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You've heard Joe and Big Al talk about the benefits of tax diversification in retirement. That is, having money in tax-deferred, tax-free, and taxable accounts. But what should you do if this tax triangle of yours is lopsided? Joe and our special guest co-host, Marc Horner, CFP®, spitball on this quandary for Rae and Roy in Central California, today on Your Money, Your Wealth® podcast number 544. Plus, do Rae or Roy need to get a part-time job? Also, "Elwood Blues" in Illinois would like to retire in two years, but is willing to go for 3 more to make his retirement plan work. Joe and Marc spitball on when "Elwood" can really put down that harmonica. Free financial resources & episode transcript: https://bit.ly/ymyw-544 Complete the 8th Annual YMYW Podcast Survey by 5pm Pacific on August 31, 2025, for your chance at a $100 Amazon e-gift card! (secret password: ymyw) WATCH 15 Maneuvers to Duck an Unplanned Early Retirement Knockout on YMYW TV CALCULATE your free Financial Blueprint ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment LEAVE YOUR HONEST RATINGS AND REVIEWS on Apple Podcasts SUBSCRIBE or FOLLOW on your favorite podcast app JOIN THE CONVERSATION on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast with Joe Anderson, CFP® and Marc Horner, CFP® 00:49 - Our Tax Triangle is Lopsided. Should One of Us Get a Part-Time Job? (Rae and Roy, Central CA) 12:03 - Watch 15 Maneuvers to Duck an Unplanned Early Retirement Knockout, Calculate your Financial Blueprint, Schedule a Financial Assessment 13:11 - I'd Like to Retire in 2 Years. Willing to Work 3 More to Make it Work (Elwood Blues, IL) 27:10 - Next Week on YMYW Podcast: The One Big Beautiful Bill + More 27:40 - YMYW Podcast Outro
In this episode of "Beer and Money," Ryan Burklo explores why many people feel financially stressed despite having significant retirement savings. He highlights the importance of taxable brokerage accounts in providing financial flexibility and reducing stress. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo TAKEAWAYS Many individuals feel financially constrained because their savings are tied up in retirement accounts. Taxable brokerage accounts offer liquidity and flexibility, allowing access to funds without penalties. Balancing retirement savings with liquid investments can reduce financial stress and improve quality of life. Properly structured taxable accounts can offer tax advantages through long-term capital gains. CHAPTERS 0:00 - 0:45: Ryan introduces the topic and common financial stressors. 0:46 - 1:30: Discussion on why retirement accounts alone may not suffice 1:31 - 2:45: Exploring the flexibility and advantages of taxable accounts 2:46 - 3:30: How to achieve a financial balance for reduced stress 3:31 - 4:14: Final thoughts and where to find more information
In this conversation on "TAX ALPHA", Frazer Rice and BRENT SULLIVAN (of TAX ALPHA INSIDER) delve into the complexities of tax awareness in investing, focusing on capital gains, income tax, and various strategies for tax efficiency. They discuss the importance of tax loss harvesting, the challenges of managing concentrated portfolios, and the implications of estate planning. The conversation emphasizes the need for advisors and trustees to understand these strategies to optimize tax outcomes for their clients. https://youtu.be/pCIXFq4YoS0 Outline of Tax Alpha Quick Overview of Tax Rates Ordinary vs Capital Gain (Usually Income vs Asset based taxation) Short Term vs Long Term (Long Term Treatment) (we'll talk about Estate Later) Federal vs State (Can be important!) Netting Losses/Deductions vs Gains and Income Owning assets Taxable vs Non-Taxable vehicles https://open.spotify.com/episode/3uL924aOlPd2hgmC9s7KCI?si=hBS09OKDTd-uHhT8PAj7aA Tax Alpha in stock investing (Universe) Long Only Concentrated Positions Timing – Getting LT Capital Gain treatment Basis – increasing basis Exchange / 351 Funds to defer and diversify Dramatic foreshadowing with step-up later in estate context Blind Trusts for political appointees Diversified Positions Passive (Lower Cost, acceptable returns, “lower risk/tracking error”) Active (Now frowned upon – except in the after tax world w/ TLH) Deferral Carve-Outs like QOZ's Tax Lost Harvesting Owning an index vs owning a sample of the index Buying Coke and selling pepsi Wash Rules Loss Carry Forwards Capital Losses / Not Ordiany Losses Amplified Tax Loss Harvesting Own the sample of Index AND Borrow off those holdings to create long and short positions to generate capital losses while having beta of 1 Trends: Pre-Liquidity Event planning Storing Losses for the bulky sale Timing the event(s) to have the losses line up with the gains Pre-Diversification planning Pre Death Planning Integrating the Estate Planning with the Income/ Cap Gains Planning Step-Up Avoiding Estate Tax, But Prolonging the Cap Gains Tax exposure (and concentration risk?) Grantor Tax status and he swap power How does turbo charged loss creation look in an estate environment? Trustee/ Executor and Fiduciary / Beneficiary risk issues Vehicle evolution Funds SMA's 351 and other ETF vehicles (+/-‘s) PPLI,PPVA How did you develop this expertise? How do we find you? Transcript of Tax Alpha Frazer Rice (00:01.122)Welcome aboard, Brent. Brent Sullivan (00:03.035)Well, happy to be here, Fraser. Frazer Rice (00:04.558)It's fun to chat in person. I've been following it to call a blog I don't think gives it the proper respect because I think you're uncovering a lot of great information for advisors like me and wealthy people and other people generally speaking in terms of Really getting going on the tax alpha end of it Let's start a little bit with some basics because I think you know for someone new to the concept of Being particularly tax aware in terms of investing taxes can be, they're more than just income tax, that's for sure. How do you think about it? How do you get your framework around what people are trying to avoid when they're dealing with their investable portfolios? Brent Sullivan (00:45.723)Yeah, I mean, there are really just a couple of different ways to break it down, but I probably start with the concept of a capital gain as a distinct thing from income tax. so capital gains come in really like four different flavors. There's short-term capital gains, short-term capital losses, and then long-term capital gains, long-term capital losses. And then these things are different if you have collectibles or other types of instruments too. But the point is here that you've got those four quadrants that you're always sort of operating in.
