Plan With The Tax Man Podcast Por Tony Mauro arte de portada

Plan With The Tax Man

Plan With The Tax Man

De: Tony Mauro
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Financial, tax and retirement planning guidance from Tony Mauro. Tony is the original Tax Doctor, serving central Iowa. We’ll teach you how to properly plan for retirement, minimize your tax burden and attain a successful financial future.Copyright Tony Mauro Economía Finanzas Personales Política y Gobierno
Episodios
  • Inside Your Financial Easter Basket

    Inside Your Financial Easter Basket
    Mar 26 2026
    Quick question before we get started... which Easter candy are you most looking forward to this year? Whatever your answer is, we're going to use it. Because today we're building a financial Easter basket and matching some of your favorite candies to the products and tools that belong in a solid retirement plan. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Speaker 1 00:00 Quick question before we get started, which Easter candy are you most looking forward to? Yeah, that's my opener for the podcast this week, because we're going to talk about financial Easter baskets. So we're going to talk about candy and what they might say about you here this week on plan with the tax man. You Speaker 1 00:35 everybody. Welcome into the podcast. This is plan with the tax man with Tony Morrow from tax Doctor Inc, at your planning pros.com that's where you can find them, online. Your planning pros.com, and Tony, we're gonna talk candy, because you and I are in our 50s and we love candy, but it don't love us as much anymore. Tony Mauro 00:53 That's right. And I grew up eating candy and all these things, although my favorite Easter candy is not on there. Speaker 1 01:00 Okay, we'll add that. Get to that at the end. Yeah, we'll add that in. So what are we going to do here? Is, I want to give you some, some, you know, Easter candy in lieu of the, you know, the end of the month here and Easter upon us. And we'll do a little financial Easter basket, and let you kind of give me some sort of, we'll do some sort of an analogy. I'll set you up with something, and I'll let you kind of talk about it, so we'll have a little bit of fun. So, are you a jelly bean kind of guy? Easter time? Do you like some jelly beans? You know? I like the kind of, what I would call those artisan jelly beans that they now have come out with, you know? So I do like them. But we always used to get just to run the mill stuff. Oh, yeah. Like, like, you know, I don't know Apple Cinnamon, or, you know, I don't know pumpkin spice or something, yes, although they probably do make a pumpkin spice Jelly Bean. And people are probably like, no pumpkins for October, not for, you know, April, but so, all right, the Jelly Bean, so, lots of colors, lots of combinations, right? And so maybe you're, maybe the analogy here is the 401 k right? Maybe, maybe some combinations, or some, some different things, some variety, potentially, yeah. Tony Mauro 02:08 I think the biggest thing for, you know, the anchor of most retirement plans is either, you know, 401 K Sep, simple, you know, you name it as the anchor for what you're trying to do as you get toward the end. Speaker 1 02:23 True and jelly beans are probably a good staple, a good anchor in the basket, if you will. Tony Mauro 02:27 Yeah, you know, good anchor in the basket, you know. And you find them in every basket. If you don't have this, you know, you need to be starting it. Most employers are offering something these days, and you need to get started. I can't. We're in the midst of tax season, and I'll say this as a public service announcement, I and I've been doing taxes for 30 years. Is I always when I'm reviewing a return, look at somebody's w2 and look in box 12 and see what they're contributing or not contributing to their retirement plan. And many times I see the box check that they the company offers one, I see nothing being contributed, or I see a little bit, which is better than nothing, yeah, but you got to get it going, because it's one of the best deals on the street. It's usually some free money in there. And I think you need to start those early, the use time and compounding and everything else, so that you've got this anchor for when you you know, are at the end, Speaker 1 03:22 yeah, I don't know why. I just got hit with it. You're talking about, you know, out there on the street, I'm thinking jelly beans in the street. And also I'm like, could you imagine a funny little world where we're out there dealing jelly beans on the corner? Hey, man, right, I got some, I got some pinks. I got some yellows. I got some of those, those terrible black ones. They're those are never very good. I'm not a big fan of, maybe it's just the, maybe it's just the, like black liquors, not very good Tony Mauro 03:47 to me. I never did like the black ones. But I think, though, to your point, with the different colors, once you start contributing to one of these, then you need to have some diversification. Most, most retirement plans will offer you, you know, an array of different choices, which is, you know, probably behooves you to work with your advisor and come up with a strategy as to what those choices should be. Speaker 1 04:09 Now, the Jelly Bean choices in the 401 k are, it's not crazy assortment of colors, right? So, like an IRA, you're going to have a lot more to choose from, you know, because you're kind ...
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    20 m
  • Tax Mistakes New Retirees Make

