Ep. 147 | Taxes to Consider When Changing Jobs or Retiring
Download MP3Hey, everybody, and welcome back to the teaching tax flow podcast episode 147. That's right. We're still creeping up on that one fifty, that episode 150 here. And today, we're gonna get into that topic that everybody is bound to do at some point in their life. Hopefully, you make it to the last step of this.
John Tripolsky:We are gonna look at what to do as it relates to taxes when you're leaving an employer for multiple reasons. But without giving away too much, we are gonna dive into it on today's episode. But before we do that, as always, let's take a moment and thank our episode sponsor.
Ad Read:Are you leaving money on the table? Are you an accredited investor seeking new and exciting investment opportunities? Look no further than Integrated Investment Group, your trusted partner in financial success. At IIG, the focus is on delivering exclusive investment options tailored to your unique needs and goals. Contact them today and let their expert team guide you towards your financial aspirations.
Ad Read:Wondering if you qualify as an accredited investor? Visit teachingtaxflow.com backslashiig to find out and take the first step towards a brighter financial future. Integrated Investment Group, your path to financial success begins here. Securities offered through Cabin Securities. Member FINRA SIPC.
John Tripolsky:Alright, everybody. You heard in the intro, we are gonna talk about some of those glorious, hopefully glorious, stages of life when you switch employers. So what does that mean exactly? You could leave for a million reasons, but hopefully, some of you are listening to this. You're actually retiring.
John Tripolsky:So congratulations. You made it to the other road. The light was there, and it was not a train coming at you. So we're gonna tie this into taxes for you, which some of the stuff you may not actually have known is even really a thing. So I don't know the answers to it.
John Tripolsky:I'm not afraid to admit it. But this guy, if you're watching on the other side of the screen for me, Chris Pacquero, welcome back, sir. Your own show. Here you are again. You have the answers, which is why we let you back.
Chris Picciurro, CPA:It's great to be back. I've and, you know, John, we talk about it all the time that these topics come to us through the teaching tax flow community. This is a true story. We my family and I were back in Michigan for the fourth of July holiday and went to an outdoor mall that you and I have gone to before in the Detroit area, randomly ran into some friends of ours that used to live in our in the neighborhood a decade ago that we're still friends with. And and they're part of the teaching tax school community also, defeating taxes.
Chris Picciurro, CPA:But it was random that I ran into them. And the the friend, she was telling my wife and I that her husband was changing jobs. And it was and it was like, I didn't re he was with the same company for probably twenty years. I didn't realize all of the considerations when you change jobs. And I'm like, that is a podcast episode.
John Tripolsky:Yeah. It's great when we come up with them that way.
Chris Picciurro, CPA:And we said, alright. This is great. I and answered your questions, and I thought, you know what? Let's talk through some of the tax and financial considerations when you are changing jobs and and, you know, tip it or leaving a job and because I guess it's not really changing a job if you if you don't get another job. Right?
Chris Picciurro, CPA:So what what should you be considering when you leave one w two position for another w two position? What should you be considering when you leave a w two position and go into self employment or start a business or when you retire? So we're gonna talk about this, but I want to encourage you. Bring your questions and comments. Either leave those comments right here on our YouTube channel if you're watching or in the on the defeating taxes private Facebook group.
Chris Picciurro, CPA:You're gonna see that it's very important to have that personal board of directors. Talk to your financial adviser and your tax professional, when you're making these type of decisions. So, yeah, let's jump in on these considerations, and we're gonna start with what happens when you go to from a w two position to another w two position. Obviously, the driver many times for leaving an opportunity is compensation. Maybe it's opportunity, but it doesn't really matter the reason why you're moving.
Chris Picciurro, CPA:Maybe it was involuntary. Right? May maybe maybe you had downsized. Maybe the company got sold. It doesn't really matter why.
Chris Picciurro, CPA:But I wanna just talk through some of the main considerations that someone should think about. And
John Tripolsky:And I'm sure there's probably been more of this than ever in the past four or five years. Right? I mean, we talk about that little thing that happened in all of our lives. You know, the the whole world shut down, basically. It's a lot of people went remote.
