Phil's Tax Hacks

Tax Mistakes to AVOID in 2024 (Part 1)

It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:43 – Missing investment income
3:30 – Selling too soon
5:33 – Poor record-keeping
7:56 – Forgetting losses
 
Fidelity Article:
https://www.fidelity.com/learning-center/personal-finance/tax-pitfalls?ccsource=email_monthly&mbox3rdPartyId=&mboxConvType=VPEmailClick&mboxCID=VM0224&pixelType=vpm&sfip=&sfCampaignId=16797&sfCellCode=169
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Finance Fortress: Practical Strategies for Retirees Against Scams & Fraud

Just like any other threat, learning to recognize and avoid scams has become crucial for today's retirees. Join us as we discuss essential steps you can take to protect yourself against the increasing prevalence of scams and identity theft. Phil will offer real-life stories and practical advice to help you keep your finances safe in today’s digital age.
 
Here’s some of what we discuss in this episode:
1:35 – Real stories of financial scams
5:43 – Phishing, vishing, and smishing
8:20 – Examples of different scams
11:54 – Recognizing the signs of a scam
15:19 – Protections you can put in place to avoid being a victim of a scam
 
Resources for this episode:
CNBC article:
https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html
Thomson Reuters article:
https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Understanding Annuities: The Good, Bad & Ugly

You’ve probably heard some mixed opinions on annuities in your lifetime. But before you get swayed one way or another, it’s important to understand what exactly an annuity is and how they work. Listen in as Phil breaks down the difference between immediate and deferred annuities and offers insights into their benefits and drawbacks.
 
Here’s some of what we discuss in this episode:
1:08 – What is an annuity?
10:04 – When might an annuity be appropriate?
13:20 – The misunderstood features of annuities
18:31 – Working with a fiduciary that has your best interest in mind
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

The Retiree Dilemma: To Sell Or To Rent?

Many retirees find themselves at a crossroads when deciding what to do with their existing property as they move into their dream home. Would it be best to sell, or should you consider becoming a landlord? Drawing from personal experiences and real client scenarios, Phil and Marc will explore the pros and cons of turning a home into a rental property in this episode.
 
Here’s some of what we discuss in this episode:
1:50 – Pros and cons of renting out a property in retirement
4:39 – Managing rental properties and dealing with tenants
9:41 – Understanding the potential downsides of rental properties
11:55 – What’s the right option for you?
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Retirement Planning Fear, Procrastination, and Indecision

Navigating financial decisions, especially as retirement approaches, can be a challenging terrain for many investors. Whether it's the anxiety around making the right choices or grappling with an overload of information, it can be tempting to push off important retirement planning conversations. It's a familiar scenario – putting things off to "next week," only to find that "next week" turns into a long period of indecision.
 
Here’s some of what we discuss in this episode:
1:31 – Struggling with paralysis analysis
2:58 – Procrastinating
4:40 – Information overload
7:32 – Is there a better option for you?
8:59 – Phil’s new book, “The Retirement Trifecta”
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Retirement Planning Is Harder Than It Used To Be (Part 2)

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.
 
Here’s some of what we discuss in part 2:
1:25 – Lower healthcare costs
5:31 – Fewer sandwich generation challenges
7:36 – Shorter life expectancies
9:41 – More contributors to Social Security
17:48 – Easier to achieve financial literacy
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirement Planning Is Harder Than It Used To Be (Part 1)

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning.
 
Here’s some of what we discuss in this episode:
2:03 – Job Stability & Company Loyalty
4:33 – Less Reliance on Personal Savings
9:55 – Housing Market Stability
12:08 – Simpler Investment Landscape
15:34 – Higher Interest Rates
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Mailbag: Adjusting to Retirement, Company Stock & More

In today’s show, we’re going to answer some email questions from listeners just like you. These questions cover a range of topics from investing to retirement planning, and Phil is here to provide some expert insights.
Remember, while we offer general advice on the show, it's always best to consult with a financial professional to tailor solutions to your unique situation. Stay tuned as we explore common financial dilemmas and uncover some general strategies to navigate them effectively!
 
Here’s some of what we discuss in this episode:
2:48 – Adjusting to retirement
6:59 – Social Security now or later?
10:07 – Company stock in 401(k)
13:27 – Selling property to pay off debt
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Will The Economy Boom Or Bust In 2024?

Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash.
 
Here’s some of what we discuss in this episode:
2:18 – Housing market in 2024
6:56 – Recession in 2024
12:50 – Stock market in 2024
 
Housing Prices Articles:
https://www.newsweek.com/will-housing-market-crash-2024-realtors-share-predictions-1851540
https://www.financialsamurai.com/2024-housing-market-price-predictions-by-industry-experts/#:~:text=The%20real%20estate%20industry%20average,market%20rather%20than%20a%20crash.
Recession Article:
https://cals.ncsu.edu/news/you-decide-will-2024-be-a-year-of-two-economies/
Stock Market Articles:
https://www.cnbc.com/2023/12/19/2024-market-predictions-bumpy-landing-for-the-economy.html
https://markets.businessinsider.com/news/stocks/stocks-crypto-house-prices-dent-market-outlook-bubble-crash-recession-2023-12
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Are Your Good Money Habits Holding You Back? (Part 2)

This episode might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial working in your favor? 
We explore the pros and cons of practices like paying off debt early and keeping up with the financial news. Are your good money habits holding you back?
 
Here’s some of what we discuss in this episode:
2:04 – Paying off debt early
8:41 – Keeping up with financial news
11:26 – Global diversification
12:58 – Building an emergency fund
17:17 – Patience in making financial decisions
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts