Tag: Tax Season

Navigating Financial Independence as a H.E.N.R.Y (Episode 11)

Navigating Financial Independence as a H.E.N.R.Y (Episode 11)

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Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck delve into wealth management strategies specifically tailored for high earners who are not yet financially independent, referred to as ‘Henrys’. They discuss the challenges these individuals face, such as student debt and lifestyle inflation, and provide actionable strategies for budgeting, investing, and diversifying income streams. The conversation also highlights the importance of personal development and offers real-life examples of successful individuals who have transcended their salaries to achieve financial success. The episode concludes with key takeaways and a call to action for listeners to start planning their financial futures now.

Resources:

Takeaways:

  • Understanding the term ‘Henry’ is crucial for financial planning.
  • High earners often face unique challenges that require tailored strategies.
  • Budgeting should be viewed as a proactive tool for financial success.
  • Investing early can significantly impact long-term wealth accumulation.
  • Diversifying income streams is essential for financial security.
  • Tax optimization is a critical aspect of wealth management.
  • Side hustles can provide additional income and opportunities for growth.
  • Personal development is key to advancing one’s career and financial status.
  • Real-life examples illustrate the potential for financial success beyond a salary.
  • Planning and discipline are vital for achieving financial independence.

Connect with Will Hoffman: 

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The Critical Role of Tax Planning in Financial Success (Episode 8)

The Critical Role of Tax Planning in Financial Success (Episode 8)

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Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck delve into the critical topic of tax planning and its significant impact on wealth management. They discuss the difference between tax planning and tax preparation, emphasizing the importance of proactive strategies to optimize tax situations over time. The conversation highlights the necessity of starting tax planning early, the need for a shift in mindset regarding tax preparation, and the value of working with specialists in the field. The hosts provide insights on how to approach tax planning tactically and strategically, ensuring that listeners understand the long-term benefits of thoughtful financial decisions.

Resources:

Connect with Will Hoffman: 

Takeaways:

  • Tax planning is crucial for wealth management.
  • Proactive tax strategies can significantly impact financial outcomes.
  • Tax preparation is merely a historical record of past actions.
  • Understanding the difference between tax planning and preparation is essential.
  • Starting tax planning early can lead to better financial health.
  • Regular check-ins on tax situations are important for long-term success.
  • Shifting the narrative from compliance to strategy is key.
  • A tactical approach to tax planning can yield substantial savings.
  • Collaboration with specialists enhances tax planning effectiveness.
  • Long-term tax strategies can alleviate stress during retirement.

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Tips on Planning Your Taxes with Josh Jones (Ep. 10)

Tips on Planning Your Taxes with Josh Jones (Ep. 10)

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After a challenging year for the market, there are bound to be changes regarding tax season.

Even though you haven’t filed for 2022, now is a good time to know what’s in store for 2023 so you can make adjustments to your portfolio, or save side hustle expense receipts. 

In this week’s edition of the Monetary Mixtape podcast, Josh Jones, President of CompFinO Tax & Accounting Services, joins Will Hoffman to discuss taxes, savings, and sports.

Listen as Josh discusses:

  • Tax changes Gen Xers should be aware of
  • What to claim if you have a side hustle
  • Why you should ask your employer to include a Roth in your 401K
  • And more!

Connect with Josh Jones: 

Connect with Will Hoffman: 

About Our Guest: 

Joshua Jones, CPA is the owner of CompFinO (formally BeanCounters Tax and Accounting Services). CompFinO is a licensed CPA firm and a full-service payroll provider, specializing in tax preparation for small business and individuals. They provide customized solutions for all your accounting needs, such as tax preparation, bookkeeping, bill pay, tax planning, and payroll. Josh, together with his team, have served small businesses and individuals for the past 10 years, and their office is located in Southpointe. Josh received his undergraduate degree from Duquesne University, and has served on the board of the Washington County Habitat for Humanity for the last 6 years, three of those years as Treasurer. 

Joshua Jones and CompFinO are not affiliated with or endorsed by LPL Financial, Hoffman Wealth Management, or Private Advisor Group.

About Our Host: 

Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally. 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed.  No offers may be made or accepted from any resident of any other state.

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