Podcasts about Standard deduction

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Best podcasts about Standard deduction

Latest podcast episodes about Standard deduction

Nurturing Financial Freedom
What The Big Beautiful Bill Means For Investors and Retirees

Nurturing Financial Freedom

Play Episode Listen Later Jul 25, 2025 17:33


In this episode of Nurturing Financial Freedom, we dive into the implications of the newly passed federal tax bill—also known asl the “big, beautiful bill.” While the name might suggest sweeping changes, the truth is more about maintaining the status quo and preventing an expiration of key provisions from the 2017 Tax Cuts and Jobs Act. We break down what that means for retirees, investors, and anyone planning their financial future.We start with the basics. Alex explains that the bill keeps existing tax brackets intact through 2025. The seven current brackets—ranging from 10% to 37%—remain unchanged and will continue to adjust with inflation. This alone helps prevent tax hikes for most Americans. Next, we look at the standard deduction. It's staying high: $15,750 for individuals and $31,500 for married couples filing jointly in 2025. For seniors aged 65 and older, there's an added bonus—an additional $6,000 per person. That means some retired couples could deduct up to $43,500, significantly lowering their taxable income. However, this senior deduction phases out at incomes over $150,000 and disappears entirely at $250,000.Another highlight is a small but impactful update to tip and overtime tax treatment. Up to $2,500 in tips and $5,000 in overtime income will now be tax-exempt, a win for part-time workers and younger family members in service jobs. We also see an increase in the SALT (state and local tax) deduction cap—from $10,000 to $40,000—which could encourage some high earners in states like New York and California to start itemizing again.Ed takes over to unpack how this affects investments. Capital gains tax rates remain unchanged, with the familiar 0%, 15%, and 20% tiers, adjusted for inflation. The 3.8% net investment income tax—sometimes dubbed the Obamacare surcharge—still applies to higher-income earners. Importantly, the step-up in basis on inherited assets is untouched, preserving one of the most efficient methods of wealth transfer.The bill also maintains the Qualified Charitable Distribution (QCD) option, allowing those over 70½ to donate up to $100,000 directly from IRAs without increasing taxable income. Required Minimum Distributions (RMDs) still begin at age 73. We round out with a reminder on smart asset location—keeping tax-inefficient investments in tax-deferred accounts and long-term strategies in taxable accounts.While the bill doesn't overhaul the tax code, it preserves favorable conditions for most Americans, especially retirees and investors. Our advice remains: understand how these provisions impact your specific situation and reach out to a financial professional for personalized planning. You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, and Jon Gay and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices generally rise. Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more volatility than those of large company stocks. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Birch Run Financial is not a registered broker/dealer and is independent of Raymond James Financial Services. Birch Run Financial is located at 595 E Swedesford Rd, Ste 360, Wayne PA 19087 and can be reached at 484-395-2190. Any rating is not intended to be an endorsement, or any way indicative of the advisors' abilities to provide investment advice or management. This podcast is intended for informational purposes only.Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users or members.

Retirement Coffee Talk
How Has the Big Beautiful Bill Changed Your Retirement Planning?

Retirement Coffee Talk

Play Episode Listen Later Jul 19, 2025 26:49


Taxes, Social Security, and Healthcare. The laws keep changing. What do you need to know about the Big Beautiful Bill? Like this episode? Hit that Follow button and never miss an episode!

Charleston's Retirement Coach
The Retirement Mistake Most People Don't See Coming

Charleston's Retirement Coach

Play Episode Listen Later Jun 17, 2025 9:47


Think your taxes will be simpler in retirement? Think again. In this episode, Brandon Bowen breaks down why overlooking tax strategy is one of the most common—and costly—retirement mistakes. From tax-deferred traps to Roth advantages, learn how diversifying your tax buckets can help you keep more of what you’ve earned. Whether you're still working or already retired, this conversation will change how you think about your financial future. Like what you hear? Get a second opinion today: bowenwealth.com Follow us on social media: YouTube | Facebook | LinkedIn See omnystudio.com/listener for privacy information.

Passing Judgment
Trump's Big Beautiful Bill Explained: Cuts, Credits, and the Real Impact on Everyday Americans with Richard Rubin

Passing Judgment

Play Episode Listen Later May 27, 2025 29:03


In this episode of Passing Judgment, Jessica Levinson talks with Wall Street Journal tax reporter Richard Rubin to break down the GOP's "big beautiful" tax bill. Richard explains what's in the bill—from tax cuts and increases to spending shifts—and who will be most affected if it passes. They discuss how the bill squeaked through the House, the major sticking points, and what's likely to change as it moves to the Senate. Join us for a clear, accessible look at what's inside the bill and how it could impact Americans' wallets and the federal deficit.Here are three key takeaways you don't want to miss:What's Inside the GOP Tax Bill: The bill primarily extends the 2017 tax cuts, including a higher standard deduction, lower rates, and business relief, while adding temporary cuts like a boosted child tax credit and tip or overtime exemptions. To offset costs, it includes tax hikes, mainly on clean energy and high earners, major cuts to Medicaid and SNAP, and increased spending on border security and defense.How “Typical” is This GOP Bill?: Richard describes it as a “mishmash”—there are conventional GOP elements (like tax cuts for the affluent), but also some Trump-specific provisions, like the “Trump account” (a new children's savings account), faster write-offs for American factories, and anti-immigration measures.The Path Forward in the Senate: Richard explains that the Senate will likely alter the House version, focusing on issues like Medicaid changes and clean energy tax credits.Follow Our Host and Guest: @RichardRubinDC @LevinsonJessica

The Long Game
Understanding Safe Harbor Taxes: Avoiding Penalties & The Standard Deduction

The Long Game

Play Episode Listen Later May 16, 2025 9:43


In this episode, I discuss how underpayment penalties can sneak up on you. Many of our clients come to us unaware of these penalties, thinking that their W-2 withholdings or year-end tax payments are enough. But there's much more to it...---------✅ Financial planning for 30-50 year old entrepreneurs: ⁠https://www.allstreetwealth.com⁠⁠⁠✅ My personal blog & newsletter: ⁠https://www.thomaskopelman.com⁠⁠⁠Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

BiggerPockets Money Podcast
CPA Shares Tax Tips to Lower Your 2024 (Yes, 2024) Taxes

BiggerPockets Money Podcast

Play Episode Listen Later Feb 18, 2025 47:48


2024 may be long gone, but it's NOT too late to lower your taxes for the previous year. If you have real estate or retirement accounts, you already hold the key to minimizing your taxable income and owing less to Uncle Sam. But how do you do it? We're sharing 2024 and 2025 top tax reduction strategies in today's show with expert CPA and real estate investor Amanda Han! Do you know about the real estate tax “loophole” that helps everyday investors cut their taxable income by tens of thousands? Got an employer-contributed retirement plan? You could STILL use it to lower your 2024 taxes! And why should you NOT take the standard deduction if you've bought a home in the past few years? We're answering all of these questions so you can keep more of your hard-earned money. Finally, what audit red flags is Amanda seeing with her clients? There's one easily avoidable audit trap that MANY Americans are falling into that could take just minutes to circumvent. Should we even be talking about income taxes if President Trump plans to eliminate them? Amanda, Mindy, and Scott are sharing their opinions on whether this will reach fruition. In This Episode We Cover How to save on your 2024 tax bill and moves to make before Tax Day 2025  The easily avoidable audit red flag that Amanda has seen spike lately  The real estate tax deduction that could save those earning $150K or less tens of thousands Most commonly missed tax write-offs that many Americans can take but forget about  Will President Trump abolish income taxes during his second term? Whether to pay your estimated taxes OR invest instead and take the interest hit  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Find Investor-friendly Tax and Financial Experts Buy Amanda's Book, “The Book on Tax Strategies for the Savvy Real Estate Investor” Find Investor-Friendly Lenders Tax Audit Tips Connect with Amanda (00:00) Intro (00:56) You Can STILL Save on 2024 Taxes (05:54) Lowering Your Taxable Income (10:27) You Can STILL Contribute for 2024! (14:22) Estimating Your Taxes (16:22) Itemizing vs. Standard Deduction (18:21) Commonly Overlooked Write-offs (21:41) Audit Red Flags! (23:06) Will Tax Rates Rise or Fall? (28:03) Opportunity Zones Have Changed (31:08) How to Prepare for 2024/2025 (35:15) Connect with Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-608 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Virginia Public Radio
Virginia legislators look to extend the standard deduction

Virginia Public Radio

Play Episode Listen Later Jan 31, 2025


Tax legislation may not be the flashiest topic, but it touches just about everyone in Virginia. The state's standard deduction is set to expire this year, and Brad Kutner spoke to Republican and Democratic lawmakers who want to make sure it doesn’t. 

Generally Accepted Accounting Podcast
031 - What to Bring to Your Tax Appointment

Generally Accepted Accounting Podcast

Play Episode Listen Later Jan 30, 2025 29:06


If you're dreading visiting your CPA or accountant this tax season, no need to fear! One of our newest shareholders, Zach Van Sambeek, a CPA and CVA, is here to let you know what you should bring to your appointment to save yourself some time and money. Zach explains what information is helpful to have on hand whether you need your individual, business, or ag taxes filed. And as an added bonus, we even talk about bonus depreciation! (See what we did there?) So, dig out your shoebox of receipts and listen in to learn more! Don't forget these key items for your tax appointment 2024 Standard Deduction

Dr. Friday Tax Tips
Know Your 2025 Standard Deduction and Tax Preparation Tips

Dr. Friday Tax Tips

Play Episode Listen Later Jan 7, 2025 0:59


Dr. Friday highlights the importance of understanding your 2025 standard deduction for accurate tax preparation. For singles, it's $14,600; married couples get $29,200; and heads of household, $21,900. Plus, additional deductions apply if you're over 65. Start with the standard deduction to assess your tax situation and ensure you're ready for the season. Transcript: G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Preparing for your tax preparation is very important. Time is coming, and you need to understand simple things, like what the standard deduction is this year. If you’re single, it’s going to be $14,600. If you're married, it's $29,200. Heads of household get $21,900. If you're over the age of 65, you'll add another $1,250 for married couples and $1,500 if you're single. These are important numbers to start with. Knowing your standard deduction helps you figure out if you’ll owe taxes, get a refund, or what your overall situation will look like. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Unlock Your Wealth
Tax Strategies and the Potential Extension of the Trump Tax Cuts

Unlock Your Wealth

Play Episode Listen Later Nov 12, 2024 8:02


Raj Shah and Rick Borek get into the upcoming changes in tax brackets and standard deductions set by the IRS for the 2025 tax year, emphasizing the importance of strategic tax planning to maximize savings. It highlights the potential expiration of the 2017 Trump tax cuts and the implications for retirement planning, particularly regarding Roth IRA conversions and capital gains.  For more information or to schedule a consultation with SC Wealth Advisors visit: scwealthadvisors.com Raj Shah and Rick Borek focus on wealth management, retirement planning, personal finance, taxes, estate planning and so much more. Combined, Raj and Rick have over 55 years of financial planning experience and are eager to help you retire in the most efficient manner. See omnystudio.com/listener for privacy information.

Wealth Game
122 - 2 of 10 Trump vs Harris Tax Battle - 100% Bonus Depreciation or Business Standard Deduction

Wealth Game

Play Episode Listen Later Oct 28, 2024 9:15


In this video, I delve into the tax proposals of Trump and Harris regarding businesses. Harris suggests increasing the startup deduction to $50,000, aiming to support entrepreneurs. Trump's plan includes a 20% deduction on net income, benefiting small business owners. No government checks are involved; deductions reduce taxable income. The most significant proposal is the potential permanence of 100% bonus depreciation, aiding real estate investors and business owners.

ABOUT THAT WALLET
S4E64: [Angelina King] Navigating Post-Tax Season Strategies

ABOUT THAT WALLET

Play Episode Listen Later May 14, 2024 42:32


Considering retiring in a tax-free state to optimize your finances? In this episode, we're joined by Angelina King from 718 Tax Services to demystify post-tax season strategies and how to prepare for the next. Whether you're a W-2 employee, a small business owner, or on the brink of retirement, Angelina shares invaluable tips on reducing tax liability and making the most of your financial planning. In this episode, you'll learn: - How to adjust your withholdings to avoid owing taxes at the end of the year. - The benefits of maximizing contributions to retirement accounts like 401(k)s and IRAs. - The importance of understanding capital gains and losses for tax harvesting. - Strategies for homeowners planning to sell their property and relocate for retirement. - Tips for new parents on creating financial security for their children's future. The key moments in this episode are:00:00:00 - Maximizing Retirement Contributions 00:01:54 - Introduction and Post-Tax Return Preparation 00:03:12 - Taking Advantage of Pre-Tax Services 00:07:36 - Adjusting Withholdings and Standard Deduction 00:11:39 - Extension Deadline and Filing Process 00:17:48 - Investing in Dividend Accounts 00:19:42 - Lost IRS Check 00:20:53 - Proposed Capital Gains Tax 00:28:11 - Retiring and Moving to Tax-Free States 00:33:02 - Being a Good Steward of Money 00:34:46 - The Importance of Lending 00:35:13 - Worst Money Mistakes 00:35:48 - Favorite Financial Books 00:38:36 - Favorite Dish and Cultural Roots 00:39:44 - Connecting with Angelina More about Angelina King: https://www.718taxservices.com/ IG: @718taxservices THANK YOU FOR LISTENING! #TaxPlanning #Retirement #FinancialEducation #AboutThatWallet Get My Habit Journal: https://amzn.to/3U4r44 Join the About That Wallet Newsletter! https://aboutthatwallet.com/newsletter Continue to support the show by subscribing, sharing, and leaving comments on your favorite platforms. This helps others find valuable financial insights. Follow Me: IG: https://instagram.com/aboutthatwallet Twitter: https://twitter.com/aboutthatwallet Website: https://aboutthatwallet.com Email: Anthony@aboutthatwallet.com -- DISCLAIMER: The content in this audio is for educational purposes only. You must do your own research and make the best choice for you. If you need advice, please contact a qualified professional. Episode 252 --- Send in a voice message: https://podcasters.spotify.com/pod/show/aboutthatwallet/message Support this podcast: https://podcasters.spotify.com/pod/show/aboutthatwallet/support

