Like most everything else in 2020, taxes are a little different this year. It is essential that you understand the short-term and long-term rules and regulations that guide how much you will pay to Uncle Sam. Financial professionals Joe Anderson and Alan Clopine guide you through the ins-and-outs of the changes in the tax acts and give you the tools and strategies to help limit your tax bill. Pure Financial Advisors' Senior Financial Planner Peter Keller, CFP®, AIF® joins the duo to discuss the benefits of charitable strategies such as a donor-advised fund (DAF) and a qualified charitable distribution (QCD). Important Points: (00:45) – Taxes and Tax Planning (01:35) – Tackle Your Taxes in 2020 -What’s New? -How the Tax Bracket’s Work -Money-Saving Strategies -Last-Minute Opportunities (02:29) – The SECURE Act (03:40) – Elimination of Stretch IRA (05:40) – The CARES Act -Coronavirus Related Distribution (CRD) (09:30) – Taxable Income (11:05) – Roth IRA Conversion (13:00) – Charitable Giving Strategies -Donor-Advised Fund -Qualified Charitable Distribution (17:40) – Last-Minute Tax Strategies for 2020 (20:25) – Ask the Experts (23:14) – Pure Takeaway: Tackle Your Taxes -What’s New -Maximizing Brackets with Roth Conversions -Smart Ways to Give to Charity -Last-Minutes Strategies Schedule a free assessment with any one of our CFP® professionals, either online or at one of our financial planning offices in San Diego, Brea, Irvine, and Woodland Hills, California: Subscribe to our YouTube channel and stay tuned for the next episode of the Your Money, Your Wealth® TV show: Subscribe to the YourMoney, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors....(read more)
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Tackle Your Taxes - Your Money, Your Wealth® TV S6 | E15: A Comprehensive Guide to Navigating Your Taxes Tax season can often leave individuals feeling overwhelmed and confused. With a myriad of forms, deductions, and changing regulations, preparing your taxes can be a daunting task. However, fear not, because "Your Money, Your Wealth® TV" is here to help. In Season 6, Episode 15, the show dives deep into the world of taxes, equipping you with knowledge and strategies to tackle your taxes head-on. The episode kicks off with a discussion on the importance of being organized when it comes to preparing your taxes. The hosts emphasize the significance of keeping all relevant documents, such as W-2s, 1099s, and receipts, organized and easily accessible. By doing so, you'll not only save yourself time and headaches but also increase the chances of maximizing your deductions and minimizing errors. Next, the show delves into the different tax deductions and credits individuals can take advantage of. From educational expenses to medical bills, the hosts break down various deductions to help viewers identify potential money-saving opportunities. They also stress the significance of understanding tax credits, such as the Child Tax Credit and the Earned Income Tax Credit, which can directly reduce your tax liability. One crucial aspect of preparing taxes that often goes overlooked is understanding the impact of life events on your filing status and tax situation. The hosts shed light on various scenarios, such as getting married, having a child, or buying a home, and explain how these events can influence your taxes. By being aware of the possible tax implications, you can make informed decisions that benefit your financial situation. Moreover, the show addresses common tax mistakes individuals often make and provides valuable tips to avoid them. From overlooking hidden income to forgetting to sign the tax return, the hosts highlight these errors to ensure viewers are aware of potential pitfalls. They also stress the importance of double-checking calculations and seeking professional help when needed, to mitigate any potential mistakes. In addition to these valuable insights, "Your Money, Your Wealth® TV" also explores the different available tax software programs. With the rise of technology, there are numerous resources and platforms that can streamline and simplify the tax preparation process. The hosts review some of the most popular tax software programs and share their recommendations to help viewers make informed choices. Lastly, the episode concludes on an optimistic note, reminding viewers that tax season does not have to be all doom and gloom. By understanding the intricacies of the tax system and staying organized, individuals can navigate through the process with confidence. The hosts emphasize the importance of staying proactive and continually educating oneself about changes in tax laws to ensure long-term financial success. In conclusion, Season 6, Episode 15 of "Your Money, Your Wealth® TV" provides viewers with a comprehensive guide to tackle their taxes. With expert advice, useful tips, and insights into the world of taxes, this episode equips individuals with the knowledge and strategies needed to effectively navigate tax season. By being organized, informed, and proactive, viewers can approach their taxes with confidence and ensure they make the most of their financial situation. So, tune in and get ready to tackle your taxes! https://inflationprotection.org/get-your-finances-in-order-your-money-your-wealth-tv-season-6-episode-15-handling-your-taxes/?feed_id=112337&_unique_id=649d3e5923462 #Inflation #Retirement #GoldIRA #Wealth #Investing #AlanClopine #bunchingdeductions #caresact #coronavirusrelateddistribution #CRD #DAF #donoradvisedfund #Finance #financialadvisor #financialliteracy #FinancialPlanning #Freedom #incometaxes #JoeAnderson #maximizeretirementcontributions #money #moneysavingstrategies #MutualFunds #PeterKeller #purefinancialadvisors #QualifiedCharitableDistribution #retirementplanning #savings #secureact #stretchira #tackleyourtaxes #TaxBrackets #taxlossharvesting #SpousalIRA #AlanClopine #bunchingdeductions #caresact #coronavirusrelateddistribution #CRD #DAF #donoradvisedfund #Finance #financialadvisor #financialliteracy #FinancialPlanning #Freedom #incometaxes #JoeAnderson #maximizeretirementcontributions #money #moneysavingstrategies #MutualFunds #PeterKeller #purefinancialadvisors #QualifiedCharitableDistribution #retirementplanning #savings #secureact #stretchira #tackleyourtaxes #TaxBrackets #taxlossharvesting
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