Tag: Taxes

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Is Inflation Really Decreasing? Exploring the Impact on Inflation Prices (Ep. 46)

Is Inflation Really Decreasing? Exploring the Impact on Inflation Prices (Ep. 46)

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Is inflation really “going down”? But why are prices still so high? 

Let’s discuss the difference between inflation rates and prices affected by inflation while highlighting a possible silver lining of the situation!

This week, Austyn Whittenburg discusses the impact of inflation on personal finances and the new tax brackets for 2024. He clarifies misconceptions around inflation and prices, explaining that while inflation may decrease, prices are still increasing. 

Additionally, he discusses the many new opportunities 2024 has to offer to minimize your tax burden as much as possible and how to start taking advantage of them!

Austyn discusses:

  • One of the most common misconceptions about inflation and how it is “decreasing”
  • The Silver Lining: New Tax Brackets for 2024
  • Incoming changes in capital gains tax rates, estate tax, and gifting rules
  • Increased contribution limits for 401K and IRA accounts
  • And more

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5 Financial Concepts Your Kids Should Know (Ep.32)

5 Financial Concepts Your Kids Should Know (Ep.32)

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It’s no secret that financial literacy is something that *isn’t* taught in school.

In this episode, Austyn welcomes Rick Gallacher, CFP®, CPA/PFS back onto the podcast to talk about five key financial principles that your kids should know. From interest to taxes, Austyn and Rick use real examples so you can teach your kids everything they need to know about money.

Austyn and Rick discuss:

  • Albert Einstein’s Eighth Wonder of the World.
  • How taxes can affect your investments.
  • The difference between investing and gambling.
  • A dollar today is worth less than a dollar tomorrow.
  • And more!

Connect with Austyn Whittenburg:

Connect with Rick Gallacher:

About our guest:

Rick has experience in the areas of financial modeling, asset allocation, investment selection, estate planning, personal risk management, holistic situation auditing, and personal financial reporting. As a licensed CPA, he has proficiency in understanding and applying analysis to the overall economy, capital markets, corporate fundamentals, personal taxation, and essential business law.

Rick is a highly organized, analytical, and detail-oriented individual. Through professional and personal experience, he has learned that complete and accurate data is important to make appropriate decisions. He follows this concept: theorizing before one has data inevitably causes one to twist facts to suit theories instead of theories to suit facts.

Rick, his wife Kate, and their daughters Remi and Addi live in Sandy, Utah, and love to travel. They have jokingly been told that their residence is more of a vacation home because it seems they are rarely there. Between them, Rick and Kate have traveled to 36 countries. Rick enjoys golfing, skiing, soccer, jet skiing, and being in the mountains. He’s been skydiving three times and has not broken a bone! Any time spent with family is time well spent for him.

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Tips and Tricks for Saving Money on Taxes (Ep.29)

Tips and Tricks for Saving Money on Taxes (Ep.29)

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Seeking out strategies for saving money on your taxes? Looking to keep more of your hard-earned income in your pocket?

Look no further…

In this episode, Austyn Whittenburg explores the various ways you can save money on your taxes. From tax deductions and credits to retirement accounts and charitable contributions, Austyn provides practical tips and insights on how to reduce your taxes and maximize your savings.

Austyn discusses:

  • Changes that you can expect to see in your taxes over the next few years 
  • The good news about the current state of inflation
  • How your tax credits might change coming out of the pandemic
  • Tax deductibles that you may not know about that could save you money
  • And more

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The Basics of Social Security (Ep.20)

The Basics of Social Security (Ep.20)

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One in five Americans claim some form of Social Security benefits. Everyone’s benefit can be slightly different depending on your work history, age and a few other factors.

In this episode, Austyn Whittenburg, discusses the basics of Social Security to help you get a clear understanding of what it is and how it gets calculated.

