Finding the right tax advisor can be a frustrating experience. Today, we talk to Steven Jarvis, CPA about the steps you should take when looking for a new advisor to help you with taxes. Steven is the owner of Retirement Tax Services and aims to bridge the gap between tax professionals, financial advisors, and their mutual clients to help reduce most people's largest expense in retirement: taxes! You can also find him (along with past guest Benjamin Brandt) on his podcast The Retirement Tax Podc...
Jan 30, 2023•32 min
Today we go to the voicemail and answer some of our listeners questions. If you want to leave ask a question, visit https://www.bigpictureretirement.com/ and look for the tab on the right-hand side that says, "Send A Voicemail." Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/...
Jan 16, 2023•28 min
For the second time in three years, a new law has changed many of the rules about retirement planning. In today's episode, we'll dive into the headline items of this new law and then talk about some of the important pieces that aren't making the news. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire....
Jan 11, 2023•34 min
For a long time, 62 was the most popular age to file for Social Security benefits. But in the past several years, data has shown that it has become a less common age to file. There are three main reasons for this and in today's episode we'll dive in and tell you what you need to know. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s tea...
Jan 03, 2023•22 min
The value of a title policy, when it's needed, cannot be understated. There are some missteps that lead to not being able to get this insurance. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/...
Dec 27, 2022•34 min
Managing taxes in retirement may have a greater impact than any other single cost-saving measure you take. Today, we're joined by Andy Panko for a deeper dive into tax loss harvesting, and one that doesn't get a lot of attention...tax GAIN harvesting. Visit Andy's firm Tenon Financial at https://tenonfinancial.com/ Visit Andy's Facebook group Taxes In Retirement https://www.facebook.com/groups/495122561395942 Listen to Andy's podcast Retirement Planning Education at https://podcasts.apple.com/us...
Dec 19, 2022•33 min
Today's episode is all about answering our listener's questions. Join the thousands who have already joined Devin's online workshop, How To Choose the RIGHT Time to File for Social Security. Get registered here https://www.devincarroll.com/SSessentialsonlineworkshop Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/...
Dec 12, 2022•37 min
If you’re a real estate investor, you need to understand the 1031 exchange. This IRS rule allows for the chance to reinvest the profits from the sale of a property without having to pay capital gains tax. As long as you replace one investment property with another (and follow all the rules), you can kick that tax bill down the road. In today's episode, we'll get into the nitty-gritty and tell you how this rule works and the pitfalls that trap most people. Contact Devin’s team at https://www.carr...
Dec 05, 2022•24 min
With all the attention given to the latest Social Security COLA, we’ve been getting lots of questions. Among the questions is about the alleged "donut hole" for Social Security inflation adjustments for individuals 60 and 61 years of age. Some in this cohort are upset that they may be missing out on significant benefits increases during this high inflation period. This is based on the observation that if all wages are indexed through age 59, and the COLAs don’t start until 62, there are two year...
Nov 28, 2022•9 min
Do annuities deserve the bad publicity they receive? Today we'll do a crash course on the different types of annuities and talk about when one may be right for you. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/
Nov 14, 2022•30 min
A trust is a legal entity, just like a corporation or an individual person. All trusts will have an exchange of property and three categories of people: the people who create it, called the grantors, or the settlers, or the trust-makers the people in charge of the trust, usually called the trustees the beneficiaries: the people who get the benefit of the trust Devin and John go over the different types of trusts and when to use them.
Nov 07, 2022•48 min
For those who are retired, or getting close to being retired, a bear market is an anxious time. In today's episode, we talk about how you can PROFIT from a declining market and set up the rest of your retirement to reap the rewards of making the right moves while the opportunity is still here.
Oct 31, 2022•30 min
In today's episode, we talk about a few of the Social Security changes for 2023 that will have a significant impact to retirees.These changes include: The 2023 cost of living adjustment The 2023 Earnings Limit The 2023 Maximum Family Benefit Formula The amount needed to earn one credit The Windfall Elimination Provision (WEP) penalty The maximum taxable wage base The Substantial Gainful Activity (SGA) thresholds
Oct 24, 2022•25 min
Often described as one of the most complicated legal rules, the "rule against perpetuities" can prevent you from leaving assets to your family forever. In today's episode, we dive into this rule and talk about some of the states who are changing their definition of "perpetuity" for generational wealth transfer.
