Uncommon Cents with Bowman Financial Strategies

Today we're going to dive into the intricacies of tax planning for small business owners facing a major transition: the sale of their business. This episode is particularly relevant for those in the midst of a liquidation event, where understanding the tax implications can make a significant difference in financial outcomes.

Here's what we discuss in this episode:

0:00 – Intro

1:40 – Retirement savings

3:50 – Year 1 strategies

7:14 – Strategies after year 1

12:12 – Social Security strategies

14:19 – Next step

Everyone loves a good game show. Whether it's spinning the big wheel or hitting the buzzer with all the right answers. But what happens when people turn their retirement planning into a game? Spoiler alert: it's not always a win!

In this episode, we tackle the risky moves people make when they treat their finances like a game of chance. Instead of gambling with your retirement, let's discuss how thoughtful planning can help you avoid common pitfalls and set you on a path to success.

Here's what we discuss in this episode:

0:00 – Intro

0:26 – The Price is Right

2:26 – Are You Smarter Than a Fifth Grader?

3:21 – Family Feud

If you find yourself newly single, it can be an incredibly difficult time emotionally. Add in the major financial changes that happen during this transition and it becomes overwhelming for anyone to try to navigate on their own. Today, ​we ​are ​going ​to ​be ​talking ​about ​three ​things ​that ​a ​divorcee or widow can do to get a hold on their finances during this tumultuous time.

Here's what we discuss in this episode:

0:00 – Intro

0:34 – Understand your finances now

1:20 – Tax considerations

2:33 – Knowing your expenses

3:27 – Challenges

Are you looking for ways to make the most of your retirement savings while also supporting a cause you care about? In this episode, Erik dives into the ins and outs of Qualified Charitable Distributions (QCDs), a smart financial strategy that allows retirees to fulfill required minimum distributions (RMDs) while reducing taxable income. You'll learn exactly how QCDs work, who they're best suited for, and the key tax benefits they offer.

Here's what we discuss in this episode:

0:00 – Intro

1:34 – How QCDs work

4:19 – When does it make sense to do this?

If you could save tens of thousands of dollars in taxes every year, you'd have more freedom to pursue what truly matters- whether it's travel, hobbies, or leaving a financial legacy. In this episode, Erik explains how diversifying your retirement accounts by taxability can help you do just that. By building a mix of IRAs, 401(k)s, Roth IRAs, and non-qualified brokerage accounts, you gain more control over how and when your income is taxed, helping you protect your wealth from future tax hikes and legislative changes.

Tune in as Erik walks you through the tax rules for each type of account, the risks of relying too heavily on pre-tax retirement savings, and how a strategic approach to withdrawals can help you minimize taxes. Whether you're just starting to plan or approaching retirement, these strategies will help you make tax-efficient decisions and preserve more of your hard-earned wealth. Don't leave your retirement at the mercy of future tax laws- learn how to take control today!

Here's what we discuss in this episode:

0:00 – Intro

1:16 – Pre-tax and post-tax accounts

6:06 – Strategies for tax-efficient distribution

10:49 – When to start diversifying accounts?