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124 - What Are New Contributions Limits and How Does That Impact Our Taxes
Manage episode 306266665 series 2653925
Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
Listener Question
I am a new small business owner and have just begun a 401k, I have a roth ira, 529 for my child, and my own investment portfolio. I am still confused on how I should vary my allocation based on the type of fund- such as my roth versus traditional versus normal investments, in order to maximize the benefits of each separate account. I also was hoping you could do an episode solely on how taxes work and the differences between them.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:12 - New Contributions
5:26 - IRAs & Roth IRAs
8:53 - How Taxes Work
12:57 - Cash Flow
15:01 - Order of Operations
18:04 - How Can I Maximize Tax Savings?
20:27 - 401(k) Contribution Increase
22:40 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
ENJOY THE SHOW?
Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
Leave us a review on iTunes.
Have a money question you want us to answer? Submit one here
193 episodi
Manage episode 306266665 series 2653925
Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
Listener Question
I am a new small business owner and have just begun a 401k, I have a roth ira, 529 for my child, and my own investment portfolio. I am still confused on how I should vary my allocation based on the type of fund- such as my roth versus traditional versus normal investments, in order to maximize the benefits of each separate account. I also was hoping you could do an episode solely on how taxes work and the differences between them.
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:12 - New Contributions
5:26 - IRAs & Roth IRAs
8:53 - How Taxes Work
12:57 - Cash Flow
15:01 - Order of Operations
18:04 - How Can I Maximize Tax Savings?
20:27 - 401(k) Contribution Increase
22:40 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
ENJOY THE SHOW?
Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
Leave us a review on iTunes.
Have a money question you want us to answer? Submit one here
193 episodi
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