Category Archives: Finance

Three Ways to Protect Your Hard Earned Money from Taxes with Philip Brown (Ep. 44)

May 25, 2022Finance, Financial, Retirement, Taxes, UncategorizedAccount, Cash, Financial Advisor, Healthcare Planning, Inflation, Liquidity, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Security, Tax Planning, Truth About Taxes and Retirement, WealthCare Corporationtruthabouttaxesandretirement

Taxes, the hidden burden that comes around once a year to reap the benefits of your hard-earned money.

What we say to this is; put yourself in a position to pay the least amount of taxes possible so that you can save more money for your future.

In this episode, J Barry Watts and Philip Brown highlight three key ways to protect your money from taxes, allowing you to retain more of your income and use it in your life, with family, friends or simply for your future.

Barry and Phil discuss:

Why you need to beware of “government” tax advisors
How business owners can benefit by identifying the right entity structure
How to best deal with tax audits
What you can write off in taxes to save you money
And more

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Good News about Keeping Cash Safe, Available, and Growing (Ep. 43)

May 11, 2022Finance, Financial, Retirement, Taxes, UncategorizedAccount, Cash, Financial Advisor, Healthcare Planning, Inflation, Liquidity, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Security, Tax Planning, Truth About Taxes and Retirement, Wealth Care Corporationtruthabouttaxesandretirement

Your cash accounts should be secure, liquid, and protected. Even during times of uncertainty.

This account may sound too good to be true. But, we promise you it’s not. It’s actually only a phone call away.

In this episode, J Barry Watts addresses the uncertainty swarming the market and the account he recommends to combat it, ensuring your money is safe, accessible, and protected to guarantee the future you want.

Barry discusses:

The uncertainty in the market, drawing parallels to historic periods
The havoc inflation can reap on the cash you hoard
A new account that can provide security, liquidity, and protection
How to apply and qualify for this “too good to be true” account
And more

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Keep Your 401K from Going Over the Cliff (Ep. 42)

April 13, 2022Finance, Financial, Retirement, Taxes401k, Bonds, Financial Advisor, Retirement Planning, Saving You Taxes, Stock Market, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

There is a lot going on in the market right now and knowing how to react and when to react to protect your financial future can be tricky.

Luckily there are some key concepts that can help you keep your 401k (and your future) from going over the cliff.

In this episode, Barry Watts discusses the myths surrounding safe 401k investment strategies and walks through key concepts that will help you make better decisions for your future.

Barry discusses:

The fear and worry surrounding the current stock market (and world)
How supply and demand can help you select the best investments
The importance of deciding when to get out of the market
Options you may have to take control of your 401k
And more

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Selling Your Business & Paying Zero Taxes (Ep. 41)

March 30, 2022Finance, Financial, Retirement, TaxesBarry Watts, Financial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Tax Planning, Tax Strategy, Truth About Taxes and Retirementtruthabouttaxesandretirement

Starting a business is hard work. If you eventually sell that business, you likely want to maximize your pay day.

We’ve never met anyone who wants to pay more in tax, but yet, a lot of people do. One of those areas that often gets overlooked is capital gains on the sale of stock in a small business.

In this episode, J Barry Watts discusses section 1202 of the internal revenue code. The section is all about tax exclusions on eligible gains when you sell a small business. For some, this could mean $10 million of gains are excluded from taxes.

Barry discusses:

What section 1202 is and how you can use it to your benefit
The key difference between tax accountants and tax strategists
How planning ahead of selling your business is essential to save you taxes
The legality of using internal revenue code loopholes
And more

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Increasing Income in Retirement (Ep. 40)

March 16, 2022Finance, Financial, Retirement, Taxes, UncategorizedDividend Yield, Dividends, Financial Advisor, Retirement Planning, Saving You Taxes, Tax Planning, Truth About Taxes and Retirement, Value Investingtruthabouttaxesandretirement

Where does income in retirement come from? What strategies are there to manage your income in retirement to ensure you stay retired?

If these are questions you find yourself wondering, this is the episode for you!

In this episode, J Barry Watts gives an overview of a few strategies you can use to ensure your income in retirement supports your retired life.

