Episode Transcript
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Speaker 1 (00:00):
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi Tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
Be sure to visit our website, Maggie Tax, and if
you want to attend one of our seminars.
Speaker 3 (01:03):
Actually we have one coming up Tuesday.
Speaker 2 (01:05):
Just go to our website where it's a seminars, you
can register or you can actually call eight three three
Maggie Tax. These are very educational seminars. So if you
want to see and get some answers about a state
planning and tax planning, just sign up for that seminar.
Speaker 3 (01:20):
You'd be glad you did. Don't forget our.
Speaker 2 (01:22):
TV show every Sunday on ABC TV at ten thirty
a lot of educational information. And that's really what my
son Chris and I have done for the many years
is to educate you because then we're going to talk
about some things today that you're not sure of, that
you have questions of. And it's not just about meeting
with an advisor and giving you a product. It's about
a process and Chris, we're going to talk about that today.
(01:44):
And I know you have seen this so many times
and how many people are coming in and confused and
they just don't understand what planning is, whether it be
income planning, tax planning, investment planning, and just basically a
state planning.
Speaker 3 (01:57):
So let's kind of put this together.
Speaker 4 (01:59):
That's just it. So welcome everyone. I'm Chris Maggie and
thank you so much for tuning into our show and
hit on the head. We call it the Maggie Plan.
The Maggie Plan is a tax plan, it's an income plan,
it's an investment plan, it's social security planning, it's a
state planning, it's legacy planning. That's what we do. We
do complete planning. So here's the advice I would recommend
to everyone listening today. If you're in search of an advisor,
(02:20):
what you want to look for is someone who does
complete planning. Why because there's a lot of transactional advisors
out there, people that just sell products, they're in commissions,
they kind of do the thing that's really best for
what they need to do. But not every advisor is
the same, not every doctor is the same, not every
lawyer is the same. So what you want to do
in this investment world is you want to choose an
(02:41):
advisor who does complete planning. So schedule time to meet
with us. Come on in, let's have a conversation. Visit
our website at Maggie Tax dot com. There's so much
information right there at your fingertips. But that's what we're
talking about today putting together a plan income planning, tax planning,
investment planning, and a state planning. So that let's just
jump into today's show. If anyone has any questions, feel
free just to pick up the phone. Schedule tilling me
(03:03):
of US eight three to three Maggie tax.
Speaker 2 (03:05):
And we have an operator standing by right now, so
just pick up the phone and we can take them there,
set in an appointment and have a consultation. So a couple
things that I want to get into now that we
know who the president is. Back in twenty seventeen, many
of you might remember the Tax Cuts and Jobs Act
increase the lifetime gift and a state tax exemption to
(03:25):
almost twelve million dollars per person. But this is set
to expire at the end of twenty twenty five, which
would drop the exemption back down to around seven million.
So here's why this is important. We talked about this,
Chris and I for years. Now you have a short
window between now and the end of twenty twenty four
to start doing some serious tax planning because things might change.
Speaker 3 (03:49):
And we don't know what they're going to be.
Speaker 2 (03:50):
But we don't want you to wait till the last minute,
So you basically have you know, ten months to get
something done. So you know, with the Republican president and Congress,
there's a chance to hire exemption could get extended. But
what we don't know, Chris, is if it's going to
get extended. So why not plan now to make sure
that and we'll talk about this in a minute, how
to reduce your taxes, how to have tax free income
(04:12):
and have a plan that's going to be your plan,
not the government plan.
Speaker 4 (04:15):
Well that's just it, you know, as we're witnessing right now.
It's called legislative risk. Things could change, the laws could change.
So even though it might be in your favor rate
now and it's not a big deal, guess what in
the future, it can change. And that's where many people
are not going to be in position to take advantage
some of the opportunities that they're going to take advantage
of now. And that's why this exemption is very crucial
(04:37):
because it might seem a lot for almost twelve million
dollars per person, but again, if that gets reduced to
seven million, or six million, or one million, think of
how many people out there have estates over one million dollars.
Then you're going to be subject to the estate tax
if that was to happen and has happened in years prior.
So these are the things that we're talking about here,
(04:57):
is putting together an overall plan. If you have questions,
pick up the phone, schedule a time to meet with us.
Eight three three, Maggie Tax. Let's talk about a state planning.
Let's talk about the exemption. Let's talk about tax planning
and how investments play a huge role in how and
how much you are to pay in taxes.
Speaker 2 (05:15):
And also, don't forget this Tuesday, we have a seminar
on state planning and taxes. Go to our website, Maggie
Tax dot com. I invite all of you. It's at
the library. There's no food, there's no pressure. It's an
educational seminar that we're going to be talking about a
state planning and tax planning, because that's what people are
asking for right now. Visit our website, Maggie tax dot com.
(05:35):
You can actually register on the website, go to seminars.
You'll see the date there. Plug in your information or
give us a call at eight three to three, Maggie Tax. Now,
I just want to go back to one more thing.
Chris that we talk about all the time on our website.
There's something called the retirement tax bill. The biggest question
that a lot of people have is how much tax
am I going to pay if I have an IRA
(05:57):
or a four to one K when I start withdrawing
the money. If you go to my website again, on
the top right, you'll see retirement tax Bill.
Speaker 3 (06:04):
I want you to look at it, click on it,
fill it in.
Speaker 2 (06:07):
And I'm going to tell you right now that it'll
give you in thirty seconds what your tax bill is
going to be. So, is it okay? If I give
an example here? Yeah, get right ahead, because this is
really important.
Speaker 3 (06:16):
Here.
Speaker 2 (06:16):
This is a client here. Her name is Maureen. She's
sixty five years old. And why am I saying this?
Because you have how many years, say sixty five seventy
three to start taking your RMD.
Speaker 4 (06:26):
Just stop there for a secle. Let's just educate everyone.
At age seventy three you have to start taking what
they call the required minimum distribution, So so many years
if you have a Form one K or an IRA
or some type of qualified plan where you have not
paid tax on at that age seventy three, you're required
to take a distribution whether you want to or not,
which could increase your income cause more taxes. And that's
(06:47):
what we're talking about here. So at seventy three, what's
her rm D.
Speaker 2 (06:50):
Well, I'll back it up a little bit because I
want to tell you what she has in the account.
Speaker 3 (06:54):
And this is for everyone out there.
Speaker 2 (06:55):
If you're an IRA millionaire, this is a perfect opportunity
to go in there and see what your TAXI was
going to be. But she had an IRA of nine
hundred thousand. Now what she didn't know and many of
you out there don't understand, is the required minimum distribution.
So in her case, the nine hundred thousand, if she
would have kept it the same way and done nothing,
no tax planning, she would have to take on about
(07:17):
two hundred and sixty nine thousand of rmds Okay, now, Chris,
the RMD goes on your tax return right and accounts
as income. Then you have to pay taxes on the RMD,
and then taxes paid on the reminding amount. So here's
what happened at sixty five. If she would have let
this thing grow, she would have had to take out
fifty thousand dollars r MD.
Speaker 4 (07:38):
Whether she wants to or not correct nan, she has
to pay the taxes on it, and then Social Security
which could cause up to eighty five percent tax on
solid security, which could cause her to pay more in
taxes exactly, which also could increase the ERMA, which is
the Medicare tax for Medicare Part B, which we can
talk about later on, but keep going.
Speaker 2 (07:57):
And that's the problem that people don't know what is
and what rm D is. So when she came in
and we showed this calculated to her and again you
can go to my website, go to Maggietax dot com.
Speaker 3 (08:07):
It says retirement calculator.
Speaker 2 (08:09):
Just plug in your information, a couple simple questions and
in thirty seconds it'll feedback to you. When she saw this,
she called us and she said, are you kidding me?
And I said, I wish I was. Now think about this.
If the tax cuts would not expire and they raised
the taxes, Chris, would there be more tax on the
R and ds? They would, all right, And she did
(08:30):
not know this, so got her attention. Said look, man,
I'm glad I heard you guys, because at sixty five,
I don't have to take it out till seventy three.
And here's the other thing, many of you think you
have to take it out, and I'm going to be
careful here. You don't even know what age to take
it out. So they extended that with you the Secure
Act years ago. Now it's seventy three. So yeah, you
can let your deferred account grow and grow and grow,
(08:52):
and in this case, hers would have grown over to
one point three million. But do you think the one
point three million is yours?
Speaker 3 (08:59):
I don't think. So you have.
Speaker 4 (09:01):
A tax problem, you do, and that's why we call
these accounts infective with tax So what do you do?
That's why you need to have a plan. And when
you're talking about how much she had to take out,
you know that can cause taxes. Now also solid security
could be taxed more. But then in the future, where
we talk about legislative risk, the tax laws can change,
and if they do when you're in retirement, then guess what,
(09:22):
you can't do anything. You just held hostage to what
the tax bill will be. So if we can find
strategies to get the money out of a taxable environment
into a tax free environment, now it's the time to
do it. But the Trump tax cuts, you know, ready
to expire if he keeps at and extends those that
could be beneficial for everyone. But you want to make
(09:42):
sure that you're ahead of the game. Doesn't matter who's in.
You want to make sure that you are protected. A
lot of our clients have never tax accounts where they're
never going to be taxed. They're done. Who cares if
the tax rates increase because they're not going to fall
victim to it. So if you want something like that
very simply just pick up the phone, schedule time to
meet with us. We have offics on both sides of
the bay. Let's put together an after tax plan called
(10:04):
a tax free plan. We wrote a book. Stop funding
Uncle Sam's retirement. Get the tax free Plan. We can
help you eight three to three Maggie tax Now.
Speaker 3 (10:12):
One more thing I want to mention to everyone out there.
We do taxes.
