Phil's Tax Hacks
Financial, tax and retirement planning guidance from Phil Putney. Each week Phil will talk about the keys to building a sound financial strategy that can survive throughout the ups and downs of the market. We'll have plenty of tax hacks along the way and other retirement facts!
Episodes
2 hours ago
Can Real Estate Boost Your Retirement Plan?
2 hours ago
2 hours ago
Can real estate actually boost your retirement plan? Is renting a property a reliable source of income, or just added stress? The short answer: it depends. In this episode, Phil breaks down the many ways real estate can support- or complicate- your retirement strategy. From rental properties and house flipping to reverse mortgages, REITs, and home equity lines of credit (HELOCs), this episode covers the most common approaches people consider and the mistakes they don’t always see coming.
Here’s some of what we discuss in this episode:
📉 Rental property pros, cons, and tenant trouble
🔁 What to know about 1031 exchanges
🏦 HELOCs as an emergency tool
📊 REITs: real estate investing without the property headaches
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Apr 17, 2025
Turn Your Savings Into a Real Retirement Plan
Thursday Apr 17, 2025
Thursday Apr 17, 2025
You’ve worked hard, saved diligently, and now you’ve got a solid 401(k) and a few other accounts... but now what? In this episode, Phil answers a common question submitted by one our listener’s: How do I turn my savings into a real retirement plan?
We’ll walk through how to shift from accumulation to distribution, and explains how to organize your financial "stuff," take inventory, and define what retirement will look like for you.
Here’s some of what we discuss in this episode:
🗂️ Why a financial inventory is the first step
🛠️ How to use your savings as tools—not the plan itself
📆 When to start serious retirement planning (hint: it’s not the year you retire)
💵 Why income—not your total savings—is the number to watch
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Apr 10, 2025
Is 2025 a Bad Time to Retire?
Thursday Apr 10, 2025
Thursday Apr 10, 2025
Thinking about retiring in 2025? You're not alone, but the timing might feel a little... complicated. With stock market swings, whispers of a recession, economic uncertainty, federal layoffs, and tariffs making headlines, it's no wonder many are feeling uneasy. But what if you had 2025 circled on the calendar long before all this? Is it still a smart time to step away, or could it be the worst possible moment?
Here’s some of what we discuss in this episode:
🔄 Market dips, rebounds, and what they really mean for retirees
📊 Why your 401(k) settings from 20 years ago might need a fresh look
🛑 The risk of panic-selling and how to avoid it
💼 The value of advisor conversations in times of uncertainty
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Apr 03, 2025
Stop Sacrificing Your Future For Your Adult Kids
Thursday Apr 03, 2025
Thursday Apr 03, 2025
How much support is too much when it comes to helping your adult children financially? A growing number of retirees are facing the dilemma of supporting adult kids at the expense of their own retirement goals. Let’s talk about how to prioritize your finances and why keeping your kids on the payroll could erode away everything you’ve worked for.
Here’s some of what we discuss in this episode:
👨👧👦 Supporting adult kids? It might be more than you realize
📉 Unplanned help can quietly erode your retirement savings
💸 “Little things” like phone bills and insurance can add up fast
📊 Build financial support into your retirement plan on purpose
💬 Open conversations with your kids—and your advisor—are essential
Check out the Fortune article: https://fortune.com/2025/03/26/millennial-gen-z-adult-children-parents-monthly-payments-retirement/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Mar 27, 2025
Caring for an Aging Parent: Financially Smart or Emotionally Costly?
Thursday Mar 27, 2025
Thursday Mar 27, 2025
Caring for aging parents is something many of us will face—but few are fully prepared for the financial, emotional, and logistical challenges that come with it. In this episode, we will tackle this common scenario for Baby Boomers and discuss what happens when you're part of the “sandwich generation”—caring for both kids and aging parents.
Our question today comes from someone whose 93-year-old mom has fallen twice in the past month, and he’s weighing two options: bring her to live with him or pay for in-home care out of his own pocket. Which choice makes the most sense, both financially and for his family’s well-being?
Here’s some of what we discuss in this episode:
🏡 In-Home vs. Facility Care – What’s cheaper, safer, and more sustainable?
