Ready to hit "send' on your taxes? Before you do, Bob Wheeler from the Money You Should Ask podcast, and a working CPA, joins us to dive into what YOU can do to maybe lower your tax liability. We'll cover frequent mistakes, what to do if you can't pay, and how to negotiate with the IRS. In today's headline, we dive into a 44-year-old's advice on how to build up enough "F.U." money to retire early, and the potential rewards and dangers of early retirement. And, on the Haven Lifeline, we answer a question from our Facebook group "The Basement" about how safe your IRA is if the custodial institution goes under. FULL SHOW NOTES: Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at StackingBenjamins.com/201 Enjoy! ___________ SUBSCRIBE TO OUR CHANNEL: SUBSCRIBE TO THE PODCAST: 🎙️ 🎙️ 🎙️ VISIT US ON SOCIAL: Facebook: Twitter: Instagram: TikTok: JOIN OUR COMMUNITY: 💬 📰 WEBSITE: 🔗 ADDITIONAL RESOURCES: 📒 STACKED: Your Super-Serious Guide To Modern Money Management 📞 Leave a voicemail: #StackingBenjamins...(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Tax season is upon us, and if you haven't filed your taxes yet, you may be feeling the stress of the April 15th deadline. But don't worry - there are still some last minute tax tips that can help you save money and avoid penalties. To learn more, we spoke with CPA Bob Wheeler, a certified financial planner and the author of "The Money Nerve: Navigating the Emotions of Money." 1. File for an extension: If you know you won't be able to file your taxes by the April 15th deadline, you can file for an extension until October 15th. This will give you more time to gather your documents and prepare your return, without facing any late filing penalties. However, it's important to note that an extension only gives you more time to file your tax return - it doesn't extend the deadline to pay any taxes you owe. 2. Contribute to a retirement account: If you haven't maxed out your contributions to an employer-sponsored 401(k) or a traditional IRA, you may be able to make a last minute contribution and reduce your taxable income. For example, if you're in the 22% tax bracket and you contribute $5,500 to a traditional IRA, you could save over $1,000 on your tax bill. 3. Take advantage of tax deductions: There are many tax deductions available that can help reduce your taxable income, such as charitable donations, student loan interest, and medical expenses. Be sure to keep receipts and documentation for all of your deductions, and consult with a tax professional to make sure you're maximizing your deductions. 4. Check for errors: If you've already filed your taxes, double check your return for any errors or omissions. Simple mistakes, such as incorrect Social Security numbers or missing forms, can lead to delays in processing and even trigger an audit. 5. Pay your taxes on time: If you owe taxes to the IRS, make sure to pay them by the April 15th deadline to avoid penalties and interest charges. If you can't pay the full amount, consider setting up a payment plan or negotiating with the IRS to reduce the amount owed. By following these last minute tax tips, you can save money and minimize the stress of tax season. If you need additional guidance, be sure to consult with a qualified tax professional like CPA Bob Wheeler, who can help you navigate the complexities of the tax code and make the most of your deductions and credits. https://inflationprotection.org/tips-from-cpa-bob-wheeler-that-could-save-you-thousands-on-your-taxes-at-the-last-minute/?feed_id=89090&_unique_id=643ed9d65aa89 #Inflation #Retirement #GoldIRA #Wealth #Investing #FinancialIndependence #financialliteracy #JoeSaulSehy #OGstackingbenjamins #personalfinance #StackingBenjamins #stackingbenjaminspodcast #thestackingbenjaminsshow #FidelityIRA #FinancialIndependence #financialliteracy #JoeSaulSehy #OGstackingbenjamins #personalfinance #StackingBenjamins #stackingbenjaminspodcast #thestackingbenjaminsshow
Comments
Post a Comment