Forget About Money 🤓 Tax Planning Strategies for Early Retirees with Sean Mullaney 🎓
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Aug 2, 2024 In this discussion, Sean Mullaney, a CPA known as The FI Tax Guy, dives into innovative tax planning strategies tailored for early retirees. He highlights the top five strategies for minimizing tax liabilities, emphasizing the 'buy, borrow, die' method for real estate investment. Mullaney also explores the advantages of Solo 401k for small business owners and underscores the importance of critical thinking in financial decision-making. The conversation encourages a proactive approach to manage taxes while striving for financial independence.
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FI Community Focus
- Sean Mullaney's focus on the FI community stemmed from his own FI journey and a chance conversation.
- This led to his blog and speaking engagements, demonstrating the power of community and action.
Top Tax Tactics
- Utilize retirement accounts to minimize lifetime income tax through tax rate arbitrage.
- Prioritize traditional 401(k)s, taxable accounts, Roth IRAs, HSAs, and Roth conversions.
Reduce Taxes Today
- Maximize traditional 401(k) contributions to reduce taxes at your highest marginal rate.
- Be intentional with spending to lower your tax burden, especially in retirement.