Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
The best course of action, in my opinion, is to hire an investing counsellor. Due to my lack of market knowledge, I've been with one. I made more than $490K during the most recent decline, proving that the market is more complex than the ordinary person realises.
These changes are part of an annual adjustment to account for inflation, and they will likely affect how much you owe in taxes, as well as the potential for tax planning strategies and the IRS has widened the income ranges for lower tax brackets (10%, 12%, and 22%).
@@nelsontyler8347 For high earners (those making over $397,350 for single filers and $794,700 for joint filers), the top rate of 37% remains in place, but the expanded range means that higher income earners will also see some benefit.
@@ClintonMathew-x1s If you are nearing a tax bracket threshold, this change gives you an opportunity to plan for the future, Could you kindly elaborate on the advisor's background and qualifications?
@@CALLUMJAKE-h5r If you are nearing a tax bracket threshold, this change gives you an opportunity to plan for the future. You may be able to adjust your income or withholdings to optimize your tax situation...
@@CALLUMJAKE-h5r Just research the name ‘sophie kathryn jones .You’d find necessary details to work with a correspondence to set up an appointment. no need for background and qualifications.
Sherman: I’m a retired CPA with 50+ years of tax experience. Thank you for an extremely well done video. As I become obsolete I, like so many others, need to be informed about tax changes as much as possible. Your video helps a great deal. Thanks again! God Bless.
@ I hope not. In fact I think everyone should pay more tax. Spending also needs to be cut. Maybe we will eventually reach a much needed balanced budget.
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370K the last downturn, made it clear there's more to the markets than we average joes know.
Right now, private investing is the ideal way to approach the market, especially for those who are close to retirement. I spoke with a wealth manager who helped me make $370,000 during the last downturn and made it plain that there is more to the markets than the typical person is aware of.
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
Think about what you are going to use the funds for at retirement. Each account is useful in different ways for different goals. Balancing the tax implications of both is key to minimizes your overall taxes from a long term perspective.
Dude I have dealt with so many called CPA-Accountants and I have yet to find or came across that have the knowledge and ability that you with the tax codes. I commend you and thank you for all you share in your videos. Hope one day to find a CPA that cares about my finances as much as you care about your clients finances.
A good CPA makes such a difference. I always went to HR Block. The tax guy I was working with was telling me I had to pay tax on the student loan I had forgiven. I was upset,but about to pay.The branch mgr happened to arrive and corrected his mistake. As I was low income I did not have to pay the tax She helped me file an insolvency form and that was it. Saved me Three hundred in seconds. So grateful for her and her knowledge.
Get a knowledgable tax advisor. It has saved me so much over the years. This HR Block experience tells me you should look for a private tax preparer. You don't want a new person making mistakes: you need someone knowledable on current tax laws.
I agree. My son just graduated with 4 year degree and was asking me if getting a smaller pay rate would be better for him because it would keep him in lower bracket 😅 I had to explain how this works and only the amount over the lower bracket would be taxed at the higher rate not to mention the standard deduction and the amount he places in 401k. Schools send our kids out into the world with no financial know how. It’s upto the parents and unfortunately not enough parents can explain it either.
@@bardisteel5246 it's funny because we had this conversation with our son two nights ago, he surpassed $80k for the first time in October and he was assuming he would have to put away more for taxes because he may hit $100k before the year was over. He assumed his entire earnings would be hit with the top percentage.
I’ve always said high schools need to put in place classes regarding Finances (even just the basics), Home Economics (so many people don’t know how to cook anymore, and eat out at every meal and then wonder why they’re broke), and even some other very simple life skills like changing a tire or basic auto shop, woodworking or other similar trade, etc. So many things have been replaced that don’t prove as valuable in the future
Agreed. Singles should file a class action lawsuit against the IRSS for prejudice. If a man can identify as a woman in today's society. Then as single, I should be able to identify as married.
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or strategy to keep my retirement contributions on track to my $5m goal.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
You know taxes dropped right...? Roth is paying taxes today betting on future taxes being lower. Idk about you but I think I'm making more now in my prime earning years than I do when I'm retired.
That's right, My advisr helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to her guidance, I maintained my desired asset allocation while minimizing taxes.
Sure i don't mind. I've stuck with ‘’Jennifer Leigh Hickman ” for years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Just got your channel today. Like the way you explain things. Pretty clear. Your inflections and demeanor are both professional and understandable. Looking forward to learning more from your channel.
Great information with a 99% clarity. It just drives me nuts as to why when someone shows these Tax Brackets WHY in the world don't they show the Standard Deduction before the first Tax Bracket? This would show someone could make $11,000 before even paying ANYTHING in tax.
I say audit the government. If anyone knew how much unnecessary money the government spends it would make you sick. If we cut back on that spending, we could easily abolish the income tax altogether.
Nope, lies, anyone who is critical or negative of our current administration is WORKING WITH RUSSIANS AS A SPY TO SPREAD DISINFORMATION! According to "DA data" this is the BEST ECONOMY OF ALL TIME, JOEY WAS THE JESUS OF MODERN ECONOMICS AND SAVED US ALL, AND WE HAVE 2 JOBS FOR EVERY 1 JOB SEEKER!(ALL RECENT GRADS COMPLAINING ABOUT JOBS OR THE 60 BILLION+ VIDS ON TIKTOK/UA-cam OF YOUNG AMERICANS MENTIONING HOW BAD THINGS ARE ARE ALL RUSSIAN SPIES!
This is a great video. Straight forward, well explained, and easily followed. I just started watching and by far, you are in the top 10 for talking taxes. Thank you!
I loved how easily you explained everything. It was clear, direct, and no frills. 10/10 work on the research, and summarization. Kinda sucks that the changes to health plan coverage/deductible decreases for certain plans become illegible for HSA/HRAs. The health plan I've had since I started with my company dropped a huge margin in deductibles both in-network, and out-of-network which lead to the restriction. I opted for a higher monthly/higher deductible plan because of the benefits of having the HSA/HRA plans especially those which participate in investment conversions.
We are taxed so much $1.00 is actually $0.40 cents to most people. It is time to put an end to income tax, sales tax, property tax etc. for anyone making $150k or less. If the US government doesn't like it then the US government can trim itself down to make it work.
I don’t think the 60% total tax rate for people under $150k is accurate. But regardless, sure it would be nice, however, we all benefit from the society we’ve cumulatively built. There’s public services like emergency services, public schools, roads, and way more that we all enjoy for no cost at the point of service/use. It’s just not feasible to say that anyone under $150k is exempt from paying into the society.