Speaker 2 (10:15):
I have three locations, one in Saint Pete, one in
Palm Harbor, and one in Loots. So if you have
all your tax information or about to get all your
tax information, bring it in, drop it in the envelope
and we'll do your taxes. And also we'll do the
tax planning for you to show you what your retirement
tax bill is going to be and then you can
make a decision. Like Chris said, sit down with us.
Let's put a plan together. It's going to save you
(10:36):
on taxes because I don't know about you, but I'm
tired of paying taxes.
Speaker 4 (10:40):
Well that's it, and we're all going to pay taxes.
But let's just pay our face share fair share. And
that's exactly what we can tray to do. And if
you can reduce your taxes, that'll be great. That's called
a tax plan. We can help you get a comprehensive
plan a three to three Maggie Tax Visit our website
at Maggie tax dot com, schedule time to meet with us.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement, and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son, Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie tax dot com.
That's ma Ggi tax dot com or call eight one
(11:19):
three three two two twenty five twenty that's eight one
three three two two twenty five twenty Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back everyone, and thanks for joining us today. My
name is Robert Maggie and I'm here with my son
Chris Maggie, and you're listening to the Maggie Tax and
Financial Show.
Speaker 3 (11:43):
A couple things.
Speaker 2 (11:44):
Go to our website Maggie Tax dot com. We have
a seminar coming up this Tuesday on a state planning
and tax planning. Just feel free to go to the website,
look for seminars and you register. It's free. There's no obligation,
but there's a lot of good information for you. We'll
call eight three to three Maggie Tax. Also, don't forget
we do tax preparation at all three of our locations,
(12:04):
Saint Pete, Palm Harbor and Loots. So if you have
all your tax information ready or you're looking for a
tax planner, we can certainly help you out there. So
some good things to do, because it's getting to that time, Chris,
people are worried about a lot of things. The biggest
thing that you know, I'd like to talk to people
about a lot of people are confused about how to
do a wroth conversion, and you know, we explain how
(12:26):
paying taxes now through roth conversions can lead to significant
long term financial savings and retirement freedom.
Speaker 3 (12:33):
And what we do.
Speaker 2 (12:34):
And you can talk about this is we'll show you
from a tax return how to strategically, I guess the
word would be start taking money out of a taxable account,
try to keep you in the same tax brack and
pay the lowest amount of tax. And Chris, this is
something that works.
Speaker 4 (12:49):
All the time, absolutely, and that's why so many people
out there have of iras and four of they seven
plans and iras a form of k's and four of
three b's and they just at some point they have
to start taking a distribution. These accounts are all infected
with taxes, and many people don't understand that until the
time comes when they have to start taking money out.
So what you can do, and that's what we talked
(13:09):
about last segment, is we can find ways to get
money out of a taxable environment into tax free zones.
Think about it. Would you rather live in a tax
free environment for the rest of your life? So if
whether changes or tax rates changes, or whatever it is,
it's not going to affect you. And that's where many
people are that we work with because they understand that
(13:30):
getting into tax free buckets is the way to go,
and that's what a Roth conversion is.
Speaker 3 (13:34):
Now.
Speaker 4 (13:35):
One thing that we do is we can show you
how to convert money from a taxable bucket to tax free,
but we can control the tax. There are tax strategies
where we can create a tax deduction get money out
of these areas so you can have tax free money.
Speaker 3 (13:49):
And that's why it's.
Speaker 4 (13:50):
So important to work with a complete advisor, not just
someone who's going to talk about this. You want to
see the tax return. You want to see how it's
going to implement the strategies and also reduce the taxes
and what the cause are going to be with your
investments while doing so.
Speaker 2 (14:02):
And when you want to know what your tax is
going to be, so again I can make it easy.
Go to my website maggietax dot com, click on the
retirement tax bill on the top right, put in your
numbers and in thirty seconds we'll show you what your
tax bill is going to be. And then we could
do some strategic planning. Because the misconception that many people
think deferring taxes through traditional iras is always the best option,
(14:24):
because that's what we were taught. You know, put money in,
take a tax deduction, and then wait till your sixty
five or seventy and start taking money out. But no
one told you what is the tax going to be?
And now we're playing with this. Is it going to
be lower? Is it going to be higher? So why
take the chance? I mean, you know we have ideas
or solutions basically that's going to help you, and we
can suggest tax free growth in a roth IRA is
(14:47):
a better long term strategy christ than tax deferred money
because again it's the unknown tax. And one thing that
you have to realize is that when you start taking
money out of an IRA, it's taxable. Although with draw
are taxable, when you start taking money out of a wrath,
it's not taxable, right, Chris.
Speaker 4 (15:05):
That's right. It's all tax free money. So think about this.
When you're in retirement, you have some security coming in,
you might maybe a part time job, you might have
a pension. But then again, if you take money out
of an IRA, it's all taxable. It adds to your income,
it causes more in tax. But if you take money
from a tax free environment, then it doesn't cause any
taxable event, so you can take some more money out
(15:27):
and have to worry about paying taxes.
Speaker 2 (15:29):
And one thing that you mentioned that I'll say this,
but it can push you into a higher tax bracket.
And many people don't know this until they see this.
But it's going to increase the taxable income. It's going
to include so security and medicare preems are going to
go higher. And the only time you see that is
when after you do it. And we get this all
the time people come in and say, what happened to you?
(15:50):
I'm paying more taxes, And most of the time I
say to them, you're not paying more taxes, You're not
paying enough taxes.
Speaker 3 (15:57):
And Chris, that's.
Speaker 2 (15:58):
The biggest I think concern people have because they don't
plan on the deductions and what their tax bracket is.
Speaker 3 (16:03):
If they make more money or take money out.
Speaker 4 (16:05):
Well, that's just it. They don't do any tax planning.
You know you mentioned it. It's after it's already done.
So if if you're doing the tax preparation in one year,
it's for the year before. But now you're three four
months into the new year, you need to start doing
some tax preparations planning now and that's what we do.
So at Maggie Tax Advisor and Financial Group, we take
a tax approach and everything, and we talk about investments,
(16:27):
we talk about ways to reduce your taxes. We talk
about income planning, we talk about a state planning, making
sure every account you have is titled the right way.
These are important things that we do. Why because this
is your retirement. So that's why the Maggi Plan is
so important to have. We need to meet with you
go over these different ideas to show you to get
money out of a taxable environment to tax free zones.
Speaker 2 (16:48):
Let me give you another example that happened to it
this week. A gentleman call me up and you know,
he said, I don't want to do taxes with Maggie
Tax because it costs me too much money. And we
look back on a tax return and here's what happened.
In twenty twenty one, he had no tax liability because
he was married, he had deductions. In twenty twenty two,
he was married, he had deductions, so there was no
(17:10):
tax liability. But in twenty twenty three he got divorced
and he made more money. What happened, Chris, He had
to pay more taxes eight thousand dollars and he said,
I'm not paying that and said I laughed. I said
you have to pay it. Because he was confused only
because no one explained to him that with the deductions
and being married, he had no tax liability, but being
(17:32):
divorced and having now more money, he had to pay
a tax. And it was an enlightening moment for him.
But he thanked me. He said, Bobby, I didn't know.
And he said, now I feel terrible that I didn't
pay the IRS. I said, well, not only that, you
got to pay a penalty, and this is something that
he's going to have to deal with the IRS. But
folks don't make that mistake.
Speaker 4 (17:49):
And that's just said, so avoid all these things. Do
the planning. Me with the advisor who's going to do
comprehensive planning. If your advisor right now is just dealing
with investments, I'll tell you what you're missing a lot
because then doing the best thing for you from a
complete plan. And I'll tell you why, because their investment
strategies might be causing you to pay more in tax
and you don't want that to happen. So when you
(18:09):
meet with us, we'll look at your tax side of it.
Look at the investments, We'll look at the estate planning,
We'll look at your income plan. A lot of our
clients are have they're making one hundred thousand dollars a
year and aren't paying a diamond tax. Why Because they're
taking from the right buckets that cause no tax. And
if you can stay under the threshold income with your
Social Security, there are ways to do it. So at
the end of the day, if you're out there listening,
(18:31):
if you have questions about your investments, we can help.
Let's analyze them. Let's get a second opinion on them.
Let's find out the risk that you currently take it
with your money, and also the taxes. How much do
you pay in tax. Let's see if you can reduce that.
Let's have more income on the most tax efficient way.
That's what we do. So pick up the phone, schedule
time to meet with us eight three to three MAGI Tax.
Visit our website at magatax dot com and don't forget
(18:52):
every Sunday on ABCTV at ten thirty for the mag
at Tax and Financial Show eight three to three mag Atax.
That's eight three to three tax.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
Maggi tax dot com or call eight one three three
(19:25):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:41):
Welcome back everyone.
Speaker 2 (19:42):
My name is Robert Maggie, and you're listening to the
Maggie Tax and Financial Show. We're talking about taxes, we're
talking about investments, and we're talking about ROTH conversions. How
you can save some money and get a free analysis.
Go to our website, Maggie tax dot Com, go to
the retirement calculator, plug in your numbers for IRA and
we'll tell you exactly what you're going to wind up paying.
Speaker 3 (20:03):
But then we can do some planning.
Speaker 2 (20:04):
And again, like we said before, Chris, the misconception is
a lot of people think converting to a ROTH is
going to cost them more in taxes, and it may
it depends, but if you do it wrong and you
use the wrong calculation, then yeah, you're going to pay more.
And the problem that I see with a lot of
folks out there, they think they can do it yourself.
Please don't try that. Let us run the illustration for you.
(20:25):
Let us show you what you can do, because our
goal is to keep you in the same tax bracket, okay,
and pay the least amount of tax without going into
the next tax bracket. And that's what I think because
people aren't educated on broth conversions, and this is the
play of the day, I think, don't you think absolutely?
Speaker 4 (20:41):
And you know, many people just want to pay the tax.
Speaker 3 (20:43):
Now.
Speaker 4 (20:43):
We actually had three clients last year came on in
and say, hey, let's go, you know, let's go tell
me what the tax liability is. I want to get
all my money out of a taxble environment to tax
free zones. I don't want to pay taxes ever again.
And we did a tax analysis, we looked at the return,
We show them what the tax liability is going to be,
and they stroke the check for it and they're done.
So moving forward, they don't have to worry about legislative risks.
(21:06):
They don't have to worry about tax has increasing in
the future and having to take a distribution and pay
tax on it. They're done now. They just let their
investments grow over time and guess what, they have tax
free buckets. It's a beautiful thing. So when you're come
in to meet with us, we're going to look at
the options. We'll show you what it would be if
you ripped off the BANDID and pay the tax on
all of it, or if you do a strategic plan.
(21:27):
We can help you with that too. There are ways
to do that over a five year, ten year, maybe
fifteen year term. There's different ways to do this. There's strategies.
Every situation is different. That's why when you come in
to meet with us, we're going to help you. This
is a custom plan for you. It isn't a cookie
cutter plan where every client gets the same thing. Let's
look at your investments. Let's analyze what your current risk
(21:48):
is with your money. What about your investment plan. What
are your income buckets when they come out in the future.
How many sources are going to be coming in the
front door every month. These things that we could talk
about and we wrap it all together with the estate
plan and also the tax plan and make sure you
got the income in the most tax efficient way. So
schedule a time to me with us eight three three
Maggie tax and let's continue on because there's so much,
(22:09):
so many questions that people are asking us and what
to do, and we just get surprised because their current
advisor after five, ten, fifteen years isn't doing anything.
Speaker 2 (22:20):
And one of the sources you said that's really important
is tax free money. So let me give you a
couple advantages of a rough conversion, because this is when
you do it correctly. By converting a traditional ira to
a roth ira, you pay taxes upfront. Exactly, you have
to pay irs first. But let us figure out what
it is you're gonna avoid the required minimum distribution the RMDS.
(22:41):
I had an older gentleman call me, said, Bobby, I
don't need the RMDS.
Speaker 3 (22:44):
What do I do with it? So we did his
tax return.
Speaker 2 (22:47):
We explained to him that he really had no choice
because he waited too long and his income is over
the amount, so we had to pay taxes on it.
Speaker 3 (22:54):
But he can invest that money.
Speaker 4 (22:56):
We let's just say let's talk about that real quick,
because it's a great segment segue into what we're talking about.
Last week, at a client, they don't need the money,
and they said, what do we do with it? And
I said, well, tell me about your family. He said,
we have two kids that we adore, we have eight grandkids,
and we talked about what they want to do, and
he said, well, we want to make sure that they're
taken care of. We just don't want to give them
the money, but we want to make sure they have
a jumpstart on what we see could happen in the future.
(23:19):
And they want a tax free So there's a ways
to design a strategy where they can leverage their money.
They can have tax free money in the future. They
can have a lot of income coming in where they
could have things paid for tax free by just using
the RMD the requirement of distribution that they have to
take each and every year.
Speaker 2 (23:36):
You know, it's funny when you say that, because when
people call and side to take a withdrawal, the first
question is how much tax am I going to pay?
Speaker 3 (23:42):
But you can enjoy.
Speaker 2 (23:43):
Tax free growth with the withdrawals, and it offers more
control over retirement income because the question we always ask,
and this is what you should be asking yourself if
you're going to retire and when you retire, how much
do I need coming in the front door? Like Chris mentioned,
is it sol security, is it a pension? And what
the difference? But the difference we want to take from
a tax free bucket, not a taxable bucket. So you know,
(24:06):
tax reserrules are after the conversion. You can do once
a wroth conversion, this is important, is completed. The amount
converted can be accessed immediately without penalty. If the person
is fifty nine and a half foor older, that's another
question we get, how do I take the money out?
Speaker 3 (24:24):
You could always take out what.
Speaker 2 (24:25):
You put in correct before fifty nine and a half,
but after that it's all tax free money coming out.
Speaker 4 (24:31):
Chris, it's right. And you have to make sure that
you have established the wroth ira before so for years,
for five years, and if that's why so many people.
If you can start their roth ira early, then your
grandfathered in. So even if you had a dollar in
your roth ira when you're eighteen years old and don't
put anything else into it. By the time you're say
fifty years old, and you started contributing to it. Guess what,
all that money's income tax free, even the gain after
(24:54):
age fifty nine and a half. So you did it.
That's why when you talk about planning, it's not just
give the advisor of the money and let them invest it.
Those days are over. You can do it yourself. Well,
you need as a comprehensive plan, someone that's going to
look at your taxes, your insurance, your investments. You're a
state plan And.
Speaker 2 (25:10):
You said questions. You think we just mentioned a couple
questions here.
Speaker 3 (25:14):
So the other thing is.
Speaker 2 (25:15):
You know your current tax environment. Lower tax rates due
to recent legislature provide an opportunity. This is the opportunity
for you to convert iras to rough iras at a
lower tax bracket.
Speaker 3 (25:27):
And think about it.
Speaker 2 (25:28):
If the tax brackets would have went up by what
to say, thirty nine to forty percent, you'd have.
Speaker 3 (25:34):
To pay what more taxes? Right, taxes?
Speaker 2 (25:36):
So because it's at a lower tax rate, now we
can figure that out for you and show you the differences.
Would you rather pay this or would you rather pay that?
So you want to avoid higher future taxes because it's
going to affect yourself security.
Speaker 3 (25:49):
It's going to affect your IERMA. It's going to.
Speaker 2 (25:51):
Affect your income and one other thing, it's going to
affect your life. You know, people don't have enough money
coming in and they don't know how to do the planning.
But this is a big part mentioned it before. Yeah,
I know you have questions. We can help you answer
those questions. Go to our website Maggie tax dot com.
Register for our seminar coming up this Tuesday. It's at
two o'clock. It's free. Go to the website Maggie tax
(26:13):
dot com. The information is there, Register and spend an
hour an hour and a half with us and show
We'll show you exactly what we're talking about. And then
you know what, you make the final decision. And we
always say this to people coming in the door, adult
to adult, you're gonna make the final decision. I don't
need to tell you what to do, but we just
need to educate you and then you know what.
Speaker 3 (26:32):
I'm sure you're gonna make the right decision.
Speaker 4 (26:34):
Well that's just say. You know many people out there,
they don't get the education that we provide. And when
you meet with us, we're gonna spend some time. We're
gonna go over this with you. We're gonna educate you
about your current investments, what is qualified, what's non qualified,
what's tax of what's non How much income do you have?
What's your tax situation look like? It might seem as
if it's a lot, But when you sit down and
(26:54):
you have someone teach you, just like you were in
school back then, teach you, teaching you stuff, then you're
gonna understand that, Wow, I'm okay, or maybe I'm not okay.
So these are things that we can help you explore.
So pick up the phone, schedule time to meet with us.
Eight three three magi tax. We have office on both
sides of the bay eight three to three magi tax.
Speaker 3 (27:14):
So let me give you an example here.
Speaker 2 (27:15):
This is important because a lot of IRA owners are
millionaires and they think they are because they have a
million dollars in their account. So we had a couple
with one point seventy five million in their IRA and
they could basically save about seven hundred and fifty thousand
in taxes by converting to a roth Ira and avoid
eight hundred and seventy five thousand tax liability. So think
(27:37):
about it if you're an IRA millionaire listening to this
show today. I don't care what age you are, but
that's what's going to happen if you don't do it
right and do some strategic planning convert to the ROTH.
We call it solutions because if you do it strategically,
and we'll show you this, it's an illustration and it works.
You're going to like the benefit because it's going to
be less tax and again long term financial Paying taxes
(28:01):
up front on a ROTH conversion may be a heavy
financial burden for some of you, but you don't want
to pay a big tax if you don't need to
pay a little by little. But I'm going to tell
you right now, it's going to lead to significant savings
over the lifetime and avoid taxes for your errors. And
that's the other thing we're talking about, Chris. What about
your children and your grandchildren? Do you want them to
inherit and iora that's a million dollars and it's taxable
(28:22):
at what thirty nine percent? Or do you want them
to increase the tax on your social security? In the
URMA you can avoid all that. This is planning and
this is why we encourage you to come to the
seminar that's Tuesday. Go to Maggie tax dot Com register.
It's free and it's information. And the cool thing about it, Chris,
it's educational. You go to school to learn and then
(28:43):
you go back and you know, you say, well this
sounds good, and then you go ahead and meet with
someone who can tell you the rest of the story.
Speaker 4 (28:49):
And that's it. You want it to pertain to your
situation so you can make the right choices. It's your retirement.
You know. We live in a yoo economy. We call it.
You're on your own and when you look at it
that way, you are. I mean, you want to make
sure that your income is taken care of. You want
to make sure that your assets are protected. You want
to make sure that if anything happens to you, God forbid,
that the money stays in your family. Your family, You
(29:09):
work hard for the money, you have, the assets that
you have protect it. We see so many people out
there that they don't have a plan. They don't even
have a state plan. They're sixty five years old, they're
seventy two years old, they have no estate plan. God forbid,
something happens to them, it's going to go through the
probate process. It's sad, but they just don't have a plan.
You know, their advisor might be taking care of their investments,
but they're not doing the rest of the job. That's
(29:32):
the scary side of this whole thing. You want to
meet with a complete advisor. That's what Maggie Tax Advisory does.
That's what we do here, income planning, tax planning, investment
planning and state planning. Pick up the phone eight three
to three Magi Tax.
Speaker 2 (29:44):
So what are we talking about here today? You've got
to take some action steps and make a final decision.
