Tag: Medicare IRMAA
Tips & Traps: What You Need To Know About Taxes (Ep. 29)

Tips & Traps: What You Need To Know About Taxes (Ep. 29)

By |

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Join Michelle Gessner, CFP®, for smart tax tips that can help you avoid costly mistakes and take advantage of smart planning opportunities. While taxes may not be everyone’s favorite topic, Michelle emphasizes that education is crucial to make the most of what the system offers, especially when it comes to retirement planning.

Gain insight as Michelle touches on Medicare IRMAA, capital loss limitations, Social Security taxation, Net Investment Income Tax (NIIT), Qualified Charitable Distributions (QCDs), and Avoiding Underpayment Tax Penalties.

Remember that forward-thinking tax planning, not just tax filing, can lead to big savings and fewer surprises. 

Key takeaways from this release include:

  • What Medicare IRMAA is and how to sidestep its surcharges [00:01:59]
  • Navigating short and long-term capital losses on your tax returns [00:07:03]
  • The ins and outs of Social Security taxes and why they might be higher than expected [00:09:54]
  • Understanding and utilizing Qualified Charitable Distributions (QCDs) for tax benefits [00:15:03]
  • How underpayment tax penalties can sneak up and how to avoid them [00:18:01]
  • The Rule of 55 and its potential to liberate you from the typical 10% penalty for early 401 (k) withdrawals [00:23:18]
  • And more!

Resources:

Connect with Michelle Gessner: 

About Michelle Gessner: 

As a CERTIFIED FINANCIAL PLANNER™ professional, Michelle is passionate about building a life plan for her clients and helping them see that they have choices, which often comes to them as a pleasant surprise. She is an independent thinker and a huge advocate of her clients’ interests. Her greatest joy is working to do what is right for them and be their voice.

Michelle has a B.S. in Finance from the University of Colorado, Boulder, and an M.S. in Management from Boston University, Brussels. Growing up in Montana and moving to Colorado for college, she took out student loans and worked her way through all four years. After graduating in 1987 with honors, she accepted a job at Shell Oil in Houston and worked her way up the corporate ladder to a management position before leaving in 1992 for Brussels, Belgium, where she lived for 4 years. In Brussels, she learned about different cultures and basic conversational French, as well as pursuing and earning a graduate degree in management. 

As a CERTIFIED FINANCIAL PLANNER™ professional,  she is held to the highest standards set forth in the industry. She surrounds herself with a back office of experts in tax and investment research so that her clients have the best of both worlds – the resources of a large firm with the caring, dedication, and personal service of a small firm.