Welcome back to the Dollar Wise Podcast. In this episode, Andrew Barnhardt and Brett Herron of HFM Advisors dive into the world of above-the-line tax deductions. These often-overlooked deductions can reduce your adjusted gross income and improve your eligibility for other tax benefits. From retirement contributions and HSAs to student loan interest and self-employment tax breaks, Andrew and Brett break down how these deductions work, why they matter, and how to take advantage of them. Whether you're planning for next April or the next decade, this episode offers a practical look at reducing your tax bill.

● Why above-the-line deductions matter for your tax planning strategy.

● How HSAs and retirement plans offer triple tax advantages.

● The difference between above-the-line and below-the-line deductions.

● Lesser-known deductions like student loan interest and self-employment tax offsets.

● [00:01:00] Why tax planning is a year-round activity and the role of above-the-line deductions.

● [00:03:04] Key differences between above-the-line and below-the-line deductions.

● [00:05:34] How retirement contributions reduce your taxable income.

● [00:06:30] The triple tax advantage of Health Savings Accounts (HSAs).

● [00:08:20] Student loan interest deduction and its phase-out thresholds.

● [00:09:37] Self-employment tax deductions and how they encourage small businesses.

● [00:11:08] Humorous examples of niche deductions: Olympic medals, timberland, IRS tip-offs.

● [00:13:15] Why adjusted gross income is the “halftime” point of your tax return.

● [00:14:22] Tease for upcoming episode on below-the-line deductions.

1. Above-the-line deductions reduce your adjusted gross income and can unlock other tax benefits.
2. Common deductions include contributions to retirement accounts, HSAs, and student loan interest.
3. Understanding and using these deductions can significantly lower your tax liability year after year.

Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn

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HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Welcome back to the Dollar Wise Podcast. In this solo episode, Certified Financial Planner Catherine Allen-Carlozo explores a mindset shift that can help transform financial anxiety into confidence. Drawing inspiration from the book The Gap and The Gain by Dan Sullivan and Dr. Benjamin Hardy, Catherine unpacks how shifting your focus from what’s missing to what you’ve already accomplished can empower better financial decisions. She shares a real-life story of a client who overcame overwhelming circumstances and emphasizes the importance of celebrating progress — not chasing perfection.

Tune into this episode to also learn:

● How “The Gap and The Gain” framework applies to your financial journey.

● Why comparing your finances to others can lead to a scarcity mindset.

● What it looks like to build from progress, not perfection.

● A simple exercise to identify your financial wins and shift into abundance.

What we discussed

● [00:00:31] Catherine introduces the topic: shifting from worry to wealth by measuring financial progress the right way.

● [00:01:13] The dangers of comparing your finances to others — and why it often leads to feeling “behind.”

● [00:01:40] Key concepts from The Gap and The Gain and how they apply to financial planning.

● [00:03:22] A client’s story: how one widow shifted her mindset and rebuilt her financial life.

● [00:05:22] An invitation: do a simple 3-step reflection exercise to identify financial gains.

● [00:07:05] The takeaway: you’re not starting from scratch — you're building on what you've already achieved.

3 Things To Remember

1. Measuring financial progress by comparison often leads to discouragement — focus on how far you’ve come instead.
2. An abundant mindset starts with recognizing and celebrating your financial gains.
3. You already have the tools, courage, and clarity to build your future — trust your progress.

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Welcome back to the Dollar Wise Podcast. In this episode, Jason Gabrieli, CFP, is joined by Andrew Barhardt, CFP, to explore how charitable contributions can be optimized for tax efficiency. They discuss practical strategies such as donor-advised funds, gifting appreciated stock, and estate planning techniques to ensure your generosity also leads to tax benefits. Whether you're navigating a high-income year or planning your legacy, this episode offers valuable insights to help you give wisely.

Tune into this episode to also learn:

● How donor-advised funds can provide flexibility and immediate tax deductions.

● The benefits of gifting appreciated stock to eliminate capital gains taxes.

● When charitable remainder trusts (CRTs) are appropriate for advanced planning.

● Why designating charities as IRA beneficiaries can be a smart estate strategy.

What we discussed

● [00:00:06] Why many charitable contributions don't provide tax benefits under current standard deduction rules.

● [00:02:45] Introduction to donor-advised funds and how they work.

● [00:05:29] When donor-advised funds are most advantageous, especially in high-income years.

● [00:07:12] How deduction bunching can help maximize tax deductions.

● [00:11:37] Gifting appreciated stock to avoid capital gains taxes.

● [00:14:00] Overview of advanced charitable trusts like CRATs and CRUTs.

● [00:17:03] The best assets to leave to charity versus heirs in estate planning.

● [00:18:26] The importance of tax-efficient charitable giving both during life and after death.

3 Things To Remember

1. Donor-advised funds offer a flexible way to manage charitable giving while optimizing tax deductions.

2. Gifting appreciated assets can eliminate capital gains taxes and enhance the impact of your donations.

3. Strategic estate planning ensures that both your heirs and charities benefit in the most tax-efficient manner.

Useful Links

Connect with Jason Gabrieli: https://www.linkedin.com/in/jasongabrieli

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE