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!
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Episodes
Thursday Feb 04, 2021
Thursday Feb 04, 2021
Wondering what just happened with GameStop stock? Wish you had jumped on that bandwagon? Phil gives some information on what happened and what he thinks about it.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-72-the-gamestop-stock-story/
Watch the video podcast: https://youtu.be/fRTjDrrucrU
What we discuss on this episode:
1:19 - What happened with GameStop stock?
2:42 - What is shorting a stock?
3:44 - What was different about GameStop?
5:57 - Who is in the right and who is in the wrong?
8:09 - Was this a smart thing to do?
11:14 - Was this investing or gambling?
14:28 - What other companies has this happened to recently?
15:30 - Did the “little guys” win?
Thursday Jan 28, 2021
Thursday Jan 28, 2021
No one likes bad news and sometimes the good news doesn’t outweigh the bad. On today’s podcast, we talk about a few financial topics that come with good news and bad news.
Read more and get additional resources here: https://philstaxhacks.com/podcast/good-news-bad-news-in-financial-planning/
Watch the video podcast: https://youtu.be/6j5R4FVKzeo
What we discuss on this episode:
0:40 - Do you want the good news or the bad news?
1:28 - Bad news is you have debt, the good news is the interest is tax-deductible?
3:40 - The fund isn’t performing well…but the fees are low.
5:09 - Bad news: you don’t have enough money to pay for medical care, but there’s Medicaid.
7:49 - Social Security is running out of money, will it get fixed?
11:42 - The good news with the market is that a loss usually comes back eventually.
Thursday Jan 21, 2021
Thursday Jan 21, 2021
Have you stopped to reflect on yourself and your feelings when it comes to finances? When you meet with an advisor, it’s important to be true to yourself. Today on the podcast, we’ll ask the questions you should sit with when it comes to making financial decisions and a financial plan.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/know-thyself-how-looking-inward-can-lead-to-major-financial-impacts/
Watch the video podcast: https://youtu.be/wwNggc1nNaY
What we discuss on this episode:
0:38 - What’s the winter weather felt like so far?
2:11 - Looking inward can lead to major financial impacts.
3:09 - What financial issues do I worry about?
5:14 - What do you desire most from a financial standpoint?
6:58 - Am I biased against something?
10:24 - What do you want to accomplish with your money?
Thursday Jan 14, 2021
Thursday Jan 14, 2021
What are the three qualities of money that everyone wants? How can you get all of them within your portfolio? Phil talks through the key three qualities and what you need to make it happen.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-69-the-three-qualities-of-money/
Watch the video podcast: https://youtu.be/ZC_9a-K3b0g
What we discuss on this episode:
0:35 - Why are so many people interested in getting a camper?
3:46 - What are the qualities of money?
5:10 - What are the qualities of cash?
6:19 - What qualities does the market provide?
7:44 - What do you get from an annuity?
9:44 - Is real estate worthwhile to have?
13:50 - Do people put too much of their money in one area?
Thursday Jan 07, 2021
Thursday Jan 07, 2021
Retirement planning will be different for every person, but it’s interesting to look at the averages to get a general guide on where you stand. Today we’ll share some retirement statistics that will give you a good idea of how the average American prepares for retirement and where the shortcomings might be.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-68-retirement-statistics-that-might-surprise-you/
Watch the video podcast here: https://youtu.be/p4xSLm0Qs_k
What we discuss on this episode:
0:37 – Happy 2021
2:15 – 17% of American workers very confident they’ll have enough in retirement
3:31 – Lottery as a retirement plan
7:27 – The average woman will live to near 85 years old
11:14 – 16.5% of the country’s population is over 65
15:00 – 90% of people over 60 believe a written retirement plan is important, but 20% actually do it
Thursday Dec 17, 2020
Thursday Dec 17, 2020
As we finish off the year, we’re all dreaming about a lifestyle that looks a bit different than this one. What are your retirement lifestyle goals?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/which-retirement-lifestyle-is-right-for-you/
Watch the video podcast: https://www.youtube.com/watch?v=YAgPduaRT74
What we discuss on this show:
1:11 - What are Phil’s end of the year plans?
1:54 - What’s your retirement lifestyle plan?
2:34 - Snowbirds: the two-house solution.
6:06 - RV Life: hitting the road.
11:50 - Front Porch Life: sticking close to home.
14:23 - College Life: filling your social calendar.
15:45 - God’s Waiting Room: enjoying the Florida life.
17:37 - Golf: plan for your pastimes.
19:18 - Follow your passions in retirement.
Friday Dec 11, 2020
Friday Dec 11, 2020
What financial moves should you make before the year is over? Have you talked with your financial advisor about these strategies? Let’s review the items that are most important at the end of the year.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-66-end-of-year-financial-planning/
Watch the video podcast: https://www.youtube.com/watch?v=2p7Vl6w2TvM&feature=youtu.be
What we discuss on this show:
1:51 - Should we be maxing out retirement contributions as the year winds down?
3:17 - How does the CARES Act factor into your year-end planning?
6:43 - Did you explore tax-loss harvesting?
9:26 - Are you planning to make a charitable donation?
14:12 - What kind of purchases qualify for tax credits?
15:25 - Have you looked into a Roth conversion?
Thursday Dec 03, 2020
Thursday Dec 03, 2020
The Tax Foundation released a detailed analysis of Biden's tax proposals and this week we look at a few of the items that caught Phil's attention. Are there tax changes ahead? Anything different you should do with your plan now? We'll try to help you answer those questions today.
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-65-what-to-know-about-bidens-tax-proposals/
What we discuss on this show:
0:20 - Let’s review Biden’s tax proposals.
1:39 - What will the Social Security tax look like?
3:05 - What will change for high earners?
4:08 - What will happen with long-term capital gains?
4:45 - The step-up in basis may be eliminated.
6:39 - Under the new proposal, what added taxes would we have?
10:45 - At what point does the estate tax come into play?
13:24 - What would the first-time homebuyer’s tax credit be?
14:24 - The corporate tax rate would go back.
16:52 - What does it mean to equalize the tax benefits of traditional retirement accounts?
20:33 - Will the SECURE Act face potential revisions?
Wednesday Nov 25, 2020
Wednesday Nov 25, 2020
How do you pick the right advisor? Often we get caught up in finding the right investments and making sure the portfolio is balanced. But what about finding the right person to help you facilitate that plan?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-64-finding-the-right-advisor/
Watch the video podcast here: https://youtu.be/qLffTFZSlm0
What we discuss on this show:
1:25 - How do you pick the right advisor?
2:30 - What’s your expectation for the advisor?
3:47 - What kind of credentials should the advisor have?
5:37 - How do you know if it’s time to find a new advisor?
10:58 - What could go wrong if we stay with the wrong advisor?
12:14 - How do you feel about it?
13:42 - What should you consider in the interview process?
18:47 - What are Phil’s Thanksgiving favorites?
Thursday Nov 19, 2020
Thursday Nov 19, 2020
We’ve all heard the saying, “the customer is always right”, but are they? When it comes to financial planning, you are going to see an advisor to hear their guidance and wisdom. So, if there’s a disagreement, are you right or are they? That's what we'll talk about on today's show.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-63-dont-assume-the-customer-is-always-right/
Watch the video podcast here: https://youtu.be/ZcCIc3MYb58
What we discuss on this show:
1:45 - Would you have the same response with your doctor?
2:28 - Is now the time to get out or in the market?
5:06 - How do you pick what to be invested in?
7:53 - I don’t need/want that.
10:31 - What happens when the client gets impatient or the market is down?
13:59 - Are you aligned with your financial advisor