While people with your mentality still want all the Medicare and SS benefits, am i right? LOL, wake up already... Russia called, they have a one way ticket for you.. Adios.
@@Killersam776 honestly what's not feasible is the US government. The amount of tax dollars wasted while roads and schools and other infrastructure are crumbling, is appalling. We don't get our money's worth. Your defense is based on ideals and is not grounded in reality. You explained how taxes are supposed to work, not how they actually work. America is not doing okay, and more money won't fix it.
@ trust me, i’m not trying to defend the government. They waste an absurd amount of money. But less taxes isn’t the answer. Every republican administration in modern history has tried it along with budget cuts and it’s been objectively worse than the democrat administrations. Trump ballooned the debt more than any president. The fact is, the government needs more tax revenue and budget cuts to get us on the right track
For those of us in the $47,151 to $100,525 2024 bracket, we're not getting that much relief. I went from getting healthy returns, to borderline paying the IRS all while claiming 0.
@@Rwine8174 The level of ignorance required to not recognize that getting a tax return is bad -- and not bothering to do the math to realize a person paid *LESS* overall in taxes, while not getting a return... Please people, learn how taxes work before complaining about returns and cuts.
@@UpYourArsenalThe arrogance you show is maddening. If he didn't change any of his selections then that means Trump's tax cut increased his taxes. For someone who has this kind of arrogance you would think that you would actually respond to the content of his comment in the first place. I don't need your condescension to understand how taxes work.
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
You’re right. I believe that that the income tax was supposed to be temporary in order to fund the civil war and then disappear once the war was over. However, our leaders saw how the income tax was a great way to raise money that it became a permanent fixture.😢😢
I used to work overseas when the foreign income exemption was about $75k. Corporations have no limit to what they can deduct. Something isn’t right, especially since the SCOTUS ruled corporations are people.
Thank you all of these people steering in direction to demonize govt workers etc. that is the deal right there… they burden infrastructure, barely pay living wages and don’t pay their share into tax system in America. Try to make as complicated as you want but it still comes down to poor pay more of their wage and worth than wealthyspecially corporate robber barons of today. OR they’re too tired raising kids and working miserable jobs to get “tricky” with their finances. Oh and new thing , companies literally stealing peoples money when these simple but hardworking people do try to get savvy with their money. Paper mill just did this, they would’ve never tried this crap even 10 years ago. Some of you bragging how smart you find yourselves kind make me want to puke. But you go on , this the site for you , you’ll have one less audience cause I’m leaving 🤮
How about instead of the government passing tax bracket laws and all other laws maybe we the people should vote on them instead as they affect our lives not there’s what kind of free country is America if we have no other vote except for who gets to be the next political party?
I suggest a bonus presentation covering older filers. Not only is there an increase to the Standard Deduction each year, but also the amount of social security that is taxable can increase each year until 85% of social security is taxable. A tax bracket of 12% might really increase to 33% until 85% of social security is taxed .
Now... don't forget that everything you are buying is now 2x more expensive too thanks to the layers of taxes built into the price! Yay taxes! Each and every taxpayer now has a $270k debt burden... plus interest... placed on their backs by government debt.
Great Info! We removed some money from our retirement IRA (we are over 60) and Raymond James kept 22% of it- did not even give us that part. OUCH- almost 1/4 of it went bye bye. So frustrating.
A very insightful video itâs interesting how sometimes people buy replicas and then pretend they are the real thing, which in a way feeds into that sense of exclusivity that discourages people from buying the real thing in the first kislux ! Like the drama that happened on the reality show Singles in Hell
Your taxed on your paycheck The balance is taxed on what you buy. And when you sell something you were already taxed on when you bought it is taxed yet again. Etc etc
Did you not subtract the original tax for when you bought it to when you sold it so that it's taken into account? Sounds like whomever sold your stuff didnt do the math
Well, considering this is only a 2.8% change from 2024, and one of the lowest in recent history, let’s at least be honest about things. This is in no way doing us any favors in light of the current economy we are dealing with. It still puts us going in the wrong direction when compared to the inflation rates we face every day all year long.
Exactly. Listen to this con. Went to Home Depott and bought some carpet. Paid for: 1. Carpet cost. 2. Sales Tax 3. Carpet "shepherding" charge of a few dollars. I've noticed almost everything we buy in CA has a 3rd charge (hidden tax) No could no-one tell me what that word meant and what it was for. Perhaps if it was a wool carpet it may have made sense, but it was cheap carpet made in China probably of plastic. Charges ranging from "convenience fees" when paying with a credit card in addition to the 18 to 35% interest charge and the charges. We pay far more tan the fake "tax rates" on income. When all said and done we probably pay more like 60% of our income in taxes.
@@fromthepeanutgallery1084Those are State/local taxes you are referring to. We all have to press our state politicians to address this strong arm robbery. California is among the worst.
The CPI amount of rate change from 2023 to 2024 was 2.5%. SSN, SSN disability, disabled Veterans and school lunch programs and income tax brackets are adjusted to this rate. The problem right now is "sticky" inflation such as insurance rates and other service based increases that will not come back down over time. Thanks for the info and please keep informing people about this because they will understand where this increases come from!
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
Hi Scherman. This was so clear and articulate that it was some thing I passed on to clients and friends. I am actually looking forward to consulting with your CPA team in the future. Thanks for your very helpful, concise summary of key topics people need to know about to conceptualize what taxes they may owe each year. Doug, Esq.
@@hanko5750yes the same CPA that immediately mentioned migrants when discussing the down payment assistance proposal by the Vice President. It's a program that will overwhelmingly benefit families who have been in American intergenerational poverty (aka perennial renters) who never grow family networth by building home equity. It would lift more people out of the lower middle class and into the and into the stable middle class than any other proposal because the equity comes from the private market and not tax gimmicks.
@@porscheoscarIt may improve many lives, but there will always be 20% of the population in the 4th quintile. Therefore, there will be politicians telling them they are victims and should elect him to get them more stuff who will then raise taxes and do little or nothing for those people.
What I want to say is that I spent less than $ 100 from the fake LV I bought from kislux . The quality is very good. I spent four years on the plane, the bus, and anywhere. As a rag. I specially smelled the bag and compared the stitching color. This is the most authentic I have ever seen. To this day, this bag is still very strong. Although it has been abused, the material is still great.
