Eric Rife, CFP®, CPWA® @imericrife Twitter profile

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Eric Rife, CFP®, CPWA®

3 months

Yesterday I hit 1,000 followers on here. It's really humbling that that many people care about the finance topics I talk about. However instead of giving a brief introduction of myself, I think it's a better use of my platform to talk about charity. As advisors, we'll talk…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Not understanding the scam part of the 401(k) where my employer has deposited $36k into my account over the last 5 years and I've contributed $0.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Buying VOO is not a financial plan.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Bro I swear this time it’s going to crash I swear bro trust me. Market is gonna go to zero bro I know it. It can’t go up all the time bro I promise please trust me

Robert Kiyosaki

@theRealKiyosaki

3 months

The stock market is climbing higher and higher. Suckers actually believe the economy is strong. Don’t be fooled. The Magnificent 7 financed by US government dollars keeps stock market up. Please be careful. Stock and Bond markets about to crash.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

"If you rent you're just throwing away money because you don't get to build any equity" Today you take out a 30-year mortgage for $500k at 7.0%. How many payments have you made over the next five years: $199,600 How much principal have you paid down: $29,350 You've got to…

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

@bhallcpa Never stop doing this series, please. Not only is it great to see you dismantle these dudes, but it’s so incredibly informative to read the tax reasons why.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Shoutout to all the people out there doing their spouses taxes because you're the "tax person" in the relationship

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Here’s the harsh truth: That dividend portfolio you’re building is costing you. Price return + dividend reinvestment = Total Return That should be your metric. Not dividend yield.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

I like Ramit. I’ve watched his show and listen to his podcasts. But one thing I want to make certain is that there is a strong association with personal finance and an investment portfolio. And then so on it goes that people believe all that financial advisors do is manage a…

Ramit Sethi

@ramit

4 months

Personal finance is one of the rare areas of life where someone earning $35,000 & someone earning $1M have access to the same winning strategies Pick a low-cost index fund, automate, & move on with life A lot of people genuinely believe that rich people have some secret…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

There’s two things you can do as an advisor to set yourself apart: 1. Learn to read a tax return You can learn almost everything you need to know about a client just from a 1040 and its schedules. Page 1: AGI and everything that got them there Page 2: Credits and how…

Cody Garrett, CFP®️

@MeasureTwiceMNY

4 months

If your financial advisor doesn't ask to see last year's federal tax return, they shouldn't be giving you financial/investment advice. To verify at least the following: 1. All income sources, including investment income 2. Carryover capital losses (Schedule D) 3. Accurate…

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Eric Rife, CFP®, CPWA®

@imericrife

23 days

You really want to know one of those wealth building hacks? The current national average 30-year mortgage rate is 7.03% The current long-term AFR is 4.45%. The wealthy can act as the bank for their children and help them purchase a home, bypassing the traditional mortgage…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

How I personally view the rent vs buy debate: My wife works for the REIT that owns our apartment so we get 20% off rent. My professional advice is to marry the right person.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Over the last 98 years the S&P annualized 10.3%. Yet only 8 times during that time frame did it ever return between 7%-13%. The markets are volatile. Going back to 1980 the median intra-year decline was 10%. By far the biggest problem investors create for themselves is selling…

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

There are very few "absolutes" in the world of financial planning, but everyone I've ever met who purchased a boat has only ever told me the worst financial stories about owning a boat. If you want a guaranteed money pit, then I recommend a boat.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

If your investment portfolio hinges on whether or not the government will approve something, you're not investing. You're gambling.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

If you don't protect what you're creating, you can lose it all from a single incident. Layers of protection: - Emergency funds (personal and business) - Disability insurance - Life insurance - Key man policies - Umbrella insurance - Buy-Sell Agreements And: a well drafted…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

@markcecchini The first chilly one after shooting 15 over on the front 9

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Eric Rife, CFP®, CPWA®

@imericrife

13 days

Anecdotally, finding a CPA for a client looking for a new one is becoming more and more difficult. And the ones that are accepting more work are all rapidly raising fees — which is completely warranted. Your options are: 1. Learn to do it yourself (not recommended) 2. Pay…

Logan Graf

@LoganGrafTax

14 days

75% of CPAs hit retirement age 4 years ago. With fewer and fewer students signing up for accounting degrees every year... CPAs are going to become an endangered species.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

You want an account with no income limitations, no early withdrawal penalties, and the ability to use it for any occasion? You want a brokerage account. All of the flexibility , but all of the taxes annually. Let's dive in to the tax implications.