Send us a textOptimizing Your Taxable Brokerage Account: Key Strategies for Financial IndependenceIn this episode of The Retire Early Retire Now podcast, host Hunter Kelly, a certified financial planner and founder of Palm Valley Wealth Management, delves deep into the intricacies of optimizing taxable brokerage accounts. He outlines five crucial strategies for maximizing these accounts, emphasizing the importance of aligning investments with goals and time horizons, understanding the tax implications of trades, optimizing asset locations, focusing on low-cost funds, and planning for rebalancing and tax-loss harvesting. Hunter also provides real-life examples and actionable tips for investors at various stages, from beginners to seasoned investors. Tune in to learn how to make your taxable brokerage account work for you and help achieve financial independence.00:00 Introduction to Taxable Brokerage Accounts02:06 Clarifying Goals and Time Horizons06:20 Understanding Tax Implications11:18 Optimizing Asset Location15:43 Managing Costs and Fees17:23 Rebalancing and Tax Loss Harvesting22:23 Conclusion and Final ThoughtsCheck out the Palm Valley Wealth Management WebsitePalmValleywm.comCheck us out on InstagramLinkedIn FacebookListen to the Podcast Here! AppleSpotify
Dr. Preston Cherry explains why many Gen Xers are caught off guard when they find out—yes, your Social Security can be taxed. Up to 85% of your benefits could be taxable if your income crosses certain thresholds—thresholds that haven't kept up with inflation. If you've saved diligently or have extra income from side gigs or investments, you could be looking at a smaller Social Security check than expected. The surprise? It's all perfectly legal—and avoidable with the right planning.Takeaways:• Taxed Social Security• IRMAA surprise fees• RMDs raise taxes• Two-year income lag• Plan withdrawals smart00:00 Intro01:00 Social Security Isn't Tax-Free02:26 IRMAA and RMDs04:43 What to Do Instead05:56 Final ThoughtsWant to learn more? Connect with us below!Stay informed and inspired! Join our FREE wealth & well-being newsletterDo you want confidence & clarity? Check out our award-winning wealth advice servicesGrab Your Copy of Dr. Cherry's book ‘Wealth In The Key of Life'Disclosure: episodes are educational only, not advice. Review our disclosures here: https://www.concurrentfp.com/disclosures/
Hello all, I recently had cataract surgery in both eyes, and my eyes get tired if I look at the computer too long. I need to take breaks while recovering. Instead of discussing shared and individual LTC annuities this week, I need to share an episode that was aired last summer. This will remind you how LTC annuities can help both protect your family if you need extended care and also eliminate all those gains on your non-IRA annuities you've been holding on to because you don't want to pay more in taxes. LTC annuities have very few health questions and are more easily approved. Schedule with me to learn how you can avoid sharing your annuity earnings with Uncle Sam.
Send us a textAre you walking into a Social Security tax trap without even knowing it? In this eye-opening episode of The Retirement Learning Lab, I reveal why over 50% of Social Security recipients now pay taxes on their benefits - and more importantly, how you can avoid becoming one of them.What You'll Discover:The shocking history: Why Social Security taxation has exploded from 10% to 50%+ of recipientsThe "combined income" formula that catches most retirees off-guardReal case study: How I saved Margaret $3,400 per year in unexpected taxesBreaking news: A proposed $4,000 tax deduction that could save you $880+ annuallyThree proven strategies to minimize or eliminate Social Security taxesGeographic planning: How your state choice can save thousandsKey Takeaways:Social Security benefits can be up to 85% taxable at the federal levelThe taxation thresholds haven't been adjusted for inflation since 1984Strategic income planning can dramatically reduce your tax burdenRoth conversions, income timing, and geographic planning are powerful toolsThis episode is packed with actionable strategies you can implement today to protect your Social Security benefits from unnecessary taxation.Resources Mentioned:Free Complete Social Security Planning Guide: socialsecurityguide.richardsfinancialplanning.comIRS Publication 915 (Social Security taxation details)Social Security Administration calculators at ssa.govImportant Disclaimer: This content is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with qualified professionals for your specific situation.About Your Host: Van Richards, ChFC®, RICP®, is a Chartered Financial Consultant with over 30 years of experience helping people navigate retirement planning. He's the creator of the "Insecure to In Control" retirement planning framework.Connect with The Retirement Learning Lab:
This week on the Retirement Quick Tips Podcast, I'm talking about savings optimization. How should you prioritize your savings in 2025, saving the right accounts in the right order to get to better financial stability and long-term flexibility. If you haven't been listening to each episode in order this week, I suggest going back because each episode is like a step on a ladder. You can't skip a step, and it's important to get the right priorities. Once everything else is taken care of, then last step on the ladder is what to do with additional money you have left to save. You're emergency fund and cash savings are where they should be. You're saving in your 401k and you're on track for where you need to be at this age for retirement, you have no debts other than your mortgage, and you don't have any other big goals like saving for kids college or a remodel project, or a big vacation coming up that you need to earmark some savings for. You're in a great spot financially, so what's next? At this point it all comes down to personal preference.
In this episode of the SMSF Experts Podcast, Shelley breaks down the often-overlooked issue of underpaying a pension in self-managed super funds. While it may seem minor, failing to meet pension payment requirements can lead to serious compliance and financial consequences.To help unpack this complex topic, Shelley is joined by Peter Crump, Senior Consultant in Private Wealth at BDO Adelaide. With over 35 years of experience advising the SMSF sector and high-net-worth clients, Peter brings deep insight into the evolving regulatory landscape and the significant changes recently introduced around pension underpayments.Together, they explore the rules that govern pensions, why even small errors matter, and what trustees need to do to stay compliant in light of the new rules. [03:45] – What is a Pension in an SMSF?[06:00] – Minimum Pension Standards & Why They Matter[08:00] – Consequences of Underpayment[10:30] – Taxable vs Tax-Free Components[12:00] – Are Payments Still Valid if You Miss the Minimum?[13:45] – Why Underpayments Happen[15:15] – Direct Debits & Best Practices[17:00] – ATO Relief: The 1/12 Rule[20:00] – ATO Discretion & Trustee Mistakes[23:00] – Upcoming Rule Changes in 2025[26:30] – Timing & Repercussions of the New Rules[30:00] – Backdating & Legal Risks[32:00] – Auto-Correction Clauses: Useful or Risky?[35:00] – Administrative Challenges for Accountants[38:30] – Software, Tagging & Reporting[40:00] – ATO's Motivation for the Change Follow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au
Episode Summary: Taxable brokerage accounts are often overlooked but are essential for building wealth and achieving early retirement. Brad Barrett and Cody Garrett highlight their flexibility, tax advantages, and strategic value. Cody Garrett provides insights on how to effectively navigate these accounts, dismantling common misconceptions while sharing actionable strategies. Key Takeaways: Understanding the definition and benefits of taxable brokerage accounts. The flexibility of contributions and investment options. Tax optimization strategies, including long-term capital gains and tax loss harvesting. The importance of asset location for tax efficiency. How to navigate the rules around gifting and estate planning regarding taxable accounts. Timestamps: 00:02:00 - Defining Taxable Accounts 00:10:30 - Investment Opportunities and Options 00:11:30 - Tax Benefits and Treatments 00:25:00 - Best Investment Types for Taxable Accounts 00:48:00 - Conclusion and Action Steps Main Discussion Topics: Introduction to Taxable Brokerage Accounts (00:00:00) The hosts introduce the episode's focus on taxable brokerage accounts as crucial but often ignored tools in financial strategy. Defining Taxable Accounts (00:02:00) A taxable brokerage account is described as a non-retirement account where investment income is taxed in the year it is earned, providing the flexibility of access and lack of penalties. Investment Opportunities and Options (00:10:30) Taxable accounts allow unlimited contributions with various investment opportunities that traditional retirement accounts may restrict. This includes stocks, ETFs, mutual funds, and even cryptocurrencies. Tax Benefits and Treatments (00:11:30) Earnings from dividends and long-term capital gains are subject to preferential tax rates, significantly benefiting investors. Discussion on tax strategies to minimize liabilities while maximizing income. Best Investment Types for Taxable Accounts (00:25:00) U.S. stock index funds are highlighted as optimal investments for taxable accounts due to their lower tax implications on dividends compared to foreign stocks. Conclusion and Action Steps (00:48:00) The episode wraps up with actionable steps for listeners, emphasizing the advantage of maximizing contributions to taxable accounts, especially after maxing out retirement accounts. Actionable Takeaways: Maximize contributions to your taxable brokerage account once you hit contribution limits for retirement accounts. (00:47:00) Consider holding U.S. stock index funds in taxable accounts for favorable tax treatment. (00:25:00) Utilize specific share identification methods for selling investments to optimize tax outcomes. (00:17:20) FAQs: What is a taxable brokerage account? A non-retirement account where investment earnings are taxed in the year they are earned. (00:02:30) What are the main advantages of a taxable brokerage account? Unlimited contributions, diverse investment options, and favorable tax treatment on capital gains and qualified dividends. (00:11:30) How are earnings taxed in a taxable account? Earnings are taxed in the year they are realized, which includes dividends and capital gains distributions. (00:03:00) Are there any penalties for early withdrawal from a taxable account? No penalties apply, offering flexibility compared to traditional retirement accounts. (00:34:00) Key Quotes: "Success comes with a price: don't let your money sit idle in a checking account." (00:06:00) "Prioritize earning over worrying about taxes." (00:06:16) "Taxable accounts can offer significant tax advantages." (00:11:32) "Don't let the tax tail wag the dog." (00:29:59) Related Resources: Measure Twice Money - For more insights on financial strategies. Episode #517: Tax Gain Harvesting Strategies - A detailed discussion on optimizing tax strategies. Cody and Sean's book announcement page Discussion Questions: How can taxable brokerage accounts enhance your investment strategy? What strategies can be implemented to maximize the tax advantages of taxable accounts? How should one decide which types of investments to prioritize in taxable accounts?
