Podcasts about Standard deduction

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

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. 

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 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.

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.

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.

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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

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

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.

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!

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!

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

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.

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

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.

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

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 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.

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.

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

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

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

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 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.

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.

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

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

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

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

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 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

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Learn the difference between Standardized Deductions or Itemized deductions when filing for taxes.

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

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

Read more about the current real estate market: https://creativeplanning.com/education/article/is-it-smart-to-buy-real-estate-right-now/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

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

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.

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!

On the campaign trail, Republicans promised tax cuts. Now that lawmakers are about to convene in Richmond for the next General Assembly session, they’ll need to figure out how to make it happen. Michael Pope reports.

It's never too early to start preparing your tax returns.  In Part One, Jason Baxter, the senior manager at WSRP, and Susan Speirs, the CEO of UACPA, explain how a new tax law can help reduce your tax burden without having to itemize.  But you need to give before the end of 2021. And, women can now add menstrual products to their medical expenses to write them off of their taxes as well.   You can follow this show on Instagram and on Facebook. And to see what Heather does when she's not talking money, go to her personal Twitter page. Be sure to email Heather your questions and request topics you'd like her to cover here. See omnystudio.com/listener for privacy information.

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.

In this episode of The Standard Deduction (they're certain their kids will just love it), Tax Directors Candace Varner and Ben Hake explain and discuss the nuances of the Child Tax Credit which was expanded in 2021. They tell you what you need to know about eligibility, opting out and navigating the account creation process on the IRS website. 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

In this episode on The Standard Deduction, Tax Directors Candace Varner and Ben Hake discuss the various types of retirement plans available and the pros and cons of each. 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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

In this episode of The Standard Deduction, Tax Directors, Candace Varner and Ben Hake discuss when and why an amended return may be a good idea.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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

In this episode of The Standard Deduction, Tax Directors, Candace Varner and Ben Hake discuss planning, mitigating, and deferring capital gains.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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

In this episode, Director of Tax Services Candace Varner and Tax Director Ben Hake discuss:How 2020 Stimulus payments and proposed additional stimulus payments affect your 2020 tax returnClaiming college aged dependentsTax deadline updatesThe legislation discussed in this episode is in progress as of the release date, the income thresholds noted may change in the final bill.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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

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.

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.

It’s November as of this recording, which means Tax Season is right around the corner. Whether you owe money or you’re expecting a refund - you’re definitely annoyed that it isn’t easier, and probably curious why filing your own goddamn taxes isn’t taught in school. Taxes blow, and for reasons more frustrating than you might even realize. But we’re gonna figure out how they work, how to do them, and what half that garbage means.More specifically, we’re gonna cover the difference between W2 and 1099, Itemized vs Standard Deduction, Marginal Tax Rates, Effective Tax Rates, Taxable Income, and how to stick it to Big Tax Prep by filing your federal and state returns for free through their own sites (and not that janky fake free that suddenly costs a bunch of money when you’re halfway through because you drove Uber for a month or want to deduct your student loan interest)Welcome to - “How To File Your Taxes” See acast.com/privacy for privacy and opt-out information.

Dr. Friday 0:00 Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one minute moment. Dr. Friday 0:12 Home office. For many years, we’ve been taking home office for small businesses as a deduction. But about five years ago or so they came up with a simplified system. I noticed a lot of people don’t really know that there’s a standard deduction, which is $5 per square feet up to 300 square feet. That way, you don’t have to worry about taking the square footage of how much utilities are, your mortgage interest, your property taxes, all these different things. All that is straight out five times up to 300 square feet. You might want to find a simplified manner that is a little bit easier. Call me if you’ve got questions at 615-367-0819. Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.

Dr. Friday 0:00 Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one minute moment. Dr. Friday 0:12 Home office. You know, for many years, we’ve been taking home office for small businesses as a deduction. But coming about five years ago or so they came up with a simplified system. And I noticed that a lot of people don’t really know. There’s the standard deduction, which is $5 per square feet up to 300 square feet. That way, you don’t have to worry about taking the square footage of how much utilities were, your mortgage interest, your property taxes, all these different things. All that is straight out five times up to 300 square feet. You might want to find a simplified manner, its a little bit easier. Call me if you’ve got questions at 615-367-0819. Announcer 0:52 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.

Director of Tax Services Candace Varner and Tax Director Ben Hake discuss the tax consequences of selling a home. They reveal that business owners who've sold a commercial property may be in for an unpleasant surprise when a substantial gain in their primary home's value is realized. Listen in as we explore these topics in the latest podcast episode.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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

Director of Tax Services Candace Varner and Tax Director Ben Hake discuss why not to panic if you hear from the IRS. They share that many inquiries are nothing more than customary and reveal the personalized online tools that can help prepare you for any conversation or reply. Listen in as we explore these topics in the latest podcast episode.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 that ensure a more prosperous future. We believe that education and planning are key components to 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

Today on Consider This Program we talk about Dollar Cost Averaging, thinking through the Standard Deduction, and we explain the Fiduciary Focus.

