Money Guy Show How to Financially Prepare for a Baby
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May 20, 2024 The podcast discusses the tax implications of filing jointly or separately for married couples, exciting updates on book tour VIP ticket sales, the importance of professional liability insurance for side hustles, financial planning considerations for expecting parents, and tips for preparing for baby expenses and purchasing affordable items.
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MFS Implications
- Married filing separately often limits planning opportunities and has stricter Roth IRA phase-out rules.
- Consult a professional for guidance as it adds complexities.
Filing Status Optimization
- Consider both married filing jointly and separately to optimize tax liabilities.
- Different filing statuses have varying Roth contribution limits and rules.
Professional Liability Insurance
- Secure professional liability insurance to protect your side hustle from potential lawsuits.
- Consult an insurance broker to find the best coverage and potentially save money.