Welcome to episode 87 of the One for the Money podcast. Retirement is the ultimate dream for many, but there are realities of retirement that everyone needs to be aware of. Better retirement planning will incorporate these realities so it leads to a better life in retirement. In the tips, tricks, and strategies portion, I will share ten tips when you are 10 years from retirement.In this episode...Your Biggest Expense Isn't What You Think [2:08]Your Biggest Fear is Misplaced [3:20]Regret is More Common Than You Think [4:40]The Real Risk Isn't a Market Crash [5:08]Your Most Expensive Years Are… Surprising [5:59]Your Health = Your Wealth [6:26]Identity Crisis Incoming [6:48]Estate Planning is About More Than Money [7:30]We often forget that retirement is only a recent invention. It hasn't been around for that long. For most of human history, people worked until death or until their family could care for them when they were unable to work any longer. Retirement allows one to enjoy a life of leisure even though one is still capable of work. It really is a more amazing concept than we give it credit, and it truly is an absolute luxury of both the modern and first world. It's amazing to think that a person can work and invest for 30-40 years and then live off that work for another 30-40 more years. Your great-grandparents would've thought that was science fiction. And honestly, for billions around the world, it still is.If you are literally and figuratively fortunate enough to enjoy such a dream as retirement, here are the most important retirement realities as I see them.
Social Security may be one of your most reliable retirement income sources, but it's also one of the most misunderstood when it comes to taxes. Many retirees are surprised to learn that yes, Social Security can be taxable, depending on your overall income. In this episode, we break down how the rules aren't always as straightforward as they seem. Here's what we discuss in this episode:
Are your points and miles taxable? In this episode, host DeAndre Coke is joined by CPA Rachel Earl to demystify the often-confusing world where travel rewards and taxes meet. They unpack how the IRS views points earned from credit card sign-up bonuses, referral links, and cashback programs, and clarify when travel rewards might be considered income. The conversation also dives into smart tax planning strategies that can earn you valuable points—like paying estimated taxes by card—and covers key insights around bank bonuses, QuickBooks tracking, and business credit card usage. Rachel shares her professional insights as well as personal travel tips, offering a rare intersection of finance, strategy, and wanderlust. This episode is a must-listen for anyone looking to navigate the financial side of travel rewards with more clarity and confidence. Key Highlights: Points vs. taxes: Points and miles from sign-up bonuses are not taxable, but referral bonuses may be. IRS guidance: Current IRS rulings on this topic haven't been updated since 2002. Cashback simplicity: Cash back is generally not considered taxable income. Credit card usage: Personal cards can be used for business expenses with proper documentation. IRS priorities: The IRS does not track individual cardholders or card usage patterns. Bank bonuses: These are reported on 1099-INT forms and are treated as interest income. W2 caution: W2 employees should be careful when opening a business entity for points purposes. Estimated tax payments: Can be used to earn points, but risks and limits apply—especially in states like California. Record-keeping: QuickBooks or other tracking tools help streamline expense categorization. Wanderlog for travel: A useful tool for organizing travel plans and expenses. This episode is sponsored by Saily. Use Code BOLDLYGO for a 15% discount Resources: Book a Free 30 minute points & miles consultation Start here to learn how to unlock nearly free travel Sign up for our newsletter! This month's best current card offers BoldlyGo Travel With Points & Miles Facebook Group Interested in Financial Planning? Truicity Wealth Management Some of Our Favorite Tools For Elevating Your Points & Miles Game: Note: Contains affiliate/sponsored links Card Pointers (Saves the average user $750 per year) Zil Money (For Payroll on Credit Card) Travel Freely Point.me FlightConnections.com Thrifty Traveler Premium LTH Online Points & Miles In Depth Course: Use coupon code "BOLDYGO" for a 50% discount! CPA's Footnotes: https://www.irs.gov/pub/irs-drop/a-02-18.pdf https://www.thetaxadviser.com/issues/2021/may/credit-card-rewards-purchases-gift-cards/ (Interesting Tax Court case about how a couple redeemed points and what the Court considered taxable income) https://www.irs.gov/pub/irs-wd/202417021.pdf (This is for those who want to get really nerdy about tax and points) https://www.irs.gov/newsroom/questions-and-answers-on-the-net-investment-income-tax (Resource for those that may want to know more about Net Investment Income Tax) Connect with DeAndre Coke: Instagram: BoldlyGo.world TikTok: BoldlyGo.world Website: BoldlyGo.world YouTube: BoldlyGoWorld YouTube: BoldlyGo.Travels Connect with Rachel Earl: Instagram: viachoremtax
Are Credit Card Points Taxable? Run a law firm? Get expert bookkeeping and tax strategy—free consult here: https://bigbirdaccounting.com
Hans and Robby are back again this week with a brand new episode! This week, they discuss taxable, tax deferred, or tax free retirement savings. Don't forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free! You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com. Find us on YouTube: Cardinal Advisors.