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Eric Rife, CFP®, CPWA®

@imericrife

4 years

This section from this morning's @MorningBrew is something else. I knew BTS was big but this is bonkers.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Believe it or not you can get an undergraduate degree in financial planning. Which is exactly what I did at Virginia Tech. Even before my career started, I had a professor tell me the best start to an answer for most questions a client will ask is: “It depends”

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

@TJvanGerven My company just doesn’t understand that they could have become their own bank

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Eric Rife, CFP®, CPWA®

@imericrife

6 years

SAY “VAH TECH” AGAIN

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Just reviewed a client's tax projection from their CPA and couldn't understand how the tax due they arrived at was $200k higher than our internal projection. Turns out they transposed the nonqualified and qualified dividend amounts. Everyone is prone to input errors, but that's…

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Eric Rife, CFP®, CPWA®

@imericrife

2 months

Inflation is really misunderstood. Whenever you hear "inflation is slowing", like in so many recent headlines It's always framed as "inflation is down, why aren't prices" The problem is that what these headlines are referring to is known as "disinflation". In June of 2022…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

"Don't give in to lifestyle creep" Okay yeah but what does that mean? You start earning more money so you're supposed to keep living like you were when you first left college a decade ago? It's about inflating the right things to keep yourself grounded. Here's what I mean:

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Eric Rife, CFP®, CPWA®

@imericrife

5 months

"Hey why is my bonus taxed at a higher rate than my salary!?" A common question I hear but let me assure you your bonus is taxed at the same rate as your salary. What you're probably seeing is a different withholding rate.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

There are 9 INCOME tax-free states. No state has a 0% tax burden entirely. Between: - local taxes - sales taxes - state level property taxes - local level property taxes - gas taxes - grocery taxes And including the differing levels of costs between the states for things like…

Nick | Dividend Investor & Educator

@Smartnetworth1

3 months

There are 9 tax-free states in America. You don’t pay state tax on your income. Texas Alaska Florida Nevada Wyoming Tennessee Washington South Dakota New Hampshire What state would you live in? Texas is at the top of the list for my family and I.

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Eric Rife, CFP®, CPWA®

@imericrife

2 months

Picking the absolute peak of the market to invest in is a scary proposition. How often do you hear "I don't want to invest right now, it's too overvalued" It's a fair feeling to have. But the data doesn't agree with you. More wealth is destroyed by poorly timing the market,…

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

"Why is my take home pay less this month than it was in December? Nothing changed in my life" If you make in excess of $168,600 you're hitting the Social Security wage cap. That part of FICA is 6.2% of your income but once you surpass it, it drops off for the rest of the year

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Eric Rife, CFP®, CPWA®

@imericrife

22 days

Over the last 98 years the S&P annualized 10.3%. Yet only 8 times during that time frame did it ever return between 7%-13%. The markets are volatile. Going back to 1980 the median intra-year decline was 10%. By far the biggest problem investors create for themselves is…

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

@ankurnagpal I’ve seen industry data that said the average advisory fee for $5m is about 0.9%. Wells Fargo is particularly awful for non advisory reasons, much less this excessive fee and their horrible mutual funds. If their banking scandal proved anything, it is why would you trust them…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

The current national average 30-year mortgage rate is 7.06% The current long-term AFR is 4.18%. The wealthy can act as the bank for their children and help them purchase a home, bypassing the traditional mortgage system and saving their children interest payments.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

The 10 year inherited IRA withdrawal rule has been painful. There’s really no way around accepting that income. But one thing we’ve been able to do is have clients increase pre tax retirement contributions to offset that IRA income.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

@bhallcpa TikTok loves irrevocable trusts and I don’t understand. “Hey you know how you can avoid taxes? Put all your assets into an irrevocable trust so all of the income gets taxed at even more punitive rates 😎”

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

My thoughts are: 1. Firms offering risible intro pay 2. Firms with no defined career track 3. Firms built a client base that aged with the advisors working there and 22 year olds don’t want to run Medicare analyses all day 4. No desire to attempt to attract younger clients so…

MichaelKitces

@MichaelKitces

3 months

Because most of them are still being hired into sales jobs where 75%+ attrition in the first 3 years. We don't have a shortage of NextGen talent. Parts of our industry actively churn it. 😓 "Everyone wants NextGen advisors. Why can’t they find any?"