Peter Mallouk and co-hosts, Director of Tax Services Candace Varner and Tax Director Ben Hake, discuss common tax misconceptions as the extended July 15 filing deadline approaches. They reveal clients' oft-asked questions, and why some are non-issues after all.  Listen in as we explore these topics in the latest podcast episode.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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

Peter Mallouk and co-hosts, Director of Tax Services Candace Varner and Tax Director Ben Hake, discuss the financial factors of self-employment. They recap what you need to consider when deciding to transition from employee to consultant or sole practitioner. Listen in as we explore these topics in the latest podcast episode.The Standard Deduction podcast is hosted by Creative Planning President Peter Mallouk along with 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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

Peter Mallouk and co-hosts, Director of Tax Services Candace Varner and Tax Director Ben Hake, discuss the realities of real estate investing. They explore why you might be motivated to add property to your portfolio, and what you may learn along the way. Listen in as we explore these topics in the latest podcast episode.The Standard Deduction podcast is hosted by Creative Planning President Peter Mallouk along with 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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

#21: The US tax system vastly favors leisure over labor. It favors people who just own things and sit around and collect rents over people who actually do work for a living.How is this so?Because rents and returns on capital assets are taxed WAY more favorably than wages from labor. So favorably, in fact, that you can actually make 6 figures income and pay zero taxes.Every year.For the rest of your life.This would never be possible with labor wages.So in this week’s podcast episode, I’ll show you how our tax system is structured in a way that allows you to make over 6-figures in income with zero tax liability.What you’ll learn in this episode:Why and how our tax system creates this opportunityWhat are the scenarios in your life where you can take advantage of thisExactly how it works step by stepAnd the best way to optimize this loopholeLinks mentioned in this episode:IRAs, Roth IRAs, and how to get the tax benefits of BOTH (HYW004)How to take a year off, earn 6 figures, harvest capital gains, do Roth conversions…and pay zero taxes on it all (updated for 2020)TurboTax TaxCasterHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.

The Standard Deduction podcast is hosted by Creative Planning President Peter Mallouk along with 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 that ensure a more prosperous future. We believe that education and planning are key components to financial success. Come explore relevant financial topics with our team.Important Creative Planning legal disclosure: http://bit.ly/2DC250b

A brief summary of this episode

In this episode KT discusses: ·     Changes in the Tax Laws ·     Why you could be paying too much for tax preparation ·     Taking the Standard Deduction vs. Itemizing Key Takeaways: ·     Free tax prep options ·     The hidden cost of a fast refund ·     Why your CPA may not be working as hard as before Quote: “This is your money. You worked hard all last year for it. If you’re due a tax return this is money you’ve overpaid the government, that they got to borrow for free all year. Don’t let anybody else take any more of it before you get to call it yours.” - KT Click here to reach KT  See KT’s interview on C-Suite Network’s Best Seller TV Connect with KT Thomas: http://ktsmoneymatters.com/ Purchase KT’s book- The Hardworking Woman’s Guide to Money  Some theme music provided by Stay Positive by Mixaund | https://mixaund.bandcamp.com Music promoted by https://www.free-stock-music.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Itemized Deductions Standard Deductions Exception 1 ... Dependent Exception 2 ... Born before January 2, 1955 or blind Exception 3 ... Separate return or dual-status alien Exception 4 ... Increased standard deduction for net qualified disaster loss. www.fender-tax.com

#6: I summarize the most important changes to the federal tax brackets and retirement contribution limits to be aware of in 2020.What you’ll learn in this episode:Federal income tax rates for 2020Standard deduction changesAlternative Minimum Tax updatesCapital gains tax rates for 2020Retirement & tax-advantaged account changesRoth IRA Income LimitsIRA Deduction PhaseoutsMisc updates: state & local taxes, mortgage interest deduction, Child Tax Credit, estate tax, foreign earned income exclusion, Section 199ALinks mentioned in this episode:How the final Trump tax bill affects you: analysis and chartsTake a year off with the foreign earned income exclusionTurboTax TaxCasterHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.

Americans’ total unadjusted giving actually increased year over year – posing the possibility that, for the charitably minded, it’s often more about heart than it is about write-offs. Nicole Hisler, the director of charitable solutions at Raymond James Trust, weighs in. [Recorded 11/15/19]

#5: Roger Ma, an industry recognized CFP, talks with me about how high earners can optimize their retirement accounts and avoid common mistakes.What you’ll learn in this episode:Roger’s path from investment banker to financial advisorThe most common mistakes working professionals (even high earners) make when it comes to their retirement accountsWhat moments in life are there special opportunities to optimize your retirement accounts (plus, the concrete steps to take)Why early retirees should be thinking about their “why” more than their “how”Why Roger joined the AARP at 35 Links mentioned in this episode:Life Laid OutBogleheadsDonor-advised fundsAARPHYW private Facebook community Intro/Outro: Old Bossa by Twin Musicom.

