Phil's Tax Hacks

The Real Numbers Behind the Big Beautiful Bill

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When it comes to tax law changes, even official government summaries can get the details wrong. In this episode, Phil revisits the “Big Beautiful Bill” (BBB) discussion from a few weeks ago with important clarifications and corrections. After discovering that early government summaries included incorrect numbers and unclear explanations, Phil dug deeper using trusted tax research services to get the facts straight.
Here’s some of what we discuss in this episode:
🏠 SALT deduction changes and how the phaseout works
💵 The $6,000 per-person deduction, key updates and when it expires
🎁 New charitable giving “floor” and carryover rules
🧾 Above-the-line charitable deduction for non-itemizers
💸 Updated standard deduction amounts for those over 65
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You’re Not Ready to Retire If This Is All You’ve Done

You’ve spent decades building your investment accounts, monitoring the markets, and contributing to your 401(k). That’s great. But here’s the truth: you’re not ready to retire if that’s all you’ve done. Retirement planning isn’t just about your portfolio; it’s about so much more. In today’s episode, Phil dives into all the non-investment decisions that can make or break your retirement.
 
Here’s some of what we discuss in this episode:
💰 Why your portfolio isn’t the only thing you need to focus on
📊 Making informed decisions on when to take Social Security
💡 Building a clear vision for your ideal retirement life
🏥 Are you prepared for healthcare in retirement?  
 
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Not Every Retirement Plan Fits Neatly In A Box

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No two retirements look the same, and often clients come in with circumstances that make a cookie-cutter plan impossible. In this episode, Phil looks at some examples of these more unique and challenging scenarios and explore the solutions you’ll need to successfully retire. If you're looking for a one-size-fits-all retirement plan, you’re not going to find it here, and that’s a good thing.
Here’s some of what we discuss in this episode:
⏳ How age gaps can dramatically change retirement strategy
🧾 Early retirement and the hidden cost of health coverage
💔 How divorce reshapes your income, housing, and long-term plan
🧠 Special needs planning and estate considerations
🛠️ Why no plan is truly set-it-and-forget-it
 
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Separate Accounts, Shared Future: Planning Retirement With Separate Finances

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In this episode, Phil tackles a question many couples face: how do you plan for retirement when your finances have always been separate? Maybe one of you has a pension, the other a 401(k). Maybe you split expenses or handle totally different parts of the budget. Phil explains how to make separate money work for shared goals, whether it’s a second marriage, late-in-life partnership, or just how you’ve always handled your finances.
Here’s some of what we discuss in this episode:
💡 Why separate finances make retirement planning more complex, but not impossible
🗣️ Why communication is the foundation of any successful retirement plan
🏠 What happens when one spouse owns the house and the other holds the retirement savings
👥 How planning shifts in second marriages and blended families
 
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What’s Missing from Dave Ramsey’s 9-Step Retirement Plan

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Dave Ramsey is one of the most recognized voices in personal finance. His 9-step retirement plan is simple, direct, and built for mass appeal. But is it really the best path for your retirement? On today’s show, Phil shares his professional insight into each of Ramsey’s nine steps, from saving and investing to paying off your mortgage and planning for healthcare.
Here’s some of what we discuss in this episode:
🧮 Why planning requires math, not just motivation
🏠 Should you really pay off your mortgage early?
📊 Roth vs. Traditional: It’s not one-size-fits-all
🧓 Social Security decisions aren't just about age
💼 What long-term care insurance Ramsey skips over
🧰 How real strategy fills in the gaps Ramsey leaves
 
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Let's Talk about the Big Beautiful Bill (BBB)

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The Big Beautiful Bill has officially passed, and Phil is here to bring you everything you need to know from a tax and retirement planning perspective. He dives into what really matters, starting with why the headlines and quick Google searches can be dangerously misleading.
He walks through what the bill actually says, what’s being misreported, and how these new tax laws—however long they last—can be a major opportunity when used strategically in retirement planning.
Here’s some of what we discuss in this episode:
📉 TCJA tax rates are here to stay (at least for now)
💰 SALT deduction cap increased, but with income-based limits
👵 Seniors 65+ can claim an extra $4,000 deduction through 2028
🏥 Medicare recipients may now qualify to contribute to HSAs again
🧠 AI and headlines aren’t giving you the full story
 
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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
 
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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
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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
 
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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
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome