Tax planning is about thinking ahead, and understanding how today’s financial decisions could affect your taxes tomorrow.
In this episode of The About Podcast, Jeremy Scott and Roy Hucke explain the difference between tax planning and tax preparation, how tax brackets actually work, and why planning becomes especially important as retirement approaches.
Through practical examples, they explore taking money from an IRA to pay off a mortgage, timing Roth conversions, charitable giving, and how retirement income can affect Medicare premiums. They also discuss why a surviving spouse could face a higher tax bill—even with less income.
CHAPTERS
00:00 Introduction: What is tax planning?
01:36 Tax planning vs. tax preparation
04:13 Planning during your working years
06:20 Paying off a mortgage with IRA money
10:47 How tax brackets work
14:31 Understanding your effective tax rate
16:46 Retirement withdrawals and planning ahead
20:26 Roth conversions and available tax bracket space
23:50 Charitable giving and qualified charitable distributions
28:04 Medicare premiums and income-related surcharges
37:09 From “we” to “me”: Taxes after losing a spouse
39:45 Making the most of lower tax brackets
41:57 Questions to ask your financial planner
44:37 Closing thoughts
Subscribe for more conversations about your financial health, share this episode with someone approaching retirement, and leave your questions in the comments.
This episode is for educational purposes. Discuss your circumstances with your financial planner and tax professional before making decisions.
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