Bigger Insights Finance

13 Episodes

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Asset Location: Taxable vs. Tax-favored Accounts (401k, IRA, HSA)

2023-09-3017:51

Asset Location (AKA Asset Placement) is a strategy for organizing your assets in an optimal way that helps you meet your financial goals. In the previous episode, we focused on asset location strategies for reducing taxes and simplifying your tax return. In this episode, we focus on asset location considerations for allocating capital between your taxable and tax-favored accounts (TFA) such as 401(k), IRA, and HSA. Topic discussed: (1) Seeing TFAs in a different light and deciding what your long-term strategy is for each account, (2) Using your projected tax liability to help guide your allocation, (3) deciding what assets you want to invest in, which will help determine your allocation, (4) Asset protection. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not attorneys, CFAs, CFPs, CPAs, tax attorneys, or enrolled agents, and nothing in our podcast is tax, financial, legal, or other advice. We highly encourage you to consult your attorney, tax, and financial advisors before making any changes to your legal, tax, or financial situation. (C) 2023 Bigger Insights, LLC. All rights reserved.

Asset Location: Reducing Taxes & Simplifying Your Tax Return

2023-08-0216:09

Asset Location (AKA Asset Placement) is a strategy for organizing your assets in such a way as to reduce tax burden, simplify your tax return, and manage risk. We discuss our Asset Location strategies, which includes specifics about tax treatment for growth stocks, dividend stocks, taxable bonds, real estate investment trusts (REITs), precious metals (gold, silver), and commodities. We also detail considerations for foreign tax credit, master limited partnerships (MLPs), and Schedule K-1. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, enrolled agents, or other tax professionals and nothing in our podcast is tax, financial, or other advice. We highly encourage you to consult your tax and financial advisors before making any changes to your tax or financial situation.

What Does it Mean to be Able to Afford Something?

2023-07-1523:37

Most everyone will agree that you shouldn’t buy things that you can’t afford, yet so many do. Why is that? It seems to us that one of the reasons for this is because many don’t know what it means to be able to afford something. Spoiler alert – it doesn’t mean you have enough money in the bank or have just enough income to cover it. In this episode, we're going to give you some things to think about when you're doing your budgeting, financial planning, or considering making a large purchase like a home, car, wedding, etc. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us.

Living Trusts: What and Why You Need One

2023-06-0827:56

1 out of 3 US adults have an estate plan. 3 out of 3 need one. Revocable living trusts are powerful, flexible estate planning instruments which all adults should seriously consider, especially if there are children or significant assets involved. In this episode, we detail the advantages and disadvantages of living trusts. We also discuss the risks and headaches of dying either with only a last will or no estate plan at all (intestate), which furthers the case for having a living trust. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not lawyers or other legal professionals and do not practice law in any regard. Nothing in this episode, our podcasts in general, or our website should be construed as legal advice. The content of this episode is specific to the United States and may vary depending on your state and local jurisdiction. Although believed to be accurate as of the date of publishing this episode, some of this information may be inaccurate, may not be appropriate for your situation, or may change as the laws change. We encourage you to discuss any of this content with a qualified and competent lawyer in your jurisdiction.

Why You Should Consider Investing in a Roth IRA

2023-06-0218:14

A Roth IRA is funded with after-tax dollars, but distributions are tax-free in retirement. Everyone knows that, but Roth IRAs have special properties and use cases that rarely get mentioned. We explain what the general and special benefits of a Roth IRA are, as well as under what circumstances you may want to invest in a Roth IRA. Some of the items discussed include tax-free and penalty-free distributions, protecting your assets from taxes and inflation, and required minimum distributions (RMD). Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, enrolled agents, or other tax professionals and nothing in our podcast is tax, financial, or other advice. IRA rules are rather complicated, so we highly encourage you to consult your tax and financial advisors before making any changes to your tax or financial situation.

Why the 2020s Decade Will Likely Be Inflationary

2023-05-1951:28

One of the biggest macroeconomic debates of today is whether we'll experience inflation or deflation over the coming years. If you survey 50 economists, you'll come up with 50 different answers. However, after much research, our opinion is that the 2020s decade will likely be inflationary in terms of the purchasing power of the US dollar (USD) within the United States. We explain our reasons why, supported by data, as well as deflationary risks that consumers and investors should be mindful of. It should be noted that although we expect inflation in aggregate, we also believe that, similar to the 1940s and 1970s, we’ll likely experience volatile waves of inflation and deflation. This presents risks and opportunities to consumers and investors who follow these macroeconomic trends. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: Nothing in this episode should be construed as tax, financial, or other advice. Investing involves significant risk, which may not be appropriate for your situation. Consult your financial advisor before making any investments.

Bitcoin’s Fundamental Flaw That No One’s Talking About

2023-05-1027:57

Bitcoin has a lot going for it. It has a very robust network, is rather decentralized, can’t be duplicated, etc. We’ve all heard the sales pitch. However, Bitcoin has a fundamental flaw that no one’s talking about. When it comes to privacy, frankly, we’re a little concerned. It’s no longer a secret that Bitcoin isn’t very good for privacy, but we’re convinced that Bitcoin’s transparent, public ledger will prove to be a bigger liability for investors than most realize. In this episode, we explain our reasoning for these concerns, as well as ideas for mitigating them moving forward. We also provide a business’ perspective, in terms of the risks of accepting Bitcoin as payment (e.g. tainted coins), which is too often overlooked and will hinder Bitcoin’s adoption as money. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: Nothing in this episode should be construed as tax, financial, legal, or other advice. Some of the material discussed in this episode may not be appropriate, applicable, or lawful for you depending on when you consume this content and your jurisdiction. Investing in cryptocurrency involves significant risk, which may not be appropriate for your situation. Consult with your financial advisor before investing in and cryptocurrency.

