2104: [Part 2] FIRE Tax Strategies For Beginners by Sean Mullaney

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🗓️ 18 November 2022

⏱️ 10 minutes

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Summary

Sean Mullaney of FI Tax Guy shares FIRE tax strategies for beginners. This is part 2 of 2. Episode 2104: [Part 2] FIRE Tax Strategies For Beginners by Sean Mullaney Sean Mullaney is a financial planner and the President of Mullaney Financial & Tax, Inc. Mullaney Financial & Tax, Inc. offers fiduciary, fee-only, hourly, and advice-only financial planning. Sean established Mullaney Financial & Tax, Inc. after a lengthy career in public accounting. He worked in the tax departments of both Deloitte & Touche and PwC, including over 6 years in PwC’s Washington National Tax Services practice. Sean is a Certified Public Accountant licensed in California and Virginia. He is a member of the American Institute of Certified Public Accountants and an associate member of the National Association of Personal Financial Advisors. Sean has degrees in accounting, law, and taxation and a certificate in financial planning. The original post is located here: https://fitaxguy.com/top-four-tax-moves-for-financial-independence-beginners/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 2104.
0:04.7	Fire Tax Strategies for Beginners, Part 2 by Sean Mulaney of 5taxky.com
0:11.8	And on your host and personal finance enthusiast, Diana Mariam.
0:16.2	Today's post is a continuation from yesterday, so if you're new here, I'd recommend listening
0:21.3	to yesterday's episode first, but if you're all caught up, let's hear Part 2 and continue
0:26.9	optimizing your life.
0:32.9	Fire Tax Strategies for Beginners, Part 2 by Sean Mulaney of 5taxky.com
0:40.1	2. Establish a Roth IRA
0:45.0	For a primer on Roth IRAs, please read my ode to the Roth IRA when you can.
0:51.0	Roth IRAs like traditional IRAs are individual.
0:54.7	To establish one with a financial institution separate from your employer, generally
0:59.8	speaking, a Roth IRA gives you tax-free growth, and if done correctly, money withdrawn from
1:05.4	a Roth IRA is both tax and penalty-free.
1:09.2	There's no better account to hold in retirement than a Roth IRA.
1:13.4	Why not start one today when A, federal income tax rates are at historic lows, and B,
1:20.0	Roth IRA contributions give you an immediate emergency preparedness benefit.
1:25.7	Roth IRA contributions can be withdrawn tax and penalty-free at any time for any reason.
1:32.3	The Roth IRA is the only retirement account that offers unfettered tax-free access to
1:37.6	prior contributions.
1:39.8	Note however, in most cases, the best Roth IRA strategy is to keep money in the Roth IRA
1:45.3	for as long as possible, so it continues to grow tax-free.
1:50.0	Every working and retired American should ask themselves whether they have a Roth IRA.
	...

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