Preparing for Tax Season

Preparing for Tax Season (& When to Begin Taking Social Security) – Episode 1


Welcome to Episode 1 of Your Retirement Blueprint! This show is all about helping you plan for the long-term health of your finances, and we are so excited to be kicking off the show!

In this episode, after answering a question that was sent in about when to start taking social security, Phil and Kendall are talking about how to be preparing for tax season! There are some people that have more of a fixed-tax situation, and some that have a little more leeway, and today we’re breaking down the difference.

We’re grateful you’re here and hope to bring you a lot of value through this show!




Key Takeaways:

1) There are potential changes coming to Social Security. When the government is bold enough to print right on our social security statements a date that benefit reductions are coming, we should likely pay attention to how that may affect our financial plan.

2) “Inflation is one of the largest taxes on American people.” This is one of the lowest tax situations we’ve seen in America, but as we’re seeing inflation take place, that is becoming another “tax” each of us needs to consider in our strategy. It costs more and more each day to live, and just like we want to be careful about how much money we’re giving to the government, we want to be careful how much money we’re giving away to inflation.

3) If you’re a W2 earner, your tax situation is normally pretty well set. Above all else, we recommend talking with a CPA or tax attorney. But with the standard deduction so high, there are limits on additional deductions W2 earners can make on their taxes. Retirees and business owners (even if it’s a small side business) have a little more to consider as we approach tax time.

4) “There are strategies to employ; employ them.” It’s important to pay what’s due to the government, but there’s no reason to pay any more than that. Talk to a CPA or tax attorney. Have a strategy. Work the plan.


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