Send us a textCody Garrett (not to be confused with our good friend, Justin), is a CFP and a regular on the ChooseFI message boards and FB group. By know, most of us know about the Roth IRA, 401(k), 403(b), and 457(b)...but many of us (myself included) have been in the dark about a taxable brokerage account. Cody is here to talk about all the positives of having one of these amazing accounts. Remember, after you retire, you won't be able to contribute to your workplace 403(b), 457(b) etc. Also, you need EARNED income (pension doesn't count) to still invest into an IRA. Personally, I opened up a taxable brokerage account when the market dipped in COVID and I like to call it my "opportunity fund". It has been a major blessing to our family! https://youtube.com/@measuretwiceplanners?si=QXits06nDhEEWMykhttps://measuretwicefinancial.com/meet-cody/
Issuance for taxable muni's is up 29% compared to the same time last year Follow UsTwitter @NYLInvestmentsTwitter @MacKayMuniMgrsFacebook @NYLInvestmentsLinkedIn: New York Life InvestmentsLinkedIn: MacKay Municipal Managers Presented by New York Life Investmentswww.newyorklifeinvestments.com MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.
Summary In this conversation, Sam from Financial Samurai shares insights on wealth building, investment strategies, and the importance of intentional spending. He has a net worth over $10 million. He discusses his journey from a finance career to becoming a successful author and investor, emphasizing the significance of real estate and public equities in his portfolio. Sam also reflects on the mindset shift towards spending and investing in education for his children, culminating in the release of his new book, 'Millionaire Milestones.' Sam shares his insights on building wealth, the importance of compounding, and the milestones necessary for achieving financial independence. He discusses the structure of his book, 'Millionaire Milestones', and emphasizes the significance of saving and investing strategically. Sam also reflects on his personal experiences, aspirations for family travel, and the lessons learned from childhood that shape his financial philosophy. He encourages listeners to be intentional with their finances and to seek knowledge from those who have succeeded before them. Takeaways *Sam's new book focuses on building wealth for freedom. *His net worth grew from $3 million to over $8.5 million. *Diversification in investments is key to financial stability. *Maxing out 401k and Roth IRA is essential for retirement. *Taxable brokerage accounts should be prioritized for flexibility. *Real estate provides stability and utility compared to stocks. *Intentional spending became a focus after age 45. *Investing in education is a valuable long-term investment. *The importance of adapting investment strategies over time. *Sam's journey reflects the balance between saving and enjoying life. The experience of 30 years in finance is invaluable. *It's important to read and learn from others' experiences. *Investment milestones are crucial for financial growth. *Compounding interest significantly increases wealth over time. *Financial independence allows for freedom of expression and action. *Intentional living and travel can enrich family experiences. *Spending should be intentional and meaningful. *Childhood lessons shape financial perspectives. *The journey to wealth requires consistent effort and strategy. *Engaging with mentors can accelerate financial learning. Sponsored by: Indeed Indeed.com/unveiled Shopify Shopify.com/unveiled
Hosts: Nick and guest advisor Cole WilliamsSpecial Guest Absence: Dave is off living his best life in Bozeman, Montana (hopefully catching trout and not taxes). In this episode of Kitchen Table Finance, we take a deep dive into one of retirement's least sexy—but most critical—topics: taxes. Whether you've just filed and are ready to forget about them until next year (don't), or you're actively planning your golden years, this episode is packed with straight talk and strategies to help you keep more of what you've worked so hard for. https://youtu.be/1XkZhAKdR-A What You'll Learn: How taxes work in retirement – Spoiler: it's not like your working years. Three ways to pay your taxes once the paycheck stops – Withholding, estimated payments, or via pensions/social security. Which accounts to draw from and when – Taxable, pre-tax, or Roth? The order matters more than you think. What RMDs (Required Minimum Distributions) mean for your tax bill – Plus, when they start depending on your birth year. Tax traps to avoid – Including Medicare surcharges (IRMAA), net investment income tax, and surprise Social Security taxation. When Roth conversions make sense – Hint: it's not one-size-fits-all. Giving back smartly – How Qualified Charitable Distributions (QCDs) can keep your heart warm and your taxes low. Special account strategies – HSA withdrawals, leftover 529 plans, and even employer stock gains through Net Unrealized Appreciation (NUA). What if the tax laws change? – Because, well… they will. Nick and Cole don't just dump info—they break it down so you can understand how to apply it, avoid common missteps, and stay ahead of Uncle Sam without losing sleep. Resources Mentioned: Flowcharts and planning tools available upon request Income Lab software insights for long-term planning A healthy dose of common sense and humor (yes, about taxes) Ready to get a grip on your retirement tax strategy?Start with a Fit Meeting—no pressure, just a chat. Visit srbadvisors.com or email us at info@srbadvisors.com. Don't forget to subscribe to our YouTube channel for more down-to-earth finance guidance.
In this episode, Dr. Preston Cherry breaks down why taxable brokerage accounts are a smart tool for building long-term wealth. While the word “taxable” might sound like a disadvantage, these accounts offer surprising benefits: flexible withdrawals, lower taxes on gains, and smart strategies like tax loss harvesting. They're also great for estate planning, giving your heirs a valuable step-up in cost basis. When used right, these accounts can play a powerful role in your financial plan.Takeaways:• Build long-term wealth• Lower tax rates• Withdrawal flexibility• Offset investment losses• Boost estate valueWant to learn more? Connect with us below!Stay informed and inspired! Join our FREE wealth & well-being newsletterDo you want confidence & clarity? Check out our award-winning wealth advice servicesGrab Your Copy of Dr. Cherry's book ‘Wealth In The Key of Life'Disclosure: episodes are educational only, not advice. Review our disclosures here: https://www.concurrentfp.com/disclosures/
Join my Facebook group, Tax Strategies for Real Estate Investors, and become part of a community with 11,500+ high-level real estate investors► Join here: https://www.facebook.com/groups/taxstrategyforinvestorsIn this episode, I explore the best strategies to save for your kids' college education, breaking down the pros and cons of 529 plans, Roth IRAs, and taxable brokerage accounts. From understanding state-specific tax advantages to leveraging the flexibility of brokerage accounts, I explain how to balance tax benefits, investment control, and flexibility. Whether you're planning for scholarships, trade school, or a traditional college education, this episode provides actionable insights to build a smart, tax-efficient plan for your child's future.Timestamps:00:00:00 Intro: Why saving for kids' education is critical00:01:07 529 plans: State-specific options, pros, and cons00:03:49 Limitations of 529 plans and how to roll over unused funds to a Roth IRA00:06:41 Roth IRA for kids: Flexibility, benefits, and income requirements00:09:24 Why Roth IRAs are a powerful wealth-building tool for education and beyond00:10:19 Taxable brokerage accounts: The overlooked education savings option00:12:31 How gifting stocks to kids in low tax brackets can eliminate taxes00:13:25 Combining strategies: Creating a comprehensive savings plan00:14:05 Key factors: Tax benefits, flexibility, and control over investments00:15:00 Closing thoughts: How to align education savings with your financial goalsInterested in working with me? Apply here:► https://taxstrategy365.com/apply?el=podcastLet's connect!► Instagram: https://www.instagram.com/ryanbakkecpa/► LinkedIn: https://www.linkedin.com/in/learnlikeacpa/► Twitter: https://x.com/RyanBakkeCPA► Facebook: https://www.facebook.com/ryanbakkecpa► TikTok: https://www.tiktok.com/@ryanbakkecpa*None of this is meant to be specific investment advice, it's for entertainment purposes only.
