Phil's Tax Hacks

Ep 110: 4 Unreasonable Requests

Although you may never ask something unreasonable of your advisor, it’s important to know where that line is. It will help you manage your expectations. On today’s episode, we will discuss 4 unreasonable things to ask of or expect from your financial advisor. 
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-110-4-unreasonable-requests/
 
What we discuss today: 
0:41 – We’re into mid-November
1:31 – I want big returns, but no risk
5:56 – Can you reduce your fees for me?
8:40 – How do I get out of paying taxes on my IRA or 401(k)?
11:13 – Can you just do it for me?

Ep 109: Living the Dream

Retirement planning is not all about finances, we also need to think about our lifestyles and what activities will make us happy from day to day. Today, we’ll discuss what it means to live the dream and hopefully inspire you to plan out your unique goals.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-109-living-the-dream/
 
What we discuss today: 
0:44 – We are into November!
2:00 – Our social circle
3:54 – Couples in retirement
6:30 – Going out or staying home
8:45 – Remodeling the house
11:56 – Finding something to do
13:58 – Funding your lifestyle

Ep 108: Overconfidence in Financial Planning

We want confidence and stability in our retirement plans but overconfidence can cause us to make financial mistakes. Today we are discussing some common areas of overconfidence in financial planning and how we can manage these areas. 
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-108-overconfidence-in-financial-planning/
 
What we discuss today: 
0:55 – Happy Halloween
2:36 – Stock market
5:50 – A certain number
8:48 - Rules of thumb
11:12 – Understanding and decision making

Ep 107: Tax Consequences – Pros and Cons

Do you know the tax consequences on your retirement accounts? Today, we will be discussing 5 different types of accounts and the tax pros and cons with each. 
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-107-tax-consequences-pros-and-cons/
 
What we discuss today: 
1:00 – Tax-deferred
3:11 – Tax-free accounts
6:00 – Taxable accounts
7:47 – CDs
9:43 – Life Insurance

Ep 106: What is ”Risk Averse”?

Everyone is different when it comes to risk tolerance. A lot of us think we are risk-averse, but we may be taking on more risk than we realize. On today’s episode, Phil is going to discuss risk aversion and how it affects our retirement plan.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/what-is-risk-aversion/
 
What we discuss today: 
0:28 – Enjoying the fall
1:27 – California’s new law
2:38 - $600 IRS Report
6:00 – Being risk-averse
7:14 – Risk of inflation
9:33 – Market risk
12:00 – Why are we at risk?
14:04 – How do we address risk?

Ep 105: Financial Mistakes Couples Make

Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.
 
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-105-financial-planning-as-a-couple/
 
What we discuss today: 
0:55 – The many hats Phil wears
2:03 – The Pension spousal benefit option
4:26 – Social Security strategy 
6:35 – Plans for retirement
10:23 – Coordinating individual accounts
15:33 – Risk conversation

Ep 104: Can You Put Off These Financial Decisions?

We all tend to procrastinate from time to time, even when it comes to our finances. However, there are many things that we don’t want to put off addressing in our financial plan. On today’s episode, Phil will discuss 5 financial decisions that people tend to put off and whether it is okay to do so.
 
Read and get additional financial information: https://philstaxhacks.com/podcast/ep-104-can-you-put-off-these-financial-decisions/
 
What we discuss today: 
0:39 – Catching up with Phil
1:59 – Deferring taxes
4:50 – Waiting to eliminate debt
6:48 – Legal and estate documents
9:30 – Delaying the start of social security
11:57 – Getting a plan
 

Ep 103: What Do You Need To Know About the Recent Tax Proposal?

If the recent tax proposals were to pass, how would it affect your financial plan? Some things we may want to look out for include changes in capital gains and Roth conversions. Phil talks about who could be most impacted if these proposals became a reality. 
 
Read and get additional financial information: https://philstaxhacks.com/podcast/ep-103-what-do-you-need-to-know-about-the-recent-tax-proposal/
 
What we discuss today: 
0:12 - Let’s talk about tax proposals in Congress.
3:23 - How could job creation be impacted?
6:23 - How will this affect your retirement?
8:17 - Numbers seem to be going back to Obama-era taxes.
9:57 - What are the possible changes for capital gains?  
12:20 - What other provisions may happen?
 

Ep 102: 5 Ways to Mind the Gap

There may be a few gaps that we might not notice when we are working on our retirement plan. So, to better prepare you for the future, we will be discussing some of the gaps you need to keep an eye out for and how you can address them. 
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-102-5-ways-to-mind-the-gap/
 
Watch the video podcast: https://youtu.be/i7Tmeomyw7A
 
What we discuss on this episode: 
0:32 - What inspired today’s podcast?
1:25 - What’s the paycheck gap?
3:35 - What challenges would you face when retiring early?
8:22 - The inflation gap is apparent right now.
10:22 - What’s the long-term care gap?
13:15 - How do you cover the widow gap?

Ep 101: Red Flags in Your Financial Plan

Are you worried you’re missing some red flags in your financial plan? Let’s talk through what you need to know and where you should better prepare.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-101-red-flags-in-your-financial-plan/
 
Watch the video podcast: https://youtu.be/-8SUd_vExGo
 
What we discuss on this episode: 
0:27 - Marc has a new studio set-up!
1:05 - How is Phil?
1:32 - What red flags should you look for?
2:05 - Can you name all the investments in your portfolio?
3:51 - How often should you talk with your advisor?
7:48 - Are your accounts going up and down?
9:40 - How much do you need to maintain your lifestyle?
12:14 - Could you describe your financial plan?