Tag: Tax Strategy

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How to Turn Your Tax Return into a Planning Tool (Ep. 103)

How to Turn Your Tax Return into a Planning Tool (Ep. 103)

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Most people think tax season ends when the return is filed, but that may be where the real opportunity begins.

What if your tax return could guide smarter financial decisions instead of sitting untouched for a year?

In this episode, I explain how your tax return can become a valuable planning tool instead of something you file away. I walk through how to review your return for accuracy, compare it year to year, and identify missed items that could impact your taxes. 

We also share how understanding key numbers like income and tax rates can shape better decisions, and how building a “base case” early in the year helps you plan ahead and avoid last-minute tax surprises.

Key takeaways:

  • Why reviewing your tax return after filing can uncover missed details and potential savings opportunities
  • How comparing year-to-year returns helps identify changes, errors, or missing income and deductions
  • What key numbers like taxable income and tax brackets reveal about future planning decisions
  • How small reporting mistakes like Roth conversions or QCDs can lead to unnecessary taxes
  • Why using your return early in the year creates a base case for proactive tax planning 
  • And more!

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Investing in Retirement – Part 4: Putting the Pieces Together for a Successful Retirement (Ep. 83)

Investing in Retirement – Part 4: Putting the Pieces Together for a Successful Retirement (Ep. 83)

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Retirement planning doesn’t end once you stop working; it evolves. 

In this episode, I wrap up my seven essential strategies for successful investing in retirement, focusing on two of the most pivotal: managing your tax burden and deciding whether to work with an advisor. 

I share how to plan ahead for taxes, the importance of timing withdrawals, and why every woman deserves a seat at the financial table.

Key Takeaways:

  • Why emotional decisions during market downturns often lead to poor outcomes
  • How to manage your lifetime tax liability, not just your yearly one
  • Why your retirement income plan should start 2–5 years before retiring
  • The key questions to ask before hiring a financial advisor
  • The importance of involving both spouses, especially women, in financial conversations
  • And more!

Resources:

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Social Security Claiming Strategies: Beyond the Breakeven Calculator (Ep. 74)

Social Security Claiming Strategies: Beyond the Breakeven Calculator (Ep. 74)

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Deciding when to start Social Security is more than a math equation. It’s about balancing life expectancy, risk tolerance, and long-term income needs.

In this episode, I explore the trade-offs of claiming early versus delaying for larger benefits. I explain how investing early benefits might change the picture, why survivor benefits matter, and how taxes and policy changes could influence your strategy. This conversation highlights the importance of tailoring the decision to your unique situation.

Key Points:

  • Why breakeven calculators don’t tell the full story about Social Security timing
  • The potential of investing early benefits into accounts like a Roth IRA
  • How spousal benefits and survivor planning influence claiming strategies
  • The role of taxes, risk tolerance, and other income sources in the decision
  • Possible future adjustments Congress may make to Social Security rules
  • And more

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Navigating Life After Loss – Part 3: Planning Your First Year with Clarity and Care (Ep. 69)

Navigating Life After Loss – Part 3: Planning Your First Year with Clarity and Care (Ep. 69)

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The first year after losing a spouse brings overwhelming emotions alongside important decisions. Knowing what needs immediate attention versus what can wait can make the difference between added stress and thoughtful progress.

In Part 3 of our Navigating Life After Loss series, I share how to approach both urgent and long-term planning after the loss of a spouse. I explain which financial and lifestyle choices deserve early focus, how tax planning can protect your future, and why building a supportive foundation is essential. Together, we look at practical ways to move forward with clarity and confidence.

Key takeaways include:

  • The impact of pre-death planning, wills, estate plans, and beneficiary designations on easing stress after loss
  • The key financial updates in the first year, including executors, trustees, Social Security timing, and income sources
  • How tax filing status changes after a spouse’s passing, and strategies like Roth conversions and capital gains harvesting
  • Rebuilding a financial foundation through account consolidation, investment updates, and income planning
  • The importance of lifestyle and emotional choices, such as housing, community support, and designing the next chapter of life
  • And more!

Resources:

Connect with Eric Blake: 

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