MDRN Wealth

If you’re working toward retirement—or maybe you’re already there—you might be wondering: how do people not only get into the lowest tax bracket in retirement but actually pay $0 in taxes? The good news is, you don’t need some elaborate tax strategy, exotic investments, or anything overly complicated to make it happen. I’ve worked with thousands of retirees, and I’m going to show you how this might be more achievable than you think. Plus, I’ll walk you through a case study at the end to break it all down. Trust me, you don’t want to miss it! Key Topics: How Do People Pay $0 in Taxes in Retirement (00:00) How Social Security is Taxed (01:43) How to Determine How Much Provisional Income You Have (02:35) Increased Standard Deduction Once You Turn 65 (05:17) Taking Advantage of 0% Longterm Capital Gains (05:59) Case Study (07:03) Wrap Up: Chasing a Low Tax Situation Now vs Making the Longterm Sacrifice (13:58) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

The first year of retirement can feel a bit clunky. You’re likely not entirely in a low-income bracket yet, as you may still have some income coming in this year—possibly including a PTO payout. On top of that, you’ll need to figure out health insurance, determine how to pay for it, and, of course, tax plan around these issues.In this episode, we break down a real-life example of how this type of planning plays out. Key Topics: A Case Study on Early Retirement (00:00) How Do Homer and Marge Sample Live off Their Portfolio and What Does Tax Planning Look Like? (03:29) The Rule of 55: Taking Money out of 401k with No Penalty (05:58) Using an Affordable Care Act (ACA) Policy and Tax Savings (06:45) Strategically Incurring Capital Gains (Buy, Borrow, Die) (10:00) Wrap Up: Utilizing Different Buckets to Fund Your Retirement and Keep Taxable Income Low (14:18) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

Besides the question, “Do I have enough to retire?” do you know what the most common concern is for someone retiring before 65? If you’re watching today’s video, you’ve probably already guessed it: health insurance! Paying for health insurance is one of the biggest reasons people delay retirement until 65. However, the reality is that most people don’t fully understand their health insurance options if they decide to retire before 65. Today we’re breaking down your three main options for health insurance before turning 65. Trust me—you don’t want to miss this! Key Topics: Your 3 Main Health Insurance Options for Early Retirement (00:00) Option #1: COBRA and utilizing an HSA with COBRRA (01:34) Option #2: Private Health Insurance Plan (03:46) Option #3: Affordable Care Act (AKA Obama Care) (04:52) An Example of ACA and Portfolio and Tax Strategy (06:55) Wrap-Up and Recap (08:53) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

What's up, guys? In this episode, we're breaking down brand-new IRS guidance for 2025 that's a total game changer for 401(k)s and Roth accounts. If you're looking to maximize your tax savings or supercharge your Roth with nearly $90,000 in contributions, this episode is for you. We'll explain how these new limits work and show you exactly how to take advantage of them. Trust me, you won't want to miss this! Key Topics: Supercharge Your 401(k) Savings and Put Up to Almost 90K into a Roth (00:00) Comparison Chart: Under Age 50 (01:58) Comparison Chart: Under Age 50-59 (05:35) Comparison Chart: Under Age 60-63 (Super Catch Up!) (06:38) Comparison Chart: Under Age 64+ (08:12) Sample: Joe (40 y.o.) has a $250k Salary, His ER Matches 3% (08:48) Wrap-Up: Just Because You Can, Should You Funnel Away 90K? (09:40) Resources: Article on Backdoor Roth Article on Mega Backdoor Roth This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

In this episode, we’re diving into a Fidelity study that uncovers the common traits of 401(k) millionaires. What habits, strategies, and decisions helped them reach that milestone? We’re breaking it all down, sharing actionable insights, and giving you tips to boost your own retirement savings. Key Topics: Study Overview and Context (00:00) Five Habits Found in the Fidelity Study (03:38) Key Takeaways from the Study (06:13) Wrap-up: Importance of Diversification (07:35) Resources: Fidelity.com Study: Five Habits of 401(k) Millionaires This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