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

@NFinTX In 30 years you will still have property tax, homeowners insurance, water heaters to replace, roofs to repair and fix, windows that need to be upgraded, appliances that suddenly break, a lawn to maintain, etc. Alternatively you just have: rent. Today the numbers don’t favor…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Remember: Marginal Tax Rate: The tax rate applied to the next dollar of earned income, up until the next bracket is reached Effective Tax Rate: Your total tax paid divided by your total income. In almost all instances your effective rate is less than your marginal rate.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

After our wedding my wife and I consolidated our investment accounts but kept our bank accounts separate. We do share one credit card to maximize points but we also have our own individual ones.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Social media creates unrealistic expectations for people income, lifestyles, progress, etc. You may never be 30 and driving a lambo with 3 side hustles and that’s okay. As long as you’re being smart with your own money to build a life you want, then you’re doing great.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

"Hey is it too late to open a Roth IRA and put money it for 2023?" The answer is no, and you should really consider making a contribution if you're eligible.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

You ever get really into a hobby, build a little following around it and think "I should try to turn this into a business" So you start formalizing the process, start treating it as a business and start deducting some expenses on a Schedule C? But the profit never comes and all…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

“How many dividends did I earn last month?” Is a question I’ve never been asked because it doesn’t matter. If you’re young, it shouldn’t matter to you either.

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Eric Rife, CFP®, CPWA®

@imericrife

2 months

It does not matter how many times I check and recheck my bag; but the second I enter the airport I will always get the feeling of: “Am I forgetting something?” I can’t be the only one right?

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

@Soaps27 You’ve gotta run the numbers. You can’t just go deep into a monthly payment and hope “well in 10 years I can sell my house for $300,000 more than I bought it for!”

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

"I don't want to make more money, because I'll be in a higher bracket and pay more in taxes" Right but for the wrong reasons. Your marginal bracket only determines how the next dollar is taxed. Not how every dollar is taxed.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Here's the thing. I rent an apartment and would love to buy a home, but around DC the prices just don't make sense. There is not a chance in the world that I would ever househack as a 31 year old married man and there's no way you can convince me it's not a term created by 22…

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Forget about a 20 year old Toyota, here's the car you should be driving to build generational wealth: Whichever one fits your needs and doesn't cost you too much in upkeep.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

I've had an account here since 2011 but back then I was tweeting about punk bands and other things. But now it's 2024 and I still want to be posting about punk bands but instead I post about finance because people care more about that. I really appreciate when people take the…

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

There is a lot to be said about "making the right tax election" when someone starts their small business. But in all reality, if you're asset light, wait until your consultant business is off the ground and running for a couple years before making a decision on a S Corp.

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Eric Rife, CFP®, CPWA®

@imericrife

3 years

Watching Virginia Tech football is enjoyable and a good use of my time !⃝ 𝗧𝗵𝗶𝘀 𝗰𝗹𝗮𝗶𝗺 𝗶𝘀 𝗱𝗶𝘀𝗽𝘂𝘁𝗲𝗱

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

It may seem unintuitive, but if you and your spouse are worth more than ~$26M, finding ways to increase your income taxes during your lifetime may actually provide for more wealth rather than minimizing as much as you can while living and paying estate tax.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Had a prospect meeting yesterday with a couple who is currently working with another advisor. The reason they're now searching for a new advisor is that this guy gave them a 5% allocation to Silicon Valley Bank in late 2022. This is why I don't like individual stocks for…

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

How I look at clients after I give them a list of recommendations and they immediately implement all of them

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Eric Rife, CFP®, CPWA®

@imericrife

2 months

@markcecchini Hey man, didn’t see you in case class last Tuesday. Lytton was asking us if you had worked on the project. Lmk!

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

@Rawk_FI My friendly advice is to hire someone. Unless you really know how to handle everything with the rental, there are so many ways it can go wrong.

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Eric Rife, CFP®, CPWA®

@imericrife

16 days

Here is exactly how you should be structuring your accounts once you get married: However you want. No amount of confident tweets will teach you what is right or wrong. If you want a joint account and that works for the two of you, then great! More important than combining…

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Eric Rife, CFP®, CPWA®

@imericrife

15 days

If you don't protect what you're creating, you can lose it all from a single incident. Layers of protection: - Emergency funds (personal and business) - Disability insurance - Life insurance - Key man policies - Umbrella insurance - Buy-Sell Agreements And: a well…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Your paystub gives a ton of info: I know your salary and bonus, if you've exercised options or had RSUs vest What benefits your company provides and their costs. And also if your company is paying for life insurance on you Most importantly, I can see what you're withholding

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

@evanpdrury No portfolio is a problem. An adequate portfolio is only part of the solution.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Had the pleasure of chatting with @Matthew_Garasic for almost an hour yesterday afternoon. Just an absolutely solid guy and one hell of a planner. Incredibly grateful for the tips and stories he shared about his marketing journey. If you already don't, go and follow him.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

I think "invest in what you know" does more harm than good. Quite honestly, it doesn't mater how much you think you know about any company -- including the one you work for. 4 out of 5 stocks don't outperform the average. What are the odds your company is above average?