Popcorn Finance
437: How Our Weird US Tax Brackets Work & Save on Taxes with the Standard Deduction

Popcorn Finance

Play Episode Listen Later Mar 26, 2024 8:25


Do you know how tax brackets are set up here in the US? Also, did you know this one tax deduction saves you tons of money each year on your taxes? Today let's get into tax brackets and the standard deduction. Subscribe to the FREE Popcorn Finance Newsletter - PopcornFinance.com/Newsletter Want to submit a question to the show? Send an email to questions@popcornfinance.com  Send me a message at PopcornFinance.com/Voicemail  Call 707-200-8259 Connect with me Instagram | Twitter | Facebook | YouTube | TikTok  Thank you for listening to today's episode! Help support the show by leaving Popcorn Finance a rating or review on Apple or Spotify! Learn more about your ad choices. Visit megaphone.fm/adchoices

Kosher Money
How the Rich Avoid Paying Taxes (and How You Can, Too)

Kosher Money

Play Episode Listen Later Feb 14, 2024 91:54


According to a 2021 study, the wealthiest 400 billionaire families in the United States paid an average federal individual tax rate of just 8.2 percent.For comparison, the average American taxpayer in the same year paid 13 percent.So, what do the rich know that you don't?For one, the rich are proactive tax planners.Me? You? We're reactive when it comes to our taxes.We pay AFTER the fact when there's so much we could've done ahead of time to help us keep more of the money we make.We sat with Elliot Pepper who has got a heck of a lot of initials after his name. He helps people plan their financial futures through ACTIONABLE and PROACTIVE tax planning and preparation. This episode of Kosher Money is anything but boring. It's informative and fun. To contact Elliot with your follow up questions, comments and more, visit https://www.northbrookfinancial.com/CHAPTERS:0:00 Intro1:29 Meet Elliot Pepper2:47 There's a Tax Game4:50 Strategy Encouraged by the Government6:13 The Proactive Tax Approach9:54 Wealth Raises the Stakes12:01 Finding the Right Accountant 18:01 W2 vs. W9 Form19:42 Twillory21.59 W9 Form23:09 LLC Benefits30:09 Filling Out a W433:13 Pay Taxes Now or Later35:26 Standard Deduction & Itemized Deductions39:09 An Interesting Strategy 42:29 The Donors Fund44.51 Write-Offs47:35 401k and IRA Retirement Plans51:17 Roth Retirement Plan52:48 Setting Up Retirement Plan56:25 IRA Contributions57:25 Start a Plan Now 59:56 Scammer Risks 1:02:22 HSA - Health Savings Account1:05:59 Dependant Care Credit1:08:27 Colel Chabad1:10:15 529 Education Account1:14:41 Life Events & Saving Strategies1:17:46 Business Organizational Tips1:19:44 Tax Audits1:23:44 Elliot Pepper's Work1:24:47 Book Recommendation1:26:01 Contact Info & Thank You1:27:06 Outro & Bonus Tip✬ SPONSORS ✬► TWILLORY: Get $18 OFF your first purchase of absolutely comfortable clothing for today's casual professional look. Use code CHAI (which means 18 in Hebrew) at https://Twillory.com/KosherMoney - Limited Time Offer, On a $139 Purchase. ENJOY!► THE DONOR'S FUND: More and more people are using this banklike system for charity. With a sleek mobile app or desktop solution, you can keep all your charity giving in a single place, plus there are about a dozen or more additional perks. Legit. Get your account here: https://thedonorsfund.org/koshermoney► COLEL CHABAD: Please help Israel as the country and its people need all the help they can get! Visit https://www.ColelChabad.org/KosherMoney to make a much-needed donation! They're counting on us. __________________________________Follow Kosher Money on Social Media for Bonus Shorts:TikTok - https://www.tiktok.com/@koshermoneypodInstagram - https://www.instagram.com/koshermoneypodFree Call-In-To-Listen Hotline:USA: (605) 477-2100UK: 0333-366-0154ISRAEL: 079-579-5088Need financial guidance? Need a resource? Get help from our friends at https://LivingSmarterJewish.org/WhatsApp us at 1-914-222-5513 - we love feedback, legit!Subscribe to our YouTube channel for more great content! :)Oh, and all investment strategies and investments involve risk of loss. Nothing contained in this episode or any of our episodes, ads and videos should be construed as investment advice.#podcast #money #taxes #writeoffs #accountant #koshermoney Hosted on Acast. See acast.com/privacy for more information.

Managing Your Financial Future with Lucia Capital Group
How to Make Use of the Zero-Percent Tax Bracket

Managing Your Financial Future with Lucia Capital Group

Play Episode Listen Later Feb 13, 2024 36:33


If you look at the tax tables, you'll see that there are seven different tax brackets listed: 10%, 12%, 22%, and on up to the highest bracket at 37%.  But did you know that there's also a certain amount of money you can earn that's not taxed at all?While there's not an official “0% tax bracket,” the truth is that the first $14,600 you earn as a single individual (or $29,200 if you're married filing jointly) is yours to keep tax-free, thanks to the Standard Deduction.  Sure, that's not a huge amount of money, but it's also not insignificant, and there are ways you can use this part of the tax code to your advantage.Find out how the “Zero-Percent Tax Bracket” can potentially benefit you in a big way with podcast host Johnny Dean and “Professor” Rick Plum, CFP® on this week's episode of Managing Your Financial Future!

MX3.vip
Form 1040 Schedules and Itemized Deductions

MX3.vip

Play Episode Listen Later Feb 5, 2024 30:56


Check out this episode to learn about the IRS Form 1040 Schedules and itemized deductions.MX3 Podcast on Youtubewww.youtube.com/@mx3podcastContact MX3 Podcast Tweet us: @mx3podcast Email us: info@mx3.vip LinkedIn: https://www.linkedin.com/in/michael-w-wright-9397b23a/ Thanks for listening & keep on living your life the Wright way!

