Insights
28-year old real estate agent making $500k/year
Here's how we're saving him and his wife $18k in taxes for 2026. You are going to want to save this post if you have any 1099 income or contracting work.
Last year they made good money but didn't have tax saving measures in place and ended up owing close to $100k.
Switching to an S-Corp provided some savings on self-employment tax but they needed something more.
They had most basic financial needs taken care of already (emergency fund, maxing backdoor Roths, no debt other than the mortgage, etc).
First step was opening and maxing an HSA. This is such an underrated account with triple tax savings and they spend a lot on maintaining their health. Now they can put in $8750/year and use it for medical bills they were already paying for from checking. 2026 tax savings on this is about $3,300.
Also thinking about opening a solo 401k to defer some income out of the 32% tax bracket. We can convert to Roth in future years when income drops or he has more deductions. ~$7,000 off this year's taxes.
Opened an Idaho 529 plan and contributed $12,000 for future kids' college. Most people know it can be used for college but don't know that it can also be used for K-12 costs or trade school. In the state of Idaho you can deduct up to $12,000 which will save them close to $700 in state taxes this year.
Augusta Rule. This rule is heavily audited so you just have to do it correctly. Your S-Corp can rent your primary residence from you, the S-Corp can deduct the expense and the personal income is tax-free. Tax savings on this could be $7k+ for them depending on what comparable properties/rentals are in the area.
$18k in savings/deferrals, the tax savings will continue to compound over time and feel like this is just the tip of the iceberg for them.
Reach out if you want to connect or book here: https://book.apps.thrivent.com/client/jacob.andersen
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see thrivent.com/social for important disclosures.
Hypothetical example is for illustrative purposes. May not be representative of actual results. Thrivent and its financial advisors do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
53-year old prospect with $250k walks into my office dejected.
He had just attended a retirement seminar at work.
They told him if he didn't have $1-2MM he'd never be able to retire.
Honestly, I couldn't care less what his 401k balance was.
I asked him, "What kind of life do you want to live in retirement?"
He was fine living on $60k/year.
Great, we can work with that.
We were able to utilize our faith based investments, project out Social Security, and make an ongoing plan for taxes and Roth conversions, all within the first two meetings.
If he wanted $150k/year it would've been a different conversation.
I kid you not- when this client walked out of my office after we set everything up, it was like a weight from all the fear-mongering had been lifted.
Your desired retirement income is a much more important metric than your 401k balance or some arbitrary "retirement number."
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Important disclosures: thrivent.com/social
Hypothetical example is for illustrative purposes. May not be representative of actual results.
Client's mom died last week.
She had been on hospice for the last two months. They knew it was coming. They're in their 60s. It hurts no matter what age you are.
We sent them a grief care package. I let them know I was praying for them. We're helping them figure out immediate needs and the inheritance.
When I was a kid, I wanted to be a priest- a big part of that was because I wanted to be close to people in life's greatest and lowest moments. Births, deaths, graduations, marriages, baptisms.
Now, I get to do that in a totally different way than how I originally envisioned. God had such a good, different plan.
5 Efficient Ways You Could Save On Your Taxes
We’ve all been there. April rolls around, and your CPA sends you a bill higher than you ever would’ve thought possible. The IRS got you again. And that thought goes through your mind, like it does every April… isn’t there anything I can do? Do I really have to pay this much in taxes?
Well, my friend, I have some ideas for you- five of them in fact. These ideas and strategies have the potential to save you boatloads of money in taxes over the years, keeping more money in your pocket… where it belongs! If you’d like to know what kinds of powerful ideas I'm talking about, keep reading… but first, I’d like to introduce myself!
My name is Jacob Andersen, and I’m a financial advisor here in Nampa, ID. My wife, Elise, and I moved here about a year ago, after spending one too many snowy winters in blustery North Dakota. I have a little over three years of experience in financial services- which means I might be the same age as one of your grandchildren ;). However, I have several licenses, certificates, and degrees to prove that I know my stuff when it comes to finance. In my time working at a Christian Fortune 500 organization, I have helped many people just like you make more informed decisions with their money. Namely, I help people prepare for retirement, pay less taxes, and take precautions to ensure that they don’t outlive their money.