💸 Tax Implications & Medicaid – What you need to know before paying expenses
📉 The Retirement Impact – How caregiving can affect your financial future
⚠️ Asset Transfer Risks – Why giving away the house can backfire without a plan
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Mar 20, 2025
The HSA Secret: Can You Really Build a Tax-Free Retirement Fund?
Thursday Mar 20, 2025
Thursday Mar 20, 2025
Are HSAs one of the best tax-advantaged accounts out there? Can you really stockpile a massive balance and use it tax-free in retirement? This is what a listener wants to know so we’ll analyze whether that’s a potential pitfall or if she’s maximizing this planning tool.
Here’s some of what we discuss in this episode:
💰 HSA = A Supercharged Roth IRA? – Why it’s better than traditional retirement accounts🧾 Save Your Receipts! – The secret to accessing tax-free funds later📊 Investing Your HSA Funds – Should you keep it in cash or invest it?⚠️ Avoid Common HSA Mistakes – Withdrawal rules & penalties explained
0:00 – Intro
1:19 – Today’s question
1:46 – Yes, it’s true
3:36 – Better than a Roth?
7:25 – Investing HSA contributions
10:44 – What are qualified medical expenses?
12:22 – Other considerations
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Mar 13, 2025
Gold Rush 2025: Should You Get In?
Thursday Mar 13, 2025
Thursday Mar 13, 2025
Gold prices are surging, JPMorgan is making a massive $4 billion gold delivery, and people are wondering if they should invest in gold. Gold has long been promoted as a safe haven in times of uncertainty, but with markets shifting, inflation concerns lingering, and a possible trade war on the horizon, is now the right time to add it to your retirement portfolio?
Here are some of the key topics discussed:
📈 Gold at record highs – Is it too late to invest?
💰 Physical gold vs. ETFs – Pros, cons & key differences
⚠️ FOMO investing – Why jumping in now could be risky
🔄 Gold as a hedge – Smart ways to use it in your portfolio
0:00 – Intro
1:03 – Gold on the rise
4:04 – Downsides
8:55 – Owning gold
9:56 – Portfolio diversification
12:35 – Final thoughts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Mar 06, 2025
Trade War 2.0 - What Could It All Mean
Thursday Mar 06, 2025
Thursday Mar 06, 2025
With so much happening domestically and abroad from a financial standpoint, this week’s show is going to look into the implications of Trade War 2.0 and its potential effects on the economy and markets. Phil will break down the latest economic data, tariff announcements, and which sectors might respond positively to the changes.
Here’s what we discuss in this episode:
0:00 – Intro
1:08 – Market instability & tariffs
5:23 – Apple’s $500 Billion Investment
7:23 – Reactions to tariffs
13:11 – Tariff winners
16:46 – Gold
18:37 – Final thoughts
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Feb 27, 2025
Great Side Gigs for Extra Retirement Income & Fun
Thursday Feb 27, 2025
Thursday Feb 27, 2025
For some people, the idea of retiring and then getting another job is detestable. For others, they can’t sit still and have to go find some other job. For the latter crowd, there are plenty of popular “side gig” jobs for retirees.
This week on the podcast, Phil discusses the shifting mindset surrounding retirement. We explore the various avenues available for retirees to engage in rewarding side activities that not only provide financial benefits but also fulfill personal passions. Many individuals are not merely seeking to retire from their jobs; they are looking for ways to stay engaged and active in their communities.
Here’s what we discuss in this episode:
0:00 – Intro
1:05 – Consulting
2:54 – Teaching
3:43 – Online marketplace
5:41 – Retiring to something
8:40 – What it means for planning
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Feb 20, 2025
Do Smart Investors Really Need a Financial Advisor?
Thursday Feb 20, 2025
Thursday Feb 20, 2025
If you’ve spent years successfully managing your own investments, do you really need a financial advisor? That’s the question we’ve heard from a number of different people. So, is working with an advisor just an extra expense, or could it actually add real value? In this episode, we break down when and why even experienced investors might benefit from professional guidance and when they’re probably fine on their own.
Here’s what we discuss in this episode:
0:00 – Intro
2:15 – What is a financial advisor?
3:51 – More than investing
7:40 – DIY blindspots
12:05 – Value of an advisor
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96