Saurabh Mittal speaks daily on personal finance at Hrishikay's morning program on Radio One 94.3 Mumbai

Dr. Friday Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one minute moment. Should I take a standard deduction or itemize? You know, I always find it so fascinating that people really, really, really want to itemize. Itemizing in itself means that you have a lot of debt because the biggest thing we can itemize in most cases is mortgage interest. Now there are obviously charitable contributions, which I have many clients that do give a lot of money. Itemizing only wins when you're doing it, but the fact is, the standard deduction right now keeps going up. So we got $12,200, $24,400 in the 2019 tax year. So if you can't itemize, don't worry. Just make sure you pay your debts. Call me if you have questions. Announcer You can catch the Doctor Friday Call-in Show live every Saturday afternoon from two to 3pm right here on 99.7 WTN.

Due to the Tax Cuts and Jobs Act (TCJA), most Americans are claiming the standard deduction versus the itemized deduction. Learn to how maximize your standard deductions by not leaving tax-free money on the IRS table...

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

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

If you've itemized your tax return in the past, chances are this year you won't. In this episode, we talk about the new standardized deductible and how it will save many people all of hassle and money.

With tax season in full swing, it can only mean one thing. It’s time for our annual chat with Ed Slott, the ultimate tax guru, and founder of IRA Help. Here is your tax season boot camp for the first tax year of the Tax Cuts and Jobs Act (TCJA). Itemized vs. Standard Deduction: Every taxpayer needs to determine whether it makes sense to claim one of these two deductions, both of which reduce the amount of income subject to tax. TCJA nearly doubled the Standard Deduction to $12,000 for Single and Married Filing Separately, $24,000 for Married Filing Jointly and $18,000 for Head of Household. A couple of caveats on itemized deductions: Your total deduction for state and local income, sales and property taxes is limited to a combined, total deduction of $10,000 ($5,000 if Married Filing Separate). Any state and local taxes you paid above this amount cannot be deducted. The deduction for home mortgage and home equity interest was modified. It is now limited to interest you paid on a loan secured by your main home or second home that you used to buy, build, or substantially improve your main home or second home. So if you used a home equity loan or line of credit to pay off another debt, like a credit card or student loan, it would not be deductible. There is a new dollar limit on total qualified residence loan balances. If your loan was originated or treated as originating on or before Dec. 15, 2017, you may deduct interest on up to $1,000,000 ($500,000 if you are married filing separately) in qualifying debt. If your loan originated after that date, you may only deduct interest on up to $750,000 ($375,000 if you are married filing separately) in qualifying debt. Deduction for alimony is eliminated for agreements executed after December 31, 2018, or for any divorce or separation agreement executed on or before December 31, 2018, and modified after that date. In conjunction with this change, alimony and separate maintenance payments are no longer included in income based on these dates. Claim Credits: Now that personal exemptions have been eliminated, credits are even more important. The Child Tax Credit has increased to a maximum of $2,000 per qualifying child under the age of 17. Up to $1,400 of the credit can be refundable for each qualifying child as the additional child tax credit. In addition, the income threshold at which the child tax credit begins to phase out increased to $200,000, or $400,000 if married filing jointly. There are two different education credits available: the American Opportunity Tax Credit (formerly Hope Credit), which is partially refundable, and the Lifetime Learning Credit. Both may apply to expenses you pay for yourself, your spouse and any dependents.Have a money question? Have a money question? Email me here.

Last year we saw the passage of the Trump Administration's Tax Cuts and Jobs Act which created opportunities for investors and small business owners to lower the amount of taxes owed.  However, there were still some outstanding questions that needed to be answered. Luckily we have Duane Culver back on the show today to shed some light on those lingering questions and how they apply to your 2018 tax preparation.  Duane is a CPA and President of Culver CPA Group.  Today he'll give us the low-down on the following topics: Qualified Business Income Deduction (QBID) and how it relates to your rental income. Do you still have to pay the Affordable Care Act Health Insurance Penalty? Reminder on the larger Standard Deduction you're able to take. Change in how you can deduct charitable contributions. What you need to know about Opportunity Zones. If you're about to sit down & do your own taxes, or you have a professional prepare them, it pays to learn as much as possible about tax rules & how they apply to real estate investing.  The more you understand, the more you'll be able to use tax law to your advantage, avoid mistakes, and prevent IRS audits.  You can also go back and listen to last years tax conversation with Duane, Ep#112, where we discuss the Tax Cuts and Jobs Act in more detail. Duane can be contacted by email, his website, or phone: dculver@culvercpagroup.com www.culvercpagroup.com 616-456-6464 Enjoy the show, and please take a moment to go to itunes to subscribe, rate & review.

