Your Money & Your Life Podcast Donald Cash

As we approach the first week of May with tax season behind us, it’s the perfect time to look ahead. With the Tax Cuts and Jobs Act set to expire at the end of 2025, some big changes are in store for the next two years from a tax standpoint. In today’s episode, Don will dive into the changes you need to be aware of for 2024 and beyond.
 
Here’s some of what we discuss in this episode:
Changes in the capital gains rule for homeowners + potential planning mistakes with property ownership
The evolution of the taxation of Social Security benefits over the years
The importance of integrating Social Security decisions into an overall retirement plan
Keeping an eye on federal and state estate taxes + the importance of comprehensive estate planning
 
Get in touch with Don and learn more: https://doncashpodcast.com/
 

Did you know that roughly 50% of people over 50 lack essential legal documents, such as wills, power of attorney, and healthcare directives? The numbers are even more concerning for younger demographics, with 80% of those under 30 lacking any basic documents. With over $84 trillion in assets set to transfer to the next generation, ensuring your estate is in order has never been more important.
 
Here’s some of what we discuss in this episode:
The percentages of individuals across different age groups lacking essential estate planning documents
The importance of powers of attorney and healthcare directives once one turns 18
Outdated legal documents, misplacing wills, and updating your estate planning materials as life changes
Understanding IRA estate rules to avoid complications and tax liabilities
Carefully selecting executors and trustees + sharing passwords and communicating intentions with family members
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Spring has sprung, pollen is in the air, and we are in the middle of college basketball March Madness! With tax season also approaching, Don and Marc are here to talk about Health Savings Accounts (HSAs) and the wealth of opportunities they can provide for savers and investors. Listen in as they share some benefits of contributing to an HSA, including significant tax deductions and tax-free withdrawals for qualified medical expenses.
 
Here’s some of what we discuss in this episode:
How HSAs work + a little history
The difference between the HSA-eligible health plan and the health savings account
The tax benefits an HSA offers + some potential downsides to consider
The nuances of HSAs for individuals over 65 + strategic approaches for managing HSA funds post-retirement
Considering HSA depletion rules + keeping proper records
 
Resources:
IRS Rules for HSAs – Publication 969 
https://www.irs.gov/publications/p969
 
HSA benefits that may surprise you –
https://irahelp.com/slottreport/hsa-benefits-may-surprise-you/
 
5 HSA rules you need to know –
https://irahelp.com/slottreport/5-hsa-rules-you-need-know/
 
Get the most out of your HSA – Wall Street Journal –
https://www.wsj.com/buyside/personal-finance/what-is-an-hsa-dff3eb55?st=rxd75zyho7lfd45&reflink=desktopwebshare_permalink
 
Get in touch with Don and learn more: https://doncashpodcast.com/

In our last episode, we teased a discussion about long-term care insurance deductions and health savings accounts but ran out of time. Don't worry though, because today we're diving deep into these important topics.
 
Here’s some of what we discuss in this episode:
Don’s recent conference in Arizona + self-driving cars
The high cost of assisted living and long-term care + considerations for itemizing deductions on tax returns
Some missed opportunities that Don often sees when it comes to medical expenses
How deductions work for life care retirement communities
Alternate ways to deduct medical expenses for self-employed individuals using Schedule 1 on the 1040 form
 
Resources for this episode:
Tax forms –1040 form
https://www.irs.gov/pub/irs-pdf/f1040.pdf
Schedule 1 – Income & Adjustments
https://www.irs.gov/pub/irs-pdf/f1040s1.pdf
Schedule A –
https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
Standard Deductions and Tax Brackets – 2023
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023
Long-Term Care Insurance Tax Deductions –
https://apps.irs.gov/app/vita/content/00/00_25_005.jsp
Waymo Driverless Cars –
https://waymo.com/
 
Get in touch with Don and learn more: https://doncashpodcast.com/
 

Punxsutawney Phil did not see his shadow, the Kansas City Chiefs won the Super Bowl, and Valentine’s Day is here. It’s a busy time of year, and while “Be my little tax deduction” isn’t the most romantic thing to say to your spouse this holiday, we’re going to discuss a tax deduction you can make for your Valentine before April 15th in today’s show.
 
Here’s some of what we discuss in this episode:
The randomness and unpredictability of Groundhog’s Day, the Super Bowl, and the stock market
What is a spousal IRA contribution and how does it differ from a normal IRA contribution?
How can spousal IRA contributions benefit retirees and pre-retirees in terms of tax deductions and retirement savings?
The implications of IRA contributions for individuals over age 73 + alternative retirement savings options for self-employed individuals
 
Resources for this episode:
Wall Street Journal Article – Spousal IRAs
https://www.wsj.com/personal-finance/retirement/theres-still-a-way-to-double-your-retirement-tax-breaks-before-filing-0f689dc1?st=cssro7zcnwkzp8r&reflink=desktopwebshare_permalink
 
Income limits for IRA deductions
https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work
 
Get in touch with Don and learn more: https://doncashpodcast.com/
 

In celebration of the holiday this week, we thought we’d have a little fun and see what the movie “Groundhog Day,” starring Bill Murray and Andy MacDowell, can teach us about successful retirement planning. Just like Bill Murray’s character, Phil, is forced to relive the same day over and over and learn from his mistakes, retirement planning is an ongoing journey that calls for adaptability, continuous learning, and a commitment to positive change.
 
Here’s some of what we discuss in this episode:
The cyclical process of retirement planning + the role of annual rituals and reviews throughout the process
Getting burned by trying to predict the future when it comes to financial investments + the importance of financial preparedness
Learning from past financial mistakes and not repeating them
Adapting to changes in income, expenses, investment performance, health, and more
How small changes in financial planning can lead to big results
 
Get in touch with Don and learn more: https://doncashpodcast.com/