Taxes remain one of the most common financial stressors for individuals and business owners alike, and that reality set the stage for our recent Power of She South Metro event. Joy Henry of Confetti Wealth led a practical conversation focused on understanding the fundamentals of tax planning and learning simple strategies that can help maximize returns while building long term financial confidence. Rather than approaching taxes as a once a year task, the conversation focused on something far more valuable. Smart tax planning happens throughout the year, and small, intentional decisions can make a meaningful difference over time.

Why Taxes Matter in Financial Planning

Taxes continue to rank as one of the biggest personal financial concerns year after year, which is why understanding the basics can bring a surprising amount of clarity and confidence. Joy walked through the structure of federal income tax brackets, capital gains rates, and retirement contribution limits, helping attendees better understand how income, investments, and tax strategy intersect.

One important reminder from the session was that **not all income is taxed the same way**. Ordinary income such as wages, interest, and short term investment gains are taxed at standard income rates, while long term capital gains and qualified dividends are typically taxed at lower rates depending on income levels. Understanding the difference helps individuals plan more intentionally when making investment or withdrawal decisions.

Strategies for Business Owners

For many women in the room who run businesses or side ventures, tax strategy becomes even more important. Joy highlighted several retirement plan options that allow business owners to both **save for the future and potentially reduce current taxable income**, including:
Solo 401(k) plans
SIMPLE IRAs
SEP retirement plans

Contributing to these types of accounts can provide immediate tax deductions while also building long term retirement savings. For families with children working in a business, Joy also shared that funding retirement accounts such as Roth IRAs for working children can create an early start on tax advantaged wealth building.

Using Contribution Opportunities

Another key focus of the presentation centered on **retirement contribution limits and catch up opportunities**.

For individuals age fifty and older, the IRS allows additional catch up contributions to both retirement accounts and IRAs. These higher limits create an opportunity for people approaching retirement to accelerate savings during their peak earning years.
A newer provision also allows **super catch up contributions between ages sixty and sixty three**, offering even greater flexibility for those preparing for retirement.
Understanding these contribution windows can help individuals take advantage of opportunities that might otherwise go unnoticed.

Smart Moves Before the Tax Filing Deadline

Health Savings Accounts and Tax Efficiency

Health Savings Accounts were another topic that generated strong interest during the discussion. HSAs allow individuals with high deductible health plans to make tax advantaged contributions that can be used for qualifying medical expenses. Contributions are often tax deductible, and the funds can continue growing tax advantaged over time. For many households, this makes HSAs one of the more flexible tools available for managing healthcare costs while maintaining tax efficiency.

A Conversation Worth Having

As with many Power of She events, the discussion extended well beyond the presentation itself. Women in the room shared questions about business deductions, retirement planning, and how tax strategy connects to long term financial independence. The biggest takeaway from the evening was simple.

“Taxes are not just an annual obligation. They are an important part of building a thoughtful financial plan.”

When individuals understand how their income, investments, and savings strategies interact with tax rules, they gain greater control over their financial future.

Thank You to Our Presenter

We are grateful to Joy Henry and the Confetti Wealth team for sharing practical guidance and helping simplify a topic that often feels overwhelming. Their expertise helped turn a complicated subject into a conversation filled with actionable insight and meaningful discussion.

Power of She events are designed to create space for women to learn, share experiences, and connect with others navigating similar professional and financial journeys. If you would like to explore more insights from our recent programming, be sure to read the recap from our Financial Confidence event with Confetti Wealth, where we discussed the foundations of building long term financial freedom. We look forward to continuing these conversations with you at future gatherings.

Tackling Taxes with Confidence