If you're a solo business owner running an S-corp and haven’t paid yourself a salary yet, this episode is for you! We’re breaking down how to run a one-time payroll (salary) at the end of the year, how to incorporate your 401(k) contributions, and how to withhold additional taxes if needed. Resources Mentioned: Article to solo 401k Key Topics: How to Run One Payroll at the End of the Year (00:00) The Walkthrough Tutorial in Gusto (01:46) What if you Have a Solo 401(k)? (09:36) Taxes Element and Avoiding Underwithholding Penalties (14:28) Wrap-Up (16:20) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

We’re almost at the end of the year, and if you’re like many solo business owners—whether you’re running a sole proprietorship, LLC, or an LLC taxed as an S-corp—let’s be honest: you’ve probably done little to no tax or financial planning for your business this year. But don’t worry! Today, we’re going to cover three key action items you should tackle before the year ends. Trust me, you won’t want to miss this. Key Topics: 3 Action Items to Check Before the Year Ends (00:00) #1: Review Your Profit and Loss Statement (01:55) #2: Review Tax Withholding (04:14) Underwithholding Penalties (and avoiding them) (05:10) #3: Setting Up a Solo 401(k) (07:16) Wrap Up (09:32) Resources Mentioned: Underwithholding episode Article to solo 401k This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

The election is officially behind us, and with not only a Trump victory but also a complete Republican sweep of the House and Senate, what does this mean for taxes? Today, we’re breaking down everything you need to know about the changes that are very likely on the way. This is one episode you definitely don’t want to miss! Key Topics: What a Trump Win and Republican Sweep Means for Taxes (00:00) Breaking Down the Tax Cut and Jobs Act (01:05) John’s Take on Likely Future Outcomes (04:19) What About Trump’s New Campaign Promises? (07:25) EV and Clean Energy Tax Credits’ Future (08:28) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

In this episode, we dive into the strategy of tax loss harvesting as year-end approaches. Learn how to strategically sell underperforming investments to capture losses, offset gains, and potentially reduce your taxable income. We'll guide you on what to sell, how to avoid the "wash sale" rule, and why replacing assets with similar alternatives can keep you positioned for growth. This savvy approach could add 0.5%–2% annually to your portfolio’s after-tax returns over time. Stay tuned for actionable tips to maximize tax savings and make the most of tax loss harvesting. Key Topics: What is Tax Loss Harvesting? (00:00) Doing Tax Loss Harvesting the Right Way (01:43) What the Studies Show (03:40) Playing by the IRS Rules (04:25) Tips to Making the Most of Tax Loss Harvesting (05:07) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

The Federal Reserve has finally cut interest rates for the first time in four years. This past week, the Fed announced a rate cut of 50 basis points (0.50%), lowering the effective federal funds rate from 5.33% to 4.83%. So, what does this mean for you? In today’s episode, we’ll break down how this rate cut impacts you, along with addressing some major misconceptions about rate cuts that you won’t want to miss. Key Topics: Feds Cut Rates and What it Actually Means For You (00:00) Why Did the Fed Cut Rates in the First Place? (01:23) Misconception Around Fed Rate Cuts (02:34) Effect on the Bond Market (04:33) Dynamics of Cash in Fed Rate Cuts (05:39) What to do Now that Feds Have Cut Rates (06:03) Should You Refi Your Mortgage? (07:18) Dynamics of Stocks and S&P 500 in Fed Rate Cuts (09:15) Resources: Are You Holding Too Much Cash in Your Portfolio? This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

Today, we're breaking down the "House-Rich, Cash-Poor" epidemic. In the United States, a large number of retirees have most of their wealth tied up in their primary residence, with very little left in liquid savings like 401(k)s, Roth IRAs, or brokerage accounts. A big part of the issue comes from financial gurus, like Dave Ramsey, preaching that paying off your home early is the key to optimizing wealth. If you own a home, have a mortgage, and are looking for ways to truly optimize and build your wealth, you won't want to miss today's episode. Key Topics: Introducing the Concept: the “House-Rich, Cash-Poor” Epidemic (00:00) Why is This Happening? Are Financial “Gurus” like Dave Ramsey and His 7 Baby Steps to Blame? (02:26) Case Study of the Two Scenarios: Rushing to Pay off Home (03:20) Case Study of the Two Scenarios: NOT Rushing to Pay off Home (05:16) The Data to Back it Up (06:19) The Same Principles Apply Regardless of Earnings (08:00) But What if I Already Paid off My Home?! (08:39) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠

I want you to take a moment to think about how you can generate tax-free wealth for your kids. For most people, two primary vehicles come to mind: the first is a Roth IRA, and the second is a 529 account. But here’s the issue—most kids don’t have earned income, so they can’t contribute to a Roth IRA, which takes that option off the table.The second option, a 529 account, can only be used for qualified education expenses. If the funds are used for anything else, the earnings will be subject to ordinary income taxes and a 10% penalty. As a financial planner who works closely with families of young children looking to build wealth, I’ve found that most parents want to generate tax-efficient wealth for their kids, but they don’t want to feel limited to education-related expenses. Today, I’m going to break down how you can achieve this using a custodial brokerage account. Trust me—you don’t want to miss it! Key Topics: Generating Tax-Free Wealth For Your Kids (00:00) Why People Often Ignore UTMA / UGMA Accounts and Understanding Kiddie Tax (01:50) Turning a Custodial Brokerage Account into a Tax-Free Vehicle (03:30) Customizing this Strategy for Your Own Financial Plan (05:03) Money in a Custodial Brokerage Account is Considered an Irrevocable Gift (07:07) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠https://www.mdrnwealth.com⁠⁠

The Mega Backdoor Roth is one of the most powerful strategies you can use to potentially contribute over $69,000 into a Roth IRA. But did you know that you can set this up in a Solo 401(k)? This week, we are going to break down how someone who is self-employed can set up their Solo 401(k) to be Mega Backdoor Roth compatible. Key Topics: Prerequisites to the Mega Backdoor Roth (00:00) Specialized Adoption Agreement (02:05) Setting Up a Custom Adoption Agreement (03:07) Setting Up the Proper Accounts (04:11) An Example Once Accounts Are Set Up (06:05) Frequently Asked Questions (08:07) Wrap-Up and Getting Help (10:16) Resources: The Ultimate Solo 401k Guide + Setting Up the Mega Backdoor Roth FeatureSolo 401(k) Guide This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠https://mdrnwealth.com/blog/⁠ If you need specific advice, you can contact us at Advice@mdrnwealth.com or at: ⁠https://www.mdrnwealth.com⁠

We’re going to break down the most optimal structure and system for managing your wealth. If you're wondering whether you should have trusts, LLCs, or what assets should be placed in these structures, we’ll cover it all in an easy-to-understand way. I promise, you don’t want to miss this. Key Topics: The Center of the Wealth Structure: You (01:40) Retirement Assets (Assets in our name) (02:05) Revocable Living Trust (03:10) What Goes into the Living Trust? (04:52) Where Do LLCs Fit? (06:19) Wrap-Up and Final Thoughts (08:10)  This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠⁠https://www.mdrnwealth.com

When the Tax Cut and Jobs Act imposed the 10k SALT deduction limit, states with high taxes, like California, were outraged. Their taxpayers faced significantly higher federal tax bills. As a workaround, the Pass-Through Entity Tax Election was created. PTET is an elective tax that business owners pay at the entity level. Instead of business income passing through to their individual return, they pay a separate state tax on their business income. This pass-through entity tax is 100% deductible at the federal level, and generally, you receive a dollar-for-dollar credit on your personal state tax return. Key Topics: 10K SALT Deduction Limit and the Workaround: PTET (Pass-Through Entity Tax) (01:30) An Example of PTET in Action (02:52) A Few Important Issues and Limitations with PTET (04:00) Breaking Down How PTET Saves on Taxes (05:47) All Business Owners Must at least Consider and Explore PTET (07:27) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠⁠https://www.mdrnwealth.com

