Season 2 Episode 36: The urgent need for tax planning right now

Everyday Wealth

Jean Chatzky

Investing, Business, Education

2 • 935 Ratings

🗓️ 11 September 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

There’s a very good chance that your taxes are about to go up. That’s because the Tax Cuts and Jobs Act of 2017, a massive overhaul of the tax code for both businesses and individual taxpayers that reduced taxes for many people, may expire if Congress doesn’t act to extend it. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner Isabel Barrow discuss ways to start planning for the possibility of higher taxes, including different strategies that could help reduce your tax burden. Then, Jean interviews Howard Gleckman, a senior fellow at the Urban Institute, about how the political climate will affect the outcome of the Tax Cuts and Jobs Act and what the fiscal ramifications could be. Next, Jennifer Chomicki, senior director of advanced planning strategies at Edelman Financial Engines, joins Jean and Isabel to discuss new tax technology that helps identify ways to potentially reduce your taxes.

Ms. Chatzky receives cash compensation for acting as host of the Everyday Wealth podcast and for related activities and therefore has an incentive to endorse Edelman Financial Engines and its planners. That compensation is a fixed sum paid on an annual basis; and reimbursement for certain expenses. The amount paid each year does not vary, is not based on show content or any results-dependent factors (e.g., popularity of the show).

This show is prerecorded and any callers are prescreened.

The views and opinions expressed by Howard Gleckman, a senior fellow in the Urban-Brookings Tax Policy Center at the Urban Institute, are solely his own and may not reflect the views or opinions of EFE or its planners.

The information provided is for educational purposes only and should not be construed as investment or tax advice. Although some of the statistical and market information has been gathered from sources believed to be reliable, we do not guarantee its accuracy or completeness. You should consult with a financial advisor and tax professional to help determine the best options for your particular circumstances.

See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	The views expressed on this program are not necessarily the views of this station.
0:03.0	Content is for educational purposes only.
0:05.0	Consult a financial advisor or conduct your own due diligence if investing.
0:08.0	The show is pre-recorded.
0:09.0	Everyday Wealth is produced and created by Edelman Financial Engines and hosted by Jean Chatsky.
0:12.0	Ms Chatsky.
0:12.6	Miss Chatsky is not an employee or client of the firm.
0:14.8	She receives fixed cash compensation as host and for related activities and therefore has an incentive
0:19.2	to endorse Edelman Financial Engines and its planners.
0:21.2	For additional information, please see W. Edelman Financial Engines. its planners. For additional information, please see W.W.
0:23.4	Edelman Financial Engines.com slash Everyday Wealth.
0:25.6	The 2022 top 100 independent advisory firm ranking issued by Barron's
0:29.0	is qualitative and quantitative, including assets managed by the firm,
0:31.8	technology spending, staff diversity, succession
0:33.8	planning, and other metrics.
0:35.1	Firms elect to participate but do not pay to be included in the ranking.
0:37.9	Compensation is paid for use and distribution of rating.
0:39.8	Awarded September 2022 based on data within a 12-month period.
0:42.5	Investor experience and returns are not considered.
0:46.1	At the intersection of life and money, this is Edelman Financial Engine's everyday wealth,
0:51.5	with personal finance expert Gene Chatsky.
0:54.0	Edlin Financial Engines has been ranked by Behrence as the number one investment advisor in the country.
	...

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