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03: The Everyday Guide to Tax Planning for Retirement

Episode description

Preparing for retirement doesn’t have to be difficult or overwhelming. Professional investment advisors are trained to help assist with each individual case and to help you make the most beneficial financial decisions. 

One of these professionals is Michelle Kohlbush, who has over 23 years of accounting experience and has expertise proven to help you financially prepare for your future. Tune into this episode of Your Best Financial Life with Scott Malbasa to learn about the best tax planning opportunities for you. 

Show Highlights: 

  • Benefits of working at a smaller firm 
  • Maintaining growth and retaining a hands-on approach 
  • Best tax opportunities 
  • Benefits of charitable contributions 
  • Advantages of a qualified contribution versus a donor advised fund 
  • Working closely with investment advisors 
  • The biggest impact tax changes have made 
  • Holes that need to be fixed in tax codes
  • Fee deductions 
  • States with income tax 
  • Pit falls when going into retirement 
  • Factors to consider when budgeting for retirement 
  • Tapping into retirement sources for easy cash 
  • Tax consequences of purge spending 
  • The benefits of record keeping 
  • 1031 exchanges and how to avoid paying taxes 
  • Converting to business use property 
  • Problems that DIY software can cause 
  • Things people overlook when planning for retirement 
  • Advantages of using a tax preparer 
  • Built-in tax issues 
  • References applicable to tax planning

 

Resources: 

Tony Nitti’s Tax Tuesday articles on Forbes: https://www.forbes.com/sites/anthonynitti/#30e7d9c27a36

Michelle's Website

 

 

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