2025 The Final Drive Podcast

Here we are in Quarter 4 of the year and guess what...?   Everything is down, Stocks are down Bonds are Down, nearly everything is down.    How does this play into the wash sale rule?   If you're looking to sell a security at a loss and buy the same, how will this affect your portfolio?   Working with bonds can be the same.   This something I have never really talked about in my nearly 29 years in...

You own an investment property and want to sell it; but you also don't want to pay all that tax.  In this week's episode David discusses the benefits of doing a 1031 Tax Deferred Exchange for investment properties.  Plus, learn how to have your cake and eat it too, by pulling out some money tax free, before or after a transaction is complete! This is not a recommendation for a 1031 Exchange, the m...

You are ready to gift one of your investment properties to a family member, but unsure how to go about it. Your son has been living in a home of yours, and paying you rent, but you want to gift him the property.  What steps do you begin to take? Do we need to sign a new deed? Will this affect mine or his taxes next year?  We have seen this scenario more than once in our office, and David sits down...

Student Debt. This is a hot topic and we just added fuel to the fire. Biden has set out to eliminate $10-20k worth of student debt. While this helps many people now, mathematically this could potentially hurt us long term. With thousands of students going further into debt every year, this responsibility should be on the colleges. We need an educational reform. But when? https://www.cfci.us/2025-t...

Special Edition on the "inflation reduction act of 2022" or should we call it the "we hope it doesn't cause more debt act"? More spending with the hopes of increasing revenue with a minimum corporate tax and increasing IRS audits – we'll see if it works, but it rarely does. It just reinforces we are addicted to debt that we never intend to pay back, even though we will try. The passage of this new...

Getting more personal with Martin James in our last installment of part 3 of 3. Join David and Martin in their discussion of QCDs: How can you help your own CPA when filing? Later they get into how to manage a step-up cost basis. How can you manage a step-up cost basis with married couples? This hasn't been on David's radar yet, but thanks to Martin's own research and advice David learns more abou...

Join David and his Guest Martin James as they embark on a 3-part series, this is part 2 or 3. Martin, a recovering CPA, has also projected tax changes coming at the end of 2025 due to our Marginal Tax System. How will this affect our current bracket rates?  Have you ever thought to yourself: What is Stealth tax? How does this affect me? What is the history? https://www.cfci.us/2025-the-final-drive

Bloomington roots grow deep when these 2 individuals get to talking. Join David and his Guest Martin James as they embark on a 3-part series, this is part 1 of 3.  Martin James is a recovering CPA now turned Fly Fishing Instructor. Martin is a Charter Member in the Ed Slott's Elite Group with David.  This episode begins with discussions about previous Final Drive episodes on managing your taxes: M...

Prescribing a Roth to reduce Pre-Medicare Premiums – or maybe eliminate the cost all together. Listen to David as he discusses a real-life scenario where a client saved money doing this exact thing!  https://www.cfci.us/2025-the-final-drive

Am I too OLD to do a ROTH Conversion?  Think again. Join David as he describes why you're NEVER too old for conversions. https://www.cfci.us/2025-the-final-drive

Little known ways to get money out of your retirement plan, before age 59 ½, without a tax penalty.    Do you have company stock in your 401K?    Don't miss out on one of the littlest known opportunities to potentially pay no tax on that Stock. https://www.cfci.us/2025-the-final-drive

So you think you'll be in a lower tax bracket when you retire? The narrative of getting a deduction when you put money into your retirement account, grow tax deferred, and pay the tax when it comes out, has been flipped! https://www.cfci.us/2025-the-final-drive  

Out of control debt and spending how does inflation help or hurt our debt problem? What's the appetite of Washington to do anything about it?  Not much for now – but nothing happens in America until there is a crisis. More reasons to take a proactive approach to move your retirement out of the cross hairs of higher taxes coming. https://www.cfci.us/2025-the-final-drive

Why are they proposing our Required Distribution age on our IRA's and 401K's be 75 as part of The Secure Act 2? David explains how budgets are made, by occasionally pulling forward expenses and pushing out revenue to cover the cost.  How demographics, projected retirement plan balances, line up perfectly to the new RMD age to pay for our projected spending. Once again proving our Retirement accoun...

Listen to David explain how to get a full step up of cost basis on a Marital asset and avoid paying capital gains?  Learn about the Marital Gifting Strategy that almost no one knows about!  Hear how to take advantage of your life time, gift exclusion amount, without the fear of an IRS claw back. https://www.cfci.us/2025-the-final-drive

What types of investments should you hold in which type of accounts? Taxable, Tax Free & Tax Deferred Why Auto Enrollment is good for America, but what are they missing big time? https://www.cfci.us/2025-the-final-drive

Are tax free bonds truly tax free?  Not always. Who should consider tax free bonds and who shouldn't? What are the alternatives? When you're looking at regular Bonds vs I-Bonds there is a difference. Join me in this episode as we learn how to calculate your tax equivalent yield. https://www.cfci.us/2025-the-final-drive

When should you use your ROTH IRA money? While your living or when you're dead? Maybe the answer is – whenever you want! https://www.cfci.us/2025-the-final-drive

Did you know that the IRS will tell you exactly when you have to take money out of your retirement accounts, how much and how much is theirs? Take control, the time to act is now to keep the IRS from telling you what to do! Are you single?  Taking care of an aging Parent? Find out if you qualify to change your tax filing status from Single to Head of Household, and enjoy the most favorable tax tre...

Capital Gain Taxes are different! Short term vs. Long Term How to maintain the stepped up cost basis if you want to transfer title to your kids before your passing. https://www.cfci.us/2025-the-final-drive

What is the most sacred Tax Code the IRS has? You might be surprised! How can you take advantage of this misunderstood tax free product and maximize your tax free life? https://www.cfci.us/2025-the-final-drive

If you own your company stock in your 401K plan, how you handle that stock could save you a ton in income taxes. Learn about this little known opportunity to save thousands https://www.cfci.us/2025-the-final-drive

Maxing out your plans for tax free money in retirement? Lots of ideas on how to avoid this in the episode! Check out a few David covers: • Having your Roth 401k's and IRA's work together to max out your tax free savings • Catching up now that you have the money (in our 50's) • Non-Profit Employees have an even greater opportunity to save more money tax free. https://www.cfci.us/2025-the-final-driv...

What do you do if you want to a Roth conversion, but don't have the money to pay the tax?  David will discuss a great method to get the job done! https://www.cfci.us/2025-the-final-drive

Where can you get a tax deduction, let it grow tax deferred and take it all out tax free?  It's the triple threat of retirement – the Health Savings Account https://www.cfci.us/2025-the-final-drive