Galici Financial

06/25/2026

🚨 Hiring a tax professional does not get you off the hook with the IRS.

If your preparer takes bad deductions, the IRS comes after you first. Your preparer may face their own consequences, but you’re still on the hook for the taxes owed.

Working with a tax pro reduces your risk. It does not eliminate your responsibility.

Know what’s on your return. Work with someone who actually takes the time to walk you through it.

06/24/2026

Most people are planning for the wrong number in retirement.

You don’t need to replace your income. You need to replace your spending. For high earners who save consistently, those two numbers can be very different.

06/23/2026

Rolling over an old 401(k)? Don’t make THIS mistake: an “indirect rollover.”

Here’s where people get tripped up:

When the check is made out to you personally, your old 401(k) has to withhold 20% for taxes, even if your plan is to move the entire amount into another retirement account.

You then have 60 days to get the full balance into a new IRA or 401(k)…including that withheld 20% from your own pocket.

If you don’t replace that amount in full, the portion you don’t replace is treated as taxable income and may also get hit with a 10% penalty if you’re under 59½.

The easy way to avoid all of this?

Ask for a “direct, trustee‑to‑trustee transfer” so the check is made payable to your new custodian. For example, “Fidelity Investments FBO Your Name.”

That keeps the money out of your hands, avoids the mandatory 20% withholding, and keeps you clear of the 60‑day rollover clock.

If you want a simple, tax‑smart plan for moving an old 401(k), DM me “401K” and I’ll send you my Rollover Checklist. 📲



P.S. This is for educational purposes and isn’t specific tax advice.

P.P.S. Sometimes the custodian will mail you the check first and you have to forward it to your new account. As long as the check is made payable to the custodian and not you, it still counts as a direct rollover.

06/22/2026

🚨 New in 2026: charitable deductions just got a little more complicated.

There’s now a floor of 0.5% of your AGI before your donations become deductible (if you itemize). At $300K income, the first $1,500 is NOT deductible.

But if you don’t itemize, there’s a silver lining: you can now deduct up to $1,000 (single) or $2,000 (MFJ) for cash gifts to qualified public charities.

Know the rules to be both generous and tax-efficient.

What are your favorite organizations to give to? Share in the comments!

07/16/2024

Figure THESE two things out before buying an investment 📈

Once you’ve answered the two questions in the video, it makes choosing investments MUCH simpler. Let’s take a look at two examples. What is the purpose of yo...

06/27/2024

Are you in the top 1% of income earners in the world?

This data from Vox.com shows how fortunate many of us are. Even if you’re not exactly where you want to be, what is one thing that you’re grateful for? Share...

03/20/2024

I've previously shared how you can determine when you can retire (or become "work optional" as I like to call it).

But today, I wanted to show you. Here's a conversation I had with one of the best advisors in the industry, Scott Frank.

We'll review Ron and Diane Swanson's financial health scorecard and talk through how they'll be able to retire.

I'd love to hear your thoughts in the comments. 👇

Brandon Galici of Galici Financial and Scott Frank of Stone Steps Financial talk about a client and how to know if they are ready for retirement using the El...

05/26/2023

Are you planning to make a big purchase soon? 💰

Check out my latest blog post to uncover 3 important questions you should be asking yourself. 💭

If you want more guidance, simply send me a DM and I can help you out 📲