Tag Archives: Taxes

34. How to Retire in the 0% Tax Bracket

December 15, 2021Finance, Financial, Retirement, TaxesFinancial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, ROTH IRA, Saving You Taxes, Tax Bracket, Tax Free, Tax Planning, Taxes, Truth About Taxes and Retirementtruthabouttaxesandretirement

What will taxes be like for you in retirement? Have you ever thought about that?

In this episode, J Barry Watts teaches you how to reach the 0% tax bracket—or at least to get your taxes as low as they can be. He explains why there are some who cannot reach the 0% tax bracket, and discusses “the Three Tax Buckets.”

Barry discusses:

Who is unable to reach the 0% tax bracket
The three types of money as they relate to taxes
Why a Roth option in your 401(k) can be greatly beneficial
How to reach the 0% tax bracket
And more

Resources:

Episode 32 – Mega Backdoor Roth IRA Strategy

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27. Everything You Ever Wanted to Know About Social Security But Were Too Afraid to Ask

September 8, 2021Finance, Financial, Retirement, Taxes, UncategorizedFinancial Advisor, Healthcare Planning, Long-Term Healthcare, Retirement Planning, Saving You Taxes, Social Security, Tax Planning, Taxes, Truth About Taxes and Retirementtruthabouttaxesandretirement

Historically, many Americans have planned to rely on Social Security to get them through retirement. But what happens if Social Security isn’t enough to help you secure the retirement you want and know you deserve?

In this episode, J. Barry Watts discusses some of those tough questions about Social Security, and helps you to understand how you can optimize that benefit to become your largest financial asset.

Barry discusses:

The age at which you should start to file for Social Security
The minimum qualifications for Social Security
A breakdown of how Social Security is funded
How to maximize your Social Security benefit should your spouse pass away
How to avoid taxes on your Social Security
And more

Resources:

How to Have More Tax Free Income in Retirement

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Episode 22 – Your Biggest Retirement Question

June 16, 2021Finance, Financial, Retirement, Taxes, UncategorizedBarry Watts, Finance, Finances, Financial, Financial Advisor, J Barry Watts, Retirement, Retirement Design, Retirement Planning, Saving You Taxes, SavingYouTaxes, SavingYouTaxes.com, Tax Planning, Taxes, Truth, Truth About Taxes and Retirement, Wealthtruthabouttaxesandretirement

When it comes to retirement, there are a lot of questions that you should be asking yourself to prepare. However, there is one very important question that people don’t always take the time to think about.

In this episode, Barry Watts speaks about what questions you should be asking yourself as you plan for your retirement so you can be sure that you are retiring comfortably. Barry takes you through some of the factors that are going to impact your retirement so you can design a plan that addresses them all.

You will learn:

How to use your current income to understand what you need in retirement
The importance of taking into consideration with your annual expenses when designing a retirement plan
Automatic income as a factor when designing your ideal retirement
And more!

Tune in now to ask yourself the biggest question in retirement, and begin planning your dream retirement with it in mind!

Resources: SavingYouTaxes.com | J. Barry Watts | Episode 14 – How to Have More Tax Free Income in Retirement

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Episode 20 – Questions You Must Answer Before Visiting a Retirement Designer

May 5, 2021Finance, Financial, Retirement, Taxes, UncategorizedBarry Watts, Finance, Finances, J Barry Watts, Retirement, SavingYouTaxes, SavingYouTaxes.com, Taxes, Truthtruthabouttaxesandretirement

Have you ever been in the situation where you are meeting with someone about your finances and you just can’t seem to answer their questions?

This problem happens more frequently than you might think, and we are here to help you never be in that situation again!

In this episode, Barry Watts goes through nine of the most common questions that you should know the answer to before visiting your advisor. Barry explains why each of these questions are important and how you can access the necessary information before your next financial meeting!

You will learn:

How to figure out how much money you will need after taxes in retirement
What the tax brackets are and how to know which one you are in
What you need to know about your Social Security in retirement
Ways in which you can leave a legacy for your children
And more!

Tune in now to discover how to answer the most common questions asked when planning for retirement!

Resources: SavingYouTaxes.com | J. Barry Watts

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Episode 19 – Saving Taxes By Employing Your Kids

April 21, 2021Finance, Financial, Retirement, Taxes, UncategorizedBarry Watts, Finance, Finances, Financial, J Barry Watts, Retirement, SavingYouTaxes, SavingYouTaxes.com, Taxes, Truth, Wealthtruthabouttaxesandretirement

You could be paying your child as an employee as a way to increase your tax savings.

Does that sound a little too good to be true? We are here to tell you, it’s not!

In this episode, Barry Watts explains how you are able to set your child up as an employee for your company earning an income that will allow you to spend pre-tax dollars on them! Barry goes into detail about how this unique strategy works and why few people are taking advantage of it!

You will learn:

How you can implement this strategy into your business
Who is eligible to take advantage of the tax deduction
At what age your child is eligible to participate in this strategy
Barry’s suggestions on what your child could be doing for your business to make them considered an employee
How this strategy could be set up to give your child savings for the future
And more!