Austyn discusses:

  • Why Social Security is known as a broad reaching program
  • How Social Security gets funded
  • How to calculate the amount of Social Security you will receive
  • Who is eligible to receive a Social Security benefit
  • How to maximize your Social Security benefit
  • And more

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Is It Time To Start Saving For Your Child’s Education? With Rick Gallacher, CFP® (Ep.16)

Is It Time To Start Saving For Your Child’s Education? With Rick Gallacher, CFP® (Ep.16)

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As college costs continue to rise, more parents and grandparents are looking into ways to save for their children’s education. But with the potential for taxes and penalties, is a 529 plan the right choice?

In this episode, Austyn Whittenburg talks with Rick Gallacher, CFP®, to discuss how you can start helping your kids save money for college with a college savings plan. When used right, you are able to use the money tax free on almost everything school related.

Rick discusses:

  • Options for paying for college
  • What you can use 529 funds for
  • How the family legacy pyramid works
  • Pros and cons of college savings plans
  • And more

Connect with Austyn Whittenburg:

Connect with Rick Gallacher:

About Our Guest:

Rick Gallacher has experience in the areas of financial modeling, asset allocation, investment selection, estate planning, personal risk management, holistic situation auditing and personal financial reporting. As a licensed CPA, he has proficiency in understanding and applying analysis to the overall economy, capital markets, corporate fundamentals, personal taxation and essential business law.

Prior to investing in 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

Austyn Whittenburg, Rick Gallacher, Whittenburg Wealth Partners, and LPL Financial do not offer tax advice or services.



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Breaking Down The Mystery of Life Insurance With Andy Brim (Ep.7)

Breaking Down The Mystery of Life Insurance With Andy Brim (Ep.7)

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Many people will tell you that life insurance is just for when you die. But while there is more to it than that, life insurance can be daunting. 

In this episode, Austyn Whittenburg is joined by Andy Brim, regional sales vice president at Dixon Wells. He breaks down the mystery of life insurance to help you feel protected. He will share how you can start using life insurance to your advantage.

Andy discusses:

  • The different products of life insurance and its benefits
  • Why it’s important to talk with your financial advisor about your life insurance
  • How high net worth clients are utilizing their life insurance policy
  • Getting tax free benefits from your life insurance plan
  • And more

Connect With Austyn Whittenburg:

Connect With Andy Brim:

About Our Guest:

Andy Brim brings over 25 years of experience in multiple facets of financial services. His focus on advisor revenue growth strategies make him a valuable asset to the Dixon Wells team. Andy has extensive experience in life, annuity, and LTC sales. He is constantly working to help each advisor build sources of revenue and improve overall client service. Andy holds a Bachelor of Arts degree from The Ohio State University.

Andy Brim and Dixon Wells are not affiliated with or endorsed by Whittenburg Wealth Partners, Stratos Wealth Partners, or LPL Financial.

Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. 

Guarantees are based on the claims paying ability of the issuing company.

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Saving on Taxes in 2022 With Darin Fullmer (Ep.4)

Saving on Taxes in 2022 With Darin Fullmer (Ep.4)

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Every year, tax rules and regulations are being updated. But you’d have to do some digging on the internet to find out and understand what is going on.

In this episode, Austyn Whittenburg is joined by guest Darin Fullmer, senior tax manager at Haynie & Company. Darin will bring you up to speed with his current knowledge of tax law and what you can do to help yourself save on taxes.

Darin discusses:

  • Tax ideas for 2022
  • Saving money on taxes while saving for the future
  • An update to the 401k limits and how business owners can use it to their advantage
  • The most under-utilized tax strategy
  • And more!

Connect with Austyn Whittenberg:

Connect with Darin Fullmer:

About Our Guest:

Darin Fullmer is a Certified Public Accountant specializing in corporate, partnership, and individual taxation; tax planning; and general business accounting and consulting. He also specializes in the design, installation, and administration of qualified retirement plans.

Disclosure:

Darin Fullmer and Haynie & Company are not affiliated with or endorsed by LPL Financial, Whittenburg Wealth Partners, and Stratos Wealth Partners.

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.

 

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