Short-Term Rentals (STRs) are one of the few ways to gain exposure to real estate as a non-real estate professional while taking advantage of some of the incredible tax benefits that real estate offers. However, getting into the business of investing in Short-Term Rentals can require a lot of work. This week, we're breaking down how to identify STR opportunities and how to optimize their returns with Real Estate Advisor Eric Ravenscroft. We'll also dive into the tax benefits and how to use them to your advantage. Key Topics: 0:00 - Introduction to STRs 5:10 - Optimizing Your Investment 13:45 - Getting Started 17:34 - STR Case Studies 22:54 - Growing Your STR Business 34:36 - Tax Basics 37:12 - Introduction to Bonus Depreciation 38:25 - Cost Segregation Study 39:22 - Leveraging Bonus Depreciation 44:15 - Tax Case Study This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. ⁠The Ravenscroft Group⁠ Subscribe to our weekly planning insights newsletter: ⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: ⁠⁠⁠https://www.mdrnwealth.com

First-round pick of the 2024 NFL Draft, Caleb Williams, makes headlines for wanting to do some "creative" tax planning with his NFL money. We're breaking it down! Key Topics: Breaking Down the Caleb Williams LLC Proposal (01:26) Breaking Down the Forgivable Loan Element (02:53) How Rich People Use Loans to Avoid Taxes and How This is Different (03:52) LLCs and Their Benefits and Misconceptions (04:55) Wrap-Up (05:57) MDRN Wealth Episode on All Things LLCs This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠https://mdrnwealth.com/blog/⁠⁠ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: ⁠⁠https://www.mdrnwealth.com

Making money is one thing; building wealth is another. In this episode, we break down how high-income individuals can go from rich to wealthy. From the mental side of the game to how to approach saving, we've got you covered. I promise you, you don't want to miss it. Key Topics: Gratitude and Finding Your Why (01:11) Lifestyle Creep (03:02) Take Advantage of the Fact That You’re Making this Amount of Money (04:52) The Issue with Rushing to Pay off Your Home (07:21) Play Defense: Protect Your Wealth (08:36) Knowing Your Why in Life (10:11) Link to Episode Mentioned: https://youtu.be/e54hrMevTjI This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠https://mdrnwealth.com/blog/⁠ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: ⁠https://www.mdrnwealth.com

There are many different places to put your money to ensure you build wealth. But with all these options, how do you know which one to pick? How do you know which ones to prioritize over others? Today, we're giving you a roadmap on how to invest your hard-earned dollars. You don't want to miss it. Key Topics: #1: Creating a Base Cash Reserve in Your Checking Account (01:34) #2: Taking Advantage of Your 401(k) Match (02:10) #3: Establishing an Emergency Fund (03:06) #4: Paying off High-Interest Debt (03:44) #5: Maxing Out Your 401(k) (06:03) #6: Maxing Out Your HSA (07:19) #7: Contributing Directly to a Roth IRA (08:44) #8: Have Money Available for Non-Retirement Goals (10:24) #9: Take Advantage of the Mega Backdoor Roth (13:01) #10: Take Advantage of Your ESPP (Employee Stock Purchase Plan) (14:23) #11: Put the Remaining Cash in Your Brokerage Account (16:44) This Savings Plan in Action (17:18) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Podcast Episode: Employee Stock Purchase Plans (ESPPs) 101 - Taxes, Benefits & More Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

This is a tax that is going to blindside a lot of people, and it’s shocking how many new clients I work with have no idea what it is. Net Investment Income Tax was intended to tax the investment income of high-income individuals. However, more and more taxpayers are now subject to this tax since the brackets have not been adjusted for inflation. Today, we are breaking down what it is, how it works, and how to plan around it. Key Topics: The History and Purpose of Net Income Tax (01:00) What Constitutes Net Investment Income (01:26) What NIIT Does Not Include (02:07) Income Thresholds for NIIT (02:45) Examples of NIIT in Action (03:52) Planning Around NIIT (05:47) This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ Video Tutorial on Tax Loss Harvesting: https://www.youtube.com/watch?v=Goc-ZonDNLY&t=458s If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com