Category: Episodes

Tax day is approaching, and if you’re like most people, you might be overlooking deductions that could save you money.

In our latest podcast episode, tax strategist Natalie Kolodij joins us to reveal common tax misconceptions and share strategies that could potentially lower your tax bill.

“The tax code is 70,000 pages,” Natalie explains. “There’s so much. So I really like to have people focus on a handful of things to be mindful of.”
For W-2 employees who often have fewer tax advantages, Natalie highlights several overlooked deductions. If you live in a state without income tax (like Florida or Washington), you can deduct sales tax instead — especially on major purchases. Don’t forget about personal property taxes on vehicles, boats or RVs either.

Medical expenses can be deductible, but only amounts exceeding 7.5 percent of your adjusted gross income. Natalie suggests consolidating elective procedures into a single tax year to maximize this benefit.

Charitable deductions offer surprising opportunities too. Miles driven while volunteering, expenses from fostering animals, and even home renovation materials donated to organizations like Habitat for Humanity can all qualify. Natalie also explains how “bunching” donations in alternate years can significantly increase tax savings compared to giving the same amount annually.

The interview tackles major misconceptions about selling your primary residence. While many believe living in a home for two years makes all gains tax-free, Natalie clarifies that any “non-qualified use” periods (like when it was a rental property) can still be taxable.

For small business owners and real estate investors, Natalie recommends tracking all business-related expenses — even seemingly minor ones like industry-related books or educational materials. She emphasizes the importance of proper record-keeping and having separate accounts for business expenses.

As we navigate tax law changes following the recent election, Natalie’s advice rings true: maintain flexibility in your tax planning and consider working with professionals who specialize in your specific situation.

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A recession is coming, and it might be worse than most people expect. That’s the sobering assessment from Bob Elliott, former Head of Ray Dalio’s Investment Team at Bridgewater Associates, when he joins us on the podcast.

Bob explains that several economic factors are converging to create challenging conditions. The combination of current trade policies, persistent inflation issues, and a Federal Reserve that’s constrained in its response is creating significant economic headwinds.

Tariffs play a central role in this economic outlook. While their inflationary impact remains debatable, their growth-negative effects are more certain. When imported goods become more expensive, consumers have less money to spend on other things. This reduces demand across the entire economy.

Manufacturing and reshoring aren’t simple solutions either. Bob points out that building new factories takes about five years, with payback periods stretching 30 years. This timeline explains why CEOs hesitate to make such investments, especially in an environment where policies change unpredictably.
This uncertainty has driven CEO confidence to its lowest levels since the 2008 financial crisis, further complicating economic prospects.

For individual investors, Bob offers surprisingly straightforward advice. Despite his sophisticated background managing billions, he follows a simple personal investment strategy: dollar-cost averaging and diversification. He even limits himself to reviewing his investments just once annually — typically the Wednesday before Thanksgiving.

This disciplined approach prevents overtrading and removes emotion from investment decisions — principles that apply whether you’re investing regular income or handling a windfall.

Throughout our conversation, Bob emphasizes that the US economy fundamentally runs on consumer spending. When policies redirect money from discretionary spending toward necessities, the effects ripple throughout the entire system.

Want to hear more of Bob’s insights on recession probability, investment strategy, and economic policy? Listen to the full episode now.

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