In this April 20, 2026 episode of the One of a Kind Financial Show Daily, host Mike Milligan and co‑host Gary Nolan discuss how retirees can still take meaningful tax‑saving actions after the 2025 filing deadline. They explain that tax preparation (reporting past income) differs from tax planning (making forward‑looking decisions) and outline specific post‑filing strategies: making IRA and Health Savings Account contributions, using qualified charitable distributions (QCDs) to offset required minimum distribution (RMD) income, and considering business‑related deductions for side‑income earners. The hosts highlight how RMDs can push retirees into higher tax brackets, affect Social Security taxation, and trigger Medicare IRMAA surcharges, emphasizing the need to manage these distributions proactively. They also note the emotional impact of paying taxes, which can motivate retirees to act now and schedule a tax‑planning consultation within the remaining eight months of the year. The episode promotes One Oak Financial’s “One of a Kind Financial Plan,” a five‑pillar framework covering taxes, retirement income, investments, long‑term care, and legacy, and repeatedly provides a phone number (800‑748‑1838) and text option (text “ideas” to 600‑700) for a free, no‑obligation consultation. The show concludes with standard disclosures about the advisory firm, educational purpose, and a reminder that listeners should consult qualified professionals before implementing any strategy.
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Welcome to the One of a Kind Financial Show Daily. This is your host, Mike Milligan. It's April 20th, and we have turned the page and closed tax season for the majority of US taxpayers. Now, many people have filed extensions. They're still gathering documents, and tax season will go on for many people for the next 5 and a half months. But for most of us, it's done. But this past weekend on the One of a Kind Financial Show, Gary and I talked a lot about taxes. In the first segment over the weekend, with taxing being over, the biggest opportunities may just be beginning for those who are in retirement. And we spoke pretty hard around, or pretty in-depth about What can be done now, um, since the ink has just dried on your tax return? So I want you to enjoy this segment. I want you also to remember, I don't need a calendar anymore. I just need to know when trash day is. That's a saying many retirees have. Um, but taxes are still the biggest expense retirees face, and we're here to minimize them. Enjoy this segment.
Most people think tax season is about reporting the past, but the real value is shaping the future. With the deadline just passed, a lot of investors were focused on one thing, getting their taxes filed. But here's the reality. Some of the most important decisions haven't been made yet. There are still strategies that can impact not only this year's taxes, but long-term retirement plans as well. So here's the question. What can retirees do now that can actually make a difference, Mike?
Well, even, even as we're past the filing deadline now, there are still some meaningful moves that you could make in 2026 to impact what taxes look like when you file this time Next year. If you've had some earned income, you could make IRA contributions. You could make health savings account contributions. And there's certain business-related deductions for those with that side income. For some, like people who are over 70 and a half, it's qualified charitable distributions, which can help you take money that's never been taxed and go ahead and pass it to charity. Uh, and then keep the money you would ordinarily give to charity, uh, to offset some income, especially RMD income. These aren't just small tweaks. They can influence taxable income and future planning. So if reducing your tax bill in 2026 is a goal and optimizing your financial plan, then One Oak Financial can help you do that.
Yeah, I'm going to give the phone number just a couple of minutes to get on Mike's calendar. Why do so many retirees miss last-minute tax opportunities? Mike, why do you think that is?
Because tax preparation and tax planning are often treated as the same thing, but they're not. Preparation is about reporting what's already happened. Planning is making decisions before the window closes. Many people only talk to their CPA once a year, which limits what can actually be done. So the issue is not lack of options. It's more about timing, when you actually execute planning versus when you become just a historian.
Absolutely. The show is the One of a Kind Financial Show with Mike Milligan. Mike is with One Oak Financial. I want to get you on the calendar, all set up with that comprehensive plan. There's no cost, there's no obligation. That phone number is 800-748-1838. 800-748-1838 or text the word ideas to 600-700. Do it right now. Put it in your calendar. Get yourself all set up. You deserve a more confident plan to retire. Want to be stress-free, peace of mind? The fact of the matter is, Mike and the team cannot help you unless you pick up the phone and dial that number, 800-748-1838, or text the word ideas to 600-700. How do RMDs complicate this time of year, Mike?
Well, for retirees already taking RMDs, those required minimum distributions, this is where things start to stack. That income can push them, those people taking them, into higher tax brackets, increase taxation on Social Security, and even trigger IRMAA surcharges on Medicare premium. And once it's reported, there's very little flexibility. So the real strategy is to figure out how to manage those distributions before it becomes unavoidable that you have to take them.
A couple of minutes left in this segment. Why is the deadline more emotional than people realize? Mike, why do you think this is?
Well, it's, you know, right, people over the last week have written checks or sent wires or ACH to the IRS. So that makes it, that makes it real. So it's one thing to see the number on a statement. But it's another to feel the impact coming out of your checking account or out of your investment account in the form of your cash flow being reduced. That moment often triggers a desire to do better next year, but that time is now. So having just maybe sent that check to the IRS, now's the time to schedule a tax planning consultation because we still have 8 months left. in the year to be able to execute a real tax plan.
So why— what should retirees be thinking about right now beyond filing?
Well, if you're looking at your tax return, look and see what did that tax return reveal? Where are the inefficiencies? Are withdrawals being done in the most tax-efficient way? Is there a buildup of future tax liability I don't know about? Because your return isn't just a report, it's a roadmap on what the future of your taxes are going to look like. So, it's not something you file away. It's a document, a living, breathing document that when in the hands of a professional, we can create a tax plan to make that less of a burden in the future and more of an opportunity.
Yeah, and that's why you need Mike in your corner. Tell us about the One of a Kind Financial Plan, Mike.
Well, the One of a Kind Financial Plan has 5 pillars to it. It's taxes, retirement income, investments, long-term care, and legacy. But the biggest expense you're ever going to have in your life is taxes. And so, we start with tax planning at the core of everything we do. We can do investments, we can do retirement income planning, we can do long-term care and legacy. But if, if I can help you reduce your taxes by 3 to 10% of your actual, your actual income, isn't that worth a meeting with me and my team? So, Gary, I'd love for you to give folks the number and the text line for them to reach out, because right now, guys, before you file away that tax return, schedule a time with me where you can bring that tax return and let me interpret it for you and create a real tax plan.
Yeah, that sounds like a plan for sure. That phone number is 800-748-1838. 800-748-1838. Or text the word ideas to 600-700. Your chance to benefit from a personalized retirement income plan and so much more. Call right now. We have a limited number of availabilities on our calendar. And here's the beauty of this whole thing. The consultation is offered at no cost or no obligation. 800-748-1838. Or text the word ideas to 600-700.
This has been the One of a Kind Financial Show Daily. With your host, Mike Milligan. I am an investment advisory representative with Advisory Alpha LLC, a registered investment advisory firm with the Securities and Exchange Commission. Ideas by Mike, doing business as One Oak Financial, is an unaffiliated entity of Advisory Alpha LLC. All opinions expressed on this, the One of a Kind Financial Show Daily, are those of me and Gary Nolan. My co-host. This is for educational purposes only. Before executing any investment or tax strategy, please consult with the appropriate professionals for both, ones that are licensed and credentialed and capable of working with you as a fiduciary. If you have additional questions from this show, you can reach out to us at One Oak Financial. That's the number oneoakfinancial.com. Or if you wanted to connect with me, Mike Milligan, personally, you could do so on my website, mikemilligan.com. As always, you are one of a kind.
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