Investing for Americans Abroad & U.S. Expats | Gimme Some Truth for Expats
Dr. Friday clarifies that while most inherited life insurance proceeds are tax-free, cashing in a whole life policy can result in taxable gains due to accumulated growth. Transcript – Formatted for readability: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. I was asked a question last week about life insurance: Is it always tax-free? And the answer is no. It’s not always tax-free. One of the main things to consider with life insurance is that if you cash in your own policy—particularly whole life—sometimes people reach a point where they no longer need it. If you do cash it in, the gain on the amount paid is taxable income because it’s considered growth, much like investing in a stock or savings bond. So, keep in mind that if you inherit a policy or receive life insurance proceeds after someone passes away, 99% of the time, that money is tax-free. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.
Ah, taxes... one of the few certainties in life, and the bane of our existence. Unfortunately, learning all the little quirks of the Chinese tax system doesn't make the whole ordeal any more fun in China. Listen in to this lesson, and we can help you out with the Mandarin Chinese side of the equation, at least. Episode link: https://www.chinesepod.com/1517
In Episode 54 Timalyn discusses unemployment tax and how it affects a taxpayer's tax liability. Some forms of unemployment are not taxable such as workers compensation. The topics covered in this episode are: What is unemployment? Is unemployment taxable? What's workers compensation? How is unemployment reported? What is Form 1099-G? If you'd like to work with Timalyn directly, you can book a call with her at www.Bowenstaxsolutions.com . As we conclude Episode 54, we'd like to encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Apple Podcasts, Google Podcasts, Spotify, and many other podcast platforms. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today's episode. For more information about tax relief options, visit: https:/www.Bowenstaxsolutions.com If you have any feedback, or suggestions for an upcoming episode topic, please submit it here: https://www.americasfavoriteea.com/co... Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.
Welcome to "Ahead in the Count," presented by BIP Wealth. Our Baseball Division combines their collegiate and professional baseball playing experience with financial acumen to provide expertise in life on and off the field. We aim to give ballplayers and their families a better understanding about their unique lifestyle, the opportunities that come from playing this game, and insight into the complex financial world. This is "Ahead in the Count," hosted by Nolan Alexander, from BIP Wealth. Allie Powell, CPA who is new to BIP Wealth, sits down with John Hester to discuss how ballplayers can prepare to tackle their taxes. Signing bonuses are important, and John even provided a story about a ballplayer in free agency who had to prepare for taxing his bonus. They discuss residency, especially California, endorsement income, deductions, tax tips, giving, and more. Allie can be reached at apowell@bipwealth.com. To contact the hosts, send an email to jhester@bipwealth.com, kschmidt@bipwealth.com, cmurray@bipwealth.com, or jhermida@bipwealth.com
Alex and Pete return to break down the Nebraska and National football news from February, including Nebraska's new special teams coach and GM as well as the scheduling changes for 2026/27.40:20 - National discussion begins
Not all assets are taxed the same. In retirement, taxes can be your biggest expense. This is why properly structuring your assets into different tax buckets can be a very smart financial planning strategy. In this show we talk about three tax buckets (Taxable, Tax Deferred, Tax Free) and debate which one is the "best" for retirees.
Not all assets are taxed the same. In retirement, taxes can be your biggest expense. This is why properly structuring your assets into different tax buckets can be a very smart financial planning strategy. In this show we talk about three tax buckets (Taxable, Tax Deferred, Tax Free) and debate which one is the "best" for retirees.
In this episode, Timalyn discusses severance pay and the tax implications of receiving a severance package. She breaks it into 3 sections: What is severance pay? Is severance pay taxable? Why is my severance pay taxed at a higher rate? How to lower the taxes on your severance pay. If you are already facing a tax debt that you can't pay in full Timayn mentions episode 18 - How to Temporarily Delay IRS Collections as a resource for you to use to stop the IRS from using enforcement such as tax levies to collect from you. If you'd like to work with Timalyn directly you can book a call with her at www.Bowenstaxsolutions.com . As we conclude Episode 51, we'd like to encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Apple Podcasts, Google Podcasts, Spotify, and many other podcast platforms. Remember, Timalyn Bowens is America's Favorite EA, and she's here to fill the tax literacy gap, one taxpayer at a time. Thanks for listening to today's episode. For more information about tax relief options, visit: https:/www.Bowenstaxsolutions.com If you have any feed back, or suggestions for an upcoming episode topic, please submit it here: https://www.americasfavoriteea.com/co... Disclaimer: This podcast is for informational and educational purposes only. It provides a framework and possible solutions for solving your tax problems, but it is not legally binding. Please consult your tax professional regarding your specific tax situation.
Whenever we talk about investing, it's almost always through the lens of retirement investing. Retirement investing is awesome, no doubt. However, most families, in their pursuit of focusing their energy on retirement, miss out on an important and powerful opportunity. What if you need/want some of your assets before age 60? A wedding? A car? College? An earlier-than-60 income stream? Most people must bide their time until they hit the magical retirement age to tap their assets. In today's episode, host Travis Shelton explains another angle to approach your investing game. Your future self will thank you for this one! Referenced Episodes: 405 - Budgeting 101: https://pod.fo/e/2a82dc 406 - Sinking Funds 101: https://pod.fo/e/2a8e06 407 - Personal Spending 101: https://pod.fo/e/2ab0bb 408 - Income Fund 101: https://pod.fo/e/2ac860 If you have questions or would like to connect with us outside of the podcast, here's where you can find us: Instagram: https://www.instagram.com/meaning_over_money TikTok: https://www.tiktok.com/@meaning_over_money Daily Blog: https://travisshelton.com/blog Subscribe to the daily blog: https://shorturl.at/ipS35 Podcast Facebook Group: https://www.facebook.com/groups/370457478238932 Podcast website: https://www.travisshelton.com/podcast Travis's Instagram: https://www.instagram.com/travis_shelton_ YouTube: https://www.youtube.com/channel/UCasnj17-bOl_CZ0Cb9czmyQ
"How should I balance assets between tax-deferred, tax-free, and taxable accounts to get me the best outcome for my retirement income?" We're answering YOUR questions on this week's Get Ready For The Future Show! I'm 57 and recently inherited $400k. What do I do with my inheritance? Should I give up my $200K salary job to spend time with my wife? Will we be okay financially if we both retire now? What strategies can minimize the tax impact of RMDs? And if you've got a question you want answered on the show, call or text 501.381.5228! Or email your question to show@getreadyforthefuture.com! Originally aired 2/12/2025
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3035: Darrow Kirkpatrick explores various strategies, from leveraging taxable investment accounts to taking advantage of Roth contributions and employer-based 401(k) rules. With careful planning, it's possible to generate income while preserving long-term financial security. Read along with the original article(s) here: https://www.caniretireyet.com/generating-retirement-income-before-age-59/ Quotes to ponder: "You can withdraw the contributions you made to your Roth at any time, and you pay neither taxes nor penalties." "Taxable accounts are the unsung heroes of retirement saving." "Depending on the timing, this rule could give you more than four years of penalty-free retirement income before reaching age 59-½." Episode references: Oblivious Investor post on the Age 55 Rule: https://obliviousinvestor.com/ How to Access Retirement Funds Early by Mad Fientist: https://www.madfientist.com/how-to-access-retirement-funds-early/ Learn more about your ad choices. Visit megaphone.fm/adchoices
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3035: Darrow Kirkpatrick explores various strategies, from leveraging taxable investment accounts to taking advantage of Roth contributions and employer-based 401(k) rules. With careful planning, it's possible to generate income while preserving long-term financial security. Read along with the original article(s) here: https://www.caniretireyet.com/generating-retirement-income-before-age-59/ Quotes to ponder: "You can withdraw the contributions you made to your Roth at any time, and you pay neither taxes nor penalties." "Taxable accounts are the unsung heroes of retirement saving." "Depending on the timing, this rule could give you more than four years of penalty-free retirement income before reaching age 59-½." Episode references: Oblivious Investor post on the Age 55 Rule: https://obliviousinvestor.com/ How to Access Retirement Funds Early by Mad Fientist: https://www.madfientist.com/how-to-access-retirement-funds-early/ Learn more about your ad choices. Visit megaphone.fm/adchoices
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3035: Darrow Kirkpatrick explores various strategies, from leveraging taxable investment accounts to taking advantage of Roth contributions and employer-based 401(k) rules. With careful planning, it's possible to generate income while preserving long-term financial security. Read along with the original article(s) here: https://www.caniretireyet.com/generating-retirement-income-before-age-59/ Quotes to ponder: "You can withdraw the contributions you made to your Roth at any time, and you pay neither taxes nor penalties." "Taxable accounts are the unsung heroes of retirement saving." "Depending on the timing, this rule could give you more than four years of penalty-free retirement income before reaching age 59-½." Episode references: Oblivious Investor post on the Age 55 Rule: https://obliviousinvestor.com/ How to Access Retirement Funds Early by Mad Fientist: https://www.madfientist.com/how-to-access-retirement-funds-early/ Learn more about your ad choices. Visit megaphone.fm/adchoices
In this podcast, Lord Abbett Portfolio Managers Rob Lee and Steve Rocco explore the factors that could influence the performance of taxable fixed income investments in 2025.