What Your CPA Wants You to Know
58. Understanding the Standard Deduction and Maximizing Your Write-Offs

What Your CPA Wants You to Know

Play Episode Listen Later Jan 31, 2024 27:50 Transcription Available


In this episode we talk about the standard deduction! Why? Because MOST people don't really understand how it works.  After you listen to this episode you will know how it works and if you will use the standard deduction or itemize on your next tax return.  We explain common tax deductions that we get asked about daily like: medical bills, home office expenses, and charitable contributions. We answer all of our listener questions and get you ready for tax season!Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!Our CPA firm website!Purchase our new business guide!Our Instagram PageOur family page

WSJ's Take On the Week
What This Week's Fed Rate Decision and Tax Season Means for Investors

WSJ's Take On the Week

Play Episode Listen Later Jan 28, 2024 21:16


This week, the Federal Reserve's rate-setting committee is expected to release a decision on interest rates. When will the central bank finally begin lowering rates? Former St. Louis Fed President James Bullard joins us to share his thoughts on the decision and what he thinks the Fed needs to prioritize next. Plus, ready or not, tax season is here. Tax filing season starts January 29 and we want to understand what this means for you and your investments. WSJ reporter, Laura Saunders, joins us to share what investors should be paying most attention to as they prepare their filings. Plus, we're gearing up to enter Apple's virtual world. The technology company is set to release their mixed-reality headset, Vision Pro, at the end of the week. The company also faces added pressures from Microsoft as the company briefly overtook Apple as the largest U.S. company by market value. Could virtual reality be what keeps Apple on top?  Further Reading Stocks Fall on Rate-Cut Pessimism  Fed Posts Largest-Ever Annual Operating Loss  How Much Is the Standard Deduction and Should I Take It on My Tax Return?  How You Can Grab a 0% Tax Rate  For more coverage of the markets and your investments, head to WSJ.com.

WSJ Your Money Briefing
Should You Take the Standard Deduction on Your Tax Return?

WSJ Your Money Briefing

Play Episode Listen Later Jan 18, 2024 7:51


Taxpayers filing their returns will have to decide whether to itemize their deductions or take the standard deduction, depending on their personal finances. Wall Street Journal reporter Laura Saunders joins host J.R. Whalen to discuss the financial implications of each. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Friday Tax Tips
2024 Standard Deduction Increase: Maximizing Tax Benefits

Dr. Friday Tax Tips

Play Episode Listen Later Jan 2, 2024 1:00


In this episode of 'Dr. Friday Tax Tips - One Minute Moment,' Dr. Friday highlights the significant increase in the standard deduction for the 2024 tax year. Married couples will see an increase of approximately $1,500, raising the deduction to $29,200, while individuals will have a deduction of $14,600. Dr. Friday emphasizes the importance of understanding these changes to make informed decisions about tax strategies, such as conversions and maximizing deductions. She also addresses the common shift from itemizing to standard deductions and offers her expertise for those needing guidance in navigating these tax changes. The episode concludes with an invitation to join the live Dr. Friday call-in show on 99.7 WTN every Saturday afternoon. Transcript G'day. I'm Dr. Friday president of Dr. Friday's Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. New for 2024, they will be increasing the standard deduction for married couples. For about $1500, it will go up to $29,200, up from the 2023. As well as individuals will be $14,600. These numbers are very important. If you don't know your standard deduction, which most people nowadays are not itemizing, how can you figure out, should I do a conversion? How much am I going to be paying taxes? What tax bracket am I in? What can I be maximizing in deductions that I might normally not be able to itemize? If you need help with this, just give me a call at 615-367-0819. You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

The Clark Howard Podcast
12.07.23 New Tax Brackets Favorable / Proof Of Money! Your Account Statements

The Clark Howard Podcast

Play Episode Listen Later Dec 7, 2023 28:55


Inflation silver lining: New IRS tax brackets for 2024. By historical standards, tax rates are low - at 12% on average. Understand how this informs financial planning, from Roth IRA conversion to home buying. In an era of historically low tax rates, don't fall for irrelevant “tax smart” pitches. Also today, a very scary reason why you should always receive paper statements or keep digital records for all financial accounts.   New Tax Brackets: Segment 1 Ask Clark: Segment 2 Financial Account Statements: Segment 3 Ask Clark: Segment 4 Mentioned on the show: Today in History - December 7 | Library of Congress Inflation Causes IRS to Raise Tax Brackets, Standard Deduction by 5.4% Should I Convert a Traditional IRA to a Roth IRA? How To Use Priceline To Save on Travel BBB-File a Complaint Return a Gift - Amazon Customer Service Clark's Christmas Kids Why Banks Are Suddenly Closing Down Customer Accounts My Wells Fargo bank account was closed with no warning – I lost all my life savings but they said it didn't exist The #1 Bill You Should Get by Mail What's the Best Place To Sell a Car in 2023? What Brokerage Do You Recommend for First-Time Investors or Kids? Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Planned Solutions
Interest Rate Expectations, 2024 IRS Standard Deduction, Annual Gift Tax Exclusion Increases

Planned Solutions

Play Episode Listen Later Dec 7, 2023 20:49


In this episode of the Planned Solutions Incorporated Podcast, As the last several months have demonstrated, the future path of interest rates is unknown. However, the expected path of interest rates can be discerned by examining the futures markets where investor thinking is reflected in prices and expectations for rate changes. Currently, the market is predicting that the current interest rate cycle has peaked and the Federal Reserve will start to lower interest rates by May 2024. Also, The federal standard deduction for income taxes will increase for all tax filers in 2024. However, many of the itemized deductions may have also increased due to increased mortgage rates and property taxes. Therefore, it is important for taxpayers to review their filing options, especially when it comes to state taxes, which often have a lower standard deduction than the federal level. Plus, The amount that an individual can gift to another individual in a given tax year without owing gift taxes, or being required to file a gift tax return, will increase from $17,000 to $18,000 in 2024. In some cases, gifting can be an important part of a long-term estate planning strategy. In addition, it is important to plan any gifts carefully to make sure they do not put retirement planning goals at risk and are structured properly to reduce any costs and tax filing obligations. Plus a look at the Planned Solutions Incorporated Office Bulletin Board - With the holidays quickly approaching, we want to make sure you are aware of our holiday schedule for this year. December 25th 2023 Closed January 1st 2024 Closed Given the above holiday schedule, as well as the holiday schedule of many of the companies that we work with, we ask that any forms or other requests that must be completed before year-end be submitted as soon as possible. If any paperwork or requests come in close to the end of the year, we will use our best efforts to process the forms or fulfill the requests but cannot guarantee that it will be completed in time due to factors beyond our control. Chase Armer's book- Financial Planning Insights is now available at: https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Planned Solutions, Inc.

Dr. Friday Tax Tips
How Much Is the Standard Deduction?

Dr. Friday Tax Tips

Play Episode Listen Later Apr 5, 2023 1:00


Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 When we're looking at taxes, one of the things we have to remember is how much is the standard deduction. If you're married $25,900, single $12,950. Why is that important? Because remember, if I earn as a single person 12,950 on a W-2, I'm going to pay zero tax, right? That's the zero tax bracket. And then everything above that for another 12,000 Almost is going to be at 12%. These numbers make sense, and they're very, very important again. Right now, you might be done with 2022. But we're in 2023. And we need to start preparing. Go to drfriday.com for more help. Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.

