You're Filing YOUR TAXES WRONG | Tax Season 2024 | Your Rich BFF
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- Опубліковано 31 тра 2024
- Hey besties, tax season is upon us!! As you prepare for the April 15 deadline, I want to make sure you have all the tools to avoid these common tax pitfalls. Remember, if you have a more complicated tax situation, please reach out to a CPA. Want more financial tips and ways to demystify the tax system? Check out my new book, RICH AF, out now!
Thanks to SoFi for sponsoring this video! If you’re looking to earn more interest on the money in your checking and savings accounts, check out sofi.com/yourrichbff. SoFi’s High Yield Checking and Savings Accounts offer more APY than standard bank accounts (per the national FDIC savings rate average).
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Your favorite Personal Finance & Investing Creator. Let’s talk about money, career, & getting rich. Learn more about my background in Finance on www.YourRichBFF.com and follow me for more smart money tips.
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You should do a video giving tips on how to fill out their W-4’s with their employer so that they get deducted the right amount of taxes from their paychecks, cause if they end up getting deducted the wrong amount ( less) on their paychecks, then when they file their taxes they will end up paying more and possibly not receiving a refund at all 🤦🏻♂️💯
A small or no refund is fine with me because that means I was able to keep more of my income to use as I like throughout the year. When you get a refund, that isn't a reward, it's extra income withheld by the government until you file. Talk to you HR rep about adjusting your withholding if you want more or less to be due when you file taxes
Last I checked the IRS had a withholding calculator on its website that can tell you what amount to use on the W-4 to get the correct amount withheld and will export it into the form for you.
This is so true! Help please!
Esp if you have more than 1 job
@biblioholi❤c7139
One tip I've found incredibly valuable is to stay proactive with tax planning throughout the year, rather than scrambling during tax season. By staying informed and making strategic adjustments along the way, we can optimize our financial strategies and keep more money in our pockets. Great video!
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@@user-qf1oe8el1k Overall, a combination of long-term investing in the S&P 500 index and leveraging the insights of a professional analyst can be a reliable strategy for wealth creation and financial growth. It's essential for each individual to carefully consider their investment goals, risk tolerance, and financial situation when making investment decisions.
@@user-qq5fy4nh8v One of my goals is to employ the service of one next year. I've seen some off LinkedIn but wasn't able to get a response. Could you recommend who it is you work with?
@@user-ko1xu4ow4w I'm hesitant to make recommendations like this online so I can't drop her contact here, but you could look her up yourself and contact her if you wish. Her name is Leticia Zavala Perkins.
@@user-qq5fy4nh8v Thank you. I just checked her out now and I've sent an email. I hope she gets back to me soon. I've been thinking of doing this for a long time now, and I've procrastinated enough already.
Turbo tax charged me $125 to file state and federal saying my filing was complicated because of interest on my savings account exceeded a certain level, bs and I am retired! Going back to paper and pencil next year, bye bye turbo taxation!!
This video is not really about filling taxes but tax strategies for future taxes.
I love watching Your Rich BFF, Stock Brotha, & Everything Money. Love them all! ❤ ❤ ❤
Vivian.. the biggest mistake starts at the get go when people do their W-4’s… and it really can get confusing if the filer is married and or both of them have more than 1 job. People tend to make mistakes filing their W4’s and stand to lose thousands of $$ potentially when they file cause then the IRS takes more when they file rather than when they get taxes discounted from their paychecks
i’m 14 and scared to grow up, and you are giving me reassurance that maybe i won’t fall and die the moment i turn 18. THANK YOU 🙏🏽
Everything will be alright, little angel 😊
😂 it's all good. You have So Many reputable resources at your fingertips. Start slow - eventually You'll be a pro & you'll be the one helping others as u get older! We all started with zero knowledge. ❤
Don’t stress my friend. You are already ahead listening to this kind of stuff. ❤❤❤
It's hard and uncertain for most but dw we learn and adapt :)
Just know about 90% of adults don’t know wtf they’re doing either. You’re good.
I needed this advice 30 + years ago! 😢
Unfortunately, the IRS site informed me that since I had a health insurance plan through my state marketplace, I wasn't eligible for the free/direct file options they offer.
You are unique and real and genuine at teaching in your own way perfectly. Finance is really bland and boring to listen in when you want to learn more about it, stocks, creating wealth.. But you are the first person that really is truly your self and isn't boring. Is relatable and honest. That is why you is so great.
