Podcast Episode 40 – How to Maximize Your Tax Savings in 2021 – Anjali Jariwala, CEO of FIT Advisors

Anjali Jariwala, Founder of FIT Advisors, on taxes

Episode 40 – Death and taxes are the only two certainties in life, so they say.  In this episode, we’re talking about TAXES!!  Specifically, what strategies can you employ to maximize your tax savings in 2021?  What are the tricks?  What are some hacks we can employ?  My guest this week is Anjali Jariwala.  She’s the founder of FIT Advisors and is a tax professional.

In this episode we talk strategy as well as tactics.  We discuss longterm strategies you can use to minimize your tax burden over the course of your life.  Additionally, we talk about some specific items you need to make sure you deduct to take advantage of tax savings this year.

Don’t get caught at tax time with a huge tax bill.  Make sure you’re getting all of the benefits you’re entitled to receive.  Get all of your deductions and seriously consider hiring a professional to help you.  It all starts right here, in this episode!  Learn the basics and we can grow from there.  This is a really valuable episode and you should think about bookmarking it for future reference every year at tax time.

 

Free Resource: Creating an Easy Budget that Works

 

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Meet Anjali Jariwala

Anjali Jariwala, FIT Advisors

Anjali Jariwala, CPA and CFP®, is the founder of FIT Advisors – a financial planning firm serving physicians and business owners virtually across the US.  Prior to launching her own firm, Anjali spent over 6 years years working with Fortune 500 clients at a top 4 accounting firm, PricewaterhouseCoopers, and 2 years with a large, prestigious financial planning firm serving high net worth individuals.

During her career, she would often share financial advice with family and friends, but began to realize that not only did most of them lack access to the best personal finance information, but also their busy family lives meant they just didn’t have the time to pull it all together on their own. So, she decided she could make a bigger impact by starting her own firm.

Anjali utilizes her expertise in tax and finance to empower her clients to discover and reach their life goals while building a stable financial future.

Anjali hosts Money Checkup podcast – a semi-monthly checkup that discusses the many facets of financial well-being.  She was named one of Investment News Top 40 under 40 for 2019 and named one of Financial Advisor magazine’s Young Advisors To Watch for 2020.  Anjali has been featured in Bloomberg, US News and World Report, New York Times, USA Today, Business Insider, Investment News and more.

 

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Show times

  • 00:00 – Introduction to the episode
  • 01:15 – Subscribe to the podcast, and please leave a review!  
  • 01:22 – Sign up for the White Coat Investor Conference!
  • 02:20 – This week’s sponsor is Resolve, a contract review company.
  • 02:32 – Check out the resources on the website to help you grow your business and master your personal finances.  
  • 03:05 – Introduction to Anjali Jariwala.
  • 04:39 – The Scope of Practice Podcast is pleased to welcome Anjali Jariwala, founder of FIT Advisors!
  • 06:04 – When you’re starting to plan your finances, consider the tax implications of all of your investments.
  • 08:24 – When is it time to consider hiring a tax professional?  Anjali Jariwala has some thoughts on that.
  • 10:38 – Anjali discusses the components of tax planning.
  • 12:36 – Be careful in calculating your withholding requirements for the taxes so you don’t come to tax time and have a massive shortfall.  This is one of the things that Anjali helps people do at FIT Advisors.
  • 15:56 – What are the top mistakes that physicians make when it comes to taxes?  
  • 20:05 – Anjali Jariwala reminds us to think about tax planning with regard to state taxes.  If you’re a locum tenens physician, you may end up paying taxes in multiple states.
  • 22:19 – The founder of FIT Advisors walks us through important tax deductions we need to consider.
  • 23:06 – Even Anjali has a CPA that does her taxes for her.  Consider hiring a professional!
  • 25:27 – So, what the heck is a K-1?
  • 27:09 – If you have a K-1, you won’t be able to file on time, but you still have to pay on time!!!  Anjali Jariwala and FIT Advisors
  • 27:50 – If you don’t pay estimated taxes, you could get hit with a big penalty.
  • 32:03 – Don’t forget these important deductions to reduce your tax liability!
  • 34:29 – When you plan your investments, put tax-inefficient investments in a retirement account.  Anjali Jariwala describes some huge mistakes she has seen physicians make.
  • 38:08 – How about planning for an IRA?  The team at FIT Advisors can help advise you on how to plan taxes around your IRA contributions.  Anjali Jariwala really like the Roth IRA concept.
  • 41:20 – What are some legal ways to avoid paying a lot of money in taxes?  The FIT Advisors CEO shares some ideas.
  • 45:44 – The Donor Advised Fund (DAF) is a great way to donate to charities in a tax-advantaged way.
  • 47:08 – Anjali Jariwala shares her parting advice.
  • 49:37 – Connect with Anjali Jariwala, the Money Checkup Podcast, and FIT Advisors.
  • 51:01 – Summary of the episode
  • 52:20 – This week’s free resource is a guide called “Creating an Easy Budget that Works.”
  • 54:05 – Signing off!

Listen to the Next Episode

Financial Freedom Through Passive Income with Dr. Christopher Loo

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dentist, financial planning, investing, investment, personal finance, physician, tax, taxes, wealth

Comments (2)

  • Great podcast! Giving back and donating to a 501(c)3 charity (i.e. food bank, children’s hospital, etc.) is not only good for the soul but as an added benefit can slightly lower your tax bill. (This is not financial advice)

    • I firmly believe that generosity is the cornerstone of any good financial plan. If it gives us a little tax break too, that’s definitely a bonus!

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