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Cortburg Speaks Retirement - episode #160: Tax Planning and Financial Planning Go Hand in Hand / Investment in Stock Market, Financial Planning, Retirement Planning, Money Management 

With tax season coming to an end, it’s the ideal time to use this year's tax return to help update your financial plan.   

In this audio podcast episode, Miguel Gonzalez shares some ways to learn more about how your income tax return provides clues for the financial planning steps to take during the upcoming year.

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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

CLICK HERE TO LISTEN TO MIGUEL'S LATEST PODCAST

FOLLOW US ON:

• YouTube->https://m.youtube.com/c/CORTBURGRETIREMENTADVISORS
• Facebook-> https://m.facebook.com/CortburgInc
• Twitter-> https://twitter.com/CortburgInc
• LinkedIn->https://www.linkedin.com/in/miguelxgonzalez/
• Website: www.CortburgRetirement.com
• Email: Miguel@CortburgRetirement.com
  
  

This week, Paula and Jon are joined by Tricia Chau of Payroll Vault, for a walk through the deductions that come out of your paycheck.  The amount that is deducted from your paycheck can be quite surprising!

First is the FICA tax, which stands for the Federal Insurance Contributions Act - which includes Social Security and Medicare taxes.  

Next, we break down deductions, both voluntary and involuntary.   Federal and state withholding can depend on what you designate on your W4 form.  Tricia explains how the W4 form has recently changed, to make it more about income and less about exemptions.  Regardless, keeping this form updated, especially when you have a major life event, is crucial in making sure the right amount of taxes is being deducted from your paycheck.

If you have questions about this, talk to your accountant, CPA, or financial advisor - this is not something you should be discussing with your employer.

Voluntary deductions can include health insurance, 401k and other investments, and health care if related to a 125 plan, which Tricia explains.

How important is it to understand your deductions and make sure they are being taken out correctly?  Tricia shares some horror stories of what can go wrong.

Tricia works with employers at Payroll Vault, and you can find her at https://payrollvault.com/178 or via phone at 248-833-6400.

To reach Paula, you can email her at paula@paulachristine.com

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Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

There’s a Yugoslav car that was even more important than the Yugo for the country and for the country’s memory. Better known by its nickname, Fića / Fićo / Fićko, Zastava 750 was the first Yugoslav car. It was and continues to be a Yugoslav icon, a symbol of that disappeared country and an object of nostalgia. In metaphorical terms, Fićo is Yugoslavia…and probably always will be. This is Fića's story.

With Martin Pogačar and Jovana Stojiljković. Featuring the song "Piči Fića" by Sabrija Vulić.


The Remembering Yugoslavia podcast explores the memory of a country that no longer exists. Created, produced, and hosted by Peter Korchnak. New episodes two to three times per month.

• Shownotes/transcript: RememberingYugoslavia.com/Podcast-Fico-Zastava-750/
• Instagram: @RememberingYugoslavia
• SSUPPORT THE SHOW: Patreon :: PayPal :: Subscription

In this episode of A New Focus On Wealth, Chad addresses wage inflation and what to expect from inflation over the next decade. 

Next, Chad talks about FICA, retirement income, and inheritance planning that will prevent your kids from paying more than they need to in taxes. Do you have enough saved in retirement? How much do you need to cover expenses until age 100? Listen now and find out.

Email your money question to chad@chadburton.com. 

Call 1-888-762-2423 for Wealth Management and Financial Planning services or visit www.ChadBurton.com

See omnystudio.com/listener for privacy information.

#021 - Reprise: Don't Fear The High Deductible is an encore presentation of our most popular show.  Health Savings Accounts (HSAs) work with High Deductible Health Plans (HDHPs) save you the most money, period.

In order to open a Health Savings Account, you must be enrolled in an eligible High Deductible Health Plan.  Most people see High Deductible and get scared away.  High Deductible Health Plans go as low as $1,400 for an  individual in 2021 and $2,800 for households with two or more.

Learn more about HSA and HDHP limits for 2021

Don't Pay Tax And Keep Money In Your Pocket

Money deposited in a HSA account is not taxed. 

Money deposited in a regular savings account (or checking or investment account) is taxed - often referred to as after tax because Uncle Sam takes his tax out of your paycheck and what is left is after tax.

Learn more about Health Savings Accounts here

Our family has utilized Health Savings Accounts since they started in 2004.  I prefer Lively.

Visit Lively here - I receive a nominal fee for recommending Lively

As I always, I appreciate you very much!  Tell your family, friends, coworkers and your boss about Doxcost!

Next episode we'll take another look at why you get your health insurance through your employer....

#018 - Learn how an HSA will earn you a quick and easy return by making an eligible deposit before you file your taxes.

An HSA is  like getting free money!

Don't Pay FICA or Federal Income Tax
(some states still tax your HSA deposits)

FICA = Social Security Withholding AND Medicare Withholding = 7.65% of your paycheck

Federal  Income Tax Withholding = 10% to 37%

Maximum HSA Deposit in 2021
Individual - $3,600
Head of Household/Married/Family -  $7,200 per year

You keep the money instead of paying Uncle Sam

$3600 x .0765 = $275

$3600x .22 = $792

$1,067 stays in your pocket!  Why give it away when you do not have to?  If you're a family, you'll keep even more of your hard-earned paycheck!

I've utilized the benefits of Health Savings Accounts since their inception. I prefer Lively HSA

Learn about Lively HSA here

Thanks, as always, for your support!  Please share Doxcost with your family, friends and colleagues.  Visit doxcost.com to learn more.

Open Enrollment Workshop coming late summer 2021!

Did you see a bit more money in your mid-month pay today? It may not be a raise. If you are a service member or federal employee, FICA Social Security taxes will not be withheld from you pay for the rest of the year. The bad news is that it may all have to paid back after the new year. Are you ready?
Joins us today to speak with special guest Adrienne Ross, founder of Clear Insight Financial Planning. She also wrote a blog on this topic for the Military Financial Advisor Association. Check it out!