Ready For Retirement
3 Ways To Create Tax-Free Income in Retirement - (Part 2 - Early Retirement)

Ready For Retirement

Play Episode Listen Later Mar 7, 2023 26:43


In this episode of Ready for Retirement, Ari Taublieb, MBA guest hosts the Ready for Retirement podcast to discuss the 5 mistakes to make sure you avoid when retiring early. Ari Taublieb, MBA is the Vice President of Root Financial Partners and a Financial Advisor. This episode is part two of a three-part series.Ari is the host of the Early Retirement podcast available here. Ari is also on YouTube here. Create your customized early retirement strategy with Ari here. Episode Summary: How can you create tax-free income most effectively in retirementCommon tax mistakes people leave on the table which could save tens of thousands of dollars (or hundreds of thousands)How to improve your overall early retirement strategyTimestamps:00:00 - Introduction 1:20 - Life over Money3:03 - Legacy Goals5:31 - Examples Examples Examples!8:35 - Never Pay Taxes Again10:52 - Standard Deduction v. Itemized Deduction14:28 - Brokerage Account19:17 - AAPL Stock Example22:15- MASTER Tax Tip!25:01 - Working With UsCheck out all of our podcast episodes and more on our YouTube channel here!LET'S CONNECT!FacebookLinkedInWebsiteENJOY THE SHOW?Don't miss an episode, subscribe via Apple Podcasts, Stitcher, Spotify, or Google PlayCreate Your Custom Strategy ⬇️ Get Started Here.

InvestTalk
2-28-2023 – Could Reshoring Be the Theme ETF Investors Need?

InvestTalk

Play Episode Listen Later Mar 1, 2023 37:56


In mid-2022, reshoring, onshoring or nearshoring were mentioned in the quarterly earnings calls of around 180 US companies. Today's Stocks & Topics: FCX - Freeport-McMoRan Inc., X - United States Steel Corp., AMZN - Amazon.com Inc., Standard Deduction, Buying Gold, and Oil Stocks, EPAM - EPAM Systems Inc., WAB - Wabtec, VNQ - Vanguard Real Estate ETF, RGEN - Repligen Corp., Corporate Bonds, MSFT - Microsoft Corp., NOK - Nokia Corp. ADR.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Lance Roberts' Real Investment Hour
Tax Tips for 2022 You Can Still Use (2/24/23)

Lance Roberts' Real Investment Hour

Play Episode Listen Later Feb 24, 2023 46:45


HAVE YOU SUBSCRIBED TO "Before the Bell?" https://www.youtube.com/channel/UCFmyKJKseEMQp1d14AjvMUw (2/24/23) It's "Go Texas Day," with boot-buying tips for the uninitiated; The Fed's target rate has risen to north of 5%: Be prepared to "call an audible." The good news about higher interest rates: Better yields on bonds. Tax Tips for 2022 you can still use now: deductible IRA contributions, self-employment Roth; prepare to "go back" to the old tax code with higher rates. The triple-benefits of HSA's. HSA's vs FSA's; Itemizing vs Standard Deduction; the hierarchy of savings: putting enough into HSA to get the match. Target Date Fun theory vs reality; options for annuities. SEG-1: Go Texan Day & Market Commentary: Fed Target Rate Rises SEG-2: Tax Tips You Can Still Use for 2022 SEG-3: HSA's vs FSA's & The Hierarchy of Savings SEG-4: Target Date Funds Theory vs Reality Hosted by RIA Advisors Senior Advisor Danny Ratliff, CFP, w Senior Advisor, Jon Penn, CFP Produced by Brent Clanton, Executive Producer -------- Watch today's show on our YouTube channel: https://www.youtube.com/watch?v=gdMHTr-Y240&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- The latest installment of our new feature, Before the Bell | "Markets Consolidate: What Should You Do?" is here: https://www.youtube.com/watch?v=zNYwjkEDPIo&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 -------- Our previous show is here: "The 'No-landing' Scenario is a No-go" https://www.youtube.com/watch?v=HA5zXenJcjU&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=5s -------- Get more info & commentary: https://realinvestmentadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #InvestingAdvice #2022Taxes #InterestRates #HSA #FSA #Annuities #IRA #Roth #FederalReserve #Inflation #Markets #Money #Investing

The Real Investment Show Podcast
ax Tips for 2022 You Can Still Use (2/24/23)

The Real Investment Show Podcast

Play Episode Listen Later Feb 24, 2023 46:46


HAVE YOU SUBSCRIBED TO "Before the Bell?" https://www.youtube.com/channel/UCFmyKJKseEMQp1d14AjvMUw (2/24/23) It's "Go Texas Day," with boot-buying tips for the uninitiated; The Fed's target rate has risen to north of 5%: Be prepared to "call an audible." The good news about higher interest rates: Better yields on bonds. Tax Tips for 2022 you can still use now: deductible IRA contributions, self-employment Roth; prepare to "go back" to the old tax code with higher rates. The triple-benefits of HSA's. HSA's vs FSA's; Itemizing vs Standard Deduction; the hierarchy of savings: putting enough into HSA to get the match. Target Date Fun theory vs reality; options for annuities.  SEG-1: Go Texan Day & Market Commentary: Fed Target Rate Rises SEG-2: Tax Tips You Can Still Use for 2022 SEG-3: HSA's vs FSA's & The Hierarchy of Savings SEG-4: Target Date Funds Theory vs Reality Hosted by RIA Advisors Senior Advisor Danny Ratliff, CFP, w Senior Advisor, Jon Penn, CFP Produced by Brent Clanton, Executive Producer -------- Watch today's show on our YouTube channel:   https://www.youtube.com/watch?v=gdMHTr-Y240&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- The latest installment of our new feature, Before the Bell | "Markets Consolidate: What Should You Do?" is here: https://www.youtube.com/watch?v=zNYwjkEDPIo&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1  --------  Our previous show is here: "The 'No-landing' Scenario is a No-go" https://www.youtube.com/watch?v=HA5zXenJcjU&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=5s -------- Get more info & commentary:  https://realinvestmentadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #InvestingAdvice #2022Taxes #InterestRates #HSA #FSA #Annuities #IRA #Roth #FederalReserve #Inflation #Markets #Money #Investing

HT Daily News Wrap
No Tax On Income Up To Rs 7 Lakh, Standard Deduction Allowed Under New Tax Regime

HT Daily News Wrap

Play Episode Listen Later Feb 1, 2023 3:54


No Tax On Income Up To Rs 7 Lakh, Standard Deduction Allowed Under New Tax Regime, Gautam Adani no longer Asia's richest person as stock rout deepens to $74 billion, Shubman Gill and Suryakumar Yadav to compete for Shreyas Iyer's middle order slot and other top news in this bulletin.

Dr. Friday Tax Tips
Standard Deduction vs. Itemized Deductions

Dr. Friday Tax Tips

Play Episode Listen Later Jan 27, 2023 1:00


Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 Standard deduction vs. itemized deductions. We know since 2018, we've had much larger standard deductions. Therefore, itemizing has become difficult. It doesn't mean that it's zero. The problem is you have to medical; if you have it, you have to take your income multiplied by 10%, basically, and then everything above that will start going towards your itemizing. You have the salt tax, which is state income tax, home mortgage interest, and charity and things like that as well. All of that for a single person has to add up to almost $13,000. If it doesn't, you might think about taking the standard deduction. Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.

