Phil's Tax Hacks

Retirement is not one-size-fits-all. Just like your bank account, family size, job, and home, you have a number of factors to add up to create a unique situation. On today’s podcast we talk through some of the areas of your retirement that you need to make sure is decided based on your needs and goals.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-97...

The SECURE Act was passed in 2019, but is now facing possible amendments being added for the SECURE Act 2.0. On today’s episode of the podcast, we talk through these proposed changes and what that means for you.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-96-the-secure-act-2-0/     Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iP...

There are a lot of things that don’t feel important, until you suddenly need them. What items do you need to be thinking about now, before it’s too late? On today’s podcast, Phil talks through the four things you want to take care of sooner rather than later.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/things-that-dont-matteruntil-they-do/     What we...

Have you started daydreaming about what retirement looks like? Let’s talk today about what it takes to make that retirement dream a reality. Read more and get additional financial resources here: https://philstaxhacks.com/podcast   Watch the video podcast: https://youtu.be/X7eECbIY9_A   What we discuss on this episode:  0:45 - Summer time is vacation time. 1:40 - Retirement could include spending...

How hard or easy is it to spend your retirement savings? On today’s show we talk about the process and how to get it right.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-93-5-things-to-know-about-decumulation/     Watch the video podcast: https://youtu.be/xzRUgJBaV-g   What we discuss on this episode:  0:24 - Today we are on location: on vacation! 1:...

Do you know your spending type? What about your spouse’s spending type? How does that impact your financial plan? Phil talks us through the different types and how they pair with others.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-92-what-kind-of-a-spender-are-you/     Watch the video podcast: https://youtu.be/MGqTUBHOzeE     What we discuss on thi...

Do you ever think you’re doing it right but then find out it’s all wrong? Let’s talk uncommon sense in financial planning and what you should be doing.   Read more: https://philstaxhacks.com/podcast/ep-91-uncommon-sense/   Watch the video podcast: https://www.youtube.com/watch?v=etE_AX6_E3M   What we discuss on this episode:  0:19 - What’s the latest with Phil? 0:57 - Cryptocurrency took a hit. 6:...

As we approach Father’s Day, we’re thinking about dear old Dad. Maybe he was your hero or maybe you never really knew the real him. One thing’s for sure, your retirement is certainly going to be different than his.   Read more: https://philstaxhacks.com/podcast/ep-90-not-your-fathers-retirement/     Watch the video podcast: https://youtu.be/WsGZ_zSVR-A     What we discuss on this episode:  0:17 -...

Where should your money go? First you need to understand the three worlds of money: banking, insurance, and Wall Street (or stock investing). On today’s episode of the podcast, Phil shares more about each world and striking the right balance of them in your financial plan.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-89-the-three-worlds-of-money/  ...

The MIT AgeLab did a study a couple of years ago asking people for five words to describe what retirement looked like. They came back with 928 words, but on today’s episode of the podcast, we’ll talk through the top words mentioned. What does retirement look like or mean to you?   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-88-5-words-that-describe-r...

There’s a lot we can’t control, but we can prepare for what might happen in different “what if” scenarios. On today’s episode of the podcast, we discuss a number of “what if” scenarios (some more likely than others) to see how we could prepare for them today.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-87-playing-the-what-if-financial-game/     Wat...

Typically, we think of life insurance for a young family to care for your spouse and kids if the worst were to happen. Do you really need life insurance though once the kids are grown? Should you have life insurance in retirement?     Read more and get additional financial resources here: https://philstaxhacks.com/podcast/do-retirees-really-need-life-insurance/     Watch the video podcast: https:/...

With the latest changes and spending proposals, we discuss how the economy might be impacted. What should you do now to prepare?   Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-85-financial-planning-in-president-bidens-america/     Watch the video podcast: https://youtu.be/KrqNfL2aEqc     What we discuss on this episode:  0:29 - Got gas? 1:11 - What’s going...

How much do you know about bonds? We’ll share some frequently asked questions and answers in today’s show.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-84-frequently-asked-questions-about-bonds/     Check out our video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA/featured     What we discuss on this episode:  0:28 – What is a bo...

What’s fact and what’s fiction when it comes to these financial planning concepts? Phil sets the record straight in order for you to plan accordingly.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-83-financial-fact-or-fiction/     Watch the video podcast: https://youtu.be/DY69Ko0EGA8     What we discuss on this episode:  0:50 - Listen for Phil to say...

If you had $1 million saved for retirement, how long could you live off of that? A lot of it depends on where you live. Let’s check out some possibilities across the country on today’s podcast.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-82-how-long-would-a-million-bucks-last-in-retirement/     Watch the video podcast: https://youtu.be/DjjU0NJ9j5w...

The quotes and quips from the past can shed a lot of light on the current situation when it comes to financial planning. Have you heard any of these before? How do they apply in your financial life?   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-81-what-can-we-learn-from-will-rogers/     Watch the video podcast: https://youtu.be/t5C8cbly-ZU   What we...

How do you know if you’re flirting with financial disaster? On today’s episode of the podcast, Phil goes over four big areas where things can really go awry if they are not properly handled when it comes to your finances.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-80-are-you-flirtin-with-financial-disaster/     Watch the video podcast: https://you...

When faced with financial challenges, do you view them as a crisis or an opportunity? Phil shares how your financial advisor can help you navigate them.   Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-79-when-crisis-meets-opportunity/     Watch the video podcast: https://www.youtube.com/watch?v=iwkKJtqOBhI   What we discuss on this episode:  0:31 - Is Phil...

March Madness is back! Have you filled out your brackets yet before the tournament starts? To have a little basketball-inspired fun today, we talk about the parallels between financial planning and March Madness.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-78-march-madness-and-retirement-planning/     Watch the video podcast: https://youtu.be/6r6rv...

While pensions used to be the standard retirement benefit offered by companies, that is becoming less and less common. On today’s episode of the podcast, Phil talks about what options you have with a pension, why you might still need to save for retirement outside of the pension, and what to look out for.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep...

You know what happens when you assume, right? We all make assumptions from time to time as humans, but what assumptions are you making from a retirement standpoint that you really shouldn’t? On today’s episode, Phil talks through the assumptions you might be making and how to adjust your thinking.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-76-reas...

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 t...

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 podcas...

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 o...