In this episode of Dime to Diamonds, Suzanne Porske and her guests discuss the importance of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). They explore the differences between the two, the tax benefits, and how to maximize contributions and employer matches. The conversation emphasizes the need for financial education regarding these accounts and the potential long-term benefits for healthcare expenses, especially as individuals age. The hosts encourage listeners to take advantage of these financial tools to better prepare for future healthcare costs.

In this episode of Dime to Diamonds, Suzanne Porske, Mark Farquhar, and Rachelle Harp discuss the significant changes in tax laws and their implications for individuals and small business owners. They explore key provisions of the new tax bill, including permanent increases in the marginal tax bracket and standard deduction, as well as new opportunities for tax planning, charitable deductions, and tax benefits for electric vehicles. The conversation emphasizes the importance of strategic tax planning and the potential benefits for retirees and service industry workers.

In this episode of Dime to Diamonds, Suzanne Porske, Mark Farquhar, and Rachelle Harp discuss the significant changes to inherited IRAs set to take effect in 2025. They delve into the implications of these changes, including the enforcement of required minimum distributions (RMDs) and the associated tax penalties. The conversation emphasizes the importance of strategic financial planning for both individuals inheriting IRAs and those planning their estates. The hosts provide insights on how to manage inherited IRA distributions effectively and the benefits of charitable distributions to mitigate tax burdens. They also stress the need for ongoing conversations about financial planning to ensure beneficiaries are well-prepared for the future.

In this episode of Dime to Diamonds, Suzanne Porske and Mark Farquhar discuss the importance of retirement planning, emphasizing the need for education and strategic financial management. They explore various aspects of retirement, including Social Security benefits, withdrawal strategies, and the impact of market downturns. The conversation highlights the significance of a holistic approach to financial services, ensuring clients are well-informed and prepared for their retirement years. Additionally, they touch on long-term care considerations and encourage listeners to enjoy their retirement while being mindful of their financial health.

In this episode of Dime to Diamonds, Suzanne Porske and Mark Farquhar from Phoenix Financial Group discuss the importance of consistent investment strategies, the dangers of market timing, and the necessity of thorough financial and estate planning. They emphasize the significance of dollar cost averaging, understanding market cycles, and the need for diversification in investment portfolios. The conversation also highlights the importance of being prepared for unexpected life events and ensuring that financial affairs are organized for the future.

In this episode of Dime to Diamonds, Suzanne Porske and Mark Farquhar discuss the importance of financial literacy, especially for women, and share insights from tax season. They emphasize proactive tax planning, effective record keeping, and the significance of understanding tax returns. The conversation also covers how to maximize tax refunds, the importance of fraud awareness, and the need for regular insurance and beneficiary checkups. They encourage automating savings and having open financial discussions within families, especially during Financial Literacy Month, and conclude with actionable steps for listeners to improve their financial health.

In this episode of Dime to Diamonds, Suzanne Porsky, Mark Farquhar, and Rachelle Harp discuss the complexities of owning a second home, including tax implications, management challenges, and financial risks. They explore the nuances of rental properties, the importance of understanding capital gains, and the mental burden of property management. The conversation also touches on family dynamics in rental income, personal experiences with vacation homes, and agricultural considerations for potential buyers. The episode concludes with insights on financial planning and the importance of informed decision-making.

In this episode of Dime to Diamonds, Suzanne Porsky and Mark Farquhar discuss the evolving role of women in financial decision-making, particularly in light of Women's History Month. They explore historical barriers women faced in finance, the importance of financial education, and the unique challenges women encounter in achieving financial independence. The conversation also highlights the significant wealth transfer expected to occur as baby boomers pass down their assets, emphasizing the need for women to be prepared to manage this influx of wealth. Throughout the discussion, the hosts advocate for collaboration between partners in financial planning and the importance of seeking professional guidance to navigate financial complexities.

In this episode of Dime to Diamonds, Suzanne Porske, Mark Farquhar, and Rachelle Harp discuss the importance of understanding tax scams, identity theft, and how to navigate IRS communication. They emphasize the need for early tax filing to avoid scams, the legitimacy of IRS communication, and the importance of being cautious with personal information. The conversation also highlights the various types of scams targeting individuals, especially the elderly, and provides practical advice on how to recognize and avoid these scams. The hosts share personal experiences and encourage listeners to seek help from tax professionals and utilize available resources for financial security.

In this episode of Dime to Diamonds, Suzanne Porske, Mark Farquhar, and Rachelle Harp discuss the importance of tracking 401(k) accounts, especially when changing jobs. They highlight the challenges individuals face in locating lost retirement funds and the upcoming Secure 2.0 Act that aims to create a database for these funds. The conversation also covers the tax implications of retirement accounts, strategies for managing retirement income, and the importance of financial organization. They emphasize the need for individuals to be proactive in managing their finances and offer community support for those seeking assistance.