Looking for tax support!
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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Comments
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.
Nords , it's very surreal that you replied to my post, because it was the book you wrote on the military guide to FI and retirement that I stumbled upon in 2020 that led me to ChooseFI. I've since enjoyed the book you wrote with your daughter on raising a money-savvy family and always enjoy listening to your interviews on the various FI/military money podcasts. I've been appreciating your advice for six years now! Thank you for being so open to discussion.
I've been DIYing my family's financial journey so far, but find myself out of brain space on tax efficiency in real estate. I'm a first time home owner getting ready to PCS and rent it out. I've got a little homework to do, because I'm unsure if I'm looking for a financial planner or someone specifically to help me out with taxes. Any guidance you've got on the matter is appreciated. I'll look into the MFAA. I've ordered the book that was recommended above, and plan to chew through it on my next reprieve from work's tempo.
Still loving the job and finding a lot of fulfillment, so the plan is to keep trucking on. I can appreciate your advice on keeping options open. I enjoyed reading The Golden Albatross, and it got me focusing on mental health early. Boy, I'm glad I did. The job is demanding and harmony can be tough at times. This community has given me tools and strategies that I will be forever grateful for.
You're welcome, and I'm glad it's all helpful! We're here to answer more questions.
Last month in New Zealand I swapped messages with Grumpus. He's doing fine, and he & family are loving life there.
I also had a meetup with Spencer Reese of Military Money Manual-- also a fun time, and he's doing very well with life after Air Force and Hawaiian Airlines.
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
https://fitaxguy.com/I’ve been thinking about pulling the trigger on the book. Thanks for the review, and glad to hear it was written so well.
I also appreciate you doing the legwork on checking the websites and client availability. ChooseFI people are the best.
The book doesn't cover military specific tax situations that I recall, but while i was grabbing a link to the ChooseFI 101 course for another member, I noticed ChooseFI Foundation has military-specific course material for download. Class 4 is on tax optimization. Maybe that's helpful if you hadn't already found that resource.
www.choosefifoundation.org | Military FI Resource Download
I just got the book. It's definitely worth the time and effort to read it as it consolidates a lot of FI wisdom and tactics into a trusted source. I've already picked up a couple of new tactics that will save me thousands in taxes every year.