You know, the retirement tax bill calculator that we have
available on Maggi Tax is so helpful to a lot
of people. We gave you some examples, but you have
to see the numbers for yourself and then a value
you weight your IRA balances and see what you can do.
Consult with Maggie Tax because we've done this for years.
(30:05):
We do this every every day. And the thing is,
like I said before, if you're confused about taxes, we
have three locations. Make an appointment of command and we'll
do your taxes and we'll do the tax analysis for
you at no charge, so we can show you what
the solutions are to minimize future taxes and again ask
your advisor or your tax person. And if you're a
CPA out there, I encourage you to come to the
(30:26):
seminar too, because maybe what we have here we can
show you and your clients. Why would you not want
to do the right thing for your clients. So delaying
conversions typically leads to higher taxes over time. And Chris,
that's a little bit too much for me. You know,
when you can do some planning, and especially for the
young kids. I mean, you're young, you have rough a situation,
you have tax free money. So we practice what we preach,
(30:47):
but we need to show you how it works and
how it can benefit your kids. I mean the best
thing is when the client comes in and say, I
need to help my grandkids. And I have two grand
kids thanks to Chris, So look to give us a
call eight three three three Maggie Tax and they can
spoil it today eight three three Maggie Tax and visit
our website Maggie Tax dot com.
Speaker 3 (31:05):
Eight three three Maggie Tax.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
m a gg I tax dot com or call eight
(31:29):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty Now your
host for the Maggie Tax and Financial Hour, father and
son from Maggie Tax Advisory and Financial Group, Robert and Chris.
Speaker 4 (31:45):
Maggie, Welcome back to the Today Show, and we thank
you so much for listening in. You know, today we
talked a lot about Roth's conversions and income strategies and
investment strategies, and when you're dealing with the right advisor,
you are looking for financial strategies to help you you
and we talked about the Roth conversions and we explain
why paying taxes upfront can lead to substantial long term
(32:06):
savings in greater financial freedom and retirement. And we address
the common misconceptions that deferring taxes through traditional areas is
always the best option, because it's not. You want to
make sure that you have tax free buckets. It's a
better life to live when you're in the tax free
environment where you don't have to worry about legislative risk
and things changed with the tax law. So pick up
(32:28):
the phone, schedule time to meet with us if you
want us to show you how to get to a
tax free environment, a tax free zone. We can help
eight three to three Maggie, tax.
Speaker 2 (32:37):
And I think the main concern that most people have.
But we're going to talk to you about the benefits
of roth conversions, including avoiding higher tax brackets in the future.
And that's what you want to stay out of because
a lot of people make a lot of money and
they get into a higher tax break. But we've got
to help you avoid those taxes, reducing taxes on social Security.
Many of you out there don't understand how the tax
(32:58):
on social Security works, but right now it's taxed either
at fifty percent or eighty five up to eighty five percent.
And every time we deliver a tax return and we
show this to people, they're shocked. But look, there is
a simple explanation. We can help you understand. You want
to leave a tax free inheritance to your heirs, because
why would you want to leave them with a taxable inheritance?
(33:18):
And who knows what tax it's going to be So
doing proper planning and sitting down and doing this the
right way very very important. So using a real world
case study that we always talk about, we could show
you the illustrations how it's going to affect you and
how to do a strategic Wroth conversion that's going to
save you hundreds of thousands of dollars in taxes. Why
would you not want that curse? It's only because it's
(33:42):
like my father used to do. He used to say
the hell with it? And I would ask him, why
would you say that, Dad? And he said, Bobby, because
I don't want to get embarrassed by asking the wrong question.
We talked about this before. There are so many questions.
So if you are listening to this show and you're confused,
pick up the phone eight three to three, Maggie tax
this is your opportunity. Sit down with Chris and I
and let's go over the questions you have one by
(34:04):
one by one, and then when you're ready and it's
cleared up, then we can dive into it.
Speaker 4 (34:08):
Well, that's just's it. You know, this is your money,
your plan, right, it's not your CPA's plan. It's not
their money. It's not your advisor's money. I don't care
if you've been with them ten fifteen years, it doesn't matter.
It's not their money, it's your money, it's your decisions,
it's your choices. And understand that when the market does
go down, if it does fall, that you want to
have protection and safety and be in the right areas.
(34:28):
And also the same thing with taxes. When taxes rise,
you want to make sure that you're in the right situations.
You have to pay more in tax same thing with
when you pass, you want to make sure that things
stay in the family. It doesn't go through the probate
process right. And if you don't have the right advisor
or you don't put things together the right way, then
you're the one that's going to fall victim to every
one of those situations. And you don't have to let
(34:49):
that happen if you come and meet with the right advisors.
So pick up the phone, schedule time to meet with this.
We have office on both sides of the day. Eight
three three, Maggie.
Speaker 3 (34:57):
Tax.
Speaker 4 (34:58):
We do tax planning, income plan investment planning. All this
stuff works together, stay planning, social security planning, legacy planning,
medicare planning. When you come here. We can do it
all because we can help you. We have staff, we
have advisors that understand how things correlate together. So eight
three three, Magi Tax, we look forward to meeting with you.
Speaker 2 (35:19):
So the importance of working with Maggie Tax or a
financial planner that understands the taxes is to determine the
optimal time and amount of roth conversions. That is what
we've been talking about all day. Do it the right way,
don't do it your way. We want to emphasize that
delaying these decisions often results in higher taxes later and
we've shown that to a lot of people, and they
(35:39):
don't want to pay higher taxes. So you know, by
using what we do here, you think beyond your current
tax returns and make decisions that benefit your long term
financial security. And I don't know, maybe you don't think
about it that way because you have other things on
your mind. But this is your money, Chris said, it
your money, You worked hard for it. You don't want
(36:01):
to give it all the way to taxes up to
Uncle Sam if you don't have to. So there are
strategies that the government has allowed us to do. The
Roth conversion is one of them. But there's a trade off.
You got to pay the tax on it first, which
is okay, but then all the rest of your money
is tax free. So go to my website, Maggie tax
dot com, click on the retirement tax bill on the
top right and see for yourself.
Speaker 3 (36:23):
Plug in your values.
Speaker 2 (36:24):
Of your IRA and they'll tell you what your tax
is going to be, what you requirement of distranstribution is
going to be, and then make a decision because I
don't think you want to pay those numbers. And if
you do, then I don't know. I guess you like
IRS and Uncle Sam, I don't know.
Speaker 4 (36:38):
Well, that's just it, and many people don't understand that.
Think about this. If you're in retirement and you take
out a fifty thousand dollars distribution, and if you're in
a ten percent tax bracket right now, it's only five
thousand dollars in tax.
Speaker 3 (36:50):
Now.
Speaker 4 (36:50):
The thing about it is is what if they increase
that to thirty percent. Now you're paying fifteen thousand dollars
in tax, so you're netting less. What are you doing
about it? That's what we're talking about here. You want
to make sure that you're in position to take advantage
of the opportunities that come about. And when you meet
with us, we'll go over all these different objects and
(37:12):
also weighs strategies to show you how to do it
in the most tax efficient way. And it comes down
to your investments as well. And many people don't have
an investment plan. Let's put together an investment plan and
show you type of risk you're taking with your money.
You know you're looking for dividends, you're looking for inflation protection.
Are you're looking for downside market protection? You're looking for
ways to make money if the mark goes down. These
are strategies that you can implement if you have the
(37:34):
right plan. So pick up the phone, schedule time to
meet with us eight three to three Maggie Tax.
Speaker 2 (37:38):
So once again register for our seminar this Tuesday. It's
at two o'clock. It's free, it's educational. It's going to
be on a state planning and tax planning, which is
what we've been talking about you know, all day here.
But look it's up to you take the time and
just go spend an hour with us, hour and a
half and then leave with some education so you can
make a decision. And I know this for a fact.
We have many single spouses that come. The wife comes,
(38:01):
and she comes and she tells her husband. I'll tell
you a quick story. This lady came in with her
husband last week and she said to me, I just
got to be honest with you. We're in the elevator
and my husband said, I don't want to be here.
So when he came back, he said, you know, Bobby,
I apologized to you because I couldn't wait to be
here now that I knew what you guys were talking about.
Speaker 4 (38:17):
And that's just said. So pick of the phone, schedule
time to meet with us. What you don't know will
hurt you in the future, but you need to know now,
So pick up the phone. Eight three three Maggie Tax.
Schedule time to meet with us. We have obvious on
both sizes of the day. Every Sunday, tune into ABC
TV for the Maggie Tax and Financial Show eight three
to three Maggie Tax. That's eight three to three Maggie Tax.
(38:38):
Eight three to three Maggie Tax.
Speaker 1 (38:43):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategy. He's presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:05):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
All these years you've saved up planning for a secure retirement,
but if you're not careful, it will be the irs
that's living it up when you retire by taxing your
hard earned money. Welcome to the Maggie Tax and Financial
Hour with Robert and Chris Maggie of Maggie Tax Advisory
and Financial Group. With over thirty years of combined experience
in tax savings, income planning, and investment opportunities, Robert and
(00:22):
Chris share advice and tax planning strategies designed to protect
your retirement nest egg from Uncle Sam. Your questions and
comments are welcome during today's program by calling eight one
three three two two twenty five twenty. That's eight one
three three two two twenty five twenty, or visit Maggie
Tax dot com. That's Maggi Tax dot com and now
(00:46):
your host for the Maggie Tax Financial Hour on nine
seventy WFLA. Robert and Chris Maggie.
Speaker 2 (00:53):
Welcome everyone, and thanks for joining us today. My name
is Robert Maggie and I'm here with my son, Chris Maggie.
Be sure to visit our website, Maggie Tax, and if
you want to attend one of our seminars.
Speaker 3 (01:03):
Actually we have one coming up Tuesday.
