 employees and business owners to review annually. This episode provides actionable steps to reduce tax liability and adjust financial withholding. Andrew emphasizes consulting a CPA for personalized advice while sharing broadly applicable tactics. The first strategy is maximizing contributions to tax-advantaged accounts like a 401(k), which allows a $24,500 pre-tax contribution in 2026. Self-employed individuals can utilize a Solo 401(k) to shelter up to $72,000 annually. He also details the benefits of Roth IRAs, where contributions grow and can be withdrawn tax-free. Second, Andrew explains how to adjust tax withholding using the W-4 form to avoid giving the government an interest-free loan via a large refund. He recommends using the IRS withholding estimator, especially after life changes like marriage or a raise. The third tactic is tax-loss harvesting in taxable brokerage accounts to offset capital gains with investment losses, noting a $3,000 annual deduction limit for excess losses. He cautions about the wash-sale rule, which disallows losses if identical securities are repurchased within 30 days. Fourth, he explores Roth conversion opportunities, suggesting they are ideal during years of temporarily lower income or before required minimum distributions (RMDs) begin. Fifth, listeners are advised to review capital gains, distinguishing between short-term gains taxed as ordinary income and long-term gains with preferential rates. A surprising insight is that crypto currently has no wash-sale rule, allowing unique tax-loss harvesting opportunities. Another is that mutual funds can distribute taxable capital gains to investors even if the fund's value declines. Andrew reveals HSAs offer triple tax advantages and allow reimbursement for old medical receipts at any future date. He notes a strategic order for investments: first secure an employer 401(k) match, then fund an HSA, followed by Roth accounts, and finally max out the 401(k). The tone is educational and motivational, blending clear instructions with practical examples. Andrew’s style is conversational, directly addressing the listener as he breaks down complex topics. This episode is ideal for employed individuals or entrepreneurs seeking to optimize their annual tax planning and reduce their bill. Listeners who already work closely with a tax professional or have very simple financial situations may find the content too broad.

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from The Personal Finance Podcast