Federal Tax Updates
Tax Season Kickoff

Federal Tax Updates

Play Episode Listen Later Jan 17, 2023 48:01


Kick off tax season with the Inflation Reduction Act of 2022, the Employee Retention Credit, K-2s and K-3s, the latest 1099s changes, and updates to tax brackets, standard deductions, and mileage rates. Join Roger and Annie for this premier episode of Federal Tax Updates!SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeAccounting Today - The Year Ahead: Top challenges for 2023Chapters (00:00) - FedTax Episode 1 (00:52) - Introducing your hosts: Annie and Roger (01:55) - Opportunities and challenges for the upcoming tax season (03:09) - Inflation Reduction Act of 2022 (07:32) - Changes in tax brackets (08:26) - Updates on Standard Deduction (09:07) - Mileage rate changes for 2023 (12:23) - Employee Retention Credit opportunity still exists (21:31) - How COVID impacts the nexus state tax implications (22:10) - Talent issues within the accounting industry (24:26) - Emergence of "Quiet Quitting" (26:43) - Challenges in reporting K-2's and K-3's (31:20) - The problems that arise when reporting cryptocurrency (33:31) - Roger's thoughts on recent 1099 events (42:48) - Omnibus spending package Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabConnect with Padgettwww.padgettadvisors.comtwitter.com/PadgettUSAlinkedin.com/company/padgett-business-services/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

CFO at Home
103. Let's Talk Taxes (it's not too soon!)

CFO at Home

Play Episode Listen Later Nov 9, 2022 35:40


Question; when do you typically start thinking about your income taxes? After New Year's, once the holidays are over and the W2s and other tax statements start to roll in? Are there moves that you should consider making sooner that could potentially lessen your tax burden? That's the discussion on this episode of CFO at Home with Financial Advisor and Owner of Balanced Capital and Heber City Tax Prep Corey Noyes Key Takeaways (2022 Tax Year) The Tax Cuts and Jobs Act of 2017 raised the standard deductions to the point where many taxpayers no longer itemize. This presents an opportunity for “Tax Lumping”   Tax Lumping - a strategy of trying to shift the timing of deductions so they are lumped together within the same year, in an effort to clear the Standard Deduction hurdle. Even if you take the Standard Deduction there is an allowance for charitable giving ($300 of an individual, $600 for a couple)  Individuals over 70 years of age are eligible for the Qualified Charitable Distribution  Qualified Charitable Distribution (QCD) -  A withdrawal from an individual retirement arrangement (IRA) that's made directly to an eligible charity. QCD stacks on top of the Standard Deduction   Preparing your taxes yourself vs using a tax preparer (questions to consider when deciding) Do I want to prepare my own taxes? Do you have/want to spend the time it takes to get decent at it?  The difficult part of the tax process is not the filling itself; it's the planning and strategizing Ways to connect/follow Corey Noyes-LinkedIn Balanced Capital  Heber City Tax Prep Contact the Host - vince@thecfoathome.com

The Clark Howard Podcast
11.02.22 New Tax Brackets / Side Gig Opportunity

The Clark Howard Podcast

Play Episode Listen Later Nov 2, 2022 31:33


Due to inflation, there are big changes in the tax brackets. Clark discusses how this affects investing and buying some types of life insurance. Also, add new seasonal job openings to the ongoing labor shortages and know there's great side gig opportunity out there to close any gaps in your monthly budget. But, beware the “freeway ramp scam” and its online permutations offering big money for hourly work. Make sure your side hustle is real. New Tax Rates & Brackets: Segment 1 Ask Clark: Segment 2 Second Jobs: Segment 3 Ask Clark: Segment 4 Mentioned on the show: Here Are the New IRS Tax Brackets for 2023 WSJ: Inflation Causes IRS to Raise Tax Brackets, Standard Deduction by 7% What Is an Annuity, and Why Does Clark Think They Stink? What Is a Fiduciary Financial Advisor and Do I Need One? T-Mobile 5G Home Internet: 5 Things To Know Before You Sign Up Straight Talk Wireless Introduces Prepaid Home Internet Verizon Home Internet: Things To Know Before You Sign Up Should I Keep My Old Car or Buy a New Car? Should You Invest in a Rental Home? Here's Clark's 1% Rule Is Amazon Prime Worth It for You? Take This Quiz To Find Out! ABetterRoutePlanner.com   Clark.com resources Episode transcripts Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Wealth Game
54 - New 2023 Standard deduction amounts - IRS Update

Wealth Game

Play Episode Listen Later Oct 26, 2022 4:21


New 2023 Standard deduction amounts - IRS Update Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email questions@wealthgamepodcast.com. For additional information and links to all available platforms please visit our website at www.wealthgamepodcast.com

Minds Over Money
Episode 74: Tax Bracket Increases, Retirement Contributions Get Updated & Global Growth Weighed Down + Imagine the Possibilities

Minds Over Money

Play Episode Listen Later Oct 25, 2022 18:00


Wealth Game
29 - Itemized Deduction Bunching Strategy

Wealth Game

Play Episode Listen Later Sep 1, 2022 11:23


Learn about the difference between itemized deductions and the "Standard Deduction", and how you can pay multiple years of charitable donations in one year to maximize the tax savings. Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email questions@wealthgamepodcast.com. For additional information and links to all available platforms please visit our website at www.wealthgamepodcast.com

Finishing Well
The Standard Deduction For 2022

Finishing Well

Play Episode Listen Later Apr 30, 2022 27:42


Hans and Robby are back again this week with a brand new episode! This week's show is about taxes. Hans and Robby has you covered when it comes to information and tips on the standard deduction for 2022. Don't forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free! You can contact Hans and Cardinal by emailing hans@cardinalguide.com or calling 919-535-8261. Learn more at CardinalGuide.com.  Find us on YouTube: Cardinal Advisors.

The Standard Deduction
Taxation on Investment Income Explained

The Standard Deduction

Play Episode Listen Later Apr 13, 2022 8:17


The Standard Deduction podcast is hosted by Tax Directors Candace Varner and Ben Hake. This podcast is a thoughtful, informed discussion about ideas, trends and developments in taxes related to personal wealth management.Our mission is to educate and inspire people to make better financial choices through knowledge, tools and strategies. We believe that education and planning are key components of financial success. Come explore relevant financial topics with our team.Important Legal Disclosure: creativeplanning.com/important-disclosure-information/Have questions or topic suggestions? Email us @ podcasts@creativeplanning.com

The Standard Deduction
Itemized Deductions, Tax Credits, and More to Be Aware of This Tax Season

The Standard Deduction

Play Episode Listen Later Mar 14, 2022 16:56


Listen to The Financial Considerations of Being Your Own Boss: https://creativeplanning.com/education/podcast/the-financial-considerations-of-being-your-own-boss/The Standard Deduction podcast is hosted by Tax Directors Candace Varner and Ben Hake. This podcast is a thoughtful, informed discussion about ideas, trends and developments in taxes related to personal wealth management.Our mission is to educate and inspire people to make better financial choices through knowledge, tools and strategies. We believe that education and planning are key components of financial success. Come explore relevant financial topics with our team.Important Legal Disclosure: http://bit.ly/2DC250bHave questions or topic suggestions? Email us @ podcasts@creativeplanning.com

Virginia Public Radio
The biggest budget sticking point? What to do about the standard deduction

Virginia Public Radio

Play Episode Listen Later Mar 14, 2022


Members of the General Assembly concluded their session without passing a budget. Michael Pope reports.