Apparently the government doesn’t want you to think that the more wealthy have almost a $400,000 spread stays at 35% which is the biggest spread. So again, the people that are wealthier get a bigger break!!
I will never be able to retire. I was never taught this, as my mom wasnt either. I also heard as an adult that to be paying the right amount of taxes is to not owe or get any tax refunded.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
I know this lady you just mentioned. Evelyn Infurna Services is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Evelyn Infurna has demonstrated expertise in investment strategies n has been involved in managing portfolios and providing guidance to clients.
I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Evelyn Infurna. I am at $128k right now and LOVING that you have to bring this up here
Evelyn Infurna Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
We don't have a revenue problem we have a spending problem. Cut all the pork and focus on what the constitution outlines, and federal income taxes will be a thing of the past like the founding fathers intended.
Yep!! I recommend a Constitutional Amendment that prioritizes spending: Debt - at least $1T/yr, Debt. Int., DoD, Soc. Sec., then whatever is left Congress can allocate. Once the Debt is fully paid then We The People will vote how to allocate money again.
here is a tricky one, someone making 95 taxable, owning a home for 25 years, then the last 5 years moved out of that house and the daughter stayed in the house. they paid what they could when they could as "rent" for the house just to help with the this income is reported on taxes as "business income" even thought they arnt even covering the mortgage of the home. but now they are moving and we are selling the home. but because the home is a rental it is now counted as capital gains. i dont want to say loophole, but is there a grandfathered in rule for people who are going to profit off the sale of the home but never made any profit from the rental?
Raising standard deduction does nothing if you can't itemize on the state side. In MD the standard sucks horribly. So until you beat the standard the state will cost you dearly.
I saved up money for a few months to buy a ZP, but it got scratched on the third day. I cried so much, and then my boyfriend bought me a bag from kislux for me to carry alternately. Anyway, there are so many bags on the street, so as long as others can't see it, I think it's fine. The thought is there.
There are approx 3 million federal workers, who all want a yearly raise. Once you get hired on as a union worker, you're pretty much there for life, unless you leave on your own. Ever wonder how much we taxpayers pay out every year for all the federal retirees, in addition to current workers? Then there's state/county/local govt workers. It's a huge amount of money, which increases each year. It's the Govt Employee Retirement Industrial Complex.
Single and no dependants, total taxes already paid as of today (20 days) Fed- $1106 Fed MED/EE- $116 State- $195 School district(local)-$71 Approximately $1500 total in only 20 days. $16,500 total for 2024
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look her up and send her a message. You've truly motivated me. Thanks.
"The next big jump, which is usually when clients start calling me to help them" $197k? 😱Guess you won't be getting a call from me. Great explanation on how the tax brackets work! It was an embarrassingly long time into my adult life before I learned how it worked.
Very good information! Extremely clear and to the point. I have a couple questions about the capital gains for a short term gain. (1) If you had a gain under the standard deduction of $14,600 for 2024 or $15,000 for 2025 will there be any tax paid if this is the only income//Do you even file taxes? (2) And if there is income would you treat the short term gain of any amount $1-$1,000,000+ as ordinary income? Thank You.
Thank you, thank you, thank you. Good sir! Going out of your way to explain these convoluted subjects. Much respect, my dude! You've even made it easy to understand at an elementary level.
The big guy was getting 10% ,, kameltoe gettin the same,, YOU wont EVER SEE THAT MONEY AGAIN ,NOR WILL YOUR GRANDCHILDREN,,, THEY WILL SUFFER THE MOST,, GREED RUNS DC , ,,,
There is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My wife and I will be retiring in the next two years n another country. We are absolutely worried that SSI will no longer be funded. we'll have to rely on my pension, a 403 (b) and a very prolific lnvestment account with my Abby Joseph Cohen my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.
Don't worry. A person with your income from other investments and being married will pay back 85% of your SSI to keep the system going, It won't run out,
Abby Joseph Cohen Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.
YES!!! That's exactly her name (Deborah Davis) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺
Why would someone who has been buying from the brand for years or even decades suddenly have to pay 50-60% more for the exact same item? Inflation cannot justify this. It's like the brand is deceiving the consumer. On kislux , the bags sold are priced lower but of higher quality, so you might as well go there.
thanks for the video. Good to see a reduction in tax for the retired, like me or for the average working family. Maybe the new administration can get the standard deduction up even more to keep up with inflation we've seen over the last 30-40 years.
Most of whatever ‘tax break’ given to low earners would be eaten up by inflation. Basically, they’re playing on people’s inability or refusal to think critically. Someone should challenge these tax policies (to see if the IRS has exceeded it’s authority) while the Supreme Court is relatively sane.
I'm actually kind of used to looking at it from this perspective because I have been exhaustively researching everything and anything about moving to and living in England and ireland. So when I was looking for income tax and how everything works over there versus here in the states, I discovered that's how their tax brackets work so this was nothing new when I saw it. What is stolen from us here is significantly lower than income tax in the best countries on Earth to live in who apply income taxes for what they should be used for.
You could replace it with tarrifs like trump suggests and have more money but be able to afford even less because everything will be much more expensive. Tarrifs are great for the Uber wealthy that spend a small portion of their money.
@doggygaming950 agreed...my comment was sarcasm. People don't realize how the tariff plan with lowering income will hurt most Americans. It will only benefit those in the top income brackets. The average will end up paying more on goods. The further down you are with your w2 income, the more you'll suffer
Because you are only a Rainbow Unicorn. In order to get the married rate, you need to identify as a Rainbow Unicorn which f@rts sparkles and vomits paint.
Damn. GOOD POINT. I'm single, and pay double taxes of married. It's blatant prejudice against the single person. From now on, if a man can be a woman, I, as a single person can be married.
@FauxQue-yk8dt who would have known that Dennis Rodman was fighting for the rights of single people who are in love with themselves all those years ago. Thank you Dennis!
the trump administration literally created this current tax system and will renew it (for the worse) in 2025. So buckle up, he does not care about your social security money whatsoever. This current tax plan has gotten worse and worse for all low and middle class earners over the last 8 years.
Unless you're enrolled in Medicare and still working, then your HSA contribution is $0. And guess what? You can sign up for Medicare at 65 without enrolling in SS, but when you enroll in SS you are AUTOMATICALLY signed up for Medicare with way to opt out of it.
We the people do get a say ... people just dont hold their representatives accountable for their votes in congress because of party loyalty. Senators vote against their states best interest all the time .. literally the last CR had senators voting no on funding government services then complaining about lack of funds a week later.