Wealthfront offers a higher % of 5.5 on a savings but not an affiliate of course
Eeh....some of these aren't about filing your taxes incorrectly 😔
I had to pay $50 to file my taxes because they were considered “complicated” because of my marketplace health insurance not to mention I had to pay. Oh and I had to pay to access my past taxes. I owed $200 this year
This is the cheapest fee I’ve ever heard of even for someone with a single w2 😂
Wait, was this a complain or a brag lol
Great information!
I almost sent mine in without the deduction for contributing to my Roth IRA. Also I stopped using tax help and do my own now like I used to when they used to send you the tax booklets out in the mail. I don't get much for a refund but still save hundreds.
Real value here. thank you my rich bff
maximizing tax advantage accounts has nothing to do with filing your taxes wrong or correctly. If you go down that rabbit hole, then you ought to say you shouldn't get a refund or to minimize your refund by adjusting your withholdings.
Anyone else watching this on April 15th?
Tax refund... What's that?
I've had to pay big bucks the last five years. My employer (and my wife's employer) makes it so hard to add additional withholding.
I have SOFI and there are no complaints besides your deposits will take a couple days if it's a new one. I invest with SOFI as well.
I know this is probably for people at the beginning or partly into their full time career, but I make like $11,000 a year since I’m a full time student who knows absolutely nothing about taxes. Do I have to file anything and will I be able to get anything back?
And how do we end up paying taxes on the money invented and getting interest is taxable so it happens to benefit the IRS allover again
I filed in February I had to pay $6 in Federal taxes and had $15 in my state return. I paid $120 something dollars just to file 1040 with H &R Block because i don't remember my efile pin oy
Sounds like you been ripped off. The efile pin is used to pull up prior tax record. They usually look for your AGI which is adjusted gross income to be able to do your current tax. That would be on line 11 of your 1040 tax return last year. Using that number makes filing the taxes simpler.
Do you do personal financial consulting? If so, How can I schedule an appointment with you?
Another question: Having savings you need to pay taxes right? thanks for your answer.
Did the bank give you a 1099-INT form? If they did then that amount has to be included on the tax return to be calculated for tax.
Good Content.
The free option at the IRS sadly doesn’t help me with my State taxes. 😢
Thank you for your videos. Question: My son did a paid internship for 5 weeks during summer, do I need to report it on my taxes? He earned in total $5,000. thank you for your answer.
In my un-professional experience, the dependent (your son) should file on their own.
Might a person want to open a 403 b if the employer makes no contribution? Even if they already have Roth IRA?
If you don't reach the max limit for contributions to your Roth IRA, then I agree, might as well skip the 403b since you don't get any benefit of a match. If I am maxing out my IRA, and still want more tax benefits of either traditional or roth 403b, then still contributing despite no match, still has it use. Also, check what are the fees and choice of funds in the 403b, if there are lots of fees, then maybe it's not worth it. Even some fees probably wouldn't stop me from taking advantage of the tax benefits of a 403b. Of course, talk to a professional who can look at all of your circumstances to help make a decision. There may be more factors to consider.
My husband makes $120k and I made $22k. We have 1 child. That counts for those free taxes sites when you made less than $79k? Or must be $79k combined as well?
Those 401ks have a 10% penalty for withdrawals before 50 years old/retirement age. That's from the Today news channel. They're taking it out because of emergencies.
So if I make under $79k BUT I also have investments in a brokerage account can I still file for free or do I need Turbotax? Also, how can I file for free for my state?
irs has an online pilot program you can file your taxes for free, it is valid for some states though you need to google it to find out
Are HSAs only obtainable from an employer?
Nope! It's an online bank account. Basically a regular savings account with a great interest.
WARNING ⚠️
This video contains too much fluff
this was just a so-fi sponsored video. has nothing to do with filing taxes wrong...
I pay taxes when I file taxes.😅
2:14
She is just doing ads for some really not so great banks.
Inaccurate and misleading title for the actual content of this video.
Eh, I disagree. I feel like she’s given good information on the topic as well as information that is related to the topic.
I too disagree. She gives 5 potential mistakes that could be made if you're filing taxes. Great information, and good behind the scenes history. Good links for further exploration. - from a professional tax preparer.
Lame
Need more value in these videos. Focus on deductions for less taxable income!!
SoFi sucks