John Tripolsky:I mean, I could think of just on two really, over two hands, the number of people that didn't even wanna go back to the same company after everything happened because, frankly, they kinda realized, like, oh, man. The culture sucks there. I want out. So a lot of people changed. Right?
John Tripolsky:You have Sure. A lot of shifts.
Chris Picciurro, CPA:There's been shifts. There's been times where people have, you know, been got used to working, from home or remotely, and they don't wanna go back. So it it could be a variety of reasons, but what you should be considering the first thing I would be considering is what's what am I gonna do about retirement? Do I have a four zero one k, a four zero three b, four fifty seven plan assets? I'm leaving that employer, what should I do about the the money that's there?
Chris Picciurro, CPA:Am I vested in in a 100% vested? Should I roll it into my new four zero one k if I have another company that offers it? Should I roll it into an IRA? Obviously, if you just take the money as a distribution, there could be a big negative tax consequence as far as it's taxable on a 10% penalty. What if I've taken a loan against that four zero one k, and I need to pay it back to prevent that tax?
Chris Picciurro, CPA:So handling the four zero one k, four zero three b, four fifty seven, whatever your retirement plan, simple IRA, handling that retirement plan that you have with your former employer is is very important and something to to consider and and, not be taken lightly. So definitely, like I said, talk to your tax professional. Talk to your financial adviser. If you're if you're listening or watching this saying, oh, I don't have one of those in my life. That's what we're here for.
Chris Picciurro, CPA:Reach out to us, John. You know that we have an extensive network of trusted people. And you might have you you might I mean, we've run into situations where someone had a four zero one k with an employer that they haven't worked at in a few years for for whatever reason. So, again, the the four zero one k is really designated for active employees, but those accounts could become what we call orphaned, and but you wanna address those. There are definitely some benefits for for rolling it out of that former employer's plan.
Chris Picciurro, CPA:So that's one thing. Another thing, quite frankly, something that that I just dealt with today in in as the kids like to say, IRL, right, in real life is do do you have any unused flexible spending account or day care flexible spending accounts? I you know, do you have a or a health savings account money from that old employer? Can that you're just because you've leave the employer, if you have a health savings account, that money is still yours. Do you roll it into a new HSA?
Chris Picciurro, CPA:Do you keep that account open and use the money until it's expired? So do you have some type of HSA or FSA, flexible spending account as the FSA, that needs to be utilized, used, or or or moved in some way, shape, or form? So that's something to think about.
John Tripolsky:And, Chris, you mentioned earlier on too. You know, it's for those that don't know, when you talk about, are you vested in something? So, I mean, I'll I'll kinda give a little bit of example, so tell me if I'm off because I'm sure you can do it way better. But those that are familiar with that, right, you might be in a position. You might look at your account and say, wow.
John Tripolsky:You know, I got we'll just use it now. Wow. There's $10,000 in there, but, you know, they do an employee match. You know, I put five. They put five.
John Tripolsky:Right. But you're not vested. Right? So, basically, what that means invested, not invested, vested, is that account? It's in the account, but usually, there's a a period of time where you're remaining with that employer, other firms, until that money is actually yours.
John Tripolsky:So, like, it's showing in the account. It's growing in the account, but it's not really yours to withdraw or move shift. Right? Is there anything
Chris Picciurro, CPA:else that you've been an employee for a certain period of time, for instance. So Absolutely.
John Tripolsky:I remember the first time I seen that in account of mine, I was like, what do you mean it's not mine? It's in my account, much younger. And then you think you're like, oh, okay. That it makes sense. You know, if if they're they're investing in you, you know, as an employee, so it makes sense.
John Tripolsky:So, yeah, those that are getting into it, if you're not familiar with it, there you go. There's your definition.
Chris Picciurro, CPA:Another another issue. This this happens all the time when you when I see people start new employment. Making sure your withholdings from your w two ages are proper. Right? Because you get that first you're getting onboarded as a new employee somewhere.
Chris Picciurro, CPA:They send you your w four form, which is your withholding certificate, and you fill it out. And what can happen is that you're you maybe your former employer was withholding maybe more or less than your current employer. In if without the right tax planning and without doing your tax projection, you could find out that you're either way overpaid at the end of the year or way underpaid in in in the actually owed significant amount of tax. Right? Because what, you know, what happens if you, you know, do you just fill out your w four form differently?
Chris Picciurro, CPA:And and so yeah. So make sure your w two withholdings, after a one or two paychecks, double check those. Make sure they're in line with what your marginal tax rate is. And then if you need to pivot, then work with your employer, to do that. Remember, that w four form can be changed.
Chris Picciurro, CPA:W four form tells your employer how much tax to withheld withhold, rather, from your wages.
John Tripolsky:And with that too, I mean, it's god. It's been ages since I filled one of those out. But, usually, I mean, you could get the form yourself, and then usually, it's just submitting it to HR or whomever.
Chris Picciurro, CPA:Yeah. Most larger employers have a portal that you could submit yours. So even smaller employers that use any type of online payroll service, they're gonna have a they're gonna have a portal that you can that you can put in here.
John Tripolsky:Here's a question for you based off your experience. So, obviously, y'all's private practice, you're dealing with some higher net worth individuals, real estate investors, etcetera. So the likelihood of them having been or with a company for a longer period of time is is more likely than if you're working with a bunch of millennials, say, for example. I'm on the very tail end of that, so I can talk smack about millennials, where they switch jobs every year. Have you ever come across this with clients where they've been with the same employer, say, for twenty plus years, and you're like, wow.
John Tripolsky:You're say it's a new client. You've guys have onboarded. You say, wow. This is way off. Like, you need to go in and readjust this because it has been drastically off for a decade or something.
John Tripolsky:Mhmm. Like, have you seen that a lot?
Chris Picciurro, CPA:No. No. Because, I mean, the withholdings, they would know that if it was off if if they had an an anomaly with their tax return. So let's say they they had a you know, they're breaking even or or or overpaid for years and years, and then they owe. So they would the the indicator would be the result of their tax return.
Chris Picciurro, CPA:It gets very tricky when people are paid bonuses most of or if they have employee stock options and that sort of stuff. Gotcha. But by simply doing a tax projection, that's how you know where you stand.
John Tripolsky:Perfect. Yeah. And I know we talk about that in almost every single episode that comes up where it's something everybody can do. Like, it's not you don't have to be making 7 figures to do tax planning, as we like to say.
Chris Picciurro, CPA:No. Tax planning is for everybody. Right. Next thing is something that's going to be very tricky. Okay?
Chris Picciurro, CPA:Especially if you're with a larger employer. Many larger employers have something called group life insurance coverage. The advantage of group life insurance coverage is it's it's the first $50,000 of employee paid group life as far as from a term insurance is is tax free employee benefit. Anything above that is a is a taxable fringe benefit, or you might have increased the amount of coverage through your through your pay. With a group policy, typically, there's not a lot of underwriting or or you're gonna have to go through a health exam, but the but the challenge is is when you leave that employer, your life insurance is now gone.
Chris Picciurro, CPA:Mhmm. And that's something to consider, especially, you know, the older you are. No one's getting younger or healthier typically, and that's really a, a blind spot for people when they change employers to to be be certain of that. Right? Especially if you've got a family.
Chris Picciurro, CPA:If you don't have life insurance outside of your employment, that could be a big zinger, we'll say.
John Tripolsky:If you leave a little bit more abruptly. Right? You're not really thinking about things like that. You're more like, I gotta I gotta do this. I gotta do this quick.
John Tripolsky:So
Chris Picciurro, CPA:Absolutely. So definitely make sure, you know, even if you have great life insurance through your employer, you I would I would definitely talk to someone about coverage outside of your employment. And, if you have those questions, please jump into taxes. Just go to defeatingtaxes.com. That's our private Facebook group, or leave a message for us at teachingtaxflow.
Chris Picciurro, CPA:John, maybe you could put the link to the hub in there. We have teachingtaxflow.combackslashhub, hub. Anyone in our community can can submit their information and ask for a referral through our community.
John Tripolsky:And I'll say too a little kudos to to ourselves on that one. Right? I think everybody resources that we've brought into that hub, it's never salesy. So it's never you know, it's not like we do an intro to somebody or somebody on our team does an intro, and then this other person just calling them, how did I'm like, hey. Let's do this.
John Tripolsky:Let's do business. Let's do this. A lot of the times, I'd probably say, if I had to guess, probably 95% of the time, they're just answering questions and leave it at that. Right? Like, I mean, it can be on anything.
John Tripolsky:And that's, I think, the glorious thing about what I mean, it's taken us years to build that hub. But, I mean, you decades, basically, of some of these contacts. And it and it it really is great because, otherwise, you're you're getting sold on something, I think, by a lot of people. So, anyways Absolutely. Little pat on our own back there.
Chris Picciurro, CPA:We've got a lot of resources for people. We're and we're constantly adding resources, you know, and and take you and I are in meetings all the time with people that are interested in in maybe working with people in our community, and we're making sure that we feel like it could add some value. So, I mean, a lot of people I mean, a lot of people in the community have been guests on this podcast as well. So there tons of great resources. Let's say you're leaving a job and relocating.
Chris Picciurro, CPA:So, you know, the with the Tax Cuts and Jobs Act, a lot of those things changed, but you have to be weird where where the moving expenses used to be many times tax free or tax deduction. Now most employer paid moving expenses are taxable. The but then so for instance, John, let me let's say that your employer paid $30,000 for you to move from one place to the other. They'll put that on your w two, but they're they're not gonna have as much withholding as they would if it was a bonus. So another so the point is understand the ramifications if your employ if if someone is paying for your move that's employment related
John Tripolsky:Mhmm.
Chris Picciurro, CPA:The tax ramifications of that. And then the final thing, you're going job to job or even if you're leaving a job in general, are there stock options or RSUs, which stands for restricted stock options, that are triggered? Or or or or do you lose them potentially? Right? So sometimes you let's say you leave a job.
Chris Picciurro, CPA:You might have to exercise those stock options, which could have a big taxable event. I IRL, right, in real life, I mean, I just met with the one of the private CPA firm members that has about a half a million dollars of RSUs. The the the person left their employer and and had to exercise those. Again, I'd rather have a half million dollars of taxable income than not, but it was not something that person if I asked that person a year ago, do you expect to exercise these options? That person would have said no.
Chris Picciurro, CPA:Just circumstances changed. It was time for that person to for a new chapter in their life, and they had and they were had to exercise those options. So just something to consider. Stock options are ROCs when you leave an employer.
John Tripolsky:It's funny. All these things that we're talking about here, you know, to to make it maybe relatable to some people, it's you know, you always hear the stories of, oh, somebody won the lottery unexpected. You know? What are the chances they're gonna win the lottery? They're all excited.
John Tripolsky:Like, yeah. I won a $100,000,000, and then, like, oh, crap. I really didn't win that given that it's not divided up anywhere else. Oh, I gotta pay tax on this. I really didn't win that.
John Tripolsky:It's kinda like with all this. Right? Like, if you're leaving most likely, if you're leaving one position for another, it's probably for the better. Like, you're probably you probably have a lot of say in this. You know?
John Tripolsky:It's whatever it is. So you're really excited about it. And, yeah, if you hear about something, you're like, oh, crap. I need to exercise these, you know, the stock options. It's almost like a it's an unwanted surprise, really, unless you're aware of it.
John Tripolsky:Right? So a lot of these, I think, are are really like that. Here's here's a question for you too going back just a hair. So we talked about the relocation reimbursement, you know, being taxable. What about, like, housing stipends?
John Tripolsky:Are those taxable?
Chris Picciurro, CPA:Yeah. It depend that that comes down to is it it a taxable or nontaxable fringe benefit? There are special rules with her clergy, especially. It comes down to the there's a lot of rules with that. Is the assignment a temporary assignment?
Chris Picciurro, CPA:Is it a per you know, or is it a permanent move? Tip so.
John Tripolsky:Interesting. Okay.
Chris Picciurro, CPA:Yeah. No. That's check with your check with your HR if you if you're in that situation. It's a great question. But let's say you're in someone that says, hey.
Chris Picciurro, CPA:We've got a you know, let's say you're based in in Michigan, John, and, hey. We've got a job in California for you for four months. Ah, you know, sure you'll get taxed there, but, you know, we're dealing with you a housing stipend. You can go rent an apartment or, you know, put you up or do they put you in a hotel with an accountable plan? So it really comes down to taxable versus nontaxable employee fringe benefits.