It's helpful to know that the tax brackets are buckets. So, instead of the situation where a person with an income $1 higher than someone else would pay, for example, 8% or 10% more in taxes on their income, they only pay the higher tax rate on the $1. That's what I got from this.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@ThamaraSchlossarek Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY*
One item I pray they can include in as a tax write off is private school tuition, my wife and I are making that sacrifice to give our children a better education but can’t report that expense back in our income taxes and it hurts us a lot every time.
READ THE CONSTITUTION. TARRIFFS ARE SUPPOSED TO FUND THE GOVERNMENT. NOT TAXATION. BRING THOSE JOBS BACK TO THE HOMELAND AND ENFORCE TARRIFFS, CUT THE TAXES AND WATCH OUR ECONOMY GROW. PROSPERITY FOR ALL.
Tell me who pays the tariffs? Prices will become even worse if you put high tariff taxes on companies. So now we won't have a military or be able to afford anything. Without our military our money is useless. It's the only thing giving our currency any worth.
@@nickt463 Our country already ran on tariffs without Feds being in our lives. They did just fine! Let the grown ups in congress fix this screwed up tax crap in congress. Do a little more homework on Tariffs.. Tariffs do work!
Nonsense. Yes, the government can and does rake in money from tariffs but "We The People" pay those tariffs. Do you really think China pays? They just increase their prices to match the tariff and we pay for it in price increases. I know who is pushing for Tariffs and he's a moron trying to use words he doesn't even understand to con gullible people with BS. Don't be one of those gullible people. Tariff's do work. They just don't work for working people.
@@douglackie3777 Work for what? Tariff on China means imports now come through Vietnam. Nobody is going to move all manufacturing into the U.S. unless tariffs are placed on all imports, which in turn will cause retaliatory tariffs on our exports....
As a successful entrepreneur, i love your videos and the content you put out there. I listen very keenly to your advice. This doesn't stop me from beckoning on the leadership of Julianne Iwersen Niemann. A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get
I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
The best course of action, in my opinion, is to hire an investing counsellor. Due to my lack of market knowledge, I've been with one. I made more than $490K during the most recent decline, proving that the market is more complex than the ordinary person realises.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
Having the bracket jump 10% at $48k is absurd. That should be more like $68k. $48k is borderline poor these days.
But aren’t you only charged 22% of what is over 48K? So if you make 50K you’re paying 22% on 2K?
The jump is because big gov't sees this as the threshold to feed the bloated out-of-control gov't.
@@Skoora You are correct.
Don’t forget the standard deduction.
It should be more like 98K. Give all of us in the middle class a break
These changes are part of an annual adjustment to account for inflation, and they will likely affect how much you owe in taxes, as well as the potential for tax planning strategies and the IRS has widened the income ranges for lower tax brackets (10%, 12%, and 22%).
This could mean that you could earn a bit more before moving into a higher tax bracket.
@@nelsontyler8347 For high earners (those making over $397,350 for single filers and $794,700 for joint filers), the top rate of 37% remains in place, but the expanded range means that higher income earners will also see some benefit.
@@ClintonMathew-x1s If you are nearing a tax bracket threshold, this change gives you an opportunity to plan for the future, Could you kindly elaborate on the advisor's background and qualifications?
@@CALLUMJAKE-h5r If you are nearing a tax bracket threshold, this change gives you an opportunity to plan for the future. You may be able to adjust your income or withholdings to optimize your tax situation...
@@CALLUMJAKE-h5r Just research the name ‘sophie kathryn jones .You’d find necessary details to work with a correspondence to set up an appointment. no need for background and qualifications.
Sherman: I’m a retired CPA with 50+ years of tax experience. Thank you for an extremely well done video. As I become obsolete I, like so many others, need to be informed about tax changes as much as possible. Your video helps a great deal. Thanks again! God Bless.
Do you think..trump will remove taxes?
EA and CPA demand will fall down?
@ I hope not. In fact I think everyone should pay more tax. Spending also needs to be cut. Maybe we will eventually reach a much needed balanced budget.
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370K the last downturn, made it clear there's more to the markets than we average joes know.
Right now, private investing is the ideal way to approach the market, especially for those who are close to retirement. I spoke with a wealth manager who helped me make $370,000 during the last downturn and made it plain that there is more to the markets than the typical person is aware of.
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
My advisor's name is Vivian jean wilhelm, and she has years of experience in the financial market. You can simply search her name on the web
Credits goes to Vivian Jean Wilhelm one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Think about what you are going to use the funds for at retirement. Each account is useful in different ways for different goals.
Balancing the tax implications of both is key to minimizes your overall taxes from a long term perspective.
Dude I have dealt with so many called CPA-Accountants and I have yet to find or came across that have the knowledge and ability that you with the tax codes. I commend you and thank you for all you share in your videos. Hope one day to find a CPA that cares about my finances as much as you care about your clients finances.
A good CPA makes such a difference. I always went to HR Block. The tax guy I was working with was telling me I had to pay tax on the student loan I had forgiven. I was upset,but about to pay.The branch mgr happened to arrive and corrected his mistake. As I was low income I did not have to pay the tax She helped me file an insolvency form and that was it. Saved me Three hundred in seconds. So grateful for her and her knowledge.
Get a knowledgable tax advisor. It has saved me so much over the years. This HR Block experience tells me you should look for a private tax preparer. You don't want a new person making mistakes: you need someone knowledable on current tax laws.
I’m a retired CPA. Great informative and easy to understand video. Keep up the good work.
This video should be played in highschool. You explain everything so well with graphics to demonstrate.
It should be banned in all schools, universities and colleges. Like all good stuff it's way too informing.
I agree. My son just graduated with 4 year degree and was asking me if getting a smaller pay rate would be better for him because it would keep him in lower bracket 😅 I had to explain how this works and only the amount over the lower bracket would be taxed at the higher rate not to mention the standard deduction and the amount he places in 401k. Schools send our kids out into the world with no financial know how. It’s upto the parents and unfortunately not enough parents can explain it either.
@@bardisteel5246 it's funny because we had this conversation with our son two nights ago, he surpassed $80k for the first time in October and he was assuming he would have to put away more for taxes because he may hit $100k before the year was over. He assumed his entire earnings would be hit with the top percentage.