Tune in now to equip yourself with information that could help you use pre-tax dollars on your child’s expenses!

Resources: SavingYouTaxes.com | J. Barry Watts

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Episode 18 – The $200,000 Tax Deduction I Personally Use

April 6, 2021Finance, Financial, Retirement, Taxes, UncategorizedBarry Watts, Finance, Finances, Financial, J Barry Watts, Retirement, SavingYouTaxes, SavingYouTaxes.com, Taxes, Truth, Wealthtruthabouttaxesandretirement

You did not read the title incorrectly!

There is a $200,000 tax deduction that you could be using! And many times, we don’t see people taking advantage of it.

In this episode, Barry Watts and Eric Burlison dive into conversation about a huge tax deduction that Barry is already using, and how you could be using it too! They speak about how this type of pension plan benefits the employer and lets you tip the scale in your direction.

You will learn:

How the tax deduction works for employers
Why people stopped using this type of account
The benefits it has to the employer
How anyone can take advantage of this account, even if you are not currently a business owner
And more!

Tune in now to discover the tax deduction plan that is going to help you keep more money in your pocket and push the scale back in your favor.

Resources: SavingYouTaxes.com | J. Barry Watts | Eric Burlison

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Episode 17 – Golden Handcuffs to Retain Valuable Employees

March 24, 2021Finance, Financial, Retirement, Taxes, UncategorizedBarry Watts, Finance, Finances, Financial, J Barry Watts, Retirement, SavingYouTaxes, SavingYouTaxes.com, Taxes, Truth, Wealthtruthabouttaxesandretirement

What if we told you that there is a tax-free way you could better retain your most valuable employees through an account that they can withdraw money from each year?

In this episode, Barry Watts discusses the Golden Handcuff plan you could be using to keep your most valuable employees, and how using the plan could help keep money in your pocket. Barry helps you understand how this plan works and what the benefits are to both the employee and the employer.

You will learn:

What the golden handcuffs are and how can you take advantage of the plan for your employees
Real examples of the plan in action
Why you would choose this plan
And more!

Tune in now to discover a way in which you can keep your best talent locked into place with you!

Resources: SavingYouTaxes.com | J. Barry Watts

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Episode 16 – Immediate Tax Increase Being Planned

February 24, 2021Finance, Financial, Retirement, Taxes, UncategorizedBarry Watts, Finance, Finances, Financial, J Barry Watts, Retirement, SavingYouTaxes, SavingYouTaxes.com, Taxes, Truth, Wealthtruthabouttaxesandretirement

Under the new Administration, there are proposed tax increases under review in Washington, and it’s beneficial if you understand them sooner rather than later!

In this episode, Barry Watts and Eric Burlison discuss various proposals that have been presented by the Biden Administration that could potentially increase your taxes. Barry and Eric highlight three of these proposals and help you understand just what they mean and how you can prepare for these changes.

In this episode we discuss:

The elimination of the step-up basis
How Social Security will be impacted by these proposed increases
How taxes will increase for corporations and high-earning individuals
What the changes could mean for the country and you
And more!

Tune in now to understand current tax proposals and how you can prepare for them.

Resources: SavingYouTaxes.com | J. Barry Watts | Eric Burlison

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Episode 15 – Getting More Money into Tax Free Accounts

February 10, 2021Finance, Financial, Retirement, Taxes, UncategorizedBarry Watts, Finance, Finances, Financial, J Barry Watts, Retirement, SavingYouTaxes, SavingYouTaxes.com, Taxes, Truth, Wealthtruthabouttaxesandretirement

When it comes to your money, it is important to have the right amount in each bucket so you can hold the most amount of non-taxable money.

In this episode, Barry Watts dives into conversation about the three buckets your money could fall into, what taxes look like in each bucket, and just how much money you want to keep in each bucket.

In this episode we discuss:

What each of the three buckets are and what they’re used for
The tax situation in the three buckets
How much money you should be holding in each bucket
And more!

Tune in now to learn about tax-free accounts and how you could be moving your money around to save on taxes!

Resources: SavingYouTaxes.com | J. Barry Watts | The LIRP Account Podcast

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Episode 14 – How to Have More Tax Free Income in Retirement

January 27, 2021Finance, Financial, Retirement, Taxes, UncategorizedBarry Watts, Finance, Finances, Financial, J Barry Watts, Retirement, SavingYouTaxes, SavingYouTaxes.com, Taxes, Truth, Wealthtruthabouttaxesandretirement

Are you interested in a tax-free account that will help you work towards your retirement goals?

In this episode, Barry Watts and Eric Burlison, Tax Strategists and Retirement Designers, take a look at a type account that not many people are aware of and dissect it to help you fully grasp how it works! The Life Insurance Retirement Plan (LIRP) can help you save tax free money for your retirement goals!

In this episode we discuss:

How the tax code is our friend, not our enemy
How the LIRP works
Barry’s own personal use of an LIRP
Contributions and fees associated with an LIRP
And more!

Tune in now to discover how you could be setting money into a tax-free account and get on the right track toward your retirement goals

Resources: SavingYouTaxes.com | J. Barry Watts | Eric Burlison

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