The theme for this week is: Tax Time! First of all, I want to explain as best I can in 1-2 minutes how the biggest tax law change since the 1980s - the Tax Cuts and Jobs Act - might make things way different for you this year when you file your taxes. Where to begin?! Oh my goodness! Ok…here goes: The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. Sorry, kidding. Ok, really: Probably the biggest change that you’ll want to understand is that the standard deduction has doubled. So what does this mean? It means that instead of itemizing your deductions, more Americans will just take the standard deduction. This makes doing your taxes more simple for most Americans, because if your itemized deductions will total less than the standard deduction - $12,000 for single filers or $24,000 for joint filers - then you’ll just claim the standard deduction, rather than bothering with trying to itemize. The Heritage Foundation estimates that 90% of taxpayers will not itemize, and just claim the new standard deduction amount. Whether or not you take the standard deduction or continue to itemize largely depends on the complexity of your situation, the amount of deductions you took in previous years and are likely to take again this year, and your income. Tomorrow, I’m going to talk about deductions that will still apply “above the line” before you throw in the standard deduction, like your 401k contribution - but for now, I think the most important change to understand is the simplification of doing your taxes due to the higher standard deduction amount taxpayers can now claim. That’s it for today. Before you go, please leave a review for the One Minute Retirement Tip in Amazon. Your review is important – potentially thousands of people will read your review and decide to enable (or not) based on your feedback. My name is Ashley Micciche and this is the One Minute Retirement Tip. ---------- >>> Subscribe on iTunes: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Check out our blog: https://truenorthretirementadvisors.com/blog/ ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, tax cuts and jobs act, tax reform, trump tax cuts, trump tax reform summary, trump tax cuts 2018, standard deduction, standard deduction 2018

On this episode of the Planned Solutions Financial Review Podcast we discuss, The fourth quarter 2018 earnings season is expected to reflect strong year-over-year earnings growth as the corporate tax cuts spark an increase in corporate earnings. However, the expectations for the rate of earnings growth have been declining through most of 2018 and into 2019 as analysts digest weaker than expected earnings reports and negative earnings guidance from many companies. This has increased the uncertainty about the rate of earnings growth in 2019. And, Due to the increase in the Standard Deduction many taxpayers will no longer itemize their deductions in 2018 for federal tax purposes. However, many states did not conform to the federal changes so their Standard Deduction amounts remain much lower. Therefore, many taxpayers may still benefit from gathering their Itemized Deductions in order to claim the deduction on their state income tax returns.. What do you need to know? Also,The tax cuts and changes to the tax withholding tables that took effect in 2018 has some worried that many taxpayers will owe more than expected when they file their income taxes this year. To ease the tension the IRS announced that it will lower the threshold for tax underpayment penalties for 2018. Now, as long as a taxpayer has paid in at least 85% of their total tax liability the underpayment penalty should be waived. Historically, the threshold was 90% of the total tax for the year. Plus a look at the Planned Solutions Incorporated Office Bulletin Board- A few things to be aware of as tax time nears it is important to remember that tax forms may be mailed on different schedules depending on the type of account and the information the tax forms report. In addition, if an account was transferred during the year there will likely be multiple tax documents for the account as each custodian will issue their own form to report the income for the period in which they held the account. To subscribe to the written form of all the content we discuss email Katie@plannedsolutions.com

With a Roth you determine when you want to pay the taxes for what you put into the account. This is a benefit of the Roth that way too often gets overlooked. Remember, anything contributed to a Roth is with after-tax money. If you choose the Roth, you pay tax now. If you choose the Traditional you pay tax later. It's up to you when you want to pay the tax. You can also convert all or a portion of your Traditional IRA/401k/403B/TSP to a Roth. A conversion is simply moving money from a tax-deferred account to a Roth. For instance, if you were to convert $50,000 from your Traditional IRA to a Roth, that $50,000 will be taxable as ordinary income (OI) in the year in which you did it. There is no escaping that. You will pay tax on that converted amount. But again, you choose when. Let's play out a scenario to see how this may work for you. Sarah and Dan just retired. As a marketing executive Sarah was making good money, $150,000 a year with a $50,000 annual bonus. Dan was also making a decent income as a sales consultant, $75,000 a year. Between them they had $275,000 a year in gross income. Because their kids were no longer at home and the mortgage was paid off the only deductions they had were deferring as much income as possible to their 401k plans. Last year they were both able to defer the maximum of $22,000. Those deferrals, plus their two standard deductions, reduced their gross income by $68,000 (see table below). Their taxable income then was $207,000, putting them right in the middle of the 24% bracket. there is a HUGE difference between deferring income, 401k contributions, and negating taxable income, standard deductions. Deferring income simply means you don't pay tax on that income now but you will at some point. Ages 62-70 are the Golden Years of Tax Planning Fast forward a few years and we see that both Sarah and Dan have just retired. Sarah is 62 and Dan 66. They are not taking Social Security yet just living off the savings they were able to squirrel away. They have no mortgage and they figure they spend about $50,000 a year total, on everything, vacations, bills, helping the kids out occasionally, etc. Should They Take Social Security Now? They have accumulated $300k in their 401ks and rolled those accounts to IRAs. They also have $150k in savings accounts. They wonder if they should start taking Social Security. NO! Absolutely not! Given they have no income other than minimal interest they're making on their bank account they are paying NO TAX. They will continue to pay NO TAX until they reach 70.5 when RMDs kick in. They should take advantage of their $0 tax and start moving money over to a Roth, now! Any income they receive up to $25,300 is TAX FREE! ($12,000 is the Standard Deduction in 2018 for Sarah and $13,300 for Dan). When Your Tax Rates are Low, Convert to Roths! Let's say I am able to convince them to convert $50,000 this year. That $50,000 will be taxable as ordinary income. But with their $25,300 of standard deductions kicking in and the fact they have no other income their taxable income will be all of $24,700. They'll pay only $2,583 in taxes this year. $2,583 in tax today is a tiny price to pay for all the benefits of the Roth IRA. Heck, I'd even advocate they convert a full $100,000. With a $100,000 conversion their total tax will be $8,655. But that $100,000 plus any growth will NEVER SUBJECT TO TAXATION AGAIN! --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

