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Taxes: Hiding vs. Frontal Assault

Finishing Well / Hans Scheil
The Truth Network Radio
October 12, 2019 8:30 am

Taxes: Hiding vs. Frontal Assault

Finishing Well / Hans Scheil

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October 12, 2019 8:30 am

You cannot hide from taxes, they will catch up with you eventually. Some people push it off and decide they don’t want to pay them until later, or even pass them onto their children. If you take taxes head on, ask for advice, and put strategies into action for you individual situation, it can end up saving you money in the long run.  

Hans and Robby start out talking about how low the tax rates currently are. Hans suggests for many of his clients that it is advantageous to pay more tax this year to pay less taxes in the future. A Roth IRA conversion is one way to do this.

Hans has recently acquired a number of CPAs as clients.Hans has helped them do pretty advanced tax planning strategies, even though they are the tax expert. This includes strategies for Medicare tax, or IRMAA, and Social Security tax planning.  

Taxes also come into play with long term care. Hans has a client who is a   CPA and was recently diagnosed with ALS. How is he going to pay for the care he is going to need? Hans goes over the strategy they devised, including the use of   IRAs, life insurance, and tax planning.  

Lastly, Hans and Robby discuss QCDs, and how you can make charitable contributions to your Church tax-free.  

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free!

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