Pay Less Taxes Over Time - The Fifth Pillar

Most people think tax planning is about getting the biggest deduction this year. Real tax planning is about paying the least amount of tax over your lifetime.In this episode, I break down Pillar Five of the Plan First Financial Path, Pay less taxes over time. This pillar focuses on making intentional tax decisions that align with your long-term goals, not just the current tax return.We dive deep into Roth contributions and Roth conversions, and why it may not always make sense to automatically max out a traditional 401k. I explain the importance of balancing tax deductions today with tax-free income later, and how current and future tax brackets should influence those decisions.This episode also explores the difference between tax preparation and tax planning, including how CPAs often focus on minimizing taxes this year, while long-term planning looks across decades. I walk through practical examples of tax loss harvesting and tax gain harvesting in non-retirement accounts, showing how these strategies can create flexibility and reduce future tax exposure when coordinated with income planning.Helping you to be wise with your money!To see more videos discussing personal finance Subscribe:https://www.youtube.com/channel/UCbDA...For more resources: 👉   https://wfa-nc.com/insights 📝 Get your Free Retirement Plan checkuphttps://wfa-nc.com/retirement-plan-ch...To schedule a complimentary consultation with me: 👉...