E7: Demystifying Tax Returns and Insurance Policies

Tax Returns and Insurance Policies

In this episode, Brett discusses the importance of understanding tax returns and insurance policies, covering tax planning basics, deductions, retirement plans, and the various types of insurance that can enhance a CRNA’s financial plan.

As I record this, CPAs around the country are in a mad frenzy to complete as many tax returns as possible by April 15th. CPA spouses and parents will be missed daily as they grind out long hours of tedious tax return intricacies.

Now, I know this for a fact because I’m married to a CPA. So, as we all find ourselves in tax return season, I thought it would be helpful to use this episode to review a tax return from 30,000 feet in hopes to help you better understand yours.

I can’t tell you how much time we spend with clients reviewing their tax returns together. I would say that more than 90 percent of our new clients tell us they don’t even understand how to read a tax return.

Oddly enough, second to understanding tax returns, clients tell us that they really don’t understand their insurance policies, what they cover, which ones they need, and why they need it.

So, for today’s episode, I want to talk about these two really important areas of financial planning that we usually talk about last, or frankly, not at all. And that is understanding your tax return and insurance policies.

Now, if these two subjects are so important, why don’t we like talking about them? Well, I think as human beings, we like to feel that we have freedom to choose and make our own decisions.

Yet, when we feel forced to do or pay for something, we take extreme displeasure in it. And sometimes it feels like the act of paying insurance premiums or taxes is not a choice we have but rather something we must do.

So, let’s learn about these two subjects and see if we can’t change our mindset and get you more confidence and clarity around the how and the why you’re paying taxes and insurance premiums.

Episode Highlights

[03:00] Understanding your tax return: a deep dive.

[11:14] Exploring insurance: protecting your most valuable assets.

[14:29] Choosing a life insurance policy.

[19:44] Why disability and property insurance are essential.

Looking for more financial planning tips and resources for CRNAs? Check out the MoneyRx for CRNAs Podcast home page for additional podcast episodes.

Never miss a new episode! Subscribe wherever you listen to podcasts.

Did you find this information interesting? If so, please share it!