Speaker 2 (01:05):
Just go to our website where it's a seminars, you
can register or you can actually call eight three three
Maggie Tax. These are very educational seminars. So if you
want to see and get some answers about a state
planning and tax planning, just sign up for that seminar.
Speaker 3 (01:20):
You'd be glad you did. Don't forget our.
Speaker 2 (01:22):
TV show every Sunday on ABC TV at ten thirty
a lot of educational information. And that's really what my
son Chris and I have done for the many years
is to educate you because then we're going to talk
about some things today that you're not sure of, that
you have questions of. And it's not just about meeting
with an advisor and giving you a product. It's about
a process and Chris, we're going to talk about that today.
(01:44):
And I know you have seen this so many times
and how many people are coming in and confused and
they just don't understand what planning is, whether it be
income planning, tax planning, investment planning, and just basically a
state planning.
Speaker 3 (01:57):
So let's kind of put this together.
Speaker 4 (01:59):
That's just it. So welcome everyone. I'm Chris Maggie and
thank you so much for tuning into our show and
hit on the head. We call it the Maggie Plan.
The Maggie Plan is a tax plan, it's an income plan,
it's an investment plan, it's social security planning, it's a
state planning, it's legacy planning. That's what we do. We
do complete planning. So here's the advice I would recommend
to everyone listening today. If you're in search of an advisor,
(02:20):
what you want to look for is someone who does
complete planning. Why because there's a lot of transactional advisors
out there, people that just sell products, they're in commissions,
they kind of do the thing that's really best for
what they need to do. But not every advisor is
the same, not every doctor is the same, not every
lawyer is the same. So what you want to do
in this investment world is you want to choose an
(02:41):
advisor who does complete planning. So schedule time to meet
with us. Come on in, let's have a conversation. Visit
our website at Maggie Tax dot com. There's so much
information right there at your fingertips. But that's what we're
talking about today putting together a plan income planning, tax planning,
investment planning, and a state planning. So that let's just
jump into today's show. If anyone has any questions, feel
free just to pick up the phone. Schedule tilling me
(03:03):
of US eight three to three Maggie tax.
Speaker 2 (03:05):
And we have an operator standing by right now, so
just pick up the phone and we can take them there,
set in an appointment and have a consultation. So a couple
things that I want to get into now that we
know who the president is. Back in twenty seventeen, many
of you might remember the Tax Cuts and Jobs Act
increase the lifetime gift and a state tax exemption to
(03:25):
almost twelve million dollars per person. But this is set
to expire at the end of twenty twenty five, which
would drop the exemption back down to around seven million.
So here's why this is important. We talked about this,
Chris and I for years. Now you have a short
window between now and the end of twenty twenty four
to start doing some serious tax planning because things might change.
Speaker 3 (03:49):
And we don't know what they're going to be.
Speaker 2 (03:50):
But we don't want you to wait till the last minute,
So you basically have you know, ten months to get
something done. So you know, with the Republican president and Congress,
there's a chance to hire exemption could get extended. But
what we don't know, Chris, is if it's going to
get extended. So why not plan now to make sure
that and we'll talk about this in a minute, how
to reduce your taxes, how to have tax free income
(04:12):
and have a plan that's going to be your plan,
not the government plan.
Speaker 4 (04:15):
Well that's just it, you know, as we're witnessing right now.
It's called legislative risk. Things could change, the laws could change.
So even though it might be in your favor rate
now and it's not a big deal, guess what in
the future, it can change. And that's where many people
are not going to be in position to take advantage
some of the opportunities that they're going to take advantage
of now. And that's why this exemption is very crucial
(04:37):
because it might seem a lot for almost twelve million
dollars per person, but again, if that gets reduced to
seven million, or six million, or one million, think of
how many people out there have estates over one million dollars.
Then you're going to be subject to the estate tax
if that was to happen and has happened in years prior.
So these are the things that we're talking about here,
(04:57):
is putting together an overall plan. If you have questions,
pick up the phone, schedule a time to meet with us.
Eight three three, Maggie Tax. Let's talk about a state planning.
Let's talk about the exemption. Let's talk about tax planning
and how investments play a huge role in how and
how much you are to pay in taxes.
Speaker 2 (05:15):
And also, don't forget this Tuesday, we have a seminar
on state planning and taxes. Go to our website, Maggie
Tax dot com. I invite all of you. It's at
the library. There's no food, there's no pressure. It's an
educational seminar that we're going to be talking about a
state planning and tax planning, because that's what people are
asking for right now. Visit our website, Maggie tax dot com.
(05:35):
You can actually register on the website, go to seminars.
You'll see the date there. Plug in your information or
give us a call at eight three to three, Maggie Tax. Now,
I just want to go back to one more thing.
Chris that we talk about all the time on our website.
There's something called the retirement tax bill. The biggest question
that a lot of people have is how much tax
am I going to pay if I have an IRA
(05:57):
or a four to one K when I start withdrawing
the money. If you go to my website again, on
the top right, you'll see retirement tax Bill.
Speaker 3 (06:04):
I want you to look at it, click on it,
fill it in.
Speaker 2 (06:07):
And I'm going to tell you right now that it'll
give you in thirty seconds what your tax bill is
going to be. So, is it okay? If I give
an example here? Yeah, get right ahead, because this is
really important.
Speaker 3 (06:16):
Here.
Speaker 2 (06:16):
This is a client here. Her name is Maureen. She's
sixty five years old. And why am I saying this?
Because you have how many years, say sixty five seventy
three to start taking your RMD.
Speaker 4 (06:26):
Just stop there for a secle. Let's just educate everyone.
At age seventy three you have to start taking what
they call the required minimum distribution, So so many years
if you have a Form one K or an IRA
or some type of qualified plan where you have not
paid tax on at that age seventy three, you're required
to take a distribution whether you want to or not,
which could increase your income cause more taxes. And that's
(06:47):
what we're talking about here. So at seventy three, what's
her rm D.
Speaker 2 (06:50):
Well, I'll back it up a little bit because I
want to tell you what she has in the account.
Speaker 3 (06:54):
And this is for everyone out there.
Speaker 2 (06:55):
If you're an IRA millionaire, this is a perfect opportunity
to go in there and see what your TAXI was
going to be. But she had an IRA of nine
hundred thousand. Now what she didn't know and many of
you out there don't understand, is the required minimum distribution.
So in her case, the nine hundred thousand, if she
would have kept it the same way and done nothing,
no tax planning, she would have to take on about
(07:17):
two hundred and sixty nine thousand of rmds Okay, now, Chris,
the RMD goes on your tax return right and accounts
as income. Then you have to pay taxes on the RMD,
and then taxes paid on the reminding amount. So here's
what happened at sixty five. If she would have let
this thing grow, she would have had to take out
fifty thousand dollars r MD.
Speaker 4 (07:38):
Whether she wants to or not correct nan, she has
to pay the taxes on it, and then Social Security
which could cause up to eighty five percent tax on
solid security, which could cause her to pay more in
taxes exactly, which also could increase the ERMA, which is
the Medicare tax for Medicare Part B, which we can
talk about later on, but keep going.
Speaker 2 (07:57):
And that's the problem that people don't know what is
and what rm D is. So when she came in
and we showed this calculated to her and again you
can go to my website, go to Maggietax dot com.
Speaker 3 (08:07):
It says retirement calculator.
Speaker 2 (08:09):
Just plug in your information, a couple simple questions and
in thirty seconds it'll feedback to you. When she saw this,
she called us and she said, are you kidding me?
And I said, I wish I was. Now think about this.
If the tax cuts would not expire and they raised
the taxes, Chris, would there be more tax on the
R and ds? They would, all right, And she did
(08:30):
not know this, so got her attention. Said look, man,
I'm glad I heard you guys, because at sixty five,
I don't have to take it out till seventy three.
And here's the other thing, many of you think you
have to take it out, and I'm going to be
careful here. You don't even know what age to take
it out. So they extended that with you the Secure
Act years ago. Now it's seventy three. So yeah, you
can let your deferred account grow and grow and grow,
(08:52):
and in this case, hers would have grown over to
one point three million. But do you think the one
point three million is yours?
Speaker 3 (08:59):
I don't think. So you have.
Speaker 4 (09:01):
A tax problem, you do, and that's why we call
these accounts infective with tax So what do you do?
That's why you need to have a plan. And when
you're talking about how much she had to take out,
you know that can cause taxes. Now also solid security
could be taxed more. But then in the future, where
we talk about legislative risk, the tax laws can change,
and if they do when you're in retirement, then guess what,
(09:22):
you can't do anything. You just held hostage to what
the tax bill will be. So if we can find
strategies to get the money out of a taxable environment
into a tax free environment, now it's the time to
do it. But the Trump tax cuts, you know, ready
to expire if he keeps at and extends those that
could be beneficial for everyone. But you want to make
(09:42):
sure that you're ahead of the game. Doesn't matter who's in.
You want to make sure that you are protected. A
lot of our clients have never tax accounts where they're
never going to be taxed. They're done. Who cares if
the tax rates increase because they're not going to fall
victim to it. So if you want something like that
very simply just pick up the phone, schedule time to
meet with us. We have offics on both sides of
the bay. Let's put together an after tax plan called
(10:04):
a tax free plan. We wrote a book. Stop funding
Uncle Sam's retirement. Get the tax free Plan. We can
help you eight three to three Maggie tax Now.
Speaker 3 (10:12):
One more thing I want to mention to everyone out there.
We do taxes.
Speaker 2 (10:15):
I have three locations, one in Saint Pete, one in
Palm Harbor, and one in Loots. So if you have
all your tax information or about to get all your
tax information, bring it in, drop it in the envelope
and we'll do your taxes. And also we'll do the
tax planning for you to show you what your retirement
tax bill is going to be and then you can
make a decision. Like Chris said, sit down with us.