In this episode, podcast host and author of “Control Your Retirement Destiny” covers Chapter 4 of the 2nd edition of the book titled, “Taxes.” If you want to learn even more than what there is time to cover in the podcast series, you can find the book “Control Your Retirement Destiny” on Amazon. Or, if you are looking for a customized plan for your retirement, visit us at sensiblemoney.com to see how we can help.   Chapter 4 – Podcast Script Hi, this is Dana Anspach. I’m the founder and CEO of Sensible Money, a fee-only financial planning firm. I’m also the author of Control Your Retirement Destiny which was initially published in 2013. A 2nd edition was published in 2016, and now, I am working on the 3rd edition. Why a 3rd edition? Well, the tax laws changed - and we want to update Chapter 4, which covers taxes. This podcast covers the material in Chapter 4, and I’ll be discussing both the old tax rules and the new tax rules. We’ll continue to follow the case study of Wally and Sally based on the 2nd edition of the book. The book has incredible 5-stars reviews on Amazon. If you like what you hear today, go to Amazon and search for Control Your Retirement Destiny. You won’t be disappointed. And if you are looking for a customized plan, visit sensiblemoney.com to see how we can help. Ok, let’s get started. In this podcast, I’ll be covering the highlights from Chapter 4 on the topic of “Taxes.” ----- There are very few people I know who enjoy doing their taxes. That includes me. I have actually never done my own tax return. To me, it is worth it to pay someone else to handle this task. Yet, I know a tremendous amount about personal tax rules. So why wouldn’t I do my own tax return? Well, a tax return is a historical account of what happened. Once it is time to file your return, there is nothing you can do to change the outcome. I prefer to use my tax knowledge to figure out how to pay less in taxes. And, to help other people pay less. To me, that is one of the most rewarding parts of my work. To pay less in taxes, you have to plan ahead. How far ahead? The more you want to save, the farther ahead you’ll plan. Think of tax planning in three levels. Level 1 is pretty basic. For example, assume you turn your tax documents in to your tax preparer, and he or she let’s you know you could fund an IRA for the previous year, and thus reduce your tax bill.  That wasn’t really planning ahead, but you did learn a step you could take to reduce current year taxes. But is this really the right step to take to lower your taxes in the long run? Not for everyone. Some people are better off funding a Roth IRA instead of a Traditional Deductible IRA. With a Roth, you make after-tax contributions and from that point on, the money grows tax-free. The Roth IRA has several unique advantages for retirees when they enter the phase where they are regularly withdrawing money. For example, Roth withdrawals do not count in the formula that determines how much of your Social Security is taxable. And Roth IRAs do not have what are called Required Minimum Distributions, which begin at age 70 ½ and require you to take out specified amount each year. These unique advantages of Roth IRAs are often missed by traditional tax preparers. The reality of Level 1 planning is that many tax preparers are so focused on what you can do to reduce this year’s tax bill, that the advice they are giving, with the best of intentions, may not be advice that is ideal for you. Next, we have Level 2 tax planning. You must tackle Level 2 planning in the fall, and run a tax projection. The bummer part of doing this is that you have to gather estimates for every item that will be on your upcoming tax return. We do this for most of our clients each year – and I’ll admit, it’s a lot of work. What do we learn from all this work? We can determine what actions need to be taken before the year is over so that people can save money. There are three items we routinely look for. 1) The opportunity to convert a portion of an IRA to a Roth IRA, 2) the ability to realize capital gains if they will fall into the zero percent tax rate, and 3) the ability to realize capital losses that can be used to offset ordinary income. If you aren’t sure what these things mean, keep listening. I promise, I’ll explain most of them in more detail. With Level 2 tax planning you mock up your tax return, and then see what it would look like if you were to take action before the year is over. One of the most memorable results I have from a tax projection was when we told a client that could sell a significant amount of Apple stock and realize $60,000 of capital gains and pay no tax. They were shocked. How were they able to do this? They had just retired, and their taxable income was going to be quite low for the year. When your taxable income is low, any capital gains you realize are likely to fall into what is called the “zero percent tax rate” – which means you can realize those gains and pay no tax. If they had waited even one more year – their taxable income would not have been as low – and they would have paid taxes on the gain at a 15% tax rate, or $9,000 in tax. Planning ahead saved them $9,000. Pretty cool. Then, we have Level 3 tax planning. With level 3 planning, you plan many years ahead. This type of planning can have a big impact on people who are near retirement. Why? Between the age of 55 and 70 there are a lot of moving parts. Retirement usually happens in this age range, which results in a change in taxable income. And various other types of income start– such as Social Security, pensions, deferred compensation payouts and IRA withdrawals – and they often all start at different times. If married, spouses may have different retirement dates and different years where each of their Social Security begins. With all these moving parts, your tax return can look entirely different from year to year – and lots of opportunities exist – if you’re on the lookout for them. In Chapter 4, we follow the case of Wally and Sally. I show you what Level 3 Tax Planning looks like by going through three potential retirement income plans for Wally and Sally. All three plans are designed so that their lifestyle spending is identical. The difference in the three plans is when they begin Social Security, and how they withdraw from various accounts. These changes impact how much in taxes they pay in each scenario. Let’s see how their three scenarios