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Looking for tax support!

I
I-LoveScienceAndDogs · · 7 replies

Hello, Choose FI nerds,

I'm married with two kids, 11 years in the military and looking at 20. As family life gets more mature and "lovingly" complicated, so too do taxes. As much as I have loved nerding out on tax planning and prep, I find my brain-space is too full to do it justice. I want to ensure I'm maxing out the benefit of being a real estate investor while also being proactive with the following year's tax planning and strategizing. I do not feel like I am optimized in this area.

Although my family is naturally frugal, I need a sanity check to ensure I'm on a path to success.

I need a tax planner who understands the FI mindset, the importance of military tax optimization, military programs and benefits, and real estate investing.

Who's got recommendations??

Appreciate you!

-J

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Replies (7)

Nords

Nords

4 months ago

You're getting good advice, @I-LoveScienceAndDogs, and I'd also suggest any of the advisors with the Military Financial Advisor Association-- particularly the ones with the Military Qualified Financial Planner designation.

My spouse and I are also retired military and we've been landlording for over 30 years. Ask us anything.

As for the "11 years and looking at 20"... on one hand you should have the Blended Retirement System's Continuation Pay on your radar along with (if you haven't already) transferring your GI Bill benefits to your family. If you choose to do that, the obligations can run concurrently.

On the other hand, if you're pursuing FI and investing in real estate then you're highly likely to reach FI without having to vest in any sort of military pension. Stay on active duty as long as you find it challenging & fulfilling, but when the fun stops (or when deployments mess with your real estate plans) then it's time to consider going Reserves, Guard, or even full-time civilian.

BostonFI

BostonFI

4 months ago

Cody Garrett, CFP and Sean Mullaney, CPA (the FI Tax Guy) are longtime members of ChooseFI and recently wrote and published a book together, Tax Planning To and Through Early Retirement. It's pretty extensive. It's also well written and very accessible for the layperson.

Cody isn't accepting new clients according to his website, Measure Twice Money. Sean's firm is accepting new clients according to his firm's website.

The FI Tax Guy | The FI Tax Guy

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