YMYW friends, welcome to 2025. Today on Your Money, Your Wealth® podcast number 511, we're revisiting your favorite topics of 2024 as Joe Anderson, CFP® and Big Al Clopine, CPA spitball on strategies for building up tax-free retirement income in Roth accounts, determining your appropriate mix of taxable, tax-deferred, and tax-free savings (also known as tax diversification), and whether YMYW viewers and listeners can retire as soon as possible. Access free financial resources and the episode transcript: https://bit.ly/ymyw-511 DOWNLOAD the 2024 Key Financial Data Guide for free CALCULATE your Free Financial Blueprint SCHEDULE your Free Financial Assessment ASK Joe & Big Al for your Retirement Spitball Analysis SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter LISTEN to the Best of the YMYW Podcast 2021, 2022, 2023 LISTEN to the Top Funniest Moments from the YMYW Podcast Vol. 1, Vol. 2 Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 00:59 - Can We Afford to Spend $120k/Year Inflation Adjusted in Retirement? (Joe & Angelina Jolie, Strawberry Plains, TN) From ep. 503: YMYW Most Plays in 2024 on Apple Podcasts, YMYW Most Streamed in 2024 on Spotify 08:14 - Can I Contribute to My Wife's Roth IRA? Can I Max Out Multiple Roth Accounts? Should We Do Roth Conversions? (Theodore & Louise, Seattle, WA) From ep. 504: YMYW Most Consumed in 2024 on Apple Podcasts, YMYW Most New Subscribers in 2024 on YouTube 15:21 - Download the 2024 Key Financial Data Guide for free. Subscribe to the YMYW podcast, the YouTube channel, and the YMYW newsletter, and get the 2025 guide as soon as it's released! 16:46 - We Want to Retire As Soon as Humanly Possible. Brokerage vs. Solo 401(k) for Surplus Funds? (Ricochet J, CO) From ep. 505: YMYW Most Engaged Listeners in 2024 on Apple Podcasts, YMYW Most Listeners in 2024 on Spotify 31:05 - How Much Money Do We Need to Retire ASAP? (Barney and Betty, NE New Jersey) From ep. 493: YMYW Most Engaged Listeners in 2024 on Amazon Music 44:20 - Calculate your Financial Blueprint, Schedule a Financial Assessment 45:39 - Ed Slott: How Much Money Can You Save in Taxes With Good Tax Planning? What About People Who Don't Have the Money to Pay the Tax on a Roth Conversion? From ep. 489: YMYW Most Views & Watch Time in 2024 on YouTube 51:51 - Tax Diversification General Guidelines? (Brian, Naperville, IL) From ep. 468: YMYW Most Downloaded Across All Podcast Platforms in 2024 57:33 - Andi's Favorite Derail of 2024: Clark & Ellen Griswold, Tuktoyaktuk reading Derail from ep. 498 1:01:07 - Outro: 2024 YMYW Podcast Stats
In this episode of Money Mastery Unleashed, host Adam Olson dives deep into the “bucketing strategy” for retirement savings. He discusses three types of accounts—tax-deferred, tax-free, and taxable—and how diversifying across these buckets can maximize flexibility and tax efficiency during retirement. Adam breaks down the benefits and considerations of each type of account, explaining how using a mix of these strategies can help mitigate rising tax rates and provide freedom in distribution planning. He also introduces the triple tax benefit of HSA accounts and why they are a powerful tool for future medical expenses. Adam emphasizes the importance of personalizing your approach based on individual financial needs, and why planning today for the changing tax landscape of tomorrow is crucial. Tune in to learn how to create a diversified retirement strategy that works for you. Whether you're early in your career or approaching retirement, this episode is packed with actionable advice to help you optimize your retirement plan. “Combining tax-free and taxable accounts can lower your tax burden during retirement and keep more of your hard-earned money working for you.” Key Takeaways: Importance of Tailoring Retirement Strategies to Individual Needs Advantages of Tax-Free Growth and Withdrawals Benefits of Long-Term Capital Gains Tax in Taxable Accounts Encouragement to Use All Three Buckets for a Balanced Strategy Learn more about Adam Olson by visiting the following links: Facebook Personal Website Business Website -- Investing involves risk, including loss of principal. Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions. Any strategies discussed may not be suitable for everyone. Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC. Adam Olson, Representative. Mutual of Omaha Investor Services is not affiliated with any entity listed herein. This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product. Mutual of Omaha Investor Services and its various affiliates do not endorse or adopt comments posted by third parties. Comments posted by third parties are their own and may not be representative or indicative of other's opinions, views, and experiences.
Questions? Thoughts? Send a Text to The Optometry Money Podcast!In this rewind of a popular episode, Evon dives into mid-year tax planning targets optometrists and practice owners should keep an eye on as we work through the rest of the year. He talks through specific points of planning he thinks about as he works with clients and their tax professionals, including:Trajectory and sources of incomeAre we on track for tax payments and withholdings?Adjusted gross income (AGI) and phaseouts for deductions and creditsOpportunities around itemized deductions, especially donations to charity Taxable income and tax bracketsQualified Business Income deduction and potential phase outsAnd more! Hopefully this helps you have productive conversations with your own tax professional, financial advisor, and other professionals in your corner! Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. Resources mentioned on this episode:The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.
