155R | Year End Tax Planning With Sean Mullaney

year end tax planning

Sean Mullaney joins the show to discuss year-end tax planning. He goes into deductions, self-employment income, and how to get the most from your deductions. Insights From Leslie Tayne In this week’s episode, Leslie has a very frank conversation with Brad and Jonathan about balancing family and money as a single parent. If you haven’t listened yet, you can find the full episode here. Leslie has overcome an abusive financial … Read more

The 4 Worst FI Tax Hacks (And What To Do Instead)

The 4 Worst FI Tax Hacks (And What To Do Instead)

This is a guest post from Sean Mullaney. As always, the below commentary is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular taxpayer. There are many great tax ideas in the FI community. I believe some of them are fraught with danger if not properly applied and understood. Here are what I call the four worst FI tax … Read more

How To Fill Out A W-4 With Confidence

How To Fill Out A W-4 With Confidence

Your W-4 lets your employer know how much of your paycheck to withhold for federal income taxes. If your state charges income tax as well then you will have a separate form for that. Everything we are talking about in this article relates to federal income taxes and the W-4 only. While simple, filling out the W-4 incorrectly impacts both your tax withholdings and your paycheck. Click here to download … Read more

Challenge: Get Your Tax Refund Down To Under $100

Challenge: Get Your Tax Refund Down To Under $100

This tax season, returns have been uncommonly low, and everyone has noticed. If you tuned into episode 116r of the Choose FI podcast, you know why that’s not necessarily a bad thing. But for those who didn’t listen, this post will cover why you should try to get your next year’s tax return under $100. I’ll also discuss methods for doing so. Without further ado, let’s get started! Why Refunds … Read more

How To Hire Your Children And Reap The Tax Benefits

How To Hire Your Children And Reap The Tax Benefits

When it comes to parenting, teaching children financial lessons they use throughout their lives is an important part of our job. This includes teaching them about finances by paying them to work for us. Although we all would love to be able to pay them tax-free, not everybody can get away with paying their children while also reaping the tax benefits. Luckily, getting tax breaks when you hire your children … Read more

Gift Tax 101: The Tax Consequences Of Giving Large Sums Of Money

Gift Tax 101: The Tax Consequences Of Giving Large Sums Of Money

Not too long ago, a member of the ChooseFI Facebook group asked how much cash they could give to their parents without having to pay taxes on it. Now, for those of you who don’t know, this is known as a Gift Tax. If you gift large sums of money, investments (savings bonds, etc.), or items like cars, you could be stuck paying a Gift Tax on it at the … Read more

How Estimated Quarterly Taxes Work

How Estimated Quarterly Taxes Work

If you’re taking on a side hustle or you’ve launched your own business in your post-retirement life, you may have little experience in handling your own estimated taxes. While almost everyone is required to file a tax return by April 15th, the self-employed will have some regular tax bills throughout the year. The basic rule of thumb is that if you think you will owe more than $1,000 in taxes … Read more

Health Flexible Spending Accounts: When You Can Use Your FSA Money

Health flexible spending accounts (FSA) allow you to pay for out of pocket health care costs with pretax dollars. An FSA is typically a bank account that offers a debit card or checks you can use to make purchases or reimburse yourself for qualified costs. Unfortunately, this benefit has to be offered by your employer in order to use it. The Benefit Of An FSA In 2018, you could contribute … Read more

How An HSA Fits With Your FIRE Plans

How An HSA Fits With Your FIRE Plans

When your primary financial goal is to retire early and become financially independent, sometimes it feels like you can only do so much. If you’re already maxing out your IRA and 401(k) every year you might assume that you are left with only taxable accounts to invest your cash in. Thankfully, the HSA is a perfect third option for investing in your future. It may sound like a basic savings … Read more