The FI Guys

015: We're Talkin' About Taxes!!: How to Keeping More of What You Earn

Listen Later

Connect with Chris at Monzon Wealth


See 2023 tax Brackets here


In this episode, we're on a mission to decode the complexities of the U.S. tax code, unveiling strategies to optimize your taxes and keep more of what you earn.

Segment 1: The Purpose of Taxes

  • Dive into the IRS's perspective on taxes and their role in funding essential services.
  • Explore Federal, State, Local Taxes, and the FICA system.
  • Spark a discussion on alternative ways to provide essential services.

    • Segment 2: Decoding the Progressive Income Tax System

    • Navigate the intricate world of income tax rates and brackets.
    • Break down Marginal vs. Effective tax rates with a handy visual.
    • Discuss the progressive tax system's goal to lighten the tax load on lower-income earners.

      • Segment 3: Strategies to Reduce Your Taxes

      • Unveil strategies to reduce earned income and minimize tax liability.
      • Address the paradox of wanting to earn more while reducing taxable income.
      • Emphasize the importance of tax reduction strategies during peak earning years.

        • Segment 4: Controlling Your Tax Rate through Retirement Investments

        • Explore the impact of tax-advantaged retirement accounts on tax liabilities.
        • Differentiate between pre-tax (401(k), Traditional IRA) and post-tax (Roth) accounts.
        • Illustrate significant tax savings through contributions to pre-tax accounts.

          • Segment 5: Exceptions and Considerations

          • Highlight that tax strategies depend on individual circumstances, including filing status and community property laws.
          • Discuss exceptions for individuals expecting substantial pensions during retirement.
          • Consider the uncertain future of taxes and the importance of a blended approach.
          • Touch on Roth conversions as a teaser for a future episode.


            • Disclaimer for end of Pod:

            This video podcast is sponsored by Monzon Wealth. The content in this podcast is for informational purposes only and should not be considered financial advice. We do not endorse specific products or services. Past performance doesn't guarantee future results. The opinions expressed are those of the hosts and guests, not the podcast sponsors.

            It is crucial to consult with a qualified financial advisor or professional who can provide advice tailored to your specific needs before making any financial decisions, investments, or taking any other actions. If you are seeking specified help, you can reach out to Chris at MonzonWealth.com

            ...more
            View all episodesView all episodes
            Download on the App Store
            The FI GuysBy The FI Guys