Tax

Tax planning, liability avoidance, deductions, credits, earned vs. portfolio vs. passive income, tax shelters, estate planning, US tax code, tax forms.

Finance - Budgeting - Financial Planning - Accounting - Asset Allocation - Taxable and Tax-favored Accounts - Cash

Asset Location: Taxable vs. Tax-favored Accounts (401k, IRA, HSA)

Asset Location (AKA Asset Placement) is a strategy for organizing your assets in an optimal way that helps you meet your financial goals. In the previous episode, we focused on asset location strategies for reducing taxes and simplifying your tax return. In this episode, we focus on asset location considerations for allocating capital between your taxable and tax-favored accounts (TFA) such as 401(k), IRA, and HSA. Topic discussed: (1) Seeing TFAs in a different light and deciding what your long-term strategy is for each account, (2) Using your projected tax liability to help guide your allocation, (3) deciding what assets you want to invest in, which will help determine your allocation, (4) Asset protection. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not attorneys, CFAs, CFPs, CPAs, tax attorneys, or enrolled agents, and nothing in our podcast is tax, financial, legal, or other advice. We highly encourage you to consult your attorney, tax, and financial advisors before making any changes to your legal, tax, or financial situation. (C) 2023 Bigger Insights, LLC. All rights reserved.

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Planning - Concepting - Whiteboard - Tax Planning Tips - Asset Location - Asset Placement

Asset Location: Reducing Taxes & Simplifying Your Tax Return

Asset Location (AKA Asset Placement) is a strategy for organizing your assets in such a way as to reduce tax burden, simplify your tax return, and manage risk. We discuss our Asset Location strategies, which includes specifics about tax treatment for growth stocks, dividend stocks, taxable bonds, real estate investment trusts (REITs), precious metals (gold, silver), and commodities. We also detail considerations for foreign tax credit, master limited partnerships (MLPs), and Schedule K-1. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, enrolled agents, or other tax professionals and nothing in our podcast is tax, financial, or other advice. We highly encourage you to consult your tax and financial advisors before making any changes to your tax or financial situation.

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Savings - Retirement Planning - Investing - Tax Planning - Tax-Favored Accounts - Coins - Tree

Why You Should Consider Investing in a Roth IRA

A Roth IRA is funded with after-tax dollars, but distributions are tax-free in retirement. Everyone knows that, but Roth IRAs have special properties and use cases that rarely get mentioned. We explain what the general and special benefits of a Roth IRA are, as well as under what circumstances you may want to invest in a Roth IRA. Some of the items discussed include tax-free and penalty-free distributions, protecting your assets from taxes and inflation, and required minimum distributions (RMD). Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, enrolled agents, or other tax professionals and nothing in our podcast is tax, financial, or other advice. IRA rules are rather complicated, so we highly encourage you to consult your tax and financial advisors before making any changes to your tax or financial situation.

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Risk - Trap - Pitfall - Finance - Chasing Money off a Cliff

11 HSA Pitfalls to Avoid – Part 2

Health Savings Accounts (HSA) are very powerful in that they can save you a lot on your taxes, but there are many pitfalls/risks that HSA participants should be mindful of. This is Part 2 of 2 episodes detailing 11 HSA Pitfalls to Avoid. If you haven’t yet listened to Part 1, go listen to that first. In this episode, we discuss the 5 remaining of the 11 pitfalls, including: 1. Employer mistakes, 2. Not reconciling expenses, 3. Not keeping good records 4. Doing a full Transfer of Assets (TOA) when you don’t intend to close the outgoing account, and 5. Not investing your HSA funds. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, health, or other advice. Investing your HSA funds involves risk, which may not appropriate to some HSA participants. Do not invest your HSA funds without first consulting your financial advisor. Bigger Insights also does not condone buying beer with your HSA funds!

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Risk - Trap - Pitfall - Finance - Chasing Money off a Cliff

11 HSA Pitfalls to Avoid – Part 1

Health Savings Accounts (HSA) are very powerful in that they can save you a lot on your taxes, but there are many pitfalls/risks that HSA participants should be mindful of. This is Part 1 of 2 episodes detailing 11 HSA pitfalls to avoid. In this episode, we discuss 6 of the 11 pitfalls, including: 1. Not shoeboxing expenses, 2. Missing qualified expenses, 3. Disqualified expenses, 4. Personal vs. payroll contributions, 5. Over-contributing, and 6. Under-contributing. We mentioned that the law may have changed regarding over-the-counter (OTC) medications. It does appear that, per the CARES Act, certain OTC medications may qualify as qualified medical expenses without a prescription, but you should confirm this with your tax advisor. Stay tuned for Part 2. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, health, or other advice. Shoeboxing HSA expenses, changing contribution elections, and investing your HSA funds involves risk, which may not appropriate to some HSA participants. Do not make changes to your HSA without first consulting your financial advisor.

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Tax - Government - Paying Taxes to the IRS

The Best Way to Pay Your Taxes to the IRS

Tax Day is almost here, which is April 18, 2023. If you’ve been following the news, you’ve probably heard Janet Yellen warning about the US Treasury running on fumes. According to Joe Biden, paying taxes is patriotic. So if you’re feeling like a patriot, and want to throw Janet a lifeline, you may be wondering what the best way is to pay your taxes to the IRS. There are several ways to do this, but which is the best way for individuals? Should you mail a check, use Electronic Funds Withdrawal, or IRS Direct Pay? In this episode, we discuss these options, their pros and cons, as well as which may be best for you. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, or other advice.

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Tax - Tax Form - Health Savings Account (HSA) - 5498-SA

HSA – Demystifying Tax Form 5498-SA

Health Savings Accounts (HSA) are powerful, but can be complicated and confusing. One of those areas of confusion comes from Form 5498-SA. In this episode, we explain why you receive 5498-SA in May as well as some HSA pitfalls to avoid. We also discuss how contributions are reported in 5498-SA Box 2 and Box 3, in addition to W-2 if you contribute through payroll. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, or other advice.

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Tax - Paying Income Taxes - Federal Form 1040

Why Employees Should Care About the Tax Code

Are you living paycheck-to-paycheck or struggling to meet your financial goals? Taxes are one of, if not your biggest expense. It is a myth that employees who don’t have millions in assets shouldn’t concern themselves with the tax code because they have little or no opportunities to manage their taxes. It is true that some of the best tax opportunities are reserved for the wealthy (e.g. accredited investors), but employees have opportunities as well. In this episode, our goal is to convince you that you should care about the tax code. We discuss strategies employees can take advantage of to reduce their taxes. We also warn of some pitfalls you can run into if you’re not planning your taxes effectively. Some topics in this episode include: proper withholding, tax-favored accounts (401k, HSA, IRA), health insurance (HSA, premium tax credit, Medicaid), opportunities and pitfalls due to income fluctuations, and retirement planning. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, or other advice.

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