Powering Your Retirement Radio
How to Read Your Tax Return

Powering Your Retirement Radio

Play Episode Listen Later Feb 11, 2022 25:16


Welcome back to Powering Your Retirement Radio. I am Dan Leonard your host. In the last episode on Top 10 Tax Facts, you should know, I got a fair amount of downloads and got more comments than normal. In this episode, I thought I address how to read your tax return. As a financial advisor, I get asked, Why do you need to see my tax return? When I ask for documents. As a tax preparer, I get a different question, did I give you everything? The answer to this is how should I know? Did you fill out the tax organizer completely? Which is usually followed up with I have to? Yes, if you want me to know for sure. Before you turn in your documents to your tax preparer, pull out your prior year's return. It will tell you if you have forgotten anything. I need to make a confession, prior to becoming an Enrolled Agent and starting to prepare returns for clients, I was a horrible tax client. I didn't fill out organizers, I never was sure I had all my documents. So, this episode reminds me of how I have learned to organize tax documents. I want to walk you through your 1040 form which will tell you what documents you should have.  If you want extra credit print out Form 1040 and take some notes. How to read a tax return On the top half of page one, you have the following Filing Status Address Crypto Question - This is important. Standard Deduction Dependants  All are straightforward. As Preparer, I need to know about your relationship status, where you reside, if you own any cryptocurrency, if there are any issues with your deductions, and if you have dependents. As a financial advisor, I know how many people I am planning for, that you are potentially an aggressive investor if you have a mortgage if you have kids, or dependents to include in the planning. Either way, I know a fair bit without even seeing a form. The income numbers Let's look at the bottom half of page 1.  Line 1 - W-2 go here - You have a job and you are an employee Line 2 - 1099-Int or a Consolidated 1099 - You have savings that are earning interest = Sch B Line 3 - 1099-Div or a Consolidated 1099 - You own investments that pay dividends = Sch B Line 4 - 1099-R - You rolled over a retirement account or you took a distribution from a retirement account or it goes on Line 5 Line 5 - 1099-R - You collect on a pension or an Annuity Line 6 - SSA-1099 - You are collecting Social Security Line 7 - You sold an investment or a property. The Capital Gain is reported on a 1099-B or 1099-S or a Consolidated 1099 Line 8 - This is other income. See Part I of Schedule 1 - State Refunds (1099-G), Jury Duty, Alimony, Unemployment, and since the Olympics are going on your Olympic, ParaOlympic Medals, and USOC prize money, too. Line 9 - Phew - it is just math Deductions Line 10 - Now Adjustments to income - Part II of Schedule 1 - Educator Expense, Self Employed Health Care Expense, Self Employment Tax, Student Loan Interest, IRA Deductions, and of course the nontaxable amounts of your Olympic, ParaOlympic Medals, and USOC prize money. Line 11 - More Math Line 12a - Schedule A Deductions or Standard Deduction Line 12b - If you claim a Standard Deduction you can claim up to $300 in Charitable Deductions Line 12c - Math Line 13 - Qualified Business Deductions (QBI) for Business Owners Line 14 - Math, again. Taxable Income Line 15 - Math and this is your Taxable Income On to page 2 Line 16 - Tax Calculation, the painful math Adjustments Line 17 - Come from Part I of Schedule 2. Alternative Minimum Tax and Excess Advance Premium Tax Credit Line 18 - Math Line 19 - Nonrefundable Child Tax Credit Line 20 - Schedule 3 - Credits and Payments. Dependent Care Credits, Residential Energy Credits, Adoption credits, etc. Line 21 and Line 22 - More Math Line 23 - More Taxes, like additional taxes on HSA distributions, accumulated distributions from Trust, Golden Parachute payments. (Not as common for many) Line 24 - More Painful Math - Your Total Tax Taxes you have paid already Line 25a - W-2 Withholdings Line 25b - 1099 Withholdings Line 25c - Any other form showing withholdings Line 25d - Totals Line 26 - Total of your Estimated Tax Payments  Line 27a - Earned Income Tax Credit Line 27b - Noncombat Taxable Pay Election Line 27c - 2019 Income which may qualify and expand credit due to Coronavirus Line 28 - Refundable portion of Child Tax Credit or Additional Child Tax Credit Line 29 - Form 8863 - American Opportunity Tax Credit Line 30 - Recovery Rebate Credits (Stimulus Checks) Line 31 - Part II of Schedule 3 - Extension Payments, Excess Social Security, Health Care Tax Credits Line 32 - Math Line 33 - Math - Your Total Payments Refund or Tax Due Line 34 - The happy line, which is the amount of your refund if you are getting one Line 35 - What do you want to be refunded Line 36 - What do you want to pay toward next years taxes Line 37 - The unhappy line, What you owe. Line 38 - The insult line, any penalties for underpayment At the bottom of page 2 3rd Party Designee, who you'll allow to talk to the IRS on your behalf. Signatures, sign your return Paid Preparer, if you paid someone to make sure their information is there, otherwise don't pay them. So as a preparer, if I have your return from last year, I can tell what you had on your return based on what lines are filled in. Without the schedules, I may not know everything, but I know where I need to ask more questions. Recap As a Financial Planner, with Lines 1 to 8, I have a pretty good idea if you have investment assets or are drawing income from retirement accounts. If all you have is a 401k I can see that from your W-2. Line 12 gives me a hint if you own or rent your home. Line 13 tells me if you have a business, even if it is a side hustle. Page 2 of Form 1040, lets me know about the credits you collect, and where your withholdings are coming from. Finally, if you are retired and you owe, I know I can help by increasing your withholdings or lowering them if you get a big refund. So, if I am doing your return do I need you to fill out the organizer? If I am trying to build a financial plan do I need you to answer a bunch of questions? In both cases, probably not, but it does make sense for you to give the professionals you are paying to help you as much information as possible. Reality All preparers and planners know most people are stressed about taxes and planning, having a copy of your return makes our job a little easier and allows us to ask intelligent questions. That is it for this episode, and know you know why planners and preparers what to see your return. In true Jerry McGuire fashion, it helps me help you! Until next time, look for your tax documents, find your 2020 return,  be well and stay safe! Visit my podcast website for more information: https://poweringyourretirementradio.com/how-to-read-your-tax-return

The College Investor Audio Show
The Standard Deduction or Itemizing Your Tax Return | Which Is Best?

