Taxes – The Wealth Stream Podcast

Maximizing Social Security Benefits: A Tax Planning Guide (Ep. 111)

By thewealthstreampodcast | July 12, 2023

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Understanding the complexities of Social Security and effectively planning for taxes can significantly impact your finances during retirement.

What factors should we consider and know before that phase?

In this episode, Tim Scannell explores tax planning related to Social Security and when to elect it. He delves into the complexity of Social Security, the many options available, and the factors to consider when electing Social Security. Additionally, Tim also addresses the importance of partnering with financial advisors who have expertise in tax planning and Social Security to create a flexible plan for retirement.

Tim discuss:

The complexity of Social Security and the many options available
Factors to consider when electing Social Security, including full retirement age and life expectancy
The earnings limit for those who retire or lose their job and elect Social Security prior to full retirement age
The importance of considering spousal benefits and benefits to children when making Social Security decisions
How Social Security benefits are taxed and the importance of factoring in taxes when making financial plans
An explanation of how Medicare premiums are impacted by income and how it can affect Social Security benefits
Tax planning strategies for retirement
The importance of partnering with financial advisors who have expertise in tax planning and Social Security to create a flexible plan for retirement
And more!

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How To Strategize Your Taxes For Maximum Benefit (Ep. 108)

By thewealthstreampodcast | May 24, 2023

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When someone mentions “taxes” or “tax season”, it may cause you to tense up and feel a wave of stress.

This usually happens when people aren’t confident in their tax strategies and worry they may be losing more money than they have to.

In this episode, Tim Scannell delves into the world of tax strategies and explores some practical tips and tricks for individuals and businesses to maximize their tax savings.

Tim discusses:

The difference between tax deferral and permanent tax savings
The pros and cons of tax deferral and how to know if it’s the right choice for you
Tax strategies for business owners and how to maximize the amount of hard-earned money you keep and reinvest in your business
Some recent tax policy changes and how to find out if they affect you or your business
And more

Resources:

The Wealth Stream Podcast: Finding Your Lifelong Accountability Partner (Ep. 107)

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Navigating The Dreaded Tax Season (Ep. 105)

By thewealthstreampodcast | April 12, 2023

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There’s no escaping the dreaded tax season, so you might as well learn how to navigate it efficiently!

In this episode, Tim Scannell discusses some of the ways he helps people minimize their taxes during tax season. This includes tax loss harvesting, staying up to date with tax law changes, and so many more of Hightower’s wealth enhancement strategies!

Tim discusses:

How you can apply our wealth enhancement strategies during tax season
How to enhance your tax loss harvesting strategies
Transferring funds, real estate, and investments down to the next generation using current gift tax laws
Tax law changes coming or already in place for 2023
And more

Resources:

Wealth Stream Podcast: 5 Strategies for Identifying Replacements for Business Owners Ep. 104

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Tackling Your Family’s Year-End Financial Plan Part 2 (Ep. 103)

By thewealthstreampodcast | March 8, 2023

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Are you looking for ways to ensure financial stability for yourself and your family in the upcoming year?

Now that we have discussed how to create a year-end financial plan for your business, it’s time to discuss how to make a plan for you as an individual!

In this episode, Tim Scannell highlights practical strategies for setting you and your family up for success as you enter into the new year. He covers the latest developments in the financial industry and their potential effects on decision-making, offers insight into current trends, and shares news updates to help you stay informed and make strategic financial decisions.

Tim discusses:

What to financially consider before switching your job position
How to get a better grasp on if you are in a good financial position for your age
What you should be looking for in an employer as a new graduate
Why the IRS makes most charitable contributions not deductible
And more

Resources:

Wealth Stream Podcast: Tackling Your Year-End Financial Plan Part 1 – Ep. 102

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