look using the old tax rates. Then we’ll summarize how it might change under the new 2018 rules. In the 2nd Edition of the book, I describe Wally and Sally’s three retirement income plans as Option A, B, and C. With Option A, Wally and Sally take their Social Security early, and at the same time withdraw from their non-retirement accounts. They know at age 70 ½ that by law they are required to begin taking distributions from retirement accounts and they plan to wait and tap IRAs only when these mandatory distributions begin. Their cumulative taxes over a 29-year projected lifetime add up to $452,000. With Option B, they use their suggested Social Security claiming plan, which has them filing a few years later, and they use the same withdrawal order as Option A. Which means they spend non-retirement savings first, while waiting until required distributions begin. Their cumulative taxes total to $487,000. With Option C, they use their suggested Social Security claiming plan while converting IRA assets to a Roth IRA during low tax years, and they withdraw from IRAs before their required distributions begin. Their cumulative taxes add up to only  $424,000. That’s a $63,000 difference in taxes paid – depending on how they structure their income plan. There is also a big difference in how much money they have left after 29 years. When looking at the estimated after-tax value of accounts, with Option A they have  $816,000 left. With Option B, in 29 years, they have $930,000. And with Option C - $1,153,000. That’s $337,000 more.   Now, if I have any economists listening, they will realize that $337,000 sounds like a lot – but that is $337,000 twenty-nine years in the future. You must discount that back to today’s dollars to do a fair comparison. Assuming a 3% inflation rate, in today’s dollars that is worth $143,000. That’s still a decent chunk of money you get to keep by planning ahead. How does this type of planning work? In the early years in retirement, Wally and Sally will be in a lower tax rate. Later in retirement, a higher tax rate will kick in because of their IRA withdrawals. With Option C, they use this to work to their benefit. They withdraw money from their IRA on purpose when their tax rates are low. They are able to put some of it in a Roth IRA where it grows tax-free. This is called a Roth conversion. The result is that later in retirement their Required IRA distributions are lower, and they have less income taxed at the higher rates. What does a similar case study look like under the new 2018 tax laws? I’m working on that right now for the third edition of the book. Starting in 2018, tax rates are lower than they were in 2017 – but they are set to go back to higher rates in the year 2026. This makes planning a bit of a challenge. I ran similar Wally and Sally scenarios using 2018 tax laws, and assuming those rules stay in place and do not revert back to old rates. Under this scenario, Wally and Sally can still save up to $48,000 in federal taxes by building a tax smart withdrawal plan that delays Social Security while withdrawing from IRAs and using Roth conversions. There is up to a $350,000 difference in after-tax assets at the end of their plan. Which is equivalent to $148,000 in today’s dollars. And, if in fact tax laws do revert, the tax planning will save Wally and Sally even more. Under old tax rules, or new ones, there is plenty of money to be found with good planning. Hopefully, I’ve convinced you that tax planning can save you money. Although I can’t cover all the rules in this podcast, with our remaining  time I will discuss tax planning triggers that you want to be on the look out for. Then, we’ll talk about a few specific parts of the tax code and how to use these parts to make better planning decisions. First, tax planning triggers. If you have the same salary, the same mortgage, and the same number of dependents this year as you did last year, most likely your tax return this year will look much like it did last year. Where big opportunities show up is when things start to change. I call these items “Triggers.” When a Trigger occurs, it might be a great year to focus extra effort on your tax planning. For example, you change jobs, or you have a year where you are only employed half the year, or you retire. During those years, you are likely to be in a lower tax bracket than you were the year before. Changing jobs, a period of unemployment, and retirement are three major Trigger events. A few others are a change in your number of dependents, a move to a different state, paying off a mortgage, or taking on a new mortgage. Selling a property or investments should also trigger a fresh look at your taxes, as you may have larger capital gains to report in years where these sales occur. Changes in income are likely to have a bigger impact than changes in deductions. To understand why, let’s quickly review how tax rates work. Income is reported on the first page of a 1040 tax return. Although income is reported here, not all of it is taxable. Many line items on your tax form have a column for the full amount of the income, and then a separate entry where you put the taxable portion. You use this income to determine what is called your Total Income on line 22 of the first page of a 1040. Then you get to adjust this income down by what are called “above the line” deductions. Some common ones are contributions to a Health Savings Account or to an IRA. The result is called your AGI, or Adjusted Gross Income, and it is shown on line 37 of a standard 1040 tax form. Next, in 2017 you get to reduce your AGI by taking either the Standard Deduction, or Itemized Deductions. This is one area where things changed between 2017 and 2018. Let’ start with 2017 rules. In 2017, each person got to reduce their AGI by a personal exemption amount of $4,050 and a standard deduction of $6,350. If you were age 65 or older you also got a slightly larger standard deduction. Let’s say you’re married and not yet 65. In 2017, your total standard deduction was $12,700. You would compare this to your itemized deductions, which included things like mortgage interest, state taxes paid, health care expenses up to a limit, and charitable contributions. If your total itemized deductions were more than the standard deduction then you got to use the larger number. In this example I’m using, as long as your itemized deductions were more than $12,700, you would use the