『Plan With The Tax Man』のカバーアート

Plan With The Tax Man

Plan With The Tax Man

著者： Tony Mauro
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概要

 Financial, tax and retirement planning guidance from Tony Mauro. Tony is the original Tax Doctor, serving central Iowa. We’ll teach you how to properly plan for retirement, minimize your tax burden and attain a successful financial future.Copyright Tony Mauro 個人ファイナンス 政治・政府 経済学
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  • Tax Mistakes New Retirees Make

    Tax Mistakes New Retirees Make
    2026/03/12
    Nobody likes tax season. But for new retirees, it can come with a few unwelcome surprises. The rules have changed, the income sources have shifted, and strategies that made sense during your working years may no longer apply. Today, we're looking at some of the biggest tax mistakes retirees make, as discussed in a recent Kiplinger article, and whether these match what we see in the real world. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Speaker 1 00:01 Nobody likes tax season, and certainly not even Tony Morrow here on playing with the tax man. But for new retirees, it can also come with a few unwelcome surprises. So this week on the podcast, let's talk about tax mistakes new retirees make. Look up in the sky. It's a bird. Nick 00:17 It's a plane. No, it's the tax man. He may not be a superhero, but Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for plan with the tax man. Speaker 1 00:32 Everybody welcome into the podcast. Thanks for playing tour. Thanks for hanging out with us here on plan with the tax man. If I can get my thoughts together, Tony, it is tax season. And I made the joke there in the intro that not even you like taxes, even though it is obviously something you've been doing for a long time as a CPA and a CFP and an EA of 30 plus years. But it is a it is a hectic, confusing time, for sure, every year, isn't it? It really is. And as we're taping this, we're right in the midst of it. And it seems to me, you know, I mean, we like helping clients, but this truly is, you know, compliance season, you know, and the tax planning has to go on before after this. And so what I find, ever since covid, it seems like taxpayers, our clients anyway, tend to really just kind of put it off. And, you know, we're down to kind of where we prepare tax. Most of our tax returns is March and April. It used to be kind of from mid January on, but yeah, stuff gets out later and everything's slower, yeah, Tony Mauro 01:31 yep, yeah. So it is a hectic time. And I understand, from a taxpayer standpoint, nobody likes to gather all their stuff and they put it off and yeah, you know, Speaker 1 01:40 yeah, yeah. So yeah. But we were just talking before we started the podcast, folks, and I was saying, I got to get my stuff over to my CPA. And of course, you know, he was like, Well, why isn't toning your CPA? Well, we're in two different parts of the country, so that's the beauty of the internet. But, but, and he's, you know, he's like, look, my public service announcement to everybody out there is, get them this information as soon as possible, so they have time. And I was like, Okay, I'll get it over there. So I got scolded. So not that, not that we, all, you know, don't do it right from time to time, Tony, but yeah, the sooner we can get it in, the better, right? But it is. Let's talk about tax mistakes for new retirees, specifically on this week's podcast. Okay, because there's a recent article from Kiplinger, we'll put a link into it there, talking about big mistakes that tax retiree new retirees make. And so we'll focus on some of those comments there, and just kind of get your thoughts on it and see how it matches up with what you see, you know, in the real world, right, from just you know, from just an author as an article standpoint, versus what you see in the trenches. So starting the conversation with ignoring the upcoming RMDs, especially if it's your first one, right? Yeah, so you got to be careful here. So talk to me a little bit about that, and some of the stuff you Tony Mauro 02:49 see, well, some of the stuff we see, and we, you know, base what we see, because a lot of our retail tax clients are retirees or nearing retirement, and so we do see a lot of these things come up, rather than, you know, working with the younger crowd who don't have these problems yet, but they will. But yeah, ignoring the RMDs. I mean, RMD is required minimum distribution, you know, for those that are unaware. And so you you may have an IOU to the government for these, and they're going to come knocking and say, hey, look, once you reach a certain age, at 73 now and 75 for people like me, born after 1960 you need to start taking money out of your tax deferred accounts, because the government says you have to, because they want their their tax. They want their cut. That's right, they want their cut. So it's important that you work with your advisor or figure this out, because there is a large penalty if you delay this past the date you're supposed to do it, so you don't want to get in that situation, and then you have to start taking this money out every year, which creates a little bit of a tax problem, because you're going to, you're going to have some taxes due on this and whatnot. But the kind of, the hidden problem is, is the government will allow you to defer this a little...
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    15 分
  • From Zero Savings to a Million-Dollar Exit

