351 | Year End Tax Planning 2021
ChooseFI
Brad Barrett | Choose FI Media
4.8 • 5K Ratings
🗓️ 15 November 2021
⏱️ 59 minutes
🧾️ Download transcript
Summary
In this week's episode, Brad and Jonathan are joined by Sean Mullaney to get a jump start on 2021's tax planning season. Together, they discuss managing Backdoor Roth IRAs before the 12/31 deadline, changes to the relevant tax regulations, amended returns, solo 401k's for contractors and entrepreneurs, and so much more! Listen along to see if any of the information shared can be applicable to your own tax planning this season!
Sean Mullaney
- Website: The FI Tax Guy
- Blog: The FI Tax Guy Blog
- Twitter: @SeanMoneyandTax
Resources Mentioned In Today’s Conversation
- Subscribe to the FI Weekly!
- The Backdoor Roth IRA and December 31st
- IRS Instructions for Form 8606
- White Coat Investor's Backdoor Roth IRA Tutorial
- Solo 401ks, SEP IRA's, and the 2021 Stimulus
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As always, the discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular individual or taxpayer. Please consult your own advisors regarding your own unique situation. Sean Mullaney and ChooseFI Publishing are currently under contract to publish a book authored by Sean Mullaney.
Transcript
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| 0:00.0 | Alright guys, it's not every episode that we start with Amia Copa, but we're going to be doing year in tax planning for 2021. |
| 0:06.2 | And I remember viscerally doing it for 2020 and episode was appreciated. |
| 0:11.4 | But the feedback we got was, as I wish you had given us a little bit more time to process this. |
| 0:17.4 | You know, I think we were doing it literally going into the last week or so of December. |
| 0:21.4 | And while I think it's critical that we do this type of episode on an annual basis, |
| 0:25.1 | we're going to commit to you when we do these episodes to make sure we give you enough time to notice |
| 0:29.0 | to actually take action on it. |
| 0:30.2 | So we've invited Sean Malaney by tax guy from bytaxguy.com to join us back on the show today and help you lock in your 2021 year in tax planning events. |
| 0:40.3 | Remember, so the five community, welcome to the ultimate Crown source personal financial. |
| 0:43.4 | This is Choose FI your listening to choose FI radio. |
| 0:47.4 | The blueprint for financial independence lives here. |
| 1:00.0 | If you're looking to unlock this secrets to financial independence and early retirement, you're in the right place. |
| 1:06.8 | Stay tuned and join a community of like-minded people who are getting off the answer. |
| 1:11.7 | And taking control of their lives in the pursuit of financial independence. Choose FI your home for financial independence online. |
| 1:32.6 | Alright guys, very excited to dive into this week's episode and to help me with this, I have my co-host Brad here today. |
| 1:36.3 | How you doing, buddy? |
| 1:37.0 | Hey Jonathan, I am doing quite well. Yeah, it's always a treat to have Sean back on the show, of course. |
| 1:41.8 | And like you said, most importantly, we're not waiting until the absolute last minute this year. |
| 1:46.0 | So we're giving people good 45, 46 days here ahead of publication date to make some changes for the December 31st deadlines. |
| 1:54.6 | But as Sean is certainly going to go into, there are some deadlines into 2022 as well. |
| 1:59.5 | So you have plenty of time this year, which is nice. |
| 2:02.0 | And yeah, Sean, with that, welcome back to Choose FI. |
... |
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