That’s why I’d love it if you: finished reading this post to find out where you can save on taxes, and then: call my number at the bottom of the last page to schedule your own personal consultation, which is free. Some would say the advice is worth what you pay for, but others have found immense amounts of value from even just a 30-45 minute introductory meeting.
So, without further ado, here are five efficient (and legal) ways you could save on your taxes.
1. Municipal Bonds
Most people have heard of municipal bonds, but in case you haven’t, here’s what they are: Imagine that the mayor of the town you live in wanted to build a new bridge or hospital. They can ask investors (like you!) to help fund it, and in return, they’d make interest payments (usually 4 or 5%) to you every month. Sounds like a decent deal, right? Well here’s the real kicker: the interest payments come to you, tax-free! Sometimes they are tax-free at the federal and the state levels. Pretty sweet!
2. Roth Conversions
The second great way you could save is by implementing Roth conversions. A Roth conversion is simply taking money from an IRA or 401k, and putting it into a Roth account. While this strategy may not save on taxes immediately, it can make a huge difference in the long run. That’s because money in a Roth account grows completely tax-free and is never taxed again.
3. Fixed Annuities
The third way to potentially save on your taxes is one you can implement immediately- a fixed annuity. While these accounts do “tie up” a portion of your money for a set amount of time, Thrivent’s fixed annuities have no upfront costs whatsoever and can be a great tool to save on taxes. The benefit of a fixed annuity is that it is tax-deferred, meaning the account can grow over time without you having to pay any taxes on it! That makes fixed annuities different from savings accounts and CD’s, where you pay taxes every year on the interest. Fixed annuities can also be a great tool for guaranteed income in retirement at no cost to you.
4. Charitable Giving
The fourth way you could save on taxes is through charitable giving. As mentioned above, the company I work for is Christian, and generosity is a very important part of what we do for our clients. Giving your money to qualified causes (like your church or favorite non-profit) could save you a lot on taxes. When you’re 70, you could implement a strategy like Qualified Charitable Distributions (QCD’s) out of an IRA. Before then, you could open a Donor-Advised Fund or donate highly appreciated assets and receive tax benefits in return.
5. Timing Withdrawals Correctly
This is possibly the most important of the five strategies, because it not only affects your taxes, it could affect your Medicare premiums as well! Timing your withdrawals from Roth accounts, IRAs, and 401ks is no simple feat. It takes planning, not only for today, but for the years to come. The longer a person waits, the less options they typically have for controlling their income. That's why it’s usually better to start earlier when you have more choices.
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So that’s the list! There are five ways you could legally save on your taxes. Not all of them will be for everyone, and that’s okay. Each person has individual needs! That’s why I’m here to help. Our team has a combined 35 years of experience helping people just like you, and we’d love it if we were able to help you next :)
To discuss these strategies more in depth, and hear about what other strategies we’d recommend, schedule your free meeting with me at 208-504-2969, or shoot me an email at Jacob.Andersen@Thrivent.com. I’d love to tell you about the additional ideas we have and hear more about your particular needs.
Again, my number is 208-504-2969, and our team is located in downtown Nampa. You can call or email me to set up a time together.
Here are some Frequently Asked Questions people ask me:
Q. How long will the meeting be?
A. I like to keep meetings to about 45 minutes. It gives us enough time to get to know each other without taking up too much of each other’s time.
Q. What should I bring?
A. Feel free to bring any relevant statements or documents. Or just bring yourself! The meeting will be very laid back and I will walk you through everything.
Q. What if I already have a financial advisor?
A. That’s perfectly okay! Many of my current clients had financial advisors previously. It never hurts to have a second look at your current accounts.
God bless and take care!
Jacob Andersen
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For important disclosures, see thrivent.com/social. Thrivent and its financial advisors and professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.