Personal Finance for Long-Term Investors

529 Plans Aren't Worth It?! (And Other Important Tax Thoughts) | Sean Mullaney aka The FI Tax Guy - E69

Dec 6, 2023

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Sean Mullaney is the FI Tax Guy (FI = Financial Independence). He's a financial planner and the president of Mullaney Financial and Tax Incorporated which offers fiduciary, fee-only, and advice-only financial planning. In this episode, Jesse dives deep on capital gains taxes, while Sean and Jesse dissect the Roth vs. Traditional debate, the efficacy of 529 Plans, and how to think about changes to the tax code coming in 2026.

Key Takeaways:

What are capital gains?
How to calculate capital gains, and the taxes on them.
The NII tax explained.
10 ways to make the most of your capital gains.
What is tax planning and how can you get started?
How taking care of your financial future will also take care of your child's.
Which accounts might be "shiny objects" and which ones will serve you well.
What change is coming to the Internal Revenue Code in 2026, and how to prepare.

Mentions:

🌐 Website: https://fitaxguy.com/

👉🏼 LinkedIn: https://www.linkedin.com/in/seanwmullaney/

🌐 YouTube: https://www.youtube.com/@SeanMullaneyVideos

🌐 Twitter: https://twitter.com/seanmoneyandtax

📚 Capital Gains Taxes 101: https://bestinterest.blog/capital-gains-taxes-101/

📚 (Sean's) Traditional versus Roth: https://fitaxguy.com/traditional-versus-roth-2023/

📚 (Jesse's) Traditional versus Roth: https://bestinterest.blog/roth-is-better-than-traditional/

📚 Time to Stop 401(k) Contributions?: https://fitaxguy.com/time-to-stop-401k-contributions/

📚 Traditional 401(k) are Fine for Most Americans (Really!): https://fitaxguy.com/traditional-401k-contributions-are-fine-for-most-americans-really/

📚 Year End Tax Planning: https://fitaxguy.com/2023-year-end-tax-planning/

More of The Best Interest:

Check out the Best Interest Blog at bestinterest.blog

Contact me at jesse@bestinterest.blog

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Jesse and The Best Interest Podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.