Join Bridget and John as they dive into the intriguing topic of "Rich Tax vs. Poor Tax" in this informative episode. Discover how the tax strategies and concerns differ between wealthier individuals and those with less income. Whether you're interested in maximizing your after-tax income or understanding more about tax planning and deductions, this episode has valuable insights for everyone. Remember to subscribe to our channel for more financial advice and insights. John's

In this video, Bridget and John discuss the process of finding the 1099-INT for selling I bonds in 2023. They walk through the steps of navigating the I Bond site to locate the necessary tax form. Whether you're a seasoned investor or new to the world of I Bonds, this guide will help you understand the process. John's firm website: https://www.trinfin.com The Alliance for Comprenhensive Planners: acplanners.org Don't forget to subscribe to Friends Talk Financial Planning

Check out our latest episode of Friends Talk Financial Planning, where Bridget and John dive into their predictions for 2024. They discuss what's in store for the stock market, interest rates, I Bond rates, and taxes, providing valuable insights into what the future might hold for your financial planning. Join the conversation as they explore how historical trends can impact the stock market, the potential trajectory of interest rates, and the relationship between inflation a

In this episode of Friends Talk Financial Planning, John and Bridget address a viewer's question, breaking down the differences between required minimum distribution (RMD) and qualified charitable distributions (QCD). They unravel the connection between these two concepts and providing valuable insights into how they can impact your taxes and charitable giving in later life. If you've ever been confused about these financial terms, this episode offers clear explanations a

In this episode, John and Bridget discuss all things Donor Advised Funds (DAFs) and Qualified Charitable Distributions (QCDs) and how to decide which strategy to use when making charitable contributions. They break down the highlights and mechanics of each option and provide insightful tips on making the best choice based on your specific situation. Check out our previous episodes on DAFs! Basics about Donor-Advised Funds: https://youtu.be/g7jbhnLcNDw How to maximize your

In this video, Bridget and John discuss the ins and outs of making estimated tax payments to the IRS and provide valuable tips on how to stay out of hot water with the tax authorities. Whether you've had a windfall, started a business, or experienced a big financial change, understanding estimated payments is crucial. Join us to gain insights and avoid underpayment penalties. IRS Chart: https://www.irs.gov/payments/quarterly-interest-rates John's firm website: https://www.t

In this episode of Friends Talk Financial Planning, John and Bridget reveal the secrets to the backdoor Roth IRA strategy. If you think you make too much money to contribute to a Roth IRA, think again! They discuss how to navigate the income limits and take advantage of this little-known strategy to maximize your retirement savings. Join them as they break down the steps and provide valuable insights on tax planning. Don't miss out on this valuable financial strategy, and mak

In this episode of FTFP, John and Bridget dive into the advanced strategies of using donor-advised funds for charitable giving and tax planning. They discuss the concept of "bunching" charitable contributions, controlling future investments, simplifying tax situations, and promoting the feeling of giving back. They also explore the benefits of involving family members in charitable decisions and the flexibility of donor-advised funds in supporting various causes. Join John an

In this episode of Friends Talk Financial Planning, John and Bridget dive into the basics of Donor-Advised Funds. They discuss how these funds allow individuals to maximize tax deductions while retaining control over their donations. They explain the concept of a donor-advised fund, its benefits, and when it might be advantageous for someone to use. Additionally, they touch on the implications for individuals who do not itemize their taxes and the potential strategies for co

In this engaging episode of Friends Talk Financial Planning, hosts John and Bridget delve into the intricacies of selling I bonds, providing listeners with valuable insights and practical tips to navigate this financial terrain. With a dynamic and conversational approach, they make the complex world of I bonds accessible to both seasoned investors and those new to financial planning. The hosts kick off the episode by breaking down the current rates of I bonds, offering a co

