Sean Mullaney

Tax expert Sean Mullaney joins the show to discuss strategies for accessing retirement funds early, including taxable accounts, inherited retirement accounts, 457B's, roth conversion ladders, and the rule of 55. The discussion explores various options for withdrawing money before age 59.5 without penalties and provides valuable insights into maximizing tax efficiency for early retirees.

Financial expert Sean Mullaney discusses 72t, Roth accounts, Pro Rata Rule, HSA's, education expenses, and Roth Conversions with Brad. They explore optimizing retirement accounts, Roth conversions for tax credits, and using Roth IRAs. The conversation covers pro-rata rules, PUQME, HSA benefits, education withdrawals, tax implications of marriage, and IRA contributions. Mullaney provides insightful advice on accessing retirement funds before age 59.5 for early retirees.

Sean Mullaney, a tax professional, shares strategies for managing inherited investment accounts to avoid hefty tax bills. He discusses the four buckets of assets you can inherit and explains the step-up in basis exemption to dodge capital gains tax. He also covers the ten-year rule, early withdrawal penalties, and reducing tax obligations through Roth accounts.

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.

In this episode: financial advisor breakups, I bonds, the 4% rule, second generation FI, Roth IRAs, and the listener mailbag. Breakups are hard, but breaking up with financial advisor can be harder given the minutia that is often involved in doing so. It's good to have friends to lean on in times like this, which is exactly why we have the FI Tax Guy himself Sean Mullaney with us to help! Listen along as he and Brad dip back into the listener mailbag this week and discuss a plethora of topics submitted by YOU the listener! Sean Mullaney: Website: fitaxguy.com Sean's Roth IRA Blog Post: How I Learned To Stop Worrying About The Roth IRA 5 Year Rules Timestamps: 0:43 - Introduction/Breaking Up With Your Financial Advisor 15:13 - The Taxable Nature of Financial Breakups 22:11 - I Bonds 29:12 - The 4% Rule and Age 35:40 - Second Generation FI and Accounts 43:48 - Early Roth IRA Conversions 48:18 - Roth IRA's and 5 Year Rules 57:24 - Conclusion Resources Mentioned In Today’s Episode: Early Retirement Now BiggerPockets Money Podcast Join ChooseFI's Facebook Group Make Your Kid a Millionaire: Roth IRA for Kids The Wealth Letters Jillian Johnsrud The Roth IRA Conversion Ladder | A Case Study | ChooseFI Ep. 17r Roth IRA Conversion Ladder Case Study | ChooseFI Ep. 163r Subscribe to The FI Weekly! More Helpful Links and Resources: Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence Keep learning or start a new side hustle with one of our educational courses Commission-Free Investing with M1 Finance

In this episode: w2 employment to self-employment, s-coporations vs self-employment, avoiding penalties, megas backdoor roths, retirement planning, and health insurance. Most of us are familiar with a W2 job, and there is a certain level of convenience that comes with working a W2 job as it relates to retirement planning and taxes. So much so that it can be daunting to want to embark out on your own journey and have to figure it all out on your own. This week we are re-joined by our “in-house tax expert” Sean Mullaney to discuss the tax and retirement sphere as it relates to being self-employed. While we are not offering advice, this week's episode is meant to act as a resource to listeners curious about the steps and unknowns that come with the self-employment territory. With the same excitement and motivations gained from getting to run your own business, those same motivations and excitements can still be applied to navigating your retirement and taxes once you remember that it is now within YOUR control!  The fear of the unfamiliar may not be as daunting and complicated as you may think, and figuring out these factors requires you to take the same initiative and action that is required throughout your entire FI journey!  The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Sean Mullaney: Website: fitaxguy.com Book: Solo 401k; The Solopreneur's Retirement Account Timestamps: 1:42 - Introduction 2:38 - W2 Employment to Self-Employment 11:34 - S-Corporations vs Self-Employment 14:03 - Avoiding Penalties When Making Estimated Payments 19:29 - Saving For Retirement As An Entrepreneur 24:00 - Employee vs Employer 401k Limits and Mega Backdoor Roth 33:54 - Is The Mega Backdoor Plausible For The Self-Employed? 41:03 - Roth IRA Conversions 43:15 - Addressing The Uncertainty Around The Employer Maximum 53:40 - ACA Plans and Navigating Health Insurance As A Solopreneur 63:34 - What Counts As Income? 68:41 - Conclusion Resources Mentioned In Today’s Episode: Paying Taxes When You're Self-Employed IRS Publication 560 IRS Form 8962 Instructions on Premium Tax Credit IRS Publication 974 Premium Tax Credit Creating Your Dream Job | ChooseFI Ep 117R Roth IRA Conversion Ladder Case Study | ChooseFI 163R Healthcare.gov ACA Plans Cody Garrett's Tweet Illustrating ACA Medical Insurance Premiums and PTCs Subscribe to The FI Weekly! More Helpful Links and Resources: Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence Keep learning or start a new side hustle with one of our educational courses Commission-Free Investing with M1 Finance

Certified public accountant and financial planner Sean Mullaney shares year-end tax planning strategies to lower your tax burden. He discusses urgent moves, year-end tasks, and early 2024 actions. Topics include donor-advised funds, Roth conversions, retirement accounts, health insurance, and avoiding giving the IRS interest-free loans. The podcast also covers backdoor Roth IRAs, investing options, and maximizing employer benefits for tax planning.

Sean Mullaney, an expert on taxation and financial planning, breaks down the often-puzzling concept of tax basis. He explains how it helps avoid double taxation and determines taxable gains. Listeners learn about depreciation methods, particularly regarding rental properties, and discover the advantages of a stepped-up basis for inherited assets. Mullaney also shares insights on tax loss harvesting as a strategic tool, with tips for retirement accounts versus taxable ones, emphasizing the importance of smart portfolio management.

Sean Mullaney, a tax strategy expert, breaks down the complexities of tax basis for everyday individuals. He explains how tax basis prevents double taxation and clarifies taxable gains. Listeners learn about the significance of depreciation and the benefits of a step-up in basis at death. Mullaney also discusses tax loss harvesting and the different implications for retirement versus taxable accounts, stressing a balanced approach to wealth-building while maintaining accurate records to minimize tax liabilities.

Tax planning expert Sean Mullaney discusses year-end moves and longer-term tax strategies, including traditional vs Roth accounts, upcoming changes to 401ks, and the best retirement accounts for solopreneurs.