I’ve always said high schools need to put in place classes regarding Finances (even just the basics), Home Economics (so many people don’t know how to cook anymore, and eat out at every meal and then wonder why they’re broke), and even some other very simple life skills like changing a tire or basic auto shop, woodworking or other similar trade, etc. So many things have been replaced that don’t prove as valuable in the future
I gave him a thumbs up
Excellent commentary. Clear, concise and free of meaningless jargon. Thanks, Ted.
Single taxpayers get screwed whether it's filling their taxes, car insurance or deductions. It's such bs
Agreed. Singles should file a class action lawsuit against the IRSS for prejudice. If a man can identify as a woman in today's society. Then as single, I should be able to identify as married.
@fromthepeanutgallery1084 I'm going agree with you..and I identify as "I payed my taxes for the rest if my life"..
@@mainegreengrower4209 Hahaaaaaahaaaaaaaa Good one!
Facts facts all day @@fromthepeanutgallery1084
*single with no dependents - that's who gets screwed the worst & forced to kick in the most support with the least return on their 'investment'
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or strategy to keep my retirement contributions on track to my $5m goal.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
You know taxes dropped right...? Roth is paying taxes today betting on future taxes being lower. Idk about you but I think I'm making more now in my prime earning years than I do when I'm retired.
That's right, My advisr helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to her guidance, I maintained my desired asset allocation while minimizing taxes.
@@AddilynTuffin I find your situation fascinating. Would you be willing to suggest someone trusted you've worked with?
Sure i don't mind. I've stuck with ‘’Jennifer Leigh Hickman ” for years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I love your bucket illustration. I'm sure it will help many folks clear up this common misconception.
Just got your channel today. Like the way you explain things. Pretty clear. Your inflections and demeanor are both professional and understandable. Looking forward to learning more from your channel.
I’m a first time watcher. Very nice presentation. Thank you.
Why does it feel like single people are getting punished for not marrying?
Imagine referring to any of these decreases/increases as “breaks”. It’s like thinking you’re getting items “on sale” on Black Friday.
Correct, you're still being stolen from, whether it decreases or not
Great information with a 99% clarity. It just drives me nuts as to why when someone shows these Tax Brackets WHY in the world don't they show the Standard Deduction before the first Tax Bracket? This would show someone could make $11,000 before even paying ANYTHING in tax.
I say audit the government. If anyone knew how much unnecessary money the government spends it would make you sick. If we cut back on that spending, we could easily abolish the income tax altogether.
Nope, lies, anyone who is critical or negative of our current administration is WORKING WITH RUSSIANS AS A SPY TO SPREAD DISINFORMATION!
According to "DA data" this is the BEST ECONOMY OF ALL TIME, JOEY WAS THE JESUS OF MODERN ECONOMICS AND SAVED US ALL, AND WE HAVE 2 JOBS FOR EVERY 1 JOB SEEKER!(ALL RECENT GRADS COMPLAINING ABOUT JOBS OR THE 60 BILLION+ VIDS ON TIKTOK/UA-cam OF YOUNG AMERICANS MENTIONING HOW BAD THINGS ARE ARE ALL RUSSIAN SPIES!
Fk our gov
🗣️ I say this all the time!
Department of Government Efficiency
@@JankyShack yep. New department with a new staff led by TWO very rich business men.
This is a great video. Straight forward, well explained, and easily followed. I just started watching and by far, you are in the top 10 for talking taxes. Thank you!
I loved how easily you explained everything. It was clear, direct, and no frills. 10/10 work on the research, and summarization.
Kinda sucks that the changes to health plan coverage/deductible decreases for certain plans become illegible for HSA/HRAs. The health plan I've had since I started with my company dropped a huge margin in deductibles both in-network, and out-of-network which lead to the restriction. I opted for a higher monthly/higher deductible plan because of the benefits of having the HSA/HRA plans especially those which participate in investment conversions.
We are taxed so much $1.00 is actually $0.40 cents to most people. It is time to put an end to income tax, sales tax, property tax etc. for anyone making $150k or less. If the US government doesn't like it then the US government can trim itself down to make it work.
I don’t think the 60% total tax rate for people under $150k is accurate. But regardless, sure it would be nice, however, we all benefit from the society we’ve cumulatively built. There’s public services like emergency services, public schools, roads, and way more that we all enjoy for no cost at the point of service/use. It’s just not feasible to say that anyone under $150k is exempt from paying into the society.
While people with your mentality still want all the Medicare and SS benefits, am i right?
LOL, wake up already...
Russia called, they have a one way ticket for you..
Adios.
@@Killersam776 honestly what's not feasible is the US government. The amount of tax dollars wasted while roads and schools and other infrastructure are crumbling, is appalling. We don't get our money's worth. Your defense is based on ideals and is not grounded in reality. You explained how taxes are supposed to work, not how they actually work. America is not doing okay, and more money won't fix it.
@ trust me, i’m not trying to defend the government. They waste an absurd amount of money. But less taxes isn’t the answer. Every republican administration in modern history has tried it along with budget cuts and it’s been objectively worse than the democrat administrations. Trump ballooned the debt more than any president. The fact is, the government needs more tax revenue and budget cuts to get us on the right track
For those of us in the $47,151 to $100,525 2024 bracket, we're not getting that much relief. I went from getting healthy returns, to borderline paying the IRS all while claiming 0.
Exactly. Nonsense 😑
Getting returns is a *bad* thing... Getting no return at all means you were holding your own money all year, and not the IRS (interest free, at that).
That's the 2017 Trump tax for you. I'm in the same boat
@@Rwine8174 The level of ignorance required to not recognize that getting a tax return is bad -- and not bothering to do the math to realize a person paid *LESS* overall in taxes, while not getting a return...
Please people, learn how taxes work before complaining about returns and cuts.
@@UpYourArsenalThe arrogance you show is maddening. If he didn't change any of his selections then that means Trump's tax cut increased his taxes. For someone who has this kind of arrogance you would think that you would actually respond to the content of his comment in the first place. I don't need your condescension to understand how taxes work.
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
In the same situation.
Definitely do not want to lose 20% to Capitol gains
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
As an 82 year old this video was helpful in planning how much over the RMD I will take in 2025. Thank you for such a clear explanation.
IRS needs to be abolished
You’re right. I believe that that the income tax was supposed to be temporary in order to fund the civil war and then disappear once the war was over. However, our leaders saw how the income tax was a great way to raise money that it became a permanent fixture.😢😢
@fernandocajero3273 You are 💯 on point
When the irs says wait a bit until we process your return (Jan. 29). Does this mean I’ll get a return on this day or it will be accepted?
@@fernandocajero3273 but if we don't pay taxes, where will the government get money to run the country?
