Description

In Episode 50 of Money Alchemist, Ben and Brent cover market updates, a story about Warren Buffett and Berkshire Hathaway, and break down the most common tax myths that continue to confuse and stress investors.

About your Hosts 

Ben Jones, CFP® 

Managing Director, National Wealth Management Group 

www.nwmgadvisors.com  

Sign up for Ben’s newsletter at www.karatstick.com  

Follow him on X @thekaratstick 

https://www.linkedin.com/in/ben-nwmg/ 

Brent Gargano, CFP®

Founder & Advisor, Infinite Wealth Planning  

www.infinitewealthplanning.com 

linkedin.com/in/brent-gargano-cfp®-2067b573 

Comments or questions?  Email us at comments@moneyalchemistshow.com

Agenda: 

• What’s happening in 10 minutes

1. Superbowl highlights 
2. S&P 500 up almost 2% YTD led by digital storage manufactures, with market breadth widening (consumer staples doing well) - MU contributing most YTD
3. Low-hire, low-fire jobs report sign of cooling labor market and peak cycle

Story - How Warren Buffett bought Berkshire Hathaway, a textile company  Topic du jour - Top 10 tax myths

1. No requirement to file - only to pay - but always file (3-year statute of limitations begins upon filing)
2. Extensions are NOT bad - in fact they can reduce your error rate and chance at audit 
3. Tax deferral is not a no-brainer and can hurt investors - IRD assets do not pass tax-efficiently (Section 1014 - step-up in basis at death)
4. Charitable contributions only help up to the first $1,000, but then cannot be deducted beyond this if using standard deduction
5. Social Security is NOT tax free 
6. Forms tell the whole story 
7. Tax brackets apply across all income
8.  Owning real estate can offset earned income

Not discussed but intended:

1. The income tax may go away because of tariff revenue
2. There’s a secret loophole that the wealthy people use to dodge taxes

• Juicy Topics
  • Jeffrey Epstein as a ‘tax-expert’ - what advice did he actually give and was it worth $158 million, as Leon Black paid him (note over annual & lifetime exemptions)
  • Valuation discount abuse - what IRS permits (illiquidity discounts, 
  • How rampant is fraud and do most people get away with it? 
    • Illiquidity (DLOM), minority interest, key person, easements, etc
    • Should attain a qualified appraisal 

Tip of the Week:  

Use your AI tool to plan vacations - very good results with Claud reported.  Describe your budget, the amount of people and makeup, travel preferences and originations.  

Cohen Recycling:  did you know you can take all your used TVs/appliances to Cohen to have them recycled?  They will even pay for metal by weight. 

Variable pricing protection - online retailers track you to maximize how much you will pay. Use VPNs and tracker blocking browsers like Brave to limit some of this - browse without logging in whenever possible.  Brave also blocks YouTube ads!  

Sources:

IRS Dirty Dozen: https://www.irs.gov/newsroom/dirty-dozen-tax-scams-for-2025-irs-warns-taxpayers-to-watch-out-for-dangerous-threats 

National Debt Clock.org

https://usdebtclock.org/ 

Disclosure: 

The information provided on this podcast is for educational and informational purposes only and should not be construed as personalized investment, financial, tax, or legal advice.  The views expressed here are those of the hosts and guests and do not necessarily reflect the views of National Wealth Management Group, LLC or its affiliates.

Investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy discussed will be successful or profitable. Past performance is not indicative of future results.

Tax planning strategies mentioned may not be suitable for everyone and could change due to updates in tax laws or regulations; always consult a qualified tax professional or CPA for advice tailored to your specific situation.

Economic discussions are based on current data and opinions, which are subject to change and may not accurately predict future events. We encourage listeners to conduct their own research and seek guidance from a certified financial advisor before making any decisions.

Advisory services are offered through National Wealth Management Group, LLC. For more information about National Wealth Management Group including our Forms ADV and CRS, please visit our website www.nwmgadvisors.com or contact us directly.

To connect with Ben Jones or Brent Gargano directly, email us at comments@themoneyaltchemistshow.com.