    Tax Mistakes New Retirees Make
    Mar 12 2026
    Nobody likes tax season. But for new retirees, it can come with a few unwelcome surprises. The rules have changed, the income sources have shifted, and strategies that made sense during your working years may no longer apply. Today, we're looking at some of the biggest tax mistakes retirees make, as discussed in a recent Kiplinger article, and whether these match what we see in the real world. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Speaker 1 00:01 Nobody likes tax season, and certainly not even Tony Morrow here on playing with the tax man. But for new retirees, it can also come with a few unwelcome surprises. So this week on the podcast, let's talk about tax mistakes new retirees make. Look up in the sky. It's a bird. Nick 00:17 It's a plane. No, it's the tax man. He may not be a superhero, but Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for plan with the tax man. Speaker 1 00:32 Everybody welcome into the podcast. Thanks for playing tour. Thanks for hanging out with us here on plan with the tax man. If I can get my thoughts together, Tony, it is tax season. And I made the joke there in the intro that not even you like taxes, even though it is obviously something you've been doing for a long time as a CPA and a CFP and an EA of 30 plus years. But it is a it is a hectic, confusing time, for sure, every year, isn't it? It really is. And as we're taping this, we're right in the midst of it. And it seems to me, you know, I mean, we like helping clients, but this truly is, you know, compliance season, you know, and the tax planning has to go on before after this. And so what I find, ever since covid, it seems like taxpayers, our clients anyway, tend to really just kind of put it off. And, you know, we're down to kind of where we prepare tax. Most of our tax returns is March and April. It used to be kind of from mid January on, but yeah, stuff gets out later and everything's slower, yeah, Tony Mauro 01:31 yep, yeah. So it is a hectic time. And I understand, from a taxpayer standpoint, nobody likes to gather all their stuff and they put it off and yeah, you know, Speaker 1 01:40 yeah, yeah. So yeah. But we were just talking before we started the podcast, folks, and I was saying, I got to get my stuff over to my CPA. And of course, you know, he was like, Well, why isn't toning your CPA? Well, we're in two different parts of the country, so that's the beauty of the internet. But, but, and he's, you know, he's like, look, my public service announcement to everybody out there is, get them this information as soon as possible, so they have time. And I was like, Okay, I'll get it over there. So I got scolded. So not that, not that we, all, you know, don't do it right from time to time, Tony, but yeah, the sooner we can get it in, the better, right? But it is. Let's talk about tax mistakes for new retirees, specifically on this week's podcast. Okay, because there's a recent article from Kiplinger, we'll put a link into it there, talking about big mistakes that tax retiree new retirees make. And so we'll focus on some of those comments there, and just kind of get your thoughts on it and see how it matches up with what you see, you know, in the real world, right, from just you know, from just an author as an article standpoint, versus what you see in the trenches. So starting the conversation with ignoring the upcoming RMDs, especially if it's your first one, right? Yeah, so you got to be careful here. So talk to me a little bit about that, and some of the stuff you Tony Mauro 02:49 see, well, some of the stuff we see, and we, you know, base what we see, because a lot of our retail tax clients are retirees or nearing retirement, and so we do see a lot of these things come up, rather than, you know, working with the younger crowd who don't have these problems yet, but they will. But yeah, ignoring the RMDs. I mean, RMD is required minimum distribution, you know, for those that are unaware. And so you you may have an IOU to the government for these, and they're going to come knocking and say, hey, look, once you reach a certain age, at 73 now and 75 for people like me, born after 1960 you need to start taking money out of your tax deferred accounts, because the government says you have to, because they want their their tax. They want their cut. That's right, they want their cut. So it's important that you work with your advisor or figure this out, because there is a large penalty if you delay this past the date you're supposed to do it, so you don't want to get in that situation, and then you have to start taking this money out every year, which creates a little bit of a tax problem, because you're going to, you're going to have some taxes due on this and whatnot. But the kind of, the hidden problem is, is the government will allow you to defer this a little...
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    15 m
  • From Zero Savings to a Million-Dollar Exit