ERS is on the way.......Abolish the IRS
Thank you for explaining this to those of us not tax smart.
I used to work overseas when the foreign income exemption was about $75k. Corporations have no limit to what they can deduct. Something isn’t right, especially since the SCOTUS ruled corporations are people.
Thank you all of these people steering in direction to demonize govt workers etc. that is the deal right there… they burden infrastructure, barely pay living wages and don’t pay their share into tax system in America. Try to make as complicated as you want but it still comes down to poor pay more of their wage and worth than wealthyspecially corporate robber barons of today. OR they’re too tired raising kids and working miserable jobs to get “tricky” with their finances. Oh and new thing , companies literally stealing peoples money when these simple but hardworking people do try to get savvy with their money. Paper mill just did this, they would’ve never tried this crap even 10 years ago. Some of you bragging how smart you find yourselves kind make me want to puke. But you go on , this the site for you , you’ll have one less audience cause I’m leaving 🤮
Thanks!
How about instead of the government passing tax bracket laws and all other laws maybe we the people should vote on them instead as they affect our lives not there’s what kind of free country is America if we have no other vote except for who gets to be the next political party?
That's not how things work. I'm not saying it's perfect, because it's not, but it cannot work the way you are suggesting.
I don't know about anyone else here... but how about the government stops taking our money for everything we do?
We vote for the people who essentially make these decisions.
Your ignorance on voting is astounding. You must be one of those we are a democracy morons. We are not a democracy.
That is not how a republic, which we are, works. Spend less time On the Rogan podcast and read a little.
I suggest a bonus presentation covering older filers. Not only is there an increase to the Standard Deduction each year, but also the amount of social security that is taxable can increase each year until 85% of social security is taxable. A tax bracket of 12% might really increase to 33% until 85% of social security is taxed
.
When everything is a tax in America you pay more like 60 percent of your income !
no lie, sales tax, property tax, car insurance is basically a tax to drive, tax on gasoline, the list is long
Now... don't forget that everything you are buying is now 2x more expensive too thanks to the layers of taxes built into the price!
Yay taxes!
Each and every taxpayer now has a $270k debt burden... plus interest... placed on their backs by government debt.
Yes and you might as well be on the European structure of taxes.
Canada is 5x worse.
@@ericp3573don't forget solar and electric cars..those are taxes also..
Great Info! We removed some money from our retirement IRA (we are over 60) and Raymond James kept 22% of it- did not even give us that part. OUCH- almost 1/4 of it went bye bye. So frustrating.
Instead of no tax on tips or overtime just double or triple the standard deduction. Everyone would benefit.
Trump actually was the President who increased the Standard deduction.
@@maryrenaud6732 I know but do it again instead of no tax on tips and overtime.
@@maryrenaud6732yeah but everything else he did sucks like trying to kill Obama care without a good back up 🙄
@@erzabetf9544 Some people simply don't live in reality.
@@maryrenaud6732 go cult!
A very insightful video itâs interesting how sometimes people buy replicas and then pretend they are the real thing, which in a way feeds into that sense of exclusivity that discourages people from buying the real thing in the first kislux ! Like the drama that happened on the reality show Singles in Hell
Great job Sherman, I subscribed. Nice, clear information and how it impacts the individual.
Your taxed on your paycheck The balance is taxed on what you buy. And when you sell something you were already taxed on when you bought it is taxed yet again. Etc etc
Did you not subtract the original tax for when you bought it to when you sold it so that it's taken into account? Sounds like whomever sold your stuff didnt do the math
Well, considering this is only a 2.8% change from 2024, and one of the lowest in recent history, let’s at least be honest about things. This is in no way doing us any favors in light of the current economy we are dealing with. It still puts us going in the wrong direction when compared to the inflation rates we face every day all year long.
Exactly. Listen to this con. Went to Home Depott and bought some carpet. Paid for:
1. Carpet cost.
2. Sales Tax
3. Carpet "shepherding" charge of a few dollars.
I've noticed almost everything we buy in CA has a 3rd charge (hidden tax) No could no-one tell me what that word meant and what it was for. Perhaps if it was a wool carpet it may have made sense, but it was cheap carpet made in China probably of plastic. Charges ranging from "convenience fees" when paying with a credit card in addition to the 18 to 35% interest charge and the charges. We pay far more tan the fake "tax rates" on income. When all said and done we probably pay more like 60% of our income in taxes.
@@fromthepeanutgallery1084Those are State/local taxes you are referring to. We all have to press our state politicians to address this strong arm robbery. California is among the worst.
Notice they raised taxes higher than the 2.5% COLA for SSI recipients. Designed to keep us poor
The inflation rate is now down to 2.3 %
@@sharonbousquet9137 my grocery bill says you are way off
The CPI amount of rate change from 2023 to 2024 was 2.5%. SSN, SSN disability, disabled Veterans and school lunch programs and income tax brackets are adjusted to this rate. The problem right now is "sticky" inflation such as insurance rates and other service based increases that will not come back down over time. Thanks for the info and please keep informing people about this because they will understand where this increases come from!
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
Pls how can I reach this expert, I need someone to help me manage my portfolio.
Melissa Elise Robinson is the licensed advlsor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Hi Scherman. This was so clear and articulate that it was some thing I passed on to clients and friends. I am actually looking forward to consulting with your CPA team in the future. Thanks for your very helpful, concise summary of key topics people need to know about to conceptualize what taxes they may owe each year. Doug, Esq.
Correction: 12% to 22% isn't a 10% increase. It's a 10% point difference and an 83.33% increase.
And this is a CPA ... hmmmm?
@@hanko5750yes the same CPA that immediately mentioned migrants when discussing the down payment assistance proposal by the Vice President. It's a program that will overwhelmingly benefit families who have been in American intergenerational poverty (aka perennial renters) who never grow family networth by building home equity. It would lift more people out of the lower middle class and into the and into the stable middle class than any other proposal because the equity comes from the private market and not tax gimmicks.
@@porscheoscarIt may improve many lives, but there will always be 20% of the population in the 4th quintile. Therefore, there will be politicians telling them they are victims and should elect him to get them more stuff who will then raise taxes and do little or nothing for those people.
How do you figure that?
One who knows tax code and accounting need not know mathematics. jmho.
What I want to say is that I spent less than $ 100 from the fake LV I bought from kislux . The quality is very good. I spent four years on the plane, the bus, and anywhere. As a rag. I specially smelled the bag and compared the stitching color. This is the most authentic I have ever seen. To this day, this bag is still very strong. Although it has been abused, the material is still great.