The College Investor Audio Show

Play Episode Listen Later Jan 21, 2022 6:34


Do you want to reduce the amount of taxes you pay? Then you might want to pick the standard deduction or itemize. Learn your options!

The College Investor Audio Show
The Standard Deduction or Itemizing Your Tax Return | Which Is Best?

The College Investor Audio Show

Play Episode Listen Later Jan 21, 2022 6:34


Do you want to reduce the amount of taxes you pay? Then you might want to pick the standard deduction or itemize. Learn your options! The post The Standard Deduction or Itemizing Your Tax Return | Which Is Best? appeared first on The College Investor.

The Dreamers Podcast
Maximizing Your Tax Benefits with Michel Valbrun

The Dreamers Podcast

Play Episode Listen Later Sep 14, 2021 35:28


Taxes are imposed by the Government to cover the costs of public services. Taxes are necessary for Governments to function, but do you know how to maximize your tax benefits? Are you aware of the different ways you can save money on taxes?In this episode, I am joined by none other than Michel Valbrun, a Certified Public Accountant, an award-winning author, writer/contributor to Entrepreneur magazine, and a public speaker. We will be discussing how you can:Maximize your tax benefitsHow a tax strategy can help you build generational wealthBuild multiple streams of incomeTax benefits and retirement accounts for employees vs. entrepreneurs Know when is the perfect time to start planning to save money on taxes.Michel also shares his journey on how he became a tax strategist and how he helps his clients save 5 to 7 figures on taxes legally and ethically.Whether you're an entrepreneur or not, this episode is a must-listen for you. You'll get to know the 10 tax commandments and so much more! Listen to The Dreamer's Podcast Episode 35!Other resources mentioned:Rich Dad Poor Dad by Robert T. KiyosakiTax Wealth 101More about Michel Valbrun:Michel Valbrun is a Certified Public Accountant (CPA), an award-winning author, writer/contributor to Entrepreneur magazine, and speaker from Florida. He is currently the President of Valbrun Group, a professional services firm with roots in tax planning, outsourced CFO services, and financial consulting.Connect with Michel:LinkedInFacebookInstagramTwitterConnect with Annelyse:Website Instagram (Podcast Page) Instagram (Personal Page) If you enjoyed today's episode, here's what you can do to support me and help more Dreamers discover the podcast:Leave a review on Apple Podcasts or wherever you listen to podcasts. I read every single review. I will select one review to read on the podcast every month.Follow the podcast, so you never miss an episode: Apple Podcasts | Google Podcasts | Spotify |  iHeart Radio | Amazon Music | Listen Notes |Share the podcast with your family, friends, and co-workers.Tag the podcast on Instagram @thedreamers.podcast and let me know what you like about it.

Stepp Up
A Stimulating Conversation

Stepp Up

Play Episode Listen Later Mar 1, 2021 10:59


Stepp & Rothwell Managing Partner Ken Eaton discusses the tax realities of the two economic-stimulus payments made in 2020 and how to address them on your tax returns. He also looks at the current legislation regarding a possible third round of stimulus, as well as addresses other timely topics.

Stepp Up
Many Happy Returns

Stepp Up

Play Episode Listen Later Feb 1, 2021 23:39


Tax season is upon us. By now you should have received all or most of your documents for preparing your personal returns. The IRS will start accepting them on Feb. 12 this year with April 15 the deadline. Join Stepp & Rothwell Principal Advisor Dan Shay as he discusses what you need in hand, and what you should consider, as you or your accountant prepare your tax return. He also explores some of the unique tax opportunities, expectations and realities brought on by the CARES Act.

The College Investor Audio Show
The Standard Deduction or Itemizing Your Tax Return | Which Is Best?

The College Investor Audio Show

Play Episode Listen Later Feb 18, 2020 7:38


A brief summary of this episode

Dads Being Dads
#241 – Higher Standard Deduction

Dads Being Dads

Play Episode Listen Later Apr 19, 2019 59:51


Judging Laziness Tax Confusion Water Pressure Gas Pressure Bridge Books Soccer Laps Musket Fire Head Between his Knees

The Peter Schiff Show Podcast
Pros and Cons of the Trump Tax Plan – Ep. 287

The Peter Schiff Show Podcast

Play Episode Listen Later Sep 28, 2017 34:08


Estate Tax is Out Today President Trump announced some of the details of his highly-anticipated tax reform, which is really not tax reform, it's more of a tax cut masquerading as a reform. I would say the best part about it is the elimination of the estate tax.  That, in and of itself is a very substantial improvement. That tax should not be there;  it raises very little revenue but does tremendous damage to businesses.  It impedes the ability of a family business to be passed down from generation. It leads to the destruction and dismantling of businesses, the loss of know-how, ingenuity and jobs. Fewer Tax Brackets As far as the rest of the plan, I like lower taxes, I like fewer brackets (I'd like to have just one bracket - I'd like to flatten it all the way down to zero). Under the President's plan, the brackets are 12, 25 and 35%.  I'd just as soon it would be one bracket of 25%.  If we are going to have an income tax let's let everybody pay the same rate. The new plan is an improvement over the number of brackets we have now. But again, remember, some future President can just expand on these brackets. In fact they're already talking about a fourth bracket because the highest bracket, 35% represents a reduction of the current top rate of 39.6%.  Of course you have to add the 39% Obamacare tax and, of course a lot of people have to add the state income taxes. State and Local Taxes No Longer Deductible By the way, if this version of the bill passes, state taxes will no longer be deductible. That was the one deduction that they were willing to give up, state and local taxes, but they preserved the home mortgage deduction. Personally, I'd rather see it the other way around: get rid of the home mortgage deduction and allow people to deduct their state and local income taxes.  I have a problem on taxing people on money they never got.  If the state taxes you, you never get that money.  Why should the Federal government tax you on the money the state took from you before you had a chance to get it?  I did a podcast on that idea. I think you can't take income that was taken from the citizens by the state.  In fact it may even be unconstitutional. Home Mortgage Deduction is All Politics Why keep the home mortgage deduction? It's all politics.  That deduction is bad economics. If we're going to have an income tax, you don't have a choice about whether or not to pay state and local taxes, but you have a choice about whether or not to buy a house. You shouldn't get a deduction on your income tax based on the way you choose to spend your money. That's the government trying to micro-manage buying decisions, trying to distort and influence the economy. But the housing industry is a strong lobby and they influence the tax code. It's because of the swamp creatures that the mortgage deduction is there. Standard Deduction is Doubled Now the standard deduction is doubled. What this means is more people utilize this standard deduction, fewer people will itemize.  Itemizing is less advantageous because you can't include your state and local taxes. Now if you own real estate, right now you deduct not only your mortgage but your property taxes. If you can no longer deduct your property taxes, obviously that will reduce the value of real estate because it increases the after tax cost of owning it.