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Deferring or accelerating income this year isn't the main goal. Your goal with tax planning should be to minimize taxes over your entire lifetime, not just this year. It's why tax planning shouldn't be done once, but consistently, and projected into the near future.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Before you decide to open an irrevocable trust and transfer all of your assets over to it because a guy on titktok said you could avoid taxes on it, take a look at how compressed trust tax rates are first:

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Eric Rife, CFP®, CPWA®

@imericrife

5 years

This is proof that even if we lose every game every year, we will still beat UVA no matter what.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

When you die your spouse can receive any unused estate tax exemption. It doubles their own exemption if you utilized none This concept is known as portability. Your state's exemption carries no portability guarantee. This is why it's important to get your estate plan drafted.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

@Invested_In_You That's not fair to the people that think dividend investing is a financial plan.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Financial independence is knowing that you to do whatever you want with your money, knowing it won’t set you back decades. A great financial plan will tell you exactly where on that independence journey you are.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Top financial planning items to consider when adopting a pet: Ok I’m not actually going to create a list. Purchase an animal you can afford. Understand the daily food needs, potential vet costs, etc. All to say, this weekend my wife and I adopted a cat from a rescue.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

There are 29 million old retirement plans with $1.65 trillion in assets hanging out there in the ether, per Capitalize. I recently came across someone who had 8 of those accounts from old employers. It’s easy to let the accounts be but this laissez faire approach can create…

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

Just remember the next time you read a thread that starts off "here are the investment secrets the rich don't want you to know", just know these are the secrets. Vanguard STAR, which is a 60/40 portfolio, did 17.11% last year.

Nishant Kumar

@nishantkumar07

4 months

Hedge fund performance data for the entire year is now unfolding. Here's a small list:

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

There’s a real cost to failing to act on improving your situation. It’s called the laziness tax Putting off investing. Putting off saving. Putting off making a plan to sell your company equity. Not returning things from Amazon bc you don’t want to pay for shipping. The…

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Eric Rife, CFP®, CPWA®

@imericrife

2 months

Been real absent from here for a bit, but that’s because I’m deep into the weeds of tax preparation. Taking a break to ask, what in god’s holy name is the deal with Charles Schwab’s 1099? Couldn’t have made a less coherent 1099 if I tried.

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Eric Rife, CFP®, CPWA®

@imericrife

2 months

"Why can't I just pay no taxes from my paystub all year then make it up in April?" Because of tax penalties. The US has a pay-as-you-earn system of taxation. Every three months you are going to assessed if you have paid enough in taxes through that period. If you haven't, then…

Matt Laciskey, CFP®, EA

@MattLaciskey

2 months

If you don't plan properly You can get hit with underpayment penalties from the IRS for not paying enough in taxes throughout the year The current rate for under withholding? 8%, compounded daily Not something you want to mess up

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

@Rawk_FI I never thought I'd ever return to the office after COVID, but we went hybrid and I don't think I'd ever want a job where I wasn't in person at least part of the time. Helps to have a really good work environment where you enjoy your coworkers.

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Eric Rife, CFP®, CPWA®

@imericrife

1 year

@mbontrager5 You can’t even get an MPI unless you watch a video series about it. I always tell clients they can’t open an IRA unless they write a 3 page paper on why they want one.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

@Matthew_Garasic If there’s ever an industry that needs to be shaken up it’s the retirement industry. Moving money from a qualified account to another qualified account is the equivalent of getting a root canal. 403(b)s that require medallion guarantees are products of Satan himself.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

I've helped clients liquidate millions in stock options over the years. Most of them were aware they were powerful tools to build wealth, but never fully understood how to plan for them until working with an advisor. Here is a rundown of the nonqualified stock option:

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Eric Rife, CFP®, CPWA®

@imericrife

23 days

@MattLaciskey Absolutely. We had a client do this last summer. The Note that the attorney drafted lists out: * Amount borrowed * interest rate * schedule of payments * how to assess late fees for a payment * terms of a default on the loan It must be legitimate or else you run the risk of the…

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

A good half of the people on this list are the reason I started writing more. Follow any and all of them, starting with Brett himself

Brett Wysopal, CFP®, ECA

@Soaps27

3 months

Twitter(X) is free education. But 99% don’t know the best teachers. Here is a list of the top financial planners you should follow to advance your learning:

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

There is no quick path to wealth that does not involve luck. Crypto and AirBnb are included. Now that you can monetize engagement on this app, don't think you can build a newsletter on hot takes. Making a plan to consistently invest doesn't get ad revenue, but it works.

