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 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
Thursday Nov 12, 2020
Thursday Nov 12, 2020
Is your portfolio diversified? Should it be? What does true diversification look like? We’ll tell you on this episode.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-62-is-diversification-just-for-suckers/
Watch the video podcast: https://youtu.be/69LkNzJHE3w
What we discuss on this show:
2:00 - Is diversification for suckers?
2:50 - How does the average person define diversification?
5:14 - How does Phil describe diversification?
8:06 - How much should your portfolio be diversified?
9:13 - Can you be too diversified?
11:56 - What does a conversation about diversification look like?
Thursday Nov 05, 2020
Thursday Nov 05, 2020
How do you know if you’re ready for retirement? Whether you plan to retire soon or years from now, taking this quiz will help you understand what you need to do to prepare.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-61-would-you-pass-this-retirement-preparedness-quiz/
Watch the video podcast: https://youtu.be/VSs7liueo0o
What we discuss on this show:
0:21 - Ready to take the quiz?
2:21 - Do you know how much you have?
5:35 - Do you know how much you spend?
7:37 - What is your risk?
9:59 - Do you know what you’re paying in fees?
11:46 - What are your retirement income streams?
Thursday Oct 29, 2020
Thursday Oct 29, 2020
Many of us have a 401(k), but how much do you really know about it? What frequently asked questions does Phil get when it comes to investing wisely?
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-60-answering-your-401k-faqs/
Watch the video podcast: https://youtu.be/E5LyPiJcQW8
What we discuss on this show:
1:44 - What frequently asked questions does Phil hear about 401(k)s?
2:08 - Should you take the free advice offered through your employer’s plan?
3:43 - Are 401(k) loans good or bad?
5:41 - When does a 401(k) rollover make sense?
8:14 - Should you use target date funds?
10:50 - What should your contribution amount be?
11:52 - Which is better, the traditional or Roth?
Thursday Oct 22, 2020
Thursday Oct 22, 2020
Whenever you have questions or concerns about your financial situation, you should reach out to a financial advisor. Today we’re going to answer several questions from listeners to hear what Phil has to say regarding everything from a long-term care policy to tax refunds.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/484/
Watch the video podcast: https://www.youtube.com/watch?v=xNd5iEw5tkY&feature=youtu.be
What we discuss on this show:
0:31 - Ever fight with technology?
1:45 - Mailbag: Should I share my inheritance with my adult son?
3:31 - Mailbag: Can I really get half of my ex-husband’s Social Security?
7:14 - Mailbag: Are these 401(k) estimates reliable?
9:33 - Mailbag: Do I have enough coverage in my long-term care policy?
11:32 - Mailbag: Should I move my investments to cash?
14:55 - Mailbag: Is a big tax refund good?
Thursday Oct 15, 2020
Thursday Oct 15, 2020
Are you understanding all of the options when it comes to Social Security? Or do you feel like retirement and Social Security always coincide? Today we take a look at this important piece of retirement income.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-58-reframing-the-social-security-conversation/
Watch the video podcast here: https://youtu.be/C_LugOpTQck
What we discuss on this show:
0:36 - Let’s reframe your Social Security decision.
3:25 - How much money can you get from Social Security?
5:27 - It’s hard to predict your life expectancy.
7:00 - Are you still working?
9:59 - What are the taxes?
10:58 - What assets should you use first?