itemized. Then you also got to reduce your income by your personal exemptions. In 2017, for a single person, age 65, when you added up your standard deductions and exemptions, without any itemizing, your AGI would be reduced by about almost $12,000 to get to what is called your Taxable Income. For a married couple both age 65, your AGI would be reduced by just over $23,000 to determine your taxable income. In 2018 – it’s different. Now, there is not a personal exemption. Instead, the standard deduction is much larger – at $12,000 each, or a total of $24,000 if married. And, you still get a little more if you’re age 65 or older. In 2018, as a single not yet age 65, you must have more than $12,000 of deductions before you cross the threshold to be able to itemize. For married couples is must be more than $24,000 (If over 65, those numbers change to $13,600 for singles and $26,600 for marrieds.) What all of this means is that many more people will use the standard deduction now instead of itemizing. In addition, what is eligible to be itemized has changed! In 2017, you could deduct state and local taxes, like property taxes and state income taxes paid, with no cap on how much could be deducted. In 2018, you can use a maximum of $10,000 of these types of deductions. This has the biggest impact on folks who live in areas with high property taxes and high state income taxes. There are a few other changes to itemized deductions too, but I can’t go into all of them. The bottom line is that you start with Total Income, then take Above the Line deductions to get to your AGI, then you reduce that by your Standard or Itemized Deductions to get to Taxable Income. Great, you have taxable income. Now what? Now, that income flows into the tax tables. And naturally, that isn’t simple either. Tax rates are tiered. This is something that I find many people do not understand – because under a Tiered system, not all income is taxed at the same rate. In 2018, the rates are 10%, 12%, 22%, 24%, 32% and 35% - these are all slightly less than they were in 2017. To understand how it works, let’s talk through an example of a single person who has Taxable Income of $80,000 (remember, that’s what is left after all their deductions). In 2018, the first $9,525 of that income is taxed at the 10% rate, the next $29,174 is taxed at 12%, and the next $31,775 is taxed at 22%. What if this person were trying to decide if they should contribute more to their 401(k) - and they could either make a deductible contribution to the plan, or an after-tax Roth contribution? Which is better? If they contribute $10,000 it will reduce the taxes they are paying at the 22% rate – which means a $10,000 deduction equals $2,200 saved in taxes. That sounds great! But tax laws are set to revert to the old rates in 2026. What if their retirement projection shows that their income later in retirement will be taxed at the 28% rate. Does it make sense to take a deduction now at 22% - then pay taxes on that same money later when you withdraw it at a 28% rate?  Probably not. This is just one example of how Level 3 Tax Planning can help you make better decisions. In addition to looking at the cut off levels between tax rates, you must also consider that all income is not treated the same under the tax code. I think of retirement income in three buckets. There is your: Ordinary income bucket Your Qualified Dividends and LT Cap Gains bucket And then you have Social Security. Ordinary income includes income you earn, interest income, IRA or 401(k) withdrawals, most types of pension income and many other things. This type of income is subject to the ordinary income tax rates that we just went over. Next you have Qualified Dividends and LT Cap gains. Long term capital gains means a gain from the sale of an investment which you owned for at least one year. These two types of income have their own special tax rates which are lower than ordinary income tax rates. The three tiers are 0%, 15% and 20%. Did I say “zero percent”? Yes, I did. There is actually a tax bracket where if your taxable income is less than $38,600 for singles, or $77,200 for married, then your qualified dividends and capital gains are not taxed. There are ways to strategize and intentionally create a tax year where your income will be low so that you can realize capital gains at a lower tax rate. How does all this work together? Well, we have a client that has a $4.5 million taxable portfolio. By taxable, I mean the investments are not inside IRAs or other retirement accounts. In 2017, their Taxable Income was $210,000. How much do you think they paid in taxes? At least 12% right? After all, in 2017 that was the lowest tax rate. At 12% they would pay just over $25,000 in federal taxes. And that would be a pretty good deal. They only paid about $14,000 in federal taxes in 2017. How can this be? A large portion of their income fell into the 0% and 15% capital gain and qualified dividend tax rates. When you structure a portfolio correctly, with taxes in mind, you can create a really great tax efficient outcome. The third type of income we’ll talk about is Social Security. The good news is 15% of the Social Security income you receive is always tax-free. Whoohoo! The bad news, is some people will pay taxes, at the ordinary income tax rate, on up to 85% of their benefits. It is all determined by a formula. If you have no income other than Social Security, you’ll pay no taxes on your benefits. As other types of income begin to flow into the formula, it changes the portion of your benefits subject to taxation. With the right type of planning, many retirees can receive more in benefits, and pay less taxes on what they get. You must engage in Level 3 Tax Planning to spot these opportunities. We’ve now discussed the old and new tax rates, and how the standard deduction has changed. We talked about the special tax rates that apply to qualified dividends and long-term capital gains. We also briefly reviewed how your Social Security benefits are taxed. And, looked at Wally and Sally, and saw a first-hand example of how planning resulted in a better outcome. There are many more items I cover in the tax chapter. There is simply not enough time to cover them all in a single podcast. You can find additional tax-related content on the SensibleMoney.com website in the Learn section. Or to develop a customized tax plan visit us at Sensible Money.com to see how we can help.