In this episode we answer emails from Melissa, Neal, Mark and Mike. We discuss a missing link from Episode 7 and a substitute for it, the podcast distribution, moving from an accumulation portfolio in a taxable account to a retirement portfolio efficiently, and considerations when incorporating international (non-U.S.) funds. Links:Three Ingredients Article: Three Secret Ingredients of the Most Efficient Portfolios – Portfolio ChartsMerriman ETF Recommendations: Best-in-Class ETF Recommendations | Merriman Financial Education FoundationAmusing Unedited AI-Bot Summary:Unlock the secrets of do-it-yourself investing with Risk Parity Radio, where listener queries drive our exploration of effective financial strategies. Ever wondered how to craft a risk parity portfolio as you approach retirement? We tackle this and more, including navigating the world of taxable accounts, minimizing taxes, and managing significant expenses like a house down payment. Melissa's email about a broken Ray Dalio link becomes an opportunity to explore alternative resources, while Mark's playback issues on Apple Podcasts spark our gratitude for community feedback. You'll also discover the nuances of transitioning to a risk parity portfolio without opening new accounts, and the surprising overlaps between VTI and VUG.Ready to rethink international diversification? While some portfolios skip international funds, they still provide global exposure through assets like global value-tilted funds and Chinese A shares. We discuss why this approach might suffice, as international funds often mirror US stocks, especially in large caps. Instead, our focus shifts to balancing value, growth, and size using small-cap value funds from Avantis or DFA. With flexible templates and key diversification metrics, you'll learn to construct a robust portfolio without getting lost in geographic diversifications. Tune in, and reshape your investing toolkit with practical insights and empowering strategies.Support the show
Did you hear about the guy who paid his taxes to the IRS with a smile? It didn't work out, though—it turns out they prefer money.Well, paying taxes is certainly no laughing matter, and we don't want to miss something that could end up costing us money. Fortunately, Kevin Cross is here today with a list of year-end tax tips you don't want to miss.Kevin Cross is a Certified Public Accountant (CPA) who has headed CPA firms in Florida and now Georgia. He has studied the tax code extensively and specializes in representing taxpayers before the IRS. 2024 Year-End Tax StrategiesAs the end of 2024 draws near, these are some critical financial moves that can help you maximize your tax savings: 1. Review Withholding and Estimated PaymentsThe first step in year-end tax prep is to check how much you've paid in taxes this year. Avoid underpaying (which leads to penalties) or overpaying (which gives the government an interest-free loan on your money). For those behind on withholding, consider adjusting your remaining paychecks to make up the difference.2. Max Out Retirement ContributionsContributing to a retirement account like a 401(k) or IRA is one of the best ways to lower your taxable income. For high-income earners, consider a “backdoor Roth IRA”—a strategy involving non-deductible IRA contributions converted to a Roth IRA, providing tax-free growth.3. Optimize Charitable ContributionsCharitable giving is a powerful tax strategy, especially if you bundle multiple years of contributions. By “bunching” donations, you may surpass the standard deduction threshold, allowing you to itemize and benefit from your generosity. A donor-advised fund (DAF) can streamline this process, allowing you to make a large donation this year and distribute it to charities over time.4. Donate Appreciated AssetsConsider donating appreciated stocks or mutual funds to avoid paying capital gains tax on the appreciation. For example, if you bought stock for $1,000 and it's now worth $1,500, donating it allows you to deduct the full $1,500 without incurring capital gains tax on the $500 gain.5. Qualified Charitable Distributions for IRA HoldersFor those 70½ or older, Qualified Charitable Distributions (QCDs) from an IRA allow you to donate directly to charity without counting the distribution as taxable income. This is particularly helpful if you're taking the standard deduction.6. Take Advantage of Section 121 Exclusion on Home SalesSection 121 of the tax code allows homeowners to exclude up to $500,000 in capital gains (for married couples) when selling their primary residence, provided they've lived in it for at least two of the last five years. This is a significant opportunity for those considering selling their homes in a high-appreciation market.7. Avoid Underpayment PenaltiesQuarterly estimated payments are essential to avoid IRS interest and penalties if you're self-employed or a gig worker. Failure to pay quarterly could result in a penalty that acts like interest on unpaid taxes, making it costlier than paying in installments.8. Don't Ignore Past Tax IssuesIf you're behind on tax filings or payments, now's the time to act. Many individuals feel overwhelmed, but taking the first step to seek professional help can bring peace and clarity. We advise you to contact a CPA with IRS experience to assist with this process.These strategies can help you make the most of tax season and avoid paying more than necessary. Remember, the tax code is complex, and each situation is unique, so consulting with a CPA, especially one experienced in IRS negotiations, can provide personalized guidance. On Today's Program, Rob Answers Listener Questions:I have some rental properties that I'm worried will be sold for cheap at auction after I'm gone since my kids in California don't want to return to Arkansas. Should I sell the properties and put the money in a trust for my grandkids' education?I'm contributing 15% of my income to my 401(k), and my employer matches 5%. But I'm trying to build up my emergency savings, and I'm only at about two months' worth right now. Should I stop contributing to my 401(k) for now so I can focus on getting my emergency fund up to 6 months' expenses?Resources Mentioned:Kevin Cross, CPANational Christian Foundation (NCF)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
In this episode of "Your Investment Partners," hosts Paul and Garrett examine the concept of a 351 Exchange and how it applies to taxable accounts with highly concentrated positions. They delve into strategies for achieving diversification while deferring taxes, exploring how this specialized section of the tax code allows investors to reallocate portfolios without realizing immediate tax liabilities. The conversation highlights the process, benefits, and limitations of using 351 ETF exchanges to manage large, concentrated positions effectively. Tune in to learn how this approach might help you reduce portfolio risk and maintain tax efficiency.Key Points From This EpisodeIntroduction to the concept of 351 Exchanges.Comparison with 1031 Exchanges used in real estate.Focus on taxable accounts with concentrated positions.Explanation of diversification benefits and tax deferral.Specific rules for eligibility, including limits on individual positions.How 351 ETF exchanges enable portfolio rebalancing without immediate taxes.Advantages of ETFs over mutual funds for tax efficiency.Step-by-step process for executing a 351 Exchange.Benefits of liquidity and flexibility post-ETF exchange.Considerations for choosing partners and professionals for implementation.Want to learn more? Contact us hereUseful LinksGarrett on LinkedInPaul on LinkedInAscend Investment Partners
You don't need to work longer; you just need a better plan. Schedule a peace of mind visit for your retirement planning with this link: https://calendly.com/charlesdzama/dzamatalk-complimentary-15-min-phone-call"Turn unused income into a legacy – investing your extra pension for tomorrow."Chapters:0:00 - Intro0:18 - Who Can Benefit from Additional Income Planning? 1:00 - Evaluating Your Debt: Is There Anything to Pay Off? 1:30 - Maximizing Your Contributions to TSP and Roth 2:09 - Tax Brackets: Impact on Your Extra Income 3:02 - Taxable vs. Tax-Free Growth Explained 4:05 - Building a Roth TSP: What It Means for You 4:44 - Starting Your Roth Clock: The 5-Year Rule - Avoiding the IRS and State Taxes on GrowthConnect with CD Financial for More Insights:Twitter: /CDFinancial_LLCInstagram: /CDfinancial.llcFacebook: /CDFinancialLLCLinkedIn: /cd-financial-llc Visit our Website: https://cdfinancial.org/Subscribe and Stay Updated: Don't miss out on crucial advice for your financial journey. Subscribe now for weekly insights and strategies to secure your retirement.Get More from CD Financial: Looking for personalized advice? Schedule a consultation with Charles to tailor a plan that suits your unique financial situation: https://calendly.com/charlesdzama/dzamatalk-complimentary-15-min-phone-call#RetirementPlanning #FederalEmployees #PensionPlanning #TaxFreeIncome #InvestmentAdvisory services are offered through CD Financial LLC dba CD Financial, an Investment Advisor in the State of California. Insurance products and services are offered through CD Financial & Insurance Services LLC, an affiliated company.Opinions expressed herein are solely those of CD Financial and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation.Support the show