In this episode of Friends Talk Financial Planning, John and Bridget discuss the required minimum distributions (RMDs) and the recent changes to penalties for not taking them. They dive into the details of the Secure Act 2.0 and provide important tips to avoid IRS penalties. John's firm website: https://www.trinfin.com For advisors around the US: https://www.acplanners.org/home Thanks for watching, and please subscribe! #RMDs #RequiredMinimumDistributions #SecureAct2.0

Bridget Sullivan Mermel and John Scherer discuss the 59 and a half year age rule for retirement account withdrawals. They highlight exceptions to the rule, such as being able to withdraw from a company retirement plan at age 55 or later. They also mention the importance of understanding the incentives in the financial industry that may lead advisors to recommend moving money into an IRA. Additionally, they touch on the option of substantially equal periodic payments for early

John and Bridget discuss the new rules introduced by the IRS regarding catch-up contributions for individuals over the age of 50. The rules state that if you are over 50, you can put extra money into your 401(k) to catch up on retirement savings. However, starting in 2026, if your income is over $145,000, you can only make catch-up contributions to a Roth 401(k), not a traditional one. The speakers discuss the implications of this change and potential tax planning opportuniti

Many people of heard about Donor Advised Funds (D.A.F.) but not everyone knows how powerful they can be to leverage charitable giving. In today's episode we talk about situations where Donor Advised Fund makes sense, the of the tax savings that a DAF can bring, and how it can help facilitate happiness through giving. John's firm website: https://www.trinfin.com For advisors around the US: https://www.acplanners.org/home Thanks for watching and please subscribe! TRAN

I Bonds New Fixed Rate is about double what it was before--up to .9% of your investment. In this video we talk through the strategies that are in play now because of this new, higher fixed rate. Just a couple of years ago, the 10 year Treasury was only paying about 1% interest. Today, if you buy a new I bond between May 1 & Oct 31, 2023 you’ll get a guaranteed minimum rate of 0.9% for the life of the bond (up to 30 years) PLUS you’ll get an inflation component as well. T

When you've reached a point in your life when you know you've got more than enough, you may think about passing along your financial wealth to your kids, grandkids, and charity. Tax-efficiency means youYou want to give money and pay less tax! Bridget Sullivan Mermel and John Scherer explain how to give money and pay the least in taxes for everyone involved. #acpmemberwisdom #estate Here's another video we shot about estate planning mistakes: https://youtu.be/VSvzddIDN

Paying zero tax in retirement is possible, but it doesn't generally happen by accident. In this episode we discuss major sources of tax free income that you might not have considered. We'll talk about what to focus on when thinking about paying zero tax. If you want to pay zero tax, you're not going to do it unless you focus on it! This episode was inspired by @Jazzwealth Youtube video: https://youtu.be/B05OtAHXuJI John's firm website: https://www.trinfin.com For

Mutual Fund vs Exchange Traded Fund? There are basic differences you should know. We talk about why the two forms of investment have developed over time, when ETFs are better than mutual funds, when you must use mutual funds, and finally some new developments that you should know about exchange traded funds, especially if you're interested in socially responsible investing (SRI) or Environmental Social and Governance investing (ESG) John's firm website: https://www.trinfi

What's NOT in the SECURE Act hasn't gotten much attention as everyone, including @FriendsTalkFinancialPlanning, have been focusing on explaining the changes that did make the cut. Before the SECURE 2.0 was passed, many ideas were put out there. In some cases advisors suggested taking pro-active action to avoid the negative impact of changes that ultimately haven't come to pass! Today on Friends Talk Financial Planning we’re going talk through six main ideas that are NOT

One of the new provisions o the Secure Act 2.0 is that 529 College Savings Plans are now going to be able to be rolled over into Roth IRAs. This is a big planning idea. But financial planners are scratching their collective heads. How is this going to work? We've got a special guest and Roth expert, Sean Mullaney, in to talk it through. Secure Act 2.0 came in at end of 2022. Now we’ll be able take 529s and covert them into Roths. We talk about what the rules are, when