Planting the Retirement Seed: With Guest from Retirement Tax Podcast

Do you want to understand how retirement savings for small business owners work?

In this episode, Mike welcomes Steven Jarvis, CPA, the host of the Retirement Tax Podcast. Steven provides insight on saving for retirement, especially for small business owners, and discusses the potential tax advantages. Steven also dives into the difference between pre-tax and Roth contributions, and shares tips for managing changes in tax situations in life events such as loss of a spouse or divorce. Lastly, Steven emphasizes the need to take action based on informed decisions to ensure maximum tax efficiency.

[00:00 - 05:10] Retirement Savings Strategies

• Steven discusses the importance of retirement planning for entrepreneurs, contrasting it with employee retirement plans.
• There is a need for realistic expectations of business valuation at retirement.
• Business owners need to update their retirement plans as their business evolves and grows.

[05:10 - 12:22] Financial Planning for Business Owners

• Steven emphasizes the need for business owners to start thinking about retirement planning and seeking financial advisors.
• Business owners face complexities and decision-making challenges regarding retirement plans compared to W-2 employees.
• Steven explores the differences between pre-tax and Roth contributions, including the impact of future tax rates and personal financial situations on these decisions.
• The importance of understanding and preparing for the tax implications of inheriting IRAs and the differing rules for spouses and non-spousal beneficiaries is covered.

[12:22 - 15:50] Tax Implications of Life-Changing Events

• Steven talks about the shift in tax filing status and the need for tax planning after the loss of a spouse.
• The loss of a spouse affects real estate tax strategies, especially when the spouse is a real estate professional.
• Steven encourages us to focus on emotional healing before tackling financial adjustments.

[15:50 - 17:40] Closing Segment

Quotes:

"We need to make great decisions and then figure out the most tax efficient way to do that." - Steven Jarvis, CPA

"The more typical experience for small business owners is that they spend their whole life working on this business that is going to always be more valuable to them than it's going to be to someone else." - Steven Jarvis, CPA

 "The IRS rules have changed, but the paperwork needs to catch up with it." - Steven Jarvis, CPA

"Part of the reason we do long-term planning is to address some of life's inevitabilities." - Steven Jarvis, CPA

Connect with Steven! 

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Retirement Tax Strategies Podcast

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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Podcast Website: https://www.TaxSavingsPodcast.com

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Chapters

• 0:00 SBTS#61
• 0:22 Marker