Let's put a plan together. It's going to save you
(10:36):
on taxes because I don't know about you, but I'm
tired of paying taxes.
Speaker 4 (10:40):
Well that's it, and we're all going to pay taxes.
But let's just pay our face share fair share. And
that's exactly what we can tray to do. And if
you can reduce your taxes, that'll be great. That's called
a tax plan. We can help you get a comprehensive
plan a three to three Maggie Tax Visit our website
at Maggie tax dot com, schedule time to meet with us.
Speaker 1 (10:58):
Stop planning for Uncle Sam's or timeirement, and start planning
for your retirement. As we return to the Maggie Tax
and Financial Hour with your host father and son, Robert
and Chris Maggie. For additional information on how you can
create a tax free retirement, visit Maggie tax dot com.
That's ma Ggi tax dot com or call eight one
(11:19):
three three two two twenty five twenty that's eight one
three three two two twenty five twenty Now your host
for the Maggie Tax and Financial Hour, Father and son
from Maggie Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 2 (11:35):
Welcome back everyone, and thanks for joining us today. My
name is Robert Maggie and I'm here with my son
Chris Maggie, and you're listening to the Maggie Tax and
Financial Show.
Speaker 3 (11:43):
A couple things.
Speaker 2 (11:44):
Go to our website Maggie Tax dot com. We have
a seminar coming up this Tuesday on a state planning
and tax planning. Just feel free to go to the website,
look for seminars and you register. It's free. There's no obligation,
but there's a lot of good information for you. We'll
call eight three to three Maggie Tax. Also, don't forget
we do tax preparation at all three of our locations,
(12:04):
Saint Pete, Palm Harbor and Loots. So if you have
all your tax information ready or you're looking for a
tax planner, we can certainly help you out there. So
some good things to do, because it's getting to that time, Chris,
people are worried about a lot of things. The biggest
thing that you know, I'd like to talk to people
about a lot of people are confused about how to
do a wroth conversion, and you know, we explain how
(12:26):
paying taxes now through roth conversions can lead to significant
long term financial savings and retirement freedom.
Speaker 3 (12:33):
And what we do.
Speaker 2 (12:34):
And you can talk about this is we'll show you
from a tax return how to strategically, I guess the
word would be start taking money out of a taxable account,
try to keep you in the same tax brack and
pay the lowest amount of tax. And Chris, this is
something that works.
Speaker 4 (12:49):
All the time, absolutely, and that's why so many people
out there have of iras and four of they seven
plans and iras a form of k's and four of
three b's and they just at some point they have
to start taking a distribution. These accounts are all infected
with taxes, and many people don't understand that until the
time comes when they have to start taking money out.
So what you can do, and that's what we talked
(13:09):
about last segment, is we can find ways to get
money out of a taxable environment into tax free zones.
Think about it. Would you rather live in a tax
free environment for the rest of your life? So if
whether changes or tax rates changes, or whatever it is,
it's not going to affect you. And that's where many
people are that we work with because they understand that
(13:30):
getting into tax free buckets is the way to go,
and that's what a Roth conversion is.
Speaker 3 (13:34):
Now.
Speaker 4 (13:35):
One thing that we do is we can show you
how to convert money from a taxable bucket to tax free,
but we can control the tax. There are tax strategies
where we can create a tax deduction get money out
of these areas so you can have tax free money.
Speaker 3 (13:49):
And that's why it's.
Speaker 4 (13:50):
So important to work with a complete advisor, not just
someone who's going to talk about this. You want to
see the tax return. You want to see how it's
going to implement the strategies and also reduce the taxes
and what the cause are going to be with your
investments while doing so.
Speaker 2 (14:02):
And when you want to know what your tax is
going to be, so again I can make it easy.
Go to my website maggietax dot com, click on the
retirement tax bill on the top right, put in your
numbers and in thirty seconds we'll show you what your
tax bill is going to be. And then we could
do some strategic planning. Because the misconception that many people
think deferring taxes through traditional iras is always the best option,
(14:24):
because that's what we were taught. You know, put money in,
take a tax deduction, and then wait till your sixty
five or seventy and start taking money out. But no
one told you what is the tax going to be?
And now we're playing with this. Is it going to
be lower? Is it going to be higher? So why
take the chance? I mean, you know we have ideas
or solutions basically that's going to help you, and we
can suggest tax free growth in a roth IRA is
(14:47):
a better long term strategy christ than tax deferred money
because again it's the unknown tax. And one thing that
you have to realize is that when you start taking
money out of an IRA, it's taxable. Although with draw
are taxable, when you start taking money out of a wrath,
it's not taxable, right, Chris.
Speaker 4 (15:05):
That's right. It's all tax free money. So think about this.
When you're in retirement, you have some security coming in,
you might maybe a part time job, you might have
a pension. But then again, if you take money out
of an IRA, it's all taxable. It adds to your income,
it causes more in tax. But if you take money
from a tax free environment, then it doesn't cause any
taxable event, so you can take some more money out
(15:27):
and have to worry about paying taxes.
Speaker 2 (15:29):
And one thing that you mentioned that I'll say this,
but it can push you into a higher tax bracket.
And many people don't know this until they see this.
But it's going to increase the taxable income. It's going
to include so security and medicare preems are going to
go higher. And the only time you see that is
when after you do it. And we get this all
the time people come in and say, what happened to you?
(15:50):
I'm paying more taxes, And most of the time I
say to them, you're not paying more taxes, You're not
paying enough taxes.
Speaker 3 (15:57):
And Chris, that's.
Speaker 2 (15:58):
The biggest I think concern people have because they don't
plan on the deductions and what their tax bracket is.
Speaker 3 (16:03):
If they make more money or take money out.
Speaker 4 (16:05):
Well, that's just it. They don't do any tax planning.
You know you mentioned it. It's after it's already done.
So if if you're doing the tax preparation in one year,
it's for the year before. But now you're three four
months into the new year, you need to start doing
some tax preparations planning now and that's what we do.
So at Maggie Tax Advisor and Financial Group, we take
a tax approach and everything, and we talk about investments,
(16:27):
we talk about ways to reduce your taxes. We talk
about income planning, we talk about a state planning, making
sure every account you have is titled the right way.
These are important things that we do. Why because this
is your retirement. So that's why the Maggi Plan is
so important to have. We need to meet with you
go over these different ideas to show you to get
money out of a taxable environment to tax free zones.
Speaker 2 (16:48):
Let me give you another example that happened to it
this week. A gentleman call me up and you know,
he said, I don't want to do taxes with Maggie
Tax because it costs me too much money. And we
look back on a tax return and here's what happened.
In twenty twenty one, he had no tax liability because
he was married, he had deductions. In twenty twenty two,
he was married, he had deductions, so there was no
(17:10):
tax liability. But in twenty twenty three he got divorced
and he made more money. What happened, Chris, He had
to pay more taxes eight thousand dollars and he said,
I'm not paying that and said I laughed. I said
you have to pay it. Because he was confused only
because no one explained to him that with the deductions
and being married, he had no tax liability, but being
(17:32):
divorced and having now more money, he had to pay
a tax. And it was an enlightening moment for him.
But he thanked me. He said, Bobby, I didn't know.
And he said, now I feel terrible that I didn't
pay the IRS. I said, well, not only that, you
got to pay a penalty, and this is something that
he's going to have to deal with the IRS. But
folks don't make that mistake.
Speaker 4 (17:49):
And that's just said, so avoid all these things. Do
the planning. Me with the advisor who's going to do
comprehensive planning. If your advisor right now is just dealing
with investments, I'll tell you what you're missing a lot
because then doing the best thing for you from a
complete plan. And I'll tell you why, because their investment
strategies might be causing you to pay more in tax
and you don't want that to happen. So when you
(18:09):
meet with us, we'll look at your tax side of it.
Look at the investments, We'll look at the estate planning,
We'll look at your income plan. A lot of our
clients are have they're making one hundred thousand dollars a
year and aren't paying a diamond tax. Why Because they're
taking from the right buckets that cause no tax. And
if you can stay under the threshold income with your
Social Security, there are ways to do it. So at
the end of the day, if you're out there listening,
(18:31):
if you have questions about your investments, we can help.
Let's analyze them. Let's get a second opinion on them.
Let's find out the risk that you currently take it
with your money, and also the taxes. How much do
you pay in tax. Let's see if you can reduce that.
Let's have more income on the most tax efficient way.
That's what we do. So pick up the phone, schedule
time to meet with us eight three to three MAGI Tax.
Visit our website at magatax dot com and don't forget
(18:52):
every Sunday on ABCTV at ten thirty for the mag
at Tax and Financial Show eight three to three mag Atax.
That's eight three to three tax.
Speaker 1 (19:03):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host, father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie tax dot com. That's
Maggi tax dot com or call eight one three three
(19:25):
two two twenty five twenty. That's eight one three three
two two twenty five twenty. Now your host for the
Maggie Tax and Financial Hour, father and son from Maggie
Tax Advisory and Financial Group, Robert and Chris Maggie.
Speaker 3 (19:41):
Welcome back everyone.
Speaker 2 (19:42):
My name is Robert Maggie, and you're listening to the
Maggie Tax and Financial Show. We're talking about taxes, we're
talking about investments, and we're talking about ROTH conversions. How
you can save some money and get a free analysis.
Go to our website, Maggie tax dot Com, go to
the retirement calculator, plug in your numbers for IRA and
we'll tell you exactly what you're going to wind up paying.
Speaker 3 (20:03):
But then we can do some planning.
Speaker 2 (20:04):
And again, like we said before, Chris, the misconception is
a lot of people think converting to a ROTH is
going to cost them more in taxes, and it may
it depends, but if you do it wrong and you
use the wrong calculation, then yeah, you're going to pay more.
And the problem that I see with a lot of
folks out there, they think they can do it yourself.
