Dec. 14, 2022

Year End Checklist for Your Money, Taxes, Points and Miles


#92: Chris shares his list of the top year end optimizations to consider for your taxes, money, points and miles. That includes tax-loss harvesting, charitable deductions, retirement contributions and FSA/HSAs. It'll also cover taking advantage of all your annual credit card credits and perks.

 

Partner Deals 

Masterworks: VIP access to skip the waitlist

Pacaso: Free early access to listings and $2,500+ in closing credits

Rocket Money: Easily cancel your unused subscriptions

Athletic Greens: Free 1 year supply of Vitamin D and 5 free travel packs

Daffy: Free $25 to give to the charity of your choice

 

Selected Links From The Episode

Taxes/Investing

Points/Miles/Credits

 

Full Show Notes

Introduction to this week’s episode (00:00)

Should you take the standard deduction or should you itemize? (1:25)

Accelerating or deferring income (3:59)

Charitable donations (4:56)

Donating appreciated assets (5:37)

Donor-advised fund (7:28)

Tax-loss harvesting and common index fund pairing (8:39)

Selling crypto at a loss/abandonment loss (10:57)

Opportunity zone investing (14:40)

I-Savings Bonds (15:17)

Stock options/ISOs (16:45)  

Retirement accounts (17:37)

Contributing to a 529 account (19:38)

Use up the money in your FSA account (20:37)

Max out your HSA account (21:31)

Energy efficiency upgrades (22:11)

EV tax credit (23:12)

Hired as a business vs a W-2 employee (23:27)

Business owner tax optimizations (24:52)

HSA/FSAs and the Augusta Rule (30:19)

California municipal bonds (32:31)

End-of-the-year housekeeping: points and miles (32:54)

Chasing flight and hotel status (34:05)

Taking advantage of benefits/upgrades/lounge access passes (35:14)

Hotel, credit card, and airline credits (35:39)

Credit card: travel credits (38:42)

Benefits included with the American Express Hilton Aspire card (39:18)

San Francisco event (40:47)

 

Partners 

Athletic Greens

Athletic Greens is a foundational nutrition drink designed to remove the friction from covering the daily nutritional needs of a modern diet. It combines more than 9 essential nutrition products into one convenient and great-tasting drink, giving you an easy and efficient way to get your daily multivitamin, multimineral, probiotic, prebiotic, functional greens blend, immune support complex and more. It contains no GMOs, no harmful ingredients and no artificial colors or sweeteners.

Right now, Athletic Greens is going to give you a free 1 year supply of immune-supporting Vitamin D and 5  free travel packs with your first purchase at allthehacks.com/athleticgreens

 

Pacaso 

Pacaso is the modern way to buy and own a second home in over 40 world-class destinations. Each home is set up in an LLC, so you can buy as little as 1/8 of the property. And then Pacaso handles everything, from expert interior design to ongoing management, dedicated local support, and equitable, app-based scheduling – making ownership simple and turnkey.

To get a free Pacaso Access account, which includes early access to new listings and up to $10,000 in credit towards closing costs, go to allthehacks.com/pacaso

 

Rocket Money

Rocket Money is the new app that helps you identify and stop paying for subscriptions you don’t need, want, or simply forgot about. You can see all your unwanted subscriptions in one place, keep the ones you want and cancel the ones you don’t – right from the app. Your Rocket Money concierge is there to cancel your subscriptions, so you don't have to. No talking to humans. No difficult conversations.

Join over 2 million users who've used Rocket Money to save over $100 million and start canceling your unused subscriptions today, by going to allthehacks.com/rocketmoney

 

Masterworks

Masterworks is an alternative investing platform that gives you access to one of the most exclusive and overlooked investments in history: blue-chip art. Masterworks lets regular people invest in paintings by legends like Banksy, Basquiat and Warhol without spending millions. I've now used masterworks to invest in 14 different paintings, including a 15 million dollar Picasso.

Here’s how it works: Masterworks will buy a painting they think will appreciate well over time, then they securitize that painting with the SEC, so you can invest in it instead of buying the whole thing. Once they sell the painting, later on, you get your share of the proceeds. It’s that simple. They’ve offered over 100 paintings so far and the three that have sold realized a net annualized gain over 30% per work. They have over 280,000 users and demand is as high as ever. All the Hacks has partnered with them to give you all priority access by going to allthehacks.com/masterworks

(see important disclosures at masterworks.io/cd)

 

 

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