John Tripolsky:Right. That makes sense. So, yeah, it's very, very, very situationally dependent.
Chris Picciurro, CPA:Yes. As we like to say.
John Tripolsky:I feel like we haven't used the term in while either.
Chris Picciurro, CPA:For self employment. Right? You're you're you're you left your job, and you're you're gonna either be self employed, and you're either gonna your income's gonna change. You're either gonna pay you're either going to report it on a schedule c for self employment, or maybe you're you're entering maybe you're you're becoming part of a partnership. Right?
Chris Picciurro, CPA:Maybe you're an attorney, and you left, corporate America, and you and your buddy are creating a partnership, your own law firm. And then that means you'd get a k one. Or maybe you're an s corp. I don't like people jumping in s corps. Check out that episode.
Chris Picciurro, CPA:We actually had someone in our Defeating Taxes private Facebook group. Every Friday, we we post and basically let people ask whatever question they want. And this week, we had someone ask a lot of questions about us corporations, which are really good questions. However, the the tone was, it's not time. Don't jump into it right now.
John Tripolsky:Yeah. That's that's one of those things that I think I will remember. It used to be, you know, I I knew how to poke the bear with you with LLCs and everybody at one one of those because they think it was a tax benefit. But definitely, the s corp topic is now the the one that I I know is a weak spot for you.
Chris Picciurro, CPA:Hey. I yeah. I mean
John Tripolsky:If it doesn't make sense.
Chris Picciurro, CPA:If it doesn't make sense. So so think about your your income's gonna be taxed differently if you go into being in for business in in business on your own. And instead of, you know, obviously, the s corp is a hybrid model, but in general, okay, instead of you getting paid under w two where the all the taxes are getting withheld from that, you are now responsible to make quarterly estimated tax payments both on the federal and state level. You're also going to be subject to what's called self employment tax. So, John, as a when you're when you receive a w two, your employer withholds 7.65%.
Chris Picciurro, CPA:The employer actually matches that 7.65% that goes into the Social Security system, and, that's a 15 and but when you're self employed, you have to pay both sides of that, which is the 15.3% of self employment tax. You're also gonna be on your own for retirement contributions. Right? You don't have that employer anymore. So should you, you know, should are you in a position that you can contribute to retirement?
Chris Picciurro, CPA:What type of plan should it be? You've got everything from a a traditional IRA, Roth IRA, all the way up to a, you know, defined benefit plan or a solo four zero one k or a SAP, simple IRA. It's almost an analysis by paralysis. You wanna talk to I know it seems like I keep repeating myself. You wanna talk to your financial adviser.
Chris Picciurro, CPA:Talk to your accountant. Talk through, is this a point in my life where I could contribute to retirement? How much can I contribute? Do I have other employees? And design the the the retirement plan around your needs.
Chris Picciurro, CPA:Don't just pick one and and put a square peg in a round hole.
John Tripolsky:You know? That is honestly, that's probably one of the best quotes I've heard you say in six months, And you say a lot of good ones.
Chris Picciurro, CPA:Should record it then.
John Tripolsky:How good thing about recording? One right there. Because, yeah, a lot of people, it's just like, oh, I'll take anything. I'm going from something here and, yeah, just make this work. But you're kinda stuck with some of that.
John Tripolsky:Right? It's not as easy as flipping a light switch on and off in in three minutes. So
Chris Picciurro, CPA:So timing is important. And the now the nice thing about being self employed, maybe some of the things that you weren't able to deduct as an employee, we know with Tax Cuts and Jobs Act, and it got extended over OB three. Unreimbursed employee business expenses are not deductible from 99% of people, then now they are. So home office now. Now you can you know, some might the point is if you go from a w two position to self employment, you're paying tax on your net income, and you could deduct some of these things that you weren't able to deduct when you are in the employee rule role.
Chris Picciurro, CPA:So that's something to consider. And then the final thing which we alluded to would be would be potentially loss of group benefits. Right? Do you especially health insurance, life insurance, disability insurance. How do you pick those up now being self employed?
Chris Picciurro, CPA:And and what are the cost considerations? You know? Can you yeah. How do you how do you find that? Maybe you have a spouse that has some of those that coverage.