Barry discusses:

What are dividends and how can they work for you
Reasons why dividend yields increase (or decrease)
Strategies behind value investing
The importance of a balanced portfolio in retirement
And more

Connect With Barry Watts:

prioritycare@wealthcarecorp.com
800-278-1755
SavingYouTaxes.com
LinkedIn: J Barry Watts
LinkedIn: SavingYouTaxes

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Saving Taxes by Converting your LLC or S Corp into a C Corp (Ep. 39)

March 2, 2022Finance, Financial, Retirement, TaxesAmerican Tax Strategies, Business Structures, C Corporations, Financial Advisor, J Barry Watts, LLC, Retirement Planning, Saving You Taxes, SavingYouTaxes.com, Tax Planning, Taxable Income, Truth About Taxes and Retirement, WealthCare Corporationtruthabouttaxesandretirement

The structure of your business can have a huge impact on your bottom line after taxes. Whether starting a new business or saving taxes by restructuring your existing one, understanding how different business structures impact the taxes you pay helps you save thousands of dollars each year.

In this episode, J Barry Watts of WealthCare Corporation discusses the various business structures you can adopt and how each structure impacts the taxes you and your business will pay. It’s part of the forward looking tax-planning-service of American Tax Strategies, LLC and SavingYouTaxes.com

Barry discusses:

The difference between an LLC and a C Corporation
The importance of separating yourself from your business
The tax implications (and tax savings) enabled by different business structures
Innovative ways to structure your business to maximize your profits
And more

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38. Advisor Credentials & Why Retirement Budgets Fail

February 16, 2022Finance, Financial, Retirement, TaxesAdvisors, Budget Planning, Financial Advisor, Income Tax, Long-term Planning, Retirement Planning, Saving You Taxes, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

What kind of credentials does your financial advisor have? If you are working with an advisor with a credential of some type, what might cause your retirement plan to fail anyway?

In this episode, J Barry Watts dives into the various credentials a financial advisor can carry, and shares the difference between many of those credentials. Barry details a little about the history of advisor credentials before examining why retirement budgets fail, and why trusting someone with certain credentials is not always the best idea.

Barry discusses:

The history of credentials in the financial industry
Who can call themselves a financial advisor, and why you shouldn’t trust someone just because of their credentials
His advice on what to ask your advisor
Why retirement budgets fail
And more

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37. What To Do With Cash Now

February 2, 2022Finance, Financial, Retirement, TaxesFinancial Advisor, Inflation, Investing, Long-term Planning, Retirement Planning, Saving You Taxes, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

Are you sitting on cash, afraid to invest it in the markets during this crazy time in our country? Are you unsure what to do?

Well, you’re not alone.

In this episode, J Barry Watts speaks simply about what to do with your cash now. Barry details three steps to take, including why it is important that you stay invested. Barry also shares why so many people are feeling uneasy about what to do with their cash during this precarious time.

Barry discusses:

Why people are feeling uneasy about what to do with their money now
The upheaval of political, social and economic standards in America
Why you have you stay invested in the markets
Three things to do with your cash now
And more

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36. The Five Habits of Highly Effective Advisors to Retirees

January 19, 2022Finance, Financial, Retirement, TaxesCash Flow Planning, Financial Advisor, Inflation, Retirement Planning, Saving You Taxes, Strategic Planning, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

Have you ever wondered exactly what a good financial advisor is supposed to do for you? There are five habits of highly effective advisors to retirees, and if your advisor is not doing these things for you, it might be time to consider a change?

In this episode, J Barry Watts teaches you about the five habits of highly effective advisors to retirees. Barry explains each habit and what it would look like coming from an effective advisor.

Barry discusses:

Why you should know how much money you need every year in retirement
Making your money work for you
Why highly effective advisors should be addressing inflation
How to say goodbye to your advisor
And more

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35. New Taxes Threaten Your Retirement

January 5, 2022Finance, Financial, Retirement, TaxesFinancial Advisor, Life Insurance Retirement Plans, Retirement Planning, Saving You Taxes, Tax Code, Tax Law, Tax Planning, Truth About Taxes and Retirementtruthabouttaxesandretirement

There’s a lot of talk in Washington about potential new taxes, but what impact will those changes in tax law have on you personally?

In this episode, J Barry Watts unpacks the impact proposed tax law changes may have on you in before or in retirement. Barry covers some of the proposals in President Biden’s Build Back Better agenda. He explains how legislative risk can evolve over time to greatly impact your retirement. Finally, Barry explains LIRPs, little known and under-utilized strategies to reduce retirement income taxes and why you should have one if you do not already.

Barry discusses:

Proposed spending in Build Back Better and how it will affect wealthy taxpayers
The proposal that would prohibit you from converting your taxable IRA over to a Roth
Legislative risk for business owners
Why we should start thinking about retirement savings vehicles that are subject to legislative risk
And more