How to Build a Tax Plan (Tax Planning for Beginners)
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- Опубліковано 20 чер 2024
- It's time to talk about... How to build a tax plan or create a tax strategy. And this is important because listen, 2021 is almost over. And you have to build your tax plan, the year before tax season starts.
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Almost every tax season, I have clients who see their tax liabilities or tax refund and ask “what can I do about this number”
And the truth is... usually it’s too late to do anything about it their tax outcomes because the tax year is already over with.
Timestamps:
How to Build Tax Plan (0:00)
Step #1 (1:42)
Step #2 (3:22)
Tax Deductions vs Tax Credits (4:18)
Step #3 (6:08)
Step #4 (7:50)
Step #5 (10:48)
By the end of this video, you should have everything you need on how to do tax planning. You'll know your tax liabilities, tax deductions/credits you can go after, you'll know if you even want to chase a tax plan, and a few tax strategies you can implement immediately.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
Excellent! 8:55 you are correct that a 401-k is a tax shelter, but "retirement get your money back tax-free" is not correct...401-K withdrawals will be taxed and by law 20% withheld, partial refund will depend on tax bracket.
Love the video!
One thing that I found in your video is very detailed with info and ultimate graphics. Thanks!!
I am learning so much with watching your videos . Thank you
This has been super helpful!!
Thanks for the video. Easy to follow and full of great information. I subscribed.
Keep goin bro and growing, you can become a goat in your league
Great video with lots of good strategies. Thanks.
Super helpful!
Very helpful!
😲😲😲😲😲😲😲😲 keep up the update love you
I’m learning a lot
Thank you for this amazing simplistic video! I am currently reading Tax Free Wealth by Tom Wheelright and as I was writing out notes I realized I wanted a clearer picture of the tax planning process as a beginner. Your video was exactly what I was looking for. I’m looking forward to applying this newfound knowledge 🥳
Credits VS Deductions! I had no idea, thank you!
Happy to help!
Suggested video to watch next: "Tax Secrets" ua-cam.com/video/kZjPHzJZ844/v-deo.html
Can you make a detailed video on health reimbursement arrangement account? Thank you
We have an LLC, we've been looking for an CPA, so we can know if we can spend more toward the company or withhold till the next year. Great video
Thanks for sharing!
Can you make a video like this for small business owners? I just formed an LLC and need some tips on business taxes
Same
Got a question. Do you have to buy or investment property under your LLC to be able to get those deductions?
Is there a tax software that you can use to gradually estimate your taxes throughout the year?
When starting up your own business, is there a cap on the loss you can deduct against your regular income, especially in the first year when you don't make money.
I, an American citizen, took and paid for Master's classes at the University of Granada in Granada, Spain. Can I get that deducted even though it is a university outside of the US?
As for tax planning number 2, what about investing in a whole life policy?
Nevee use whole life. Use term.
@@StarlynsAgency why term over whole?
At the 3 minute mark I kind of got lost. could you finish doing the math. You started at the 24% bracket and then went on to the next topic...how would you find the remaining taxes within the lower brackets? thanks
You find the Difference between the Top and Bottom amount of each bracket rate, find the corresponding percentage to THAT amount. Start with your Exact Income, then go down to the bottom number in that rate. Do that to Each bracket, then add them together.
$100,000 - $86,376 = $13,624 -> *24% = $3,269*
$86,376 - $40,526 = $45,850 -> *22% = $10,085*
And so on, and so on.
(~ If your income was $92,000, then you would subtract $86,376 from it and find 24%..)
💵💵💵💵💵💵
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