Chris Picciurro, CPA:So, really, when you when you're self employed or own a business, you know, you you're probably in contact with what we call your center of some influence a lot more than when you are a w two, you know, w two role. Mhmm.
John Tripolsky:And this, obviously I mean, they're like we said kind of at the beginning. Right? I think we gave a a good handful of scenarios that everybody in the workforce will go through at one one point or another for umpteen number of reasons, and we'll have a little fun with this. Right? I'd say you know, because, obviously, we have a lot of loyal subscribers and listeners to this podcast.
John Tripolsky:Won't give away the answer, but we'll we'll kinda put it out there and then let us know if you know the answer. Maybe we'll send you something fun or or do something for you. You know, if you go into the self employment realm with new things from the one big beautiful bill actor, Obi three, Chris, as you mentioned it there. Right? If you're a foodie, you may wanna consider becoming a commercial fisherman.
John Tripolsky:Not gonna say why. But, Chris, do you get where I'm going with this one as far as for
Chris Picciurro, CPA:deductions go? Actually, that carve out we found out when at the recent is really challenging because I believe only people and only commercial fishermen in Alaska get the 100% deduction for meals provided to them. So
John Tripolsky:It's so weird, but it's very political.
Chris Picciurro, CPA:To being I I don't see many foodies want want to hang out on a fishing boat out off the shore of Alaska No. To get a little additional deduction. Well, maybe you never know. Right?
John Tripolsky:Hey. Hey. Fun fun fact, Chris. I don't know if you knew this about me, but when I was in high school, so when I was a senior, I had been dating the same girl for about three years, and I didn't wanna leave her for a summer. So I actually turned down a job to work in Alaska as a longlining salmon fisherman because I didn't wanna leave her that summer.
John Tripolsky:Now I haven't talked to her in about twenty five years. I should've went on the damn trip. What do
Chris Picciurro, CPA:I remember? Yeah. Those people make some big bucks, but it's a very risky job.
John Tripolsky:Yeah. I think even at that time, it was almost a guaranteed, like, $38 in four months. Mhmm. But there's a lot there's a lot that goes into it. So
Chris Picciurro, CPA:There yeah. It is it is a grueling job from what I understand, and I've I know a couple people that have done it. Let's say your final thing is you're gonna let's say you're leaving for retirement. Right? So you're you're you're retiring.
Chris Picciurro, CPA:You're leaving your w two employment. Now you're you might take some gap years. You might semiretire. You might start doing other hobbies. What are the considerations?
Chris Picciurro, CPA:Right? Well, you might have to take retire required minimum distributions from your retirement accounts now that you're not working. Are you should you be drawing Social Security? Are you already drawing Social Security? How does that affect the tax on your Social Security?
Chris Picciurro, CPA:You know, do you have medical coverage? Are you eligible to enroll in Medicare? You know, there's just so many things. Should you should you take a lump sum distribution potentially from your employer, or if they offer you pension or a lump sum distribution, should you roll that lump sum over? Do you you know, is your retirement income gonna be taxed differently than your w two wages?
Chris Picciurro, CPA:Are you going to move, and maybe now you're in a different state? So, obviously, there are a lot of considerations there. And, typically, John, a lot more planning goes into that transition to retirement than from from, you know, usually, well, leaving of of w two position to get another one quitting your job and starting your own business are I'm not gonna say they're impulse decisions, but they're decisions that don't take years and years of planning like retirement does.
John Tripolsky:Right. I am sure my you know, I like to throw my father under the bus because he's captain planner. I'm sure I'm sure he had been planning for since the day he got a job for retirement. But and, you know, some people, you know, we we say a lot of this happens on impulse too. I mean, Chris, you know this.
John Tripolsky:Being from the Metro Detroit area like myself, when the big auto manufacturers went through a big old flipping turnaround, a lot of people jumped into retirement pretty damn fast and didn't expect it. So I almost wonder too. And a lot of those guys, I I know for
Chris Picciurro, CPA:a fact a lot of
John Tripolsky:those have been working for the same company for twenty, thirty years. I wonder how much of this kinda snuck up on them where they didn't think about it and, you know, jumped off a cliff in a sense.
Chris Picciurro, CPA:Oh, I absolutely. No. It could it can happen. Well, I know a lot of people count down their retirement, but not everyone plans for retirement like like your dad did. So that kudos to him.