11 HSA Pitfalls to Avoid – Part 2

2023-05-0521:54

Health Savings Accounts (HSA) are very powerful in that they can save you a lot on your taxes, but there are many pitfalls/risks that HSA participants should be mindful of. This is Part 2 of 2 episodes detailing 11 HSA Pitfalls to Avoid. If you haven’t yet listened to Part 1, go listen to that first. In this episode, we discuss the 5 remaining of the 11 pitfalls, including: 1. Employer mistakes, 2. Not reconciling expenses, 3. Not keeping good records 4. Doing a full Transfer of Assets (TOA) when you don’t intend to close the outgoing account, and 5. Not investing your HSA funds. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, health, or other advice. Investing your HSA funds involves risk, which may not appropriate to some HSA participants. Do not invest your HSA funds without first consulting your financial advisor. Bigger Insights also does not condone buying beer with your HSA funds!

11 HSA Pitfalls to Avoid – Part 1

2023-04-2923:16

Health Savings Accounts (HSA) are very powerful in that they can save you a lot on your taxes, but there are many pitfalls/risks that HSA participants should be mindful of. This is Part 1 of 2 episodes detailing 11 HSA pitfalls to avoid. In this episode, we discuss 6 of the 11 pitfalls, including: 1. Not shoeboxing expenses, 2. Missing qualified expenses, 3. Disqualified expenses, 4. Personal vs. payroll contributions, 5. Over-contributing, and 6. Under-contributing. We mentioned that the law may have changed regarding over-the-counter (OTC) medications. It does appear that, per the CARES Act, certain OTC medications may qualify as qualified medical expenses without a prescription, but you should confirm this with your tax advisor. Stay tuned for Part 2. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, health, or other advice. Shoeboxing HSA expenses, changing contribution elections, and investing your HSA funds involves risk, which may not appropriate to some HSA participants. Do not make changes to your HSA without first consulting your financial advisor.

The Best Way to Pay Your Taxes to the IRS

2023-04-1312:26

Tax Day is almost here, which is April 18, 2023. If you’ve been following the news, you’ve probably heard Janet Yellen warning about the US Treasury running on fumes. According to Joe Biden, paying taxes is patriotic. So if you’re feeling like a patriot, and want to throw Janet a lifeline, you may be wondering what the best way is to pay your taxes to the IRS. There are several ways to do this, but which is the best way for individuals? Should you mail a check, use Electronic Funds Withdrawal, or IRS Direct Pay? In this episode, we discuss these options, their pros and cons, as well as which may be best for you. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, or other advice.

HSA – Demystifying Tax Form 5498-SA

2023-04-0409:10

Health Savings Accounts (HSA) are powerful, but can be complicated and confusing. One of those areas of confusion comes from Form 5498-SA. In this episode, we explain why you receive 5498-SA in May as well as some HSA pitfalls to avoid. We also discuss how contributions are reported in 5498-SA Box 2 and Box 3, in addition to W-2 if you contribute through payroll. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, or other advice.

Why Employees Should Care About the Tax Code

2023-04-0336:52

Are you living paycheck-to-paycheck or struggling to meet your financial goals? Taxes are one of, if not your biggest expense. It is a myth that employees who don’t have millions in assets shouldn’t concern themselves with the tax code because they have little or no opportunities to manage their taxes. It is true that some of the best tax opportunities are reserved for the wealthy (e.g. accredited investors), but employees have opportunities as well. In this episode, our goal is to convince you that you should care about the tax code. We discuss strategies employees can take advantage of to reduce their taxes. We also warn of some pitfalls you can run into if you’re not planning your taxes effectively. Some topics in this episode include: proper withholding, tax-favored accounts (401k, HSA, IRA), health insurance (HSA, premium tax credit, Medicaid), opportunities and pitfalls due to income fluctuations, and retirement planning. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, or other advice.

Welcome to Bigger Insights Finance

2022-06-2245:11

Welcome to the Bigger Insights Finance podcast, where we’ll help you build a a life you don’t need a vacation from. The goal of this podcast is to give you the education and insights you need to plan your financial future, as well as grow and protect your assets. We'll essentially be discussing all things personal finance, but some of the most notable topics include budgeting, saving, debt management, retirement planning, investing (stocks, bonds, real estate, commodities, gold, silver, cryptocurrency), business development, tax planning, tax-favored accounts (401(k), IRA, HSA), risk management, asset protection, and estate planning. Bigger Insights, LLC is an Ohio limited liability company founded in 2020. In addition to producing blog and podcast content, we provide one-on-one consulting services for our clients on the topics of Finance, Privacy & Security, and Technology. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: Nothing in this podcast or our website (biggerinsights.com) should be construed as professional, financial, real estate, business, tax, legal, marital/relationship, family planning, health, or other advice.

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