Phil's Tax Hacks

Do you know the tax consequences on your retirement accounts? Today, we will be discussing 5 different types of accounts and the tax pros and cons with each.    Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-107-tax-consequences-pros-and-cons/   What we discuss today:  1:00 – Tax-deferred 3:11 – Tax-free accounts 6:00 – Taxable accounts 7:47 – CDs 9:43 – L...

Everyone is different when it comes to risk tolerance. A lot of us think we are risk-averse, but we may be taking on more risk than we realize. On today’s episode, Phil is going to discuss risk aversion and how it affects our retirement plan.   Read more and get additional financial information: https://philstaxhacks.com/podcast/what-is-risk-aversion/   What we discuss today:  0:28 – Enjoying the...

Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-105-financial-planning-as-a-couple/   What we discuss today:  0:55 – The many hats Phil wears 2:03 –...

We all tend to procrastinate from time to time, even when it comes to our finances. However, there are many things that we don’t want to put off addressing in our financial plan. On today’s episode, Phil will discuss 5 financial decisions that people tend to put off and whether it is okay to do so.   Read and get additional financial information: https://philstaxhacks.com/podcast/ep-104-can-you-pu...

If the recent tax proposals were to pass, how would it affect your financial plan? Some things we may want to look out for include changes in capital gains and Roth conversions. Phil talks about who could be most impacted if these proposals became a reality.    Read and get additional financial information: https://philstaxhacks.com/podcast/ep-103-what-do-you-need-to-know-about-the-recent-tax-prop...

There may be a few gaps that we might not notice when we are working on our retirement plan. So, to better prepare you for the future, we will be discussing some of the gaps you need to keep an eye out for and how you can address them.    Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-102-5-ways-to-mind-the-gap/   Watch the video podcast: https://youtu....

Are you worried you’re missing some red flags in your financial plan? Let’s talk through what you need to know and where you should better prepare.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-101-red-flags-in-your-financial-plan/   Watch the video podcast: https://youtu.be/-8SUd_vExGo   What we discuss on this episode:  0:27 - Marc has a new studio...

Let’s talk about one of the primary benefits of aging: wisdom. Phil shares some of the key things to consider in order to make wise decisions as you age and near retirement.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-100-age-wisdom/   Watch the video podcast: https://youtu.be/-x5lDhWYZPw     Key Points:  0:13 - It’s our 100th episode! 1:36 - What has...

How can what’s happening this year shape our financial plans moving forward? We talk through several current events in the economy and what impact it could have on the future.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-99-breaking-down-economic-news-in-bits-and-pieces/     Watch the video podcast: https://youtu.be/0fKc8iPYNdg     What we discuss o...

To get to know Phil a bit more, we ask a few questions to find out how he got to where he is today. From his influences and hobbies to what he likes most about the job, today’s podcast is all about what makes Phil tick.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-98-what-makes-phil-tick/     Watch the video podcast: https://youtu.be/tdzheuWPHY0    ...

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...