John Tripolsky:I love him for that.
Chris Picciurro, CPA:And I and, you know, we hope he's listening to this as we wrap this episode up. I think, you know, the theme is when you leave a job, there's a lot more cons things to consider than just pay.
John Tripolsky:The man, you are, like, dropping knowledge bombs today. That's gonna we're gonna get a a T shirt that says that. But, yeah, it's I mean, really, what really, what you said there, and I think has been the theme throughout this entire conversation, right, is there's stuff out there. Sure things can be unexpected. But, really, I'm I'm glad we're having this conversation too because even if somebody's listening to it or, you know, they they listen to part of it, hopefully, they got to the end here because otherwise, they wouldn't have heard what I'm about to say.
John Tripolsky:But it's good to know this stuff before the opportunities even come up to switch. Right? Because like you had mentioned a couple examples. Right? The kind of being tossed in to make a decision could have very, very large tax implications that may, depending on the situation, offset the benefit of leaving for a financial, you know, a boost in pay somewhere else depending on how it works out.
John Tripolsky:So it's good to know. It's good to know. And then, actually, what we're gonna do with this one, Chris, I just thought of this while you were talking is, you know, I was kinda mentally thinking of situations that we've heard even in the past couple months, and, you know, we're just in Vegas for taxposium and listening to other tax pros, and I'm kinda like a sponge absorbing it all there. They're sharing examples of their clients, you know, not saying their names and all their info especially. But the situations oh, I'm gonna pop a little survey, and I'm gonna put it on our Facebook page.
John Tripolsky:I know it'll be on our public Facebook page for teaching tax flow. We'll do it a little different. Sometimes we put it in the group, in the defeating tax one. This one, put on the page if we can, or we'll put it in group. We'll figure it out.
John Tripolsky:There'll be a link there. Just asking people how comfortable they are or were with all this stuff or how much they knew about all this that could sneak up on them before, you know, they listen to this. I'm just kinda curious too. So and then from that, obviously, we we urge everybody just comment in there. Let us know your situations.
John Tripolsky:Like, maybe it happened to you, somebody you know, makeup, say, John Smith asking for a friend type deal. It'd be good to know because I think we could take this in a lot of different directions and dive deeper too. So we wanna make sure that we're following a path and a track and an aisle that everybody's interested in. So sound good?
Chris Picciurro, CPA:That sounds great. I look forward to hearing everyone's feedback, and I hope everyone has a great rest of the day.
John Tripolsky:Alrighty. Alright, everybody. Thank you again for joining us here on the teaching taxable podcast. Again, couple episodes away from 150. We think it's something fun to do on that one.
John Tripolsky:And especially if you're listening to this and you're not watching it, I know that we're we are the most handsome creatures on the planet. So, of course, you wanna watch this. Kidding, by the way, if you're listening to this. Hop on YouTube. Subscribe to our channel on YouTube.
John Tripolsky:We have so much more content than just these podcasts. We just crossed over the 500 video count on there. A lot of them are shorts. Some of them are longer form. We have recorded webinars that we've put on there, lessons, all kinds of stuff on there.
John Tripolsky:If you go to our channel and actually search within the channel on any keyword, it'll take you down a ton of stuff, but it'll count categorize it for you. So check it out. YouTube, teaching tax flow, and as we always close it out with, I'm gonna start humming this or doing something. We'll see everybody back here again next week. Same day of the week, completely different topic, but same day of the week, different date on the calendar.
John Tripolsky:Flip it around somehow. Anyways, I'm not your tax guy, Chris is. Clearly, I can't even talk today. So we're gonna close this out. Everybody have a great week.
John Tripolsky:We'll see you soon.
Disclaimer:The content provided is for educational purposes only. We encourage you to seek personalized investment advice from your financial professional. For all tax and legal advice, please consult your CPA or attorney. Investment advisory services are offered through Cabin Advisors, a registered investment advisor. Securities are offered through Cabin Securities, a registered broker dealer.
Disclaimer:The content of this podcast does not constitute an offer of securities. Offerings can only be made through an offering memorandum, and you should carefully examine the risk factors and other information contained in the memorandum.