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Eric Rife, CFP®, CPWA®

@imericrife

5 years

This might be worst week Virginia Tech sports has ever had without even playing a game.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

@ianweiner90 I think this is the passive income everyone has been talking about

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Yield is what you earn but it isn’t what you keep. After-tax yield is the key. Ex. You’re in the 24% tax bracket and deciding between a 5% taxable yield or 4% tax-free yield. After tax yield on the 5% investment is (5% x (1-0.24)) = 3.8% Tax-free > taxable in this case

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

No skips allowed; repost a 10/10 album, in your opinion

DaddyOrcbucks

@OliverOrcbucks

3 months

No skips allowed; repost a 10/10 album, in your opinion.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Btw that silver call he made on July 31, 2020 is going great Cumulative return 7/31/2020 through 2/2/2024 SLV: -8.39% SPY: 51.40% You nailed it, man

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Eric Rife, CFP®, CPWA®

@imericrife

16 days

This is a reminder that not all advisors are built the same. The world of AMT is not one I live in daily, but someone like Brett does. If you’re at a private company and are wondering what you should be doing with ISOs, this is the post for it.

Brett Wysopal, CFP®, ECA

@Soaps27

16 days

Navigating the Alternative Minimum Tax(AMT) is not an easy task. Its important to understand the nuances of AMT, and more importantly what happens once you’ve paid AMT. Here's what you need to know about the AMT Credit and strategies to recoup it. 🔖 If you paid AMT, you’re…

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Eric Rife, CFP®, CPWA®

@imericrife

21 days

You fell for a tax scam. Or maybe you didn't. But if you took half the advice you read from a rando anon account then it's likely you did. And it's also more likely the IRS is ready to eat your lunch because of it. Since 2002 the IRS has annually listed out the 12 worst tax…

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Eric Rife, CFP®, CPWA®

@imericrife

1 year

@honest_math I don't know if I've ever been this excited for any analysis

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Per IRS data approximately 1.5% of all returns filed in 2021 had an AGI above $500k. Obviously the post below is bait. The only people who live their life like this end up on Ramit's podcast.

TheWealthCoach

@indexnforgetit

3 months

Does this budget seem "average" to you?

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

I’m about one hour away from getting eye surgery and being able to see without glasses for the first time since 1998. After being told my eyes were too poor for LASIK or PRK I never thought this day would come.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

The most important characteristic you can have is patience. It applies to the newly self-employed. It applies to those in their W-2s. It applies to your investments. Without patience, you resort to rash decisions. Rash decisions lead to poor results.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

Saw a story from Bankrate that said 53% of Gen Z and 50% of Millennials have a side hustle. That's a huge number of people who are going to learn that side hustle money needs to be reported. A smaller number of that will be surprised to learn they may have under withheld.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

@seattle_tax @CapitalShipyard Everyone talks about your content, which is incredible, but I wanted to state that I appreciate how your bullet points are plants.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

@HarrisFanaroff @TKopelman @LoganGrafTax Very difficult to determine without all of your info. “LLC” isn’t a tax election, it is just more of a statement of how your business is structured. You can be an LLC taxed as an S Corp or you could simply be an LLC and let your income/expenses flow through to you.…

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Eric Rife, CFP®, CPWA®

@imericrife

4 years

Can't imagine a single scenario where I'll need a doctor to dress down and explain the Pythagorean theorem to me but I didn't go to med school so joke is on me I guess.

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Eric Rife, CFP®, CPWA®

@imericrife

3 months

@seattle_tax It was really nice of them to make a concise video demonstrating this for the IRS auditor though.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

The tax code changes so dramatically over short time frames. Be careful if you're reading about tax advice online that the article is up-to-date and from a real source. Otherwise you may still be convinced the IRA limit is $6,000.

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Eric Rife, CFP®, CPWA®

@imericrife

4 months

My favorite ways to help clients gift to charity and save on their taxes - Donations of highly appreciated stock to charity - Donor Advised Funds - Charitable Remainder Trusts

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Eric Rife, CFP®, CPWA®

@imericrife

8 months

It may seem unintuitive, but if you and your spouse are worth more than ~$25M, finding ways to increase your income taxes during your lifetime may actually provide for more wealth rather than minimizing as much as you can while living and paying estate tax.

Cam Marzi

@Invested_In_You

8 months

Trying to reduce a taxable estate is a good problem to have. Most times it means you have more than $12.92m to your name, except for a few states which have a lower limit. Working with clients we often consider: • Charitable donations • Yearly gifting • Irrevocable trusts…

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