    From Zero Savings to a Million-Dollar Exit
    2026/02/26
    For many business owners, retirement savings don’t show up neatly in a 401(k) or IRA. They’re tied up in the business itself. Today’s listener question comes from a couple facing a sudden transition from “almost nothing saved” to managing a large lump sum late in the game. And they’re wondering if it’s enough. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Speaker 1 00:00 For many business owners, retirement savings doesn't show up neatly in a 401, K or an IRA. It's tied up in the business itself. Well, this week, we're going to tackle a question from a listener dealing with the possibility of selling a business and what that might look like for their retirement. Look up in the sky. It's a bird, Nick 00:22 it's a plane. No, it's the tax man. He may not be a superhero, but Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for plan with the tax man. Speaker 1 00:36 Hey, everybody. Welcome into the podcast. This is plan with the tax man, with Tony Morrow from tax, dr, Inc, find them online at your planning pros.com that's your planning pros.com where you can drop a line into the team and get yourself some time onto the calendar, and, you know, ask your questions, get some things answered. And we're going to take a listener question here this week on the program Tony, about selling a business. And I know you've as a business owner, you've also got a lot of business clients, and so a lot of people do find themselves in this position in America, a lot of small business owners. So we're going to tackle this here a second. But first, how you doing? I've been doing real well. You know, I like this topic because it's near and dear to my heart, and we have a lot of clients that I've seen experienced this exact thing we're going to talk about. So I'm excited to talk about that. And Spring is almost on us, so things are good, good. Well, yeah, let's dive in. Let's because there's quite a few additional pieces that is kind of a lot of lot to unpack here for if we want to dive in. And we'll try to keep this within our normal timeframe here, but see if we can help some folks out, if they might be in a similar situation. So here's the setup. The listener says, Look, I'm 60 years old. My husband's 58 we're definitely behind when it comes to retirement savings, because we have basically nothing saved, but we put it all into the business, and we're going to be selling our business soon for just under a million bucks. I'm very nervous about dealing with this large sum of money, since we don't have any investing experience. Wondering where should we start, and Will this be enough to retire? On any pointers you can help would be great. So I guess we can start with a couple of pieces of this Tony. So when you're, when you're selling a, you know, a business, and you've not saved anything, I mean, it is very it's awesome that the business is, first of all, I guess, sellable, enough that you're, they're selling it and making this money, right, right? That's the first step. I think for a lot of business owners, it's like realizing, hey, is this valuable? Is it sellable? You know, is there value there? And then, if you do sell it, now, what do you do? So what's some things to think about here? Tony Mauro 02:27 Well, I think the first thing to think about is, and we see this a lot, is, I'll tell you, what they all say is, when we start talking about retirement and whatnot, they all that's what they say is, look, I'm not saying for retirement. My retirement my retirement is gonna be my business, and I'm putting all my money into the business. And so when we that's how the conversation starts. And then in this case, you know, I'd love to know more about it, but I'm gonna make an assumption here that they are gonna be at a million. I don't know what just under a million means. Yeah, let's, let's round it off for easy. Yeah. We'll just, yeah, we'll round it off. But what a lot of people don't realize is, if it's a service business like mine, or they don't owe anything on it, you sell a business for a million and you have no basis, which is kind of like, you know what you paid for your stock, then all of that potential money could be taxable, and if you're getting or giving up, say, 20% of it to the feds, another three or four to the state, you could end up with maybe 750,000 total after taxes. And then you also, you know, you got to factor in selling costs and things like that. So I'm just going to use 750,000 so it's not the million you think, because you're going to owe some taxes. Now, there's a lot that goes into that, because that capital gains, Tony, that's capital gains, yes, capital gains, taxes, and so you know, at first glance, you're 60 years old, and you've got 750,000 net to to, let's say, you know, save for retirement. Are you going to retire now or not? Or because I ...
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    18 分
  • Financial Hot Takes Under the Microscope