Please don't try that. Let us run the illustration for you.
(20:25):
Let us show you what you can do, because our
goal is to keep you in the same tax bracket, okay,
and pay the least amount of tax without going into
the next tax bracket. And that's what I think because
people aren't educated on broth conversions, and this is the
play of the day, I think, don't you think absolutely?
Speaker 4 (20:41):
And you know, many people just want to pay the tax.
Speaker 3 (20:43):
Now.
Speaker 4 (20:43):
We actually had three clients last year came on in
and say, hey, let's go, you know, let's go tell
me what the tax liability is. I want to get
all my money out of a taxble environment to tax
free zones. I don't want to pay taxes ever again.
And we did a tax analysis, we looked at the return,
We show them what the tax liability is going to be,
and they stroke the check for it and they're done.
So moving forward, they don't have to worry about legislative risks.
(21:06):
They don't have to worry about tax has increasing in
the future and having to take a distribution and pay
tax on it. They're done now. They just let their
investments grow over time and guess what, they have tax
free buckets. It's a beautiful thing. So when you're come
in to meet with us, we're going to look at
the options. We'll show you what it would be if
you ripped off the BANDID and pay the tax on
all of it, or if you do a strategic plan.
(21:27):
We can help you with that too. There are ways
to do that over a five year, ten year, maybe
fifteen year term. There's different ways to do this. There's strategies.
Every situation is different. That's why when you come in
to meet with us, we're going to help you. This
is a custom plan for you. It isn't a cookie
cutter plan where every client gets the same thing. Let's
look at your investments. Let's analyze what your current risk
(21:48):
is with your money. What about your investment plan. What
are your income buckets when they come out in the future.
How many sources are going to be coming in the
front door every month. These things that we could talk
about and we wrap it all together with the estate
plan and also the tax plan and make sure you
got the income in the most tax efficient way. So
schedule a time to me with us eight three three
Maggie tax and let's continue on because there's so much,
(22:09):
so many questions that people are asking us and what
to do, and we just get surprised because their current
advisor after five, ten, fifteen years isn't doing anything.
Speaker 2 (22:20):
And one of the sources you said that's really important
is tax free money. So let me give you a
couple advantages of a rough conversion, because this is when
you do it correctly. By converting a traditional ira to
a roth ira, you pay taxes upfront. Exactly, you have
to pay irs first. But let us figure out what
it is you're gonna avoid the required minimum distribution the RMDS.
(22:41):
I had an older gentleman call me, said, Bobby, I
don't need the RMDS.
Speaker 3 (22:44):
What do I do with it? So we did his
tax return.
Speaker 2 (22:47):
We explained to him that he really had no choice
because he waited too long and his income is over
the amount, so we had to pay taxes on it.
Speaker 3 (22:54):
But he can invest that money.
Speaker 4 (22:56):
We let's just say let's talk about that real quick,
because it's a great segment segue into what we're talking about.
Last week, at a client, they don't need the money,
and they said, what do we do with it? And
I said, well, tell me about your family. He said,
we have two kids that we adore, we have eight grandkids,
and we talked about what they want to do, and
he said, well, we want to make sure that they're
taken care of. We just don't want to give them
the money, but we want to make sure they have
a jumpstart on what we see could happen in the future.
(23:19):
And they want a tax free So there's a ways
to design a strategy where they can leverage their money.
They can have tax free money in the future. They
can have a lot of income coming in where they
could have things paid for tax free by just using
the RMD the requirement of distribution that they have to
take each and every year.
Speaker 2 (23:36):
You know, it's funny when you say that, because when
people call and side to take a withdrawal, the first
question is how much tax am I going to pay?
Speaker 3 (23:42):
But you can enjoy.
Speaker 2 (23:43):
Tax free growth with the withdrawals, and it offers more
control over retirement income because the question we always ask,
and this is what you should be asking yourself if
you're going to retire and when you retire, how much
do I need coming in the front door? Like Chris mentioned,
is it sol security, is it a pension? And what
the difference? But the difference we want to take from
a tax free bucket, not a taxable bucket. So you know,
(24:06):
tax reserrules are after the conversion. You can do once
a wroth conversion, this is important, is completed. The amount
converted can be accessed immediately without penalty. If the person
is fifty nine and a half foor older, that's another
question we get, how do I take the money out?
Speaker 3 (24:24):
You could always take out what.
Speaker 2 (24:25):
You put in correct before fifty nine and a half,
but after that it's all tax free money coming out.
Speaker 4 (24:31):
Chris, it's right. And you have to make sure that
you have established the wroth ira before so for years,
for five years, and if that's why so many people.
If you can start their roth ira early, then your
grandfathered in. So even if you had a dollar in
your roth ira when you're eighteen years old and don't
put anything else into it. By the time you're say
fifty years old, and you started contributing to it. Guess what,
all that money's income tax free, even the gain after
(24:54):
age fifty nine and a half. So you did it.
That's why when you talk about planning, it's not just
give the advisor of the money and let them invest it.
Those days are over. You can do it yourself. Well,
you need as a comprehensive plan, someone that's going to
look at your taxes, your insurance, your investments. You're a
state plan And.
Speaker 2 (25:10):
You said questions. You think we just mentioned a couple
questions here.
Speaker 3 (25:14):
So the other thing is.
Speaker 2 (25:15):
You know your current tax environment. Lower tax rates due
to recent legislature provide an opportunity. This is the opportunity
for you to convert iras to rough iras at a
lower tax bracket.
Speaker 3 (25:27):
And think about it.
Speaker 2 (25:28):
If the tax brackets would have went up by what
to say, thirty nine to forty percent, you'd have.
Speaker 3 (25:34):
To pay what more taxes? Right, taxes?
Speaker 2 (25:36):
So because it's at a lower tax rate, now we
can figure that out for you and show you the differences.
Would you rather pay this or would you rather pay that?
So you want to avoid higher future taxes because it's
going to affect yourself security.
Speaker 3 (25:49):
It's going to affect your IERMA. It's going to.
Speaker 2 (25:51):
Affect your income and one other thing, it's going to
affect your life. You know, people don't have enough money
coming in and they don't know how to do the planning.
But this is a big part mentioned it before. Yeah,
I know you have questions. We can help you answer
those questions. Go to our website Maggie tax dot com.
Register for our seminar coming up this Tuesday. It's at
two o'clock. It's free. Go to the website Maggie tax
(26:13):
dot com. The information is there, Register and spend an
hour an hour and a half with us and show
We'll show you exactly what we're talking about. And then
you know what, you make the final decision. And we
always say this to people coming in the door, adult
to adult, you're gonna make the final decision. I don't
need to tell you what to do, but we just
need to educate you and then you know what.
Speaker 3 (26:32):
I'm sure you're gonna make the right decision.
Speaker 4 (26:34):
Well that's just say. You know many people out there,
they don't get the education that we provide. And when
you meet with us, we're gonna spend some time. We're
gonna go over this with you. We're gonna educate you
about your current investments, what is qualified, what's non qualified,
what's tax of what's non How much income do you have?
What's your tax situation look like? It might seem as
if it's a lot, But when you sit down and
(26:54):
you have someone teach you, just like you were in
school back then, teach you, teaching you stuff, then you're
gonna understand that, Wow, I'm okay, or maybe I'm not okay.
So these are things that we can help you explore.
So pick up the phone, schedule time to meet with us.
Eight three three magi tax. We have office on both
sides of the bay eight three to three magi tax.
Speaker 3 (27:14):
So let me give you an example here.
Speaker 2 (27:15):
This is important because a lot of IRA owners are
millionaires and they think they are because they have a
million dollars in their account. So we had a couple
with one point seventy five million in their IRA and
they could basically save about seven hundred and fifty thousand
in taxes by converting to a roth Ira and avoid
eight hundred and seventy five thousand tax liability. So think
(27:37):
about it if you're an IRA millionaire listening to this
show today. I don't care what age you are, but
that's what's going to happen if you don't do it
right and do some strategic planning convert to the ROTH.
We call it solutions because if you do it strategically,
and we'll show you this, it's an illustration and it works.
You're going to like the benefit because it's going to
be less tax and again long term financial Paying taxes
(28:01):
up front on a ROTH conversion may be a heavy
financial burden for some of you, but you don't want
to pay a big tax if you don't need to
pay a little by little. But I'm going to tell
you right now, it's going to lead to significant savings
over the lifetime and avoid taxes for your errors. And
that's the other thing we're talking about, Chris. What about
your children and your grandchildren? Do you want them to
inherit and iora that's a million dollars and it's taxable
(28:22):
at what thirty nine percent? Or do you want them
to increase the tax on your social security? In the
URMA you can avoid all that. This is planning and
this is why we encourage you to come to the
seminar that's Tuesday. Go to Maggie tax dot Com register.
It's free and it's information. And the cool thing about it, Chris,
it's educational. You go to school to learn and then
(28:43):
you go back and you know, you say, well this
sounds good, and then you go ahead and meet with
someone who can tell you the rest of the story.
Speaker 4 (28:49):
And that's it. You want it to pertain to your
situation so you can make the right choices. It's your retirement.
You know. We live in a yoo economy. We call it.
You're on your own and when you look at it
that way, you are. I mean, you want to make
sure that your income is taken care of. You want
to make sure that your assets are protected. You want
to make sure that if anything happens to you, God forbid,
that the money stays in your family. Your family, You
(29:09):
work hard for the money, you have, the assets that
you have protect it. We see so many people out
there that they don't have a plan. They don't even
have a state plan. They're sixty five years old, they're
seventy two years old, they have no estate plan. God forbid,
something happens to them, it's going to go through the
probate process. It's sad, but they just don't have a plan.
