Phil's Tax Hacks

Should You Gift Now or Leave a Legacy Later?

You’ve worked hard, saved well, and now you’re thinking about giving back—maybe to your kids, your grandkids, or a cause you care about. But should you wait and pass that wealth on later, or give while you’re still around to enjoy the impact? Let’s talk about how to make that decision with confidence.
 
Here’s some of what we discuss in this episode:
🎁 Why more retirees are choosing to gift now
💸 Understanding gift tax rules and exclusions
🏥 How direct payments for medical expenses avoid gift tax limits
🎓 Supporting education without triggering taxes
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Planning for Retirement When You’ll Never Have an Empty Nest

For many parents, retirement planning includes the idea of an empty nest. But what if that’s never going to be your reality? Today, Phil answers a viewer question about how to plan for retirement while continuing to care for an adult child on the autism spectrum. It’s a question more families are facing, and in this episode, we’re walking through the financial and emotional factors that come with a “forever caregiving” retirement. From budgets to housing needs, your retirement roadmap may look entirely different, but it can still be achievable with the right strategies.
Here’s some of what we discuss in this episode:
🏡 Why downsizing may not be an option in this kind of retirement
📋 What to consider when building a caregiving budget
⚖️ The role of government benefits like SSDI, SSI, and DAC
📜 Special needs trusts: when and how they fit in
💡 Creative strategies to protect care, assets, and dignity
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Big Changes - The 4% Rule Gets a Makeover

The 4% rule gets talked about like gospel in retirement planning. But let’s be honest, it’s always been more of a rough guess than a golden rule. Now, its original creator is revising it to 4.7%. So, does that mean your retirement paycheck just got a raise, or is this just another headline that oversimplifies a complex decision? In a world of volatile markets, tax surprises, and rising longevity, the idea that one percentage could work for everyone isn’t always the best default approach.
Here’s some of what we discuss in this episode:
🔍 What the original 4% rule really was and why it went viral
❓The “new number” everyone’s talking about
💰 The critical difference between gross and net withdrawal needs
⏳ How timing, market swings, and income sources impact sustainability
📊 Why planning beats rules of thumb, especially in volatile times
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Let’s Talk Target-Date Funds: Pros and Cons

Target-date funds seem like the ultimate “set it and forget it” retirement strategy, but are they really as simple and safe as advertised? In today's episode, Phil unpacks these popular, automatic investment options that now hold over $4 trillion in assets. If you’re like many people, your 401k automatically funnels your money into these funds based on your retirement date. Convenient? Definitely. Optimal? Maybe not.
 
Here’s some of what we discuss in this episode:
🎯 How target-date funds became the default 401k option
⚖️ How they automatically rebalance, but not always in your favor
📉 Why your funds might be more aggressive than you think
🧐 When a “set it and forget it” approach could cost you
💡 Why target-date funds might not fit your complete financial picture
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Key Things For Parents & Grandparents To Teach A New Graduate

Graduation season is an exciting milestone, not just for the grads, but for parents and grandparents who have supported them along the way. Today, Phil wants to share practical ways you can help your graduate make smart financial decisions early, along with actions that could have a lasting impact on their future.
Here’s some of what we discuss in this episode:
📊 The tools that make budgeting easier
📈 How Roth IRAs offer lifelong tax benefits
🔧 Debt management without shame or fear
💰 Why early saving beats bigger saving later
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

5 Ways Wishful Thinking Can Damage Your Retirement

A little hope is good for the soul, but when it comes to retirement planning, wishful thinking can lead to serious financial mistakes. Today, Phil is walking through five common examples of wishful thinking that can quietly damage your retirement and how you can build a plan that protects your future instead of relying on luck.
 
Here’s some of what we discuss in this episode:
💸 The hidden cost of "I'll spend less in retirement"
🕰️ The risk of assuming you’ll work forever
🍀 Why “I’ll just get lucky in the market” is a losing bet
🛑 The danger of assuming your kids will take care of you
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

A Market Strategy for Type A Investors: Why Doing Less Might Be Your Best Move

Today Phil’s talking about Type A personalities. If you’re driven, competitive, and goal-oriented then you’re part of the club that often struggles during difficult markets. When things get tough, your instinct is to work harder, push more, and fix the problem. But in investing, that instinct can sometimes backfire.
In this episode, Phil unpacks the tension between action and restraint when markets get choppy. He explores why high achievers often feel anxious during downturns, even when their long-term plans are sound.
Here’s some of what we discuss in this episode:
🧠 Why Type A investors struggle with staying still
💥 The hidden risks Type A personalities often overlook
🔍 How over-managing can backfire in volatile markets
🤝 Why the right advisor should match your mindset
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Why The Psychology of Money Says Your Emotions Matter More Than Math

Today Phil’s kicking off his new Financial Book Club with The Psychology of Money by Morgan Housel. This book isn’t just about money strategies. It’s about why we make the choices we make, even when they don’t seem to make sense. You might find that your mindset is a bigger advantage than any investment tip. If you’ve ever wondered why it’s so hard to stick to the “smart” plan, this conversation might hit closer to home than you expect.
In this episode, Phil explores four powerful ideas from the book, starting with the bold claim that no one is crazy when it comes to money.
Here’s some of what we discuss in this episode:
💭 Why your money story begins in childhood
🏠 The emotional math behind paying off your house
😬 “Never enough” syndrome in retirement planning
📉 Planning for market volatility and life’s curveballs
🚧 Why your retirement roadmap needs flexibility
 
The Psychology of Money by Morgan Housel: https://shorturl.at/bjzCl
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Can Real Estate Boost Your Retirement Plan?

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

Turn Your Savings Into a Real Retirement Plan

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