Why did you show two different 35% bracket on each of those graphics withe buckets? What was the difference between the first one and the second one?
Apparently the government doesn’t want you to think that the more wealthy have almost a $400,000 spread stays at 35% which is the biggest spread. So again, the people that are wealthier get a bigger break!!
Thank you for sharing. As someone who enjoys being able to do my own taxes, this is very informative.
chart at 9:02
I will never be able to retire. I was never taught this, as my mom wasnt either. I also heard as an adult that to be paying the right amount of taxes is to not owe or get any tax refunded.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
I know this lady you just mentioned. Evelyn Infurna Services is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Evelyn Infurna has demonstrated expertise in investment strategies n has been involved in managing portfolios and providing guidance to clients.
I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Evelyn Infurna. I am at $128k right now and LOVING that you have to bring this up here
Evelyn Infurna Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
This is interesting. I heard a lot about the same person not long ago, please how can I contact her?
Use her name to quickly conduct an internet search.
We don't have a revenue problem we have a spending problem. Cut all the pork and focus on what the constitution outlines, and federal income taxes will be a thing of the past like the founding fathers intended.
Yep!! I recommend a Constitutional Amendment that prioritizes spending: Debt - at least $1T/yr, Debt. Int., DoD, Soc. Sec., then whatever is left Congress can allocate. Once the Debt is fully paid then We The People will vote how to allocate money again.
Hundreds of billions to other countries is a spending problem?!?!.. ok you have a brain
Our biggest problem is dummycraps know nothing of financial matters.
👏🏾
@@mainegreengrower4209Billions to communist asylum cities like New York, Chicago, Los Angeles...
here is a tricky one, someone making 95 taxable, owning a home for 25 years, then the last 5 years moved out of that house and the daughter stayed in the house. they paid what they could when they could as "rent" for the house just to help with the this income is reported on taxes as "business income" even thought they arnt even covering the mortgage of the home. but now they are moving and we are selling the home. but because the home is a rental it is now counted as capital gains. i dont want to say loophole, but is there a grandfathered in rule for people who are going to profit off the sale of the home but never made any profit from the rental?
We never paid taxes on income under 25,000 and now we pay 10%
Remember standard deduction. Filing taxes get you be part of the system, just in case. So, yes, 25k might end up paying zero in tax.
Everyone should pay some taxes. And I'm even a Democrat
Raising standard deduction does nothing if you can't itemize on the state side. In MD the standard sucks horribly. So until you beat the standard the state will cost you dearly.
I saved up money for a few months to buy a ZP, but it got scratched on the third day. I cried so much, and then my boyfriend bought me a bag from kislux for me to carry alternately. Anyway, there are so many bags on the street, so as long as others can't see it, I think it's fine. The thought is there.
There are approx 3 million federal workers, who all want a yearly raise. Once you get hired on as a union worker, you're pretty much there for life, unless you leave on your own. Ever wonder how much we taxpayers pay out every year for all the federal retirees, in addition to current workers? Then there's state/county/local govt workers. It's a huge amount of money, which increases each year. It's the Govt Employee Retirement Industrial Complex.
Single and no dependants, total taxes already paid as of today (20 days)
Fed- $1106
Fed MED/EE- $116
State- $195
School district(local)-$71
Approximately $1500 total in only 20 days.
$16,500 total for 2024
Forgot about sales tax
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
‘’Aileen Gertrude Tippy” is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look her up and send her a message. You've truly motivated me. Thanks.
"The next big jump, which is usually when clients start calling me to help them" $197k? 😱Guess you won't be getting a call from me.
Great explanation on how the tax brackets work! It was an embarrassingly long time into my adult life before I learned how it worked.
This is an excellently done video. Great visual of how the government puts the screws to the hardest working.
Such a brutal jump from 24% to 32% bracket (married) 😤
Appreciate the updated info sir!!! Cheers 🍻
Very good information! Extremely clear and to the point. I have a couple questions about the capital gains for a short term gain. (1) If you had a gain under the standard deduction of $14,600 for 2024 or $15,000 for 2025 will there be any tax paid if this is the only income//Do you even file taxes? (2) And if there is income would you treat the short term gain of any amount $1-$1,000,000+ as ordinary income? Thank You.
Yes. You wont have to pay any taxes. But your accountant will be pissed because he wont get paid.
Thank you, thank you, thank you. Good sir! Going out of your way to explain these convoluted subjects. Much respect, my dude! You've even made it easy to understand at an elementary level.
And how much tax and interest will Ukraine be paying back to Americans ? And when ?
FSB bot 🤡 or just ex KGB
The big guy was getting 10% ,, kameltoe gettin the same,, YOU wont EVER SEE THAT MONEY AGAIN ,NOR WILL YOUR GRANDCHILDREN,,, THEY WILL SUFFER THE MOST,, GREED RUNS DC , ,,,
@@DanRussell-q8s never. Germany still owes us several million or something from WWII since they stopped paying after 3 years lol
A good easy to follow explanation of income tax.
There is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My wife and I will be retiring in the next two years n another country. We are absolutely worried that SSI will no longer be funded. we'll have to rely on my pension, a 403 (b) and a very prolific lnvestment account with my Abby Joseph Cohen my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.
@PoshanMindWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to set up an appointment.
Don't worry. A person with your income from other investments and being married will pay back 85% of your SSI to keep the system going, It won't run out,
Abby Joseph Cohen Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
The very first time we tried, we invested $7000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
I keep tellng my husband there is no difference between the parties. Each one gets to promote its corporate sponsors during their time in power.
Man that massive jump from second to the third tax bracket is nuts. Its the biggest jump on that chart.
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.
How
..? Am a newbie in crypto investment, please can you guide me through on how you made profit?
Thanks to Mrs Deborah Davis.
She's a licensed broker here in the states
YES!!! That's exactly her name (Deborah Davis) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺
Why would someone who has been buying from the brand for years or even decades suddenly have to pay 50-60% more for the exact same item? Inflation cannot justify this. It's like the brand is deceiving the consumer. On kislux , the bags sold are priced lower but of higher quality, so you might as well go there.
Sorry, I know that I could really save on taxes if I married again but honestly to me I would rather pay the increased taxes!
Me toooooooo😂
A wife is a much greater expense than any tax braket.
2 married friends of mine got a divorce because of their taxes. They still live together but file separately.
