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124 - What Are New Contributions Limits and How Does That Impact Our Taxes
Description
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
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