What is the best type of account for you to allocate your retirement savings? One of the biggest factors in helping you make this decision will be taxes. In this episode, we discuss: Current tax deduction vs. ongoing tax deferral Impact of the SECURE Act Why tax location is important How to factor in tax-free accounts Today's article is from Morningstar titled, The True Tax Benefit of IRAs and 401(k)s. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation. Our Market Outlook Webinar is live! Visit https://bit.ly/4bmHkUb to register. Show Notes: RetireWithPurpose.com/465 Rate & Review the Podcast: RetireWithPurpose.com/review
These days, more workers are opting to stay on the job after signing up for Social Security.The percentage of Americans over 65 who are still working has doubled since 1980. Of course, many of them also get security benefits. Eddie Holland is here to explain how working affects the monthly benefit check.Eddie Holland is a Senior Private Wealth Advisor and partner of Blue Trust in Greenville, South Carolina. He's also a CPA, a Certified Financial Planner (CFP®), and a Certified Kingdom Advisor (CKA®).The Impact of Earnings on Social Security Before Full Retirement AgeIf you begin drawing Social Security before reaching your full retirement age (FRA) and continue working, your benefits may be subject to an earnings test. Here's how it works:Under Full Retirement Age: For 2024, the income limit is $22,320. If your earnings exceed this limit, Social Security reduces your benefits by $1 for every $2 earned above the threshold.Year You Reach Full Retirement Age: The earnings limit increases to $59,520, with a reduced penalty of $1 for every $3 earned above the limit.After Reaching Full Retirement Age: Once you reach FRA, there is no longer an earnings limit, and your benefits will not be reduced regardless of your income.Will You Get Reduced Benefits Back?A key point is that if your benefits are reduced due to exceeding the earnings limit before reaching FRA, those reductions are temporary. Once you reach full retirement age, the Social Security Administration recalculates your benefit amount, potentially increasing your monthly payment to compensate for the prior reductions.After reaching full retirement age, you can increase your Social Security benefit through continued work. Social Security calculates your benefits based on your highest 35 years of earnings. If your current income is higher than one of the years included in your "high 35," the Social Security Administration will adjust your benefit amount the following year, reflecting your new earnings record.Understanding Tax ImplicationsSocial Security benefits may be subject to federal taxes, depending on your “combined income”—a calculation that includes your adjusted gross income, tax-exempt interest, and half of your Social Security benefits. Here's a quick breakdown:No Tax: Social Security benefits are not taxed for single filers with combined income under $25,000 and married couples under $32,000.Up to 85% Taxable: For single filers earning over $34,000 and couples over $44,000, up to 85% of Social Security benefits may be taxed.One strategy for reducing taxes on Social Security benefits, especially for those 70½ or older, is using a Qualified Charitable Distribution (QCD). This allows individuals to transfer up to $100,000 per year directly from their IRA to a charity, which can count toward their required minimum distribution and is excluded from taxable income. It's a great way to support causes you care about while managing your tax burden.If you plan to work while receiving Social Security benefits, understanding how income limits and taxes affect your benefits is crucial. These guidelines can help you make informed decisions about when to claim benefits and how to maximize your income. On Today's Program, Rob Answers Listener Questions:I received insurance death benefits, and my sister also and I received insurance death benefits. Are they subject to tithing? What's the Christian perspective on this?I'm a single mom making $45,000 a year as a chaplain. I also have to financially support my mom, who is not good with finances. It's frustrating because she can't get ahead, and I'm worried about our future and preparing for my daughter and myself. Do you have any suggestions on how I can help my mom with her finances?My husband and I have looked into Christian Community Credit Union. You've talked about them before, but we noticed they are not FDIC-insured and wondered if that was a concern.Resources Mentioned:BlueTrustChristian Community Credit UnionLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
In this episode of Mindful Money, we explore the choice between paying off low-interest debt and building taxable savings. While paying down high-interest debt is crucial, once that's done, the focus should shift toward maximizing retirement savings and investing in taxable accounts. We'll discuss how the power of compounding can make investing more beneficial than paying off low-interest debt. We'll also touch on the flexibility that taxable accounts provide, especially in retirement, where they allow for tax-efficient withdrawals. Ultimately, financial planning is about building a life well-lived, not just accumulating wealth.In this episode:(00:00) - Intro(02:27) - Reaching financial basecamp(04:18) - Three steps on the way to the summit(04:36) - Debt management vs. investment(06:08) - Optimizing your financial decisions(09:03) - The power of compounding(10:33) - Investing vs. paying off debt(12:09) - Taxable accounts and their benefits(13:12) - Tax strategies for retirementGet full show notes and links at https://mindful.money. Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney. This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy
Does the 4% Rule apply in the same way to tax-deferred, tax-free, and taxable accounts? And how should one consider the different tax treatments of these accounts when coming up with a safe spending plan in retirement? I'll cover these questions in today's video.Bengen's 1996 Paper: https://www.financialplanningassociat...Bengen's 1997 Paper: https://www.financialplanningassociat...New Retirement: https://go.robberger.com/new-retireme...Join the Newsletter. It's Free:https://robberger.com/newsletter/?utm...
How do you finance the life between possible early retirment and 59.5 years old when you can access you retirement accounts? A gap fund is one common approach. Today we discuss: What is a gap fund? Is it necessary? Where does it fall in priority order when saving for early retirement? How do you invest a gap fund? For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call. Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! Just e-mail us at tsp@militarymoneymanual.com for the free promo code. If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com. If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com. I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2849: Sean Mullaney of FITaxGuy.com demystifies the concept of tax basis, illustrating how it prevents double taxation and clarifies taxable gains. Learn the essentials of depreciation, the benefits of a step-up in basis at death, tax loss harvesting strategies, and the unique considerations for basis in retirement accounts. Read along with the original article(s) here: https://fitaxguy.com/tax-basis-for-beginners/ Quotes to ponder: "Basis is what allows us to measure the appropriate gain or income to the seller of property." "The tax basis of inherited assets is 'stepped-up' to the fair market value of the asset on the original owner's date of death." "Tax loss harvesting is a neat tool in the tax planning toolbox." Episode references: Internal Revenue Service: https://www.irs.gov Learn more about your ad choices. Visit megaphone.fm/adchoices
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