{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"20 Ways to Reduce Your 2020 Taxes","description":"In episode 316 of Financially Simple, Justin gives a concise list of 20 ways to reduce your tax bill. As 2020 comes to a close, the time to figure out your taxes draws nearer. In this episode, Justin lists 20 ways to reduce your taxes, both as an individual and as a small business owner, from tax-free accounts to having a baby! Don\u2019t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:48 - 20 Ways to Reduce Your 2020 Taxes 01:46 - Retirement Account Contributions 03:09 - Tax-Loss Harvesting 03:43 - Tax Bunching 05:11 - Health Insurance 05:35 - Health Savings Account 06:16 - Flexible Spending Account 06:41 - Medical Expenses 07:16 - Budget Tracking 07:57 - Income Adjustments 08:45 - Business Deductions 09:13 - 529 Plan Contribution 09:39 - Lifetime Learning Credit 09:56 - Have a Baby 10:22 - Give to Charity 11:04 - Buy a House 11:50 - Property Reassessment 12:05 - Improve Home Energy Efficiency 12:30 - Buy a Car 12:51 - Move to a Lower Income Tax State 13:37 - Donor Advised Fund 14:27 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP\u00ae, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute\u2019s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and\/or the podcast\u2019s guests and do not necessarily represent the views and\/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast\u2019s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP\u00ae certification mark, the CERTIFIED FINANCIAL PLANNER\u2122 certification mark, and the CFP\u00ae certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board\u2019s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia\u2019s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia\u2019s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products\/services solely for the compensation we receive.   ","author_name":"DecaMillionaire Decoded","author_url":"https:\/\/www.justingoodbread.com\/","html":"