    Financial Hot Takes Under the Microscope
    2026/02/12
    Everyone’s got an opinion about money (especially the people with a book deal or a TV show). Some of that advice is useful. Some of it sounds better on a stage than it works in real life. Let’s break it down. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Marc: Everyone has got an opinion about money, especially people pushing a book deal or a TV show. And sometimes maybe that advice is useful and sometimes it's not, it works better on a sound stage than in real life. Let's break it down and have Tony react to some controversial financial takes here on Plan With The Tax Man. Hey, everybody. Welcome into the podcast. This is Plan With The Tax Man with Tony Mauro, here in Des Moines professional alternative at Tax Doctor, Inc. Hanging out with me to do a little reaction type podcast this week, Tony, we'll get your take on some interesting hot takes from some financial talking heads out there and see what you think about it and practice in the real world. Because you see clients and help people every day and of course are governed and have rules that you have to follow where a lot of these talking heads don't, they can say whatever they want. We'll talk about that a little bit this week. How are you doing, buddy? Tony Mauro: I've been doing good. As were taping this, we're getting into our tax season so getting busy with a lot of new tax changes and whatnot that's hitting everybody. Marc: Yeah, a lot of changes with the OBBBA. You got to be on your toes, right? Tony Mauro: Mm-hmm. Marc: And we talked a lot about that on some of the prior podcasts. Tony Mauro: We did, yeah. Marc: Yeah. If you guys aren't a little sure about some of those things, make sure you go check those out and you can find us at whatever podcasting app you like, Plan With The Tax Man. Just type that in the search box or just go to yourplanningpros.com. But if you need some help, of course, reach out to Tony as tax season is upon us again at yourplanningpros.com. All right. My friend, let's dive in and have some fun with these. Tony Mauro: Sure. Marc: All right. You're probably familiar, maybe a lot of our listening audience is with Robert Kiyosaki. A number of years back, he wrote Rich Dad, Poor Dad. Really good book, actually. Quite helpful. Tony Mauro: [inaudible 00:01:51] yes. Marc: Yeah, quite helpful for a lot of people. But he's since gotten a lot more aggressive and interesting in some of his stances and takes. And again, a lot of that is the demographic I think he's marketing himself to and pushing and things of that nature. But let's talk about this take here more recently. He said people shouldn't work for a company and save in that retirement plan, instead should launch their own startups or maybe buy gold, silver, and Bitcoin, or all of the above. At the time we're talking, Tony, it's early February and gold and silver and Bitcoin, we're doing pretty good last year and earlier into the year this year, but not so great right this minute. At the time we're talking, there was a recent 30% downturn in gold and silver so that didn't age so well. Tony Mauro: No. And I think it's interesting you pick this one because I have read his books and I think by and large the Rich Dad, Poor Dad, especially the Rich Dad, Poor Dad Cashflow Quadrant are great books for people. And this strikes me because... Don't get me wrong, I like people being in business for themselves. We serve a lot of those businesses. Marc: Absolutely. Tony Mauro: And the tax planning and accounting capacity and the financial end as well. Marc: But I bet they got their own SEPs and things, they've got their own retirement accounts they're doing. Tony Mauro: We've got them in almost anybody that will listen and take us up on it, whether it's through us or somebody else. Yes, they have their own retirement plan of some kind. Marc: Yeah. Not saving in a retirement plan just seems crazy, especially if you are working for somebody else, Tony. Because if nothing else, take the free money. Tony Mauro: It's free money. And that's exactly it, it's free money if you're working for somebody else. I think depending on who he's trying to market this measures to, not everybody is cut out for having a business for themselves. They may be good at it but they don't... A lot of them tend to get themselves into trouble, whether it's tax-wise or lack of planning, lack of cash flow, that kind of thing, let alone the headaches. Again, I love small business. It's my favorite thing so it's somewhere deep in me. I say, I get it. I get what you're saying. Yeah, I think everybody should work for themselves but not... Marc: Everybody doesn't have the right temperament though. Tony Mauro: They don't. They don't. They don't have the right temperament. And I definitely think if they're working for themselves or if they're working for a company, they should be in a ...
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    21 分
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