    From Zero Savings to a Million-Dollar Exit
    Feb 26 2026
    For many business owners, retirement savings don’t show up neatly in a 401(k) or IRA. They’re tied up in the business itself. Today’s listener question comes from a couple facing a sudden transition from “almost nothing saved” to managing a large lump sum late in the game. And they’re wondering if it’s enough. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Speaker 1 00:00 For many business owners, retirement savings doesn't show up neatly in a 401, K or an IRA. It's tied up in the business itself. Well, this week, we're going to tackle a question from a listener dealing with the possibility of selling a business and what that might look like for their retirement. Look up in the sky. It's a bird, Nick 00:22 it's a plane. No, it's the tax man. He may not be a superhero, but Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for plan with the tax man. Speaker 1 00:36 Hey, everybody. Welcome into the podcast. This is plan with the tax man, with Tony Morrow from tax, dr, Inc, find them online at your planning pros.com that's your planning pros.com where you can drop a line into the team and get yourself some time onto the calendar, and, you know, ask your questions, get some things answered. And we're going to take a listener question here this week on the program Tony, about selling a business. And I know you've as a business owner, you've also got a lot of business clients, and so a lot of people do find themselves in this position in America, a lot of small business owners. So we're going to tackle this here a second. But first, how you doing? I've been doing real well. You know, I like this topic because it's near and dear to my heart, and we have a lot of clients that I've seen experienced this exact thing we're going to talk about. So I'm excited to talk about that. And Spring is almost on us, so things are good, good. Well, yeah, let's dive in. Let's because there's quite a few additional pieces that is kind of a lot of lot to unpack here for if we want to dive in. And we'll try to keep this within our normal timeframe here, but see if we can help some folks out, if they might be in a similar situation. So here's the setup. The listener says, Look, I'm 60 years old. My husband's 58 we're definitely behind when it comes to retirement savings, because we have basically nothing saved, but we put it all into the business, and we're going to be selling our business soon for just under a million bucks. I'm very nervous about dealing with this large sum of money, since we don't have any investing experience. Wondering where should we start, and Will this be enough to retire? On any pointers you can help would be great. So I guess we can start with a couple of pieces of this Tony. So when you're, when you're selling a, you know, a business, and you've not saved anything, I mean, it is very it's awesome that the business is, first of all, I guess, sellable, enough that you're, they're selling it and making this money, right, right? That's the first step. I think for a lot of business owners, it's like realizing, hey, is this valuable? Is it sellable? You know, is there value there? And then, if you do sell it, now, what do you do? So what's some things to think about here? Tony Mauro 02:27 Well, I think the first thing to think about is, and we see this a lot, is, I'll tell you, what they all say is, when we start talking about retirement and whatnot, they all that's what they say is, look, I'm not saying for retirement. My retirement my retirement is gonna be my business, and I'm putting all my money into the business. And so when we that's how the conversation starts. And then in this case, you know, I'd love to know more about it, but I'm gonna make an assumption here that they are gonna be at a million. I don't know what just under a million means. Yeah, let's, let's round it off for easy. Yeah. We'll just, yeah, we'll round it off. But what a lot of people don't realize is, if it's a service business like mine, or they don't owe anything on it, you sell a business for a million and you have no basis, which is kind of like, you know what you paid for your stock, then all of that potential money could be taxable, and if you're getting or giving up, say, 20% of it to the feds, another three or four to the state, you could end up with maybe 750,000 total after taxes. And then you also, you know, you got to factor in selling costs and things like that. So I'm just going to use 750,000 so it's not the million you think, because you're going to owe some taxes. Now, there's a lot that goes into that, because that capital gains, Tony, that's capital gains, yes, capital gains, taxes, and so you know, at first glance, you're 60 years old, and you've got 750,000 net to to, let's say, you know, save for retirement. Are you going to retire now or not? Or because I ...
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    18 m
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