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 25, 2021
Thursday Feb 25, 2021
A lot of small business owners put so much into their business plan and into their business, that sometimes they overlook themselves. One of their biggest assets and efforts is their business itself, but what about retirement? On today’s episode of the podcast, Phil and Marc talk about the kinds of decisions business owners face, sharing personal experiences and advice for business owners trying to save for retirement.
Read more and get additional planning resources here: https://philstaxhacks.com/podcast/ep-75-saving-for-retirement-as-a-business-owner/
Watch the video podcast: https://youtu.be/oE6gLViu1sE
What we discuss on this episode:
0:37 - What should business owners know about retirement?
1:03 - Is a good business plan enough?
2:25 - Are you paying yourself first?
3:59 - Your Social Security may be lower.
5:19 - Are you planning to sell your business as your retirement plan?
9:00 - What do business owners need to consider from a tax standpoint?
10:57 - There are a lot of little things to being a small business owner.
Thursday Feb 18, 2021
Thursday Feb 18, 2021
Are you in the know or in the dark when it comes to your financial plan? Is your spouse the one making the calls or are you doing it together? Let’s talk about the steps you can take to get more involved in your family’s finances.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-74-getting-more-involved-in-retirement-planning/
Watch the video podcast: https://youtu.be/iNFtHkLgnHc
What we discuss on this episode:
0:21 - How do we encourage women to be more involved in financial decisions?
2:51 - How would you handle the worst-case scenario?
5:22 - If you don’t know how to access your accounts, what would you do?
8:38 - Do you have the general idea of what’s happening with your financial plan?
10:29 - When should you DIY and when can you benefit from the support of a third party?
Thursday Feb 11, 2021
Thursday Feb 11, 2021
As you file your 2020 taxes, what do you need to be aware of to account for that unprecedented year? What changes were made and how should you prepare? We'll fill you in on the top tax tips.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-73-top-tax-tips-for-filing-in-2021/
Watch the video podcast: https://youtu.be/XTHpqM3TG0s
What we discuss on this episode:
0:24 - Tax season has begun!
1:20 - Are the stimulus payments taxable?
2:53 - Any changes on the tax brackets?
3:51 - What do you need to know about charitable giving?
5:13 - What is the deal with RMDs in 2020 and 2021?
8:48 - Can you claim a home office after working from home?
10:44 - Why might a CPA be better than DIY?
12:46 - What is tax prep vs. tax planning?
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?