In this episode of the Red Barn Financial podcast we talk about the most googled financial questions of 2024.

It’s always interesting to see what’s on people’s minds, especially when it comes to finances. Did you know some of the most Googled financial questions in 2024 included: “How do I start investing?”, “What’s the best way to save for retirement?”, and “Do I really need life insurance?”

These are great questions, and if you’ve been wondering about them too, you’re not alone. Financial planning can feel overwhelming, but I’m here to simplify it for you.

Whether you’re curious about building wealth, protecting your family, or maximizing your savings, let’s address your biggest questions together. No question is too big—or too small—when it comes to your financial future.

I’d love to schedule a time to chat and help you gain clarity and confidence about your next steps. Let’s turn those Googled questions into personalized answers for your goals.

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919

In this episode of the Red Barn Financial Podcast, I kick off the 21 day devotional "Look At The Sparrows" by Faithfi.  

In this episode we explore Matthew 6:19-21 which says:   19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also.

If we put our efforts and desires in things of this earth, we will be left feeling empty.  This is not to say that having nice things is bad.  What it is saying is that our focus should be on being content in who God made us and in what His goals are for our lives, which will be way better than any plan we have.

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919

In this episode of the Red Barn Financial Podcast, Sean Moran talks about ways to reduce or eliminate debt.  It's often a strategy and a process and we talk through the ways in which to make this happen for you.   Are you committed to paying down your debt this year?

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919

In this episode of the Red Barn Financial Podcast, Sean Moran talks about the unintended consequences of leaving money to loved ones.

When you leave money to someone, you may be leaving them a tax liability that could have been smaller with a bit of planning.   

Here are a few things to consider:

• Plan while both spouses are alive
• Consider the tax bracket of the people you are gifting to
• Think about actionable planning to reduce your tax liability over time
• Giving equal amounts to multiple people doesn't always result in them receiving an equal amount.

This chart will help you follow along:  

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919

In this episode of the Red Barn Financial Podcast, I talk about ways to make your charitable giving go further with some tax efficient ideas.  I share the keys to giving and finding where your philanthropy can have the most impact.

The use of a Donor Advised Fund (DAF) or making a Qualified Charitable Distribution (QCD) from an IRA are two potential ways to improve your giving by paying less in taxes, thereby leaving more for the charity or less of a tax burden for yourself.

Giving appreciated stock vs. selling the stock and giving cash, and many more topics are discussed.

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919

Equity ownership dilution occurs when a company issues additional shares, reducing the ownership percentage of existing shareholders. This is common during second round fundraising (Series B), where new investors come on board, and more shares are created to accommodate their investment.  It isn't necessarily a bad thing, however, because 10% of a company with no money is likely worth less than 5% of a company with money.

Key points to consider include:

• Impact on Ownership: Existing shareholders' ownership percentages decrease, which can affect control and decision-making power.
• Valuation and Terms: The company's valuation and the terms of the new investment round play crucial roles in determining the extent of dilution.
• Protective Measures: Founders and early investors often negotiate anti-dilution provisions to protect their stakes.

Understanding these aspects helps founders and investors make informed decisions during subsequent fundraising rounds.

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919

When one spouse passes there is a little known and unintended consequence from a tax perspective.  It’s often called the Widow Penalty.  This is the result of the fact that generally a retired married couple lives on close to the same amount of money (because of the shared household expenses) when they are both alive as compared to when one passes.

The issues comes from the fact that now the surviving spouse is single and their standard deduction is cut in half.  In 2024 that would be from $29,200 married filing joint vs $14,600 if they were single.

Additionally, the amount of income they can earn per each tax bracket is roughly half of what it would be if they were still considered married.   For example, a Married couple with $201,050 of taxable income would be at the top of the 22% tax bracket, while a single person with the same income would be in the 32% bracket, some 10% and 2 brackets higher.

The best way to avoid this is to be proactive with your tax planning. A financial advisor such as myself can help you with this.

Disclaimer:  This podcast is not tax, legal or financial advice.  Every person’s situation is different.   If you would like to discuss your personal situation, feel free to reach out to Sean at 615-619-6919, email smoran@redbarnfinancial or schedule a meeting at Calendly.com/spmoran

In this episode of the Red Barn Financial Podcast, Sean Moran shares the different strategies for investing at different stages of your life.  One example is when you are younger, you might want to put your retirement funds in Roth accounts as your tax liability is low, so a tax deduction might not be as valuable.  As you reach the peak of your career, you may be in the highest tax brackets and want to reduce your taxes, in which case the traditional 401(k) or IRA might be a better choice.   If you have a lot of money in your traditional accounts, you might want to consider Roth so that your RMDs (Required Minimum Distributions) are lower.

Working with a financial advisor can help you choose the best strategies.

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919

“Taxing Unrealized Capital Gains: What You Need to Know”

1. Current Taxation System:

   • Under the current system, taxpayers pay taxes on the growth in the value of their assets when they are sold (realized gains).
   • Short-term gains (assets held for less than one year) are subject to ordinary income tax rates.
   • Long-term gains (assets held for over a year) are taxed at a top rate of 23.8%.

2. Kamala Harris’ Proposal:

   • Harris has proposed taxing unrealized capital gains for individuals.
   • These taxpayers would report unrealized gains annually, including basis (original purchase price) and market value as of December 31.
   • The tax applies if the individual does not pay at least a 25% tax rate on their income (including unrealized gains).
   • Payments can be spread out over subsequent years.

3. Implications and Controversies:

   • The proposal aims to address wealth inequality and capture gains from appreciating assets.
   • Critics argue that it could be complex to implement and may have unintended consequences.
   • Supporters believe it could generate revenue for social programs and reduce tax avoidance.

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919

Are you the fortunate recipient of an inherited IRA? This podcast episode is your essential guide to understanding and maximizing your inherited IRA. We'll delve into the complexities of different inheritance scenarios, explore the rules and regulations governing inherited IRAs, and provide practical tips for making informed decisions about your financial future.

Key Topics:

• Different Inheritance Scenarios: Understand the nuances of inherited IRAs based on your relationship to the deceased.
• Required Minimum Distributions (RMDs): Learn about the mandatory withdrawals you'll need to make from an inherited IRA.
• Tax Implications: Explore the tax consequences of withdrawing funds from an inherited IRA and strategies to minimize your tax burden.
• Stretching RMDs: Discover how to potentially extend the withdrawal period for an inherited IRA, allowing you to spread out tax payments.
• Roth Conversions: Explore the benefits and drawbacks of converting a traditional inherited IRA to a Roth IRA.
• Estate Planning Considerations: Understand how inherited IRAs can impact your overall estate plan and how to plan for future generations.

Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919