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
7 days ago
7 days ago
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
Thursday Feb 13, 2025
What Do Proposed Tariffs Mean For Your Portfolio?
Thursday Feb 13, 2025
Thursday Feb 13, 2025
With the recent political landscape, tariffs have become a hot topic, often surrounded by confusion and misinformation. How do you sit through the noise to find out how this might impact you? In this episode, Phil breaks down what tariffs are and how they can affect your investment portfolio as you near retirement.
Here’s what we discuss in this episode:
0:00 – Intro
1:42 – What is a tariff?
2:48 – Will costs rise?
7:02 – Has this happened before?
9:20 – Impact on economy
10:40 – Effect on the market
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Wednesday Feb 05, 2025
Is Tech Overweighted? Understanding The Current Market Landscape
Wednesday Feb 05, 2025
Wednesday Feb 05, 2025
This week on Phil’s Tax Hacks, Phil and Marc dive into the current state of the stock market with a particular focus on the tech sector. They discuss the growing concerns around tech companies being overweighted in the S&P 500, and how recent news, including competition from a Chinese AI company, is shaking up the market.
Phil highlights key issues like price-to-earnings ratios, the potential risks of tech-heavy investments, and the challenges this new AI could bring to companies like Nvidia. We’ll also touch on the Federal Reserve's stance on interest rates and the impact of ongoing tariffs.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:25 – Tech sector performance
5:00 – Price-to-earnings ratio and market valuation
8:43 – Comparison to past market bubbles
13:21 – Fed policy and interest rates
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Jan 30, 2025
The New Retirement: Why Many Are Choosing Work Over Leisure
Thursday Jan 30, 2025
Thursday Jan 30, 2025
A recent article on Fortune highlights a growing trend among baby boomers: continuing to work well into their 60s and 70s. Surprisingly, this is not out of necessity, but for the mental stimulation, social connections, and fulfillment that work provides. With nearly 20% of Americans over 65 still employed, this shift is challenging traditional views of retirement and sparking important conversations about what it means to truly retire.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:20 – Loneliness and loss of purpose
4:53 – The impact of working in retirement on financial plans
8:09 – Generational differences toward work and retirement
11:21 – Technology and remote work in retirement
12:44 – Takeaways
The article that inspired this week’s show:
https://fortune.com/article/the-new-retirement-is-no-retirement-baby-boomers-are-keeping-jobs-well-into-their-sixties-and-seventies-because-they-like-going-to-work/
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96
Thursday Jan 23, 2025
How Will Trump’s Executive Orders Reshape the Economic Landscape
Thursday Jan 23, 2025
Thursday Jan 23, 2025
President Donald Trump wasted little time taking action once he returned to office, and people are wondering how these long list of Executive orders will reshape the economic and financial landscape. Join CPA and financial specialist Phil Putney as he breaks down the implications of these changes on inflation, energy costs, tariffs, and more.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:07 – Addressing inflation & cost of living
3:43 – Energy
5:53 – Trade and Tariffs
9:42 – EV mandate
14:05 – DOGE
15:37 – Stock market
20:26 – Technology
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96