In today's episode of Tax Savers' University Tyler answers a question on whether a business owner should file as a standard deduction or an itemized deduction. --- Support this podcast: https://anchor.fm/taxsaversuniversity/support

Episode 6: Tax Cuts and Giving If you’ve ever donated to a nonprofit, you know the power of the charitable tax deduction. You’re reminded in every year-end appeal, and every handwritten receipt you get for donating those “gently used” clothes and housewares. Nonprofits have long depended on tax incentives to encourage giving, but with the doubling of the Standard Deduction under the Tax Cuts and Jobs Act, will that incentive go away? And does it matter anyway? In this episode, Dr. Philip Knight, Executive Director of the Food Bank Council of Michigan, and Allison Grayson, Director of Policy Development and Analysis at Independent Sector, help us look to history and speculate about the future to uncover the role of state and federal tax incentives on donor dollars.

The new tax bill, TCJA, is a HUGE opportunity for married couples to start planning, especially if you're over 65. In this episode I discuss how using your increased in Standard Deductions and paying just a bit more tax today can save you HUGE taxes in the future. Remember, a single taxpayer, i.e. a widow, only has half the Standard Deduction as a married couple. This may not seem a big deal, but it is. The single taxpayer will now be faced with higher taxable income, at a higher tax rate, as well as higher taxation on Social Security, PLUS, potential for huge premium increases on Medicare B and D. Don't let this be you. Start slowly moving money over to a Roth IRA, at the minimum up to the maximum of your current tax bracket. Married with taxable income of $50k means you have $27k before you hit the next bracket of 22%. Pay 12% tax on that $27k today to save huge amounts in the future. Song of the day is Jake Hamilton and the Sounds - Wade In The Water --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Don’t make charitable contributions every year and maximize the Standard Deduction!  Mike reviews a technique called “bunching deductions” in light of the new tax law.

On this week's show, The Wise Investor Group pulls back the curtain to disclose those areas WIG financial planners deem are important to understand and discuss with clients. Retirement analysis, Social Security, Health Insurance/Medicare, Tax Planning for Roth Conversion Opportunities, Capitals Gains planning, Standard Deduction and Charitable Giving (Qualified Charitable Distribution); Stress testing the Retirement Analysis for Death, Disability, Liability and LTC; Estate Planning: Wills, Trusts, Titling, Beneficiaries, Successor Trustees and Qualitative analysis; Family/Life Balance: Asking about kids and offering to help them, Missing out on anything or anything you're not doing? They also talk about feedback from clients on how they are doing and if the contact is enough. To reach Matt Anderson, call 571-203-1600. We manage investments for our clients. We'd be happy to help you plan your investment goals.

With the recent passage of the Trump Administration's Tax Cuts and Jobs Act, there have been a lot of questions from real estate investors and rental property owners about how the new tax changes will affect their tax preparation for 2017 and beyond. Here to explain the changes and their potential benefits to investors is Duane Culver, CPA and President of Culver CPA Group.  Duane will give us the low-down on the following topics: The Return of the Education Deduction, changes in 2017 regarding Depreciation & Bonus Depreciation, Section 179 and how it affects your ability to write off capital expenses, the drop in tax rates throughout the different tax brackets, changes to the Standard Deduction, ways in which congress is trying to simplify Tax Laws, how those tax laws affect LLCs, and ways in which Real Estate Investors save tax dollars from these changes. If you're about to sit down & do your own taxes, or you have a professional prepare them, it pays to learn as much as possible about tax rules & how they apply to real estate investing.  The more you understand, the more you'll be able to use tax law to your advantage, avoid mistakes, and prevent IRS audits. Duane can be contacted by email, his website, or phone: dculver@culvercpagroup.com www.culvercpagroup.com 616-456-6464 Enjoy the show, and please take a moment to go to itunes to subscribe, rate & review.

Should you take the standard deduction or itemize?

Tax Reform! Can you imagine anything more exciting? Ok, maybe not the most titillating subject in the world, but it could impact your retirement, so we need to talk about it! We’re covering how Tax Reform will: Reduce the number of taxpayers who itemize from roughly 30% to fewer than 10%. Double the Standard Deduction to […]

Tax experts, asked who will benefit from the new Tax Reform Act, agreed that it will be "really good for corporations." The new Standard Deduction may help individuals. Other changes discussed: the 529 Plan, $10,000 cap on mortgage, state & local taxes.

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.  

TurboTax Support Learn the difference between the standard deduction and itemized tax deductions. If you enter a deduction in your income tax return and your refund amount does not change, it might be because you haven't yet passed the standard deduction amount. The standard deduction quoted in this video is for tax year 2013. TurboTax will automatically select the option which gives you the highest tax refund. Watch this helpful video from TurboTax for more information on standard vs itemized tax deductions.