You know, their advisor might be taking care of their investments,
but they're not doing the rest of the job. That's
(29:32):
the scary side of this whole thing. You want to
meet with a complete advisor. That's what Maggie Tax Advisory does.
That's what we do here, income planning, tax planning, investment
planning and state planning. Pick up the phone eight three
to three Magi Tax.
Speaker 2 (29:44):
So what are we talking about here today? You've got
to take some action steps and make a final decision.
You know, the retirement tax bill calculator that we have
available on Maggi Tax is so helpful to a lot
of people. We gave you some examples, but you have
to see the numbers for yourself and then a value
you weight your IRA balances and see what you can do.
Consult with Maggie Tax because we've done this for years.
(30:05):
We do this every every day. And the thing is,
like I said before, if you're confused about taxes, we
have three locations. Make an appointment of command and we'll
do your taxes and we'll do the tax analysis for
you at no charge, so we can show you what
the solutions are to minimize future taxes and again ask
your advisor or your tax person. And if you're a
CPA out there, I encourage you to come to the
(30:26):
seminar too, because maybe what we have here we can
show you and your clients. Why would you not want
to do the right thing for your clients. So delaying
conversions typically leads to higher taxes over time. And Chris,
that's a little bit too much for me. You know,
when you can do some planning, and especially for the
young kids. I mean, you're young, you have rough a situation,
you have tax free money. So we practice what we preach,
(30:47):
but we need to show you how it works and
how it can benefit your kids. I mean the best
thing is when the client comes in and say, I
need to help my grandkids. And I have two grand
kids thanks to Chris, So look to give us a
call eight three three three Maggie Tax and they can
spoil it today eight three three Maggie Tax and visit
our website Maggie Tax dot com.
Speaker 3 (31:05):
Eight three three Maggie Tax.
Speaker 1 (31:08):
Stop planning for Uncle Sam's retirement and start planning for
your retirement. As we return to the Maggie Tax and
Financial Hour with your host father and son, Robert and
Chris Maggie. For additional information on how you can create
a tax free retirement, visit Maggie Tax dot com. That's
m a gg I tax dot com or call eight
(31:29):
one three three two two twenty five twenty. That's eight
one three three two two twenty five twenty Now your
host for the Maggie Tax and Financial Hour, father and
son from Maggie Tax Advisory and Financial Group, Robert and Chris.
Speaker 4 (31:45):
Maggie, Welcome back to the Today Show, and we thank
you so much for listening in. You know, today we
talked a lot about Roth's conversions and income strategies and
investment strategies, and when you're dealing with the right advisor,
you are looking for financial strategies to help you you
and we talked about the Roth conversions and we explain
why paying taxes upfront can lead to substantial long term
(32:06):
savings in greater financial freedom and retirement. And we address
the common misconceptions that deferring taxes through traditional areas is
always the best option, because it's not. You want to
make sure that you have tax free buckets. It's a
better life to live when you're in the tax free
environment where you don't have to worry about legislative risk
and things changed with the tax law. So pick up
(32:28):
the phone, schedule time to meet with us if you
want us to show you how to get to a
tax free environment, a tax free zone. We can help
eight three to three Maggie, tax.
Speaker 2 (32:37):
And I think the main concern that most people have.
But we're going to talk to you about the benefits
of roth conversions, including avoiding higher tax brackets in the future.
And that's what you want to stay out of because
a lot of people make a lot of money and
they get into a higher tax break. But we've got
to help you avoid those taxes, reducing taxes on social Security.
Many of you out there don't understand how the tax
(32:58):
on social Security works, but right now it's taxed either
at fifty percent or eighty five up to eighty five percent.
And every time we deliver a tax return and we
show this to people, they're shocked. But look, there is
a simple explanation. We can help you understand. You want
to leave a tax free inheritance to your heirs, because
why would you want to leave them with a taxable inheritance?
(33:18):
And who knows what tax it's going to be So
doing proper planning and sitting down and doing this the
right way very very important. So using a real world
case study that we always talk about, we could show
you the illustrations how it's going to affect you and
how to do a strategic Wroth conversion that's going to
save you hundreds of thousands of dollars in taxes. Why
would you not want that curse? It's only because it's
(33:42):
like my father used to do. He used to say
the hell with it? And I would ask him, why
would you say that, Dad? And he said, Bobby, because
I don't want to get embarrassed by asking the wrong question.
We talked about this before. There are so many questions.
So if you are listening to this show and you're confused,
pick up the phone eight three to three, Maggie tax
this is your opportunity. Sit down with Chris and I
and let's go over the questions you have one by
(34:04):
one by one, and then when you're ready and it's
cleared up, then we can dive into it.
Speaker 4 (34:08):
Well, that's just's it. You know, this is your money,
your plan, right, it's not your CPA's plan. It's not
their money. It's not your advisor's money. I don't care
if you've been with them ten fifteen years, it doesn't matter.
It's not their money, it's your money, it's your decisions,
it's your choices. And understand that when the market does
go down, if it does fall, that you want to
have protection and safety and be in the right areas.
(34:28):
And also the same thing with taxes. When taxes rise,
you want to make sure that you're in the right situations.
You have to pay more in tax same thing with
when you pass, you want to make sure that things
stay in the family. It doesn't go through the probate
process right. And if you don't have the right advisor
or you don't put things together the right way, then
you're the one that's going to fall victim to every
one of those situations. And you don't have to let
(34:49):
that happen if you come and meet with the right advisors.
So pick up the phone, schedule time to meet with this.
We have office on both sides of the day. Eight
three three, Maggie.
Speaker 3 (34:57):
Tax.
Speaker 4 (34:58):
We do tax planning, income plan investment planning. All this
stuff works together, stay planning, social security planning, legacy planning,
medicare planning. When you come here. We can do it
all because we can help you. We have staff, we
have advisors that understand how things correlate together. So eight
three three, Magi Tax, we look forward to meeting with you.
Speaker 2 (35:19):
So the importance of working with Maggie Tax or a
financial planner that understands the taxes is to determine the
optimal time and amount of roth conversions. That is what
we've been talking about all day. Do it the right way,
don't do it your way. We want to emphasize that
delaying these decisions often results in higher taxes later and
we've shown that to a lot of people, and they
(35:39):
don't want to pay higher taxes. So you know, by
using what we do here, you think beyond your current
tax returns and make decisions that benefit your long term
financial security. And I don't know, maybe you don't think
about it that way because you have other things on
your mind. But this is your money, Chris said, it
your money, You worked hard for it. You don't want
(36:01):
to give it all the way to taxes up to
Uncle Sam if you don't have to. So there are
strategies that the government has allowed us to do. The
Roth conversion is one of them. But there's a trade off.
You got to pay the tax on it first, which
is okay, but then all the rest of your money
is tax free. So go to my website, Maggie tax
dot com, click on the retirement tax bill on the
top right and see for yourself.
Speaker 3 (36:23):
Plug in your values.
Speaker 2 (36:24):
Of your IRA and they'll tell you what your tax
is going to be, what you requirement of distranstribution is
going to be, and then make a decision because I
don't think you want to pay those numbers. And if
you do, then I don't know. I guess you like
IRS and Uncle Sam, I don't know.
Speaker 4 (36:38):
Well, that's just it, and many people don't understand that.
Think about this. If you're in retirement and you take
out a fifty thousand dollars distribution, and if you're in
a ten percent tax bracket right now, it's only five
thousand dollars in tax.
Speaker 3 (36:50):
Now.
Speaker 4 (36:50):
The thing about it is is what if they increase
that to thirty percent. Now you're paying fifteen thousand dollars
in tax, so you're netting less. What are you doing
about it? That's what we're talking about here. You want
to make sure that you're in position to take advantage
of the opportunities that come about. And when you meet
with us, we'll go over all these different objects and
(37:12):
also weighs strategies to show you how to do it
in the most tax efficient way. And it comes down
to your investments as well. And many people don't have
an investment plan. Let's put together an investment plan and
show you type of risk you're taking with your money.
You know you're looking for dividends, you're looking for inflation protection.
Are you're looking for downside market protection? You're looking for
ways to make money if the mark goes down. These
are strategies that you can implement if you have the
(37:34):
right plan. So pick up the phone, schedule time to
meet with us eight three to three Maggie Tax.
Speaker 2 (37:38):
So once again register for our seminar this Tuesday. It's
at two o'clock. It's free, it's educational. It's going to
be on a state planning and tax planning, which is
what we've been talking about you know, all day here.
But look it's up to you take the time and
just go spend an hour with us, hour and a
half and then leave with some education so you can
make a decision. And I know this for a fact.
We have many single spouses that come. The wife comes,
(38:01):
and she comes and she tells her husband. I'll tell
you a quick story. This lady came in with her
husband last week and she said to me, I just
got to be honest with you. We're in the elevator
and my husband said, I don't want to be here.
So when he came back, he said, you know, Bobby,
I apologized to you because I couldn't wait to be
here now that I knew what you guys were talking about.
Speaker 4 (38:17):
And that's just said. So pick of the phone, schedule
time to meet with us. What you don't know will
hurt you in the future, but you need to know now,
So pick up the phone. Eight three three Maggie Tax.
Schedule time to meet with us. We have obvious on
both sizes of the day. Every Sunday, tune into ABC
TV for the Maggie Tax and Financial Show eight three
to three Maggie Tax. That's eight three to three Maggie Tax.
(38:38):
Eight three to three Maggie Tax.
Speaker 1 (38:43):
You've been listening to the Maggie Tax on Financial Hour
discussing tax planning investment strategy. He's presented by Robert and
Chris Maggie from Maggie Tax Advisory and Financial Services with
offices in Hillsboro and Panela's County. Visit Maggie Tax dot
com or call eight one three three two two twenty
five twenty. That's eight one three three two two twenty
(39:05):
five twenty and tune in next Saturday at five for
the Maggie Tax and Financial Hour
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