Oct 17, 2022•18 min
In 2023 the premium for Part B Medicare will be going DOWN. In today's episode we talk about how just one drug screwed up the forecasted premiums for 2022, and how that's being adjusted out in 2023.
Oct 10, 2022•13 min
In today's show we are joined by Benjamin Brandt for a discussion about the 4% rule (and how it goes against human nature), using a dynamic spending approach, and building a retirement budget that actually works. Connect with Benjamin Brandt on his website at https://retirementstartstodayradio.com/ and sign up for his newsletter at https://retirementstartstodayradio.com/newsletter Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through t...
Oct 03, 2022•25 min
Thinking about getting married again? Before you do, it's important to understand the financial implications (that aren't always obvious). Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/...
Sep 26, 2022•29 min
Can a Social Security break even calculator help you decide the best age to file? Yes! Just know…the results of this calculation alone cannot be the deciding factor when choosing the best filing age. Deciding when to file for Social Security benefits requires the examination of multiple pieces of information. A Social Security break-even calculator can help with the decision, but it can never be the sole factor used if you are serious about making a well-rounded decision. Before using this calcu...
Sep 19, 2022•26 min
The tax code is set to have big changes in 2026. If you want to avoid estate taxes when these rules change, there may be steps you need to take TODAY! Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/...
Sep 12, 2022•38 min
Airbnb has revolutionized the lodging industry. Today the value of Airbnb is only slightly less than Marriot, Hilton, and Intercontinental PUT TOGETHER! Should you stake your claim in the nightly rental gold rush? Joining us today is a very special guest. Karen Carroll is an experienced host with more than 12 years of working with the major nightly rental platforms. We'll dive into: Why she chose short-term vs. long-term rental How to manage a property How to identify the right property And most...
Sep 06, 2022•1 hr 4 min
There are some mistakes that can be easily corrected. However, others can result in long-term or even permanent damage. It is possible, however, to avoid these mistakes if you are aware of what to look for. In today's episode, John and I talk about these six common mistakes that have big consequences: Small missteps that cause overpayment notices Miscalculating spousal and survivor benefits Avoidable earning’s record errors The Social Security tax bomb Relying on the SSA for your advice Using so...
Aug 29, 2022•49 min
The "checkbook control LLC" can be a great tool for investors looking to diversify beyond the traditional investments normally offered in an IRA. PLUS...if this is structured correctly you can retain control of the assets. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/...
Aug 22, 2022•27 min
Beneficiary designations seem straightforward at first glance. Just fill out a form naming the people you wish to inherit your account in the event that you pass away. Seems simple enough, right? What lurks in the background is some nuance contained within these designations that may result in unexpected outcomes. Two examples: -Not properly designating per stirpes vs. pro rata can actually lead to accidentally disinheriting members of your family that you had NO intention of cutting out -Leavin...
Aug 12, 2022•37 min
There are a few rules of thumb that should never be ignored, but you should always question if they are right for you and your unique situation. Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/...
Aug 08, 2022•25 min
If you've accumulated non-business assets like a second home or large brokerage account, there are steps you can take to protect those assets. Although this show does not provide tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/...
Aug 01, 2022•37 min
Our "farewell" episode was published in late 2019. We knew then that at some point we'd start recording again, but we had NO IDEA it would take this long. With that said, we're so excited to be back and can't wait to get back in your regular podcast feed. Thanks so much for sticking around. Although this show does not provide tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team a...
Jul 29, 2022•7 min
Bear markets bring about a lot of uncertainty. But with the right focus, this can be a time of massive opportunity. In today's episode Devin and John talk about why the current mixture of environments presents a perfect opportunity.
Mar 23, 2020•11 min
How does the Coronavirus affect your Social Security benefit and overall retirement income? In today's show Devin and John are covering the ripple effect and talking about what you need to do.
Mar 01, 2020•24 min•Ep. 121
How will the the Secure Act impact your retirement plan? In this special episode Devin and John discuss the widely-reported basics of this new law and then cover some of the the advanced planning opportunities that will now be available.
Dec 20, 2019•53 min•Ep. 120
It’s been a wonderful ride and we want to thank everyone for listening to the Big Picture Retirement Show. The success of John’s business ( rossandshoalmire.com/elderlaw-attorneys ) and Devin’s YouTube channel ( youtube.com/devincarroll ) have created as shortage of time to record new episodes. If you’d like to stay in touch, please join the Facebook group: bigpictureretirement.com/facebook...
Nov 13, 2019•7 min•Ep. 119