Hahaaaaaaaaaahaaaaaaaaaahhaaaaaaaaaaa. My first good belly laugh in months.
It is 2024, and no one will judge you, even the IRS, if you marry your dog! Just a contract marriage! LOlO
I've always felt that paying taxes in this country should have a flat rate across all income levels.
The waste in Smerica is incredible!
Wa$te In America you mean.
Great video! Thank you for breaking it down so eloquently!
IRS inflation was 3% when actual inflation is 9%....
thanks for the video. Good to see a reduction in tax for the retired, like me or for the average working family. Maybe the new administration can get the standard deduction up even more to keep up with inflation we've seen over the last 30-40 years.
Most of whatever ‘tax break’ given to low earners would be eaten up by inflation. Basically, they’re playing on people’s inability or refusal to think critically.
Someone should challenge these tax policies (to see if the IRS has exceeded it’s authority) while the Supreme Court is relatively sane.
The supreme Court is long since bought out. There isn't a shred of nationalism left in our government.
I'm actually kind of used to looking at it from this perspective because I have been exhaustively researching everything and anything about moving to and living in England and ireland. So when I was looking for income tax and how everything works over there versus here in the states, I discovered that's how their tax brackets work so this was nothing new when I saw it. What is stolen from us here is significantly lower than income tax in the best countries on Earth to live in who apply income taxes for what they should be used for.
Income tax is a slave tax.
Make sense bc we are slaves.
You can go live in a cave whenever you like.
Yea they should eliminate it then put tariffs on everything to substitute!😅
You could replace it with tarrifs like trump suggests and have more money but be able to afford even less because everything will be much more expensive. Tarrifs are great for the Uber wealthy that spend a small portion of their money.
@doggygaming950 agreed...my comment was sarcasm. People don't realize how the tariff plan with lowering income will hurt most Americans. It will only benefit those in the top income brackets. The average will end up paying more on goods. The further down you are with your w2 income, the more you'll suffer
Your presentation is top notch.
Nicely done!!
They should raise the 12% bracket for singles up to 60k.
Why? Singles don't get the deductions that you get with a wife and/or kids.
@@crazysquirrel9425 Because it 48K right now, that's why.
Hey Nephew this your Regina I Love Your Content please keep up the great work ❤
If I can identify as a Rainbow Unicorn, why can't I identify as married?
Exactly 💯 % if im they/them i can marry my myself as a plural individual. Joining the rainbow coalition today. Till death do we/us part.
@@CrawfishCuban Exactly. I can marry my alter ego. A pet. An invisible friend.
Because you are only a Rainbow Unicorn.
In order to get the married rate, you need to identify as a Rainbow Unicorn which f@rts sparkles and vomits paint.
Damn. GOOD POINT. I'm single, and pay double taxes of married. It's blatant prejudice against the single person. From now on, if a man can be a woman, I, as a single person can be married.
@FauxQue-yk8dt who would have known that Dennis Rodman was fighting for the rights of single people who are in love with themselves all those years ago. Thank you Dennis!
Clear, concise, and just the facts. Well done sir and thank you for your time to educate us on something we should all be aware of.
I hope the Trump team can get rid of tax on Social Security earning. We have paid triple tax on that income.
the trump administration literally created this current tax system and will renew it (for the worse) in 2025. So buckle up, he does not care about your social security money whatsoever. This current tax plan has gotten worse and worse for all low and middle class earners over the last 8 years.
What an exceptional video! Thank you! It was clear, concise, and easy to follow/comprehend. And helpful! Thanks!
HSA is $4300 for single with $1000 catch-up for 55 plus.
Unless you're enrolled in Medicare and still working, then your HSA contribution is $0. And guess what? You can sign up for Medicare at 65 without enrolling in SS, but when you enroll in SS you are AUTOMATICALLY signed up for Medicare with way to opt out of it.
@@bobmorgan1575 You aren't exactly correct. I'll sign up for S. S at 62. I won't have Medicare until 65 NOT 62. I'm retired.
I remember that time, I accidentally stepped into kislux . Since then, I have a few more pieces of art in my wardrobe and less anxiety about bills.
Inflation should reflect the tax rates…shameful
Shouldn’t be any income tax! Soooo
Most of you are not paying any tax now
@Satjr35031 Nobody owes society, for being useful to society. Go rob the illegal immigrants. Americans are done with the false taxes.
@@Satjr35031how so?
Exactly. Can you imagine, making 10K as a single mother and having to pay 10% of tat in taxes? Really?
Thanks for explaining graduated tax rates. I’ve never understood it before. 👍
Need to get rid of income tax
I have kislux replicas, and my favorite is LV. In addition to the beautiful design, it is easy to take and can hold a lot of things.
It's time to go tax exempt, until 'we the people' get a say in where/how our tax$ is used.
@@fredbare5093 true.
We the people do get a say ... people just dont hold their representatives accountable for their votes in congress because of party loyalty. Senators vote against their states best interest all the time .. literally the last CR had senators voting no on funding government services then complaining about lack of funds a week later.
It's helpful to know that the tax brackets are buckets. So, instead of the situation where a person with an income $1 higher than someone else would pay, for example, 8% or 10% more in taxes on their income, they only pay the higher tax rate on the $1. That's what I got from this.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...
@@ThamaraSchlossarek Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY*
@@IfranReinfeld Oh please I’d love that. Thanks!
*MARGARET MOLLI ALVEY*
Lookup with her name on the webpage.
One item I pray they can include in as a tax write off is private school tuition, my wife and I are making that sacrifice to give our children a better education but can’t report that expense back in our income taxes and it hurts us a lot every time.
READ THE CONSTITUTION. TARRIFFS ARE SUPPOSED TO FUND THE GOVERNMENT. NOT TAXATION. BRING THOSE JOBS BACK TO THE HOMELAND AND ENFORCE TARRIFFS, CUT THE TAXES AND WATCH OUR ECONOMY GROW. PROSPERITY FOR ALL.
Tell me who pays the tariffs? Prices will become even worse if you put high tariff taxes on companies. So now we won't have a military or be able to afford anything. Without our military our money is useless. It's the only thing giving our currency any worth.
@@nickt463 Our country already ran on tariffs without Feds being in our lives. They did just fine! Let the grown ups in congress fix this screwed up tax crap in congress. Do a little more homework on Tariffs.. Tariffs do work!
Nonsense. Yes, the government can and does rake in money from tariffs but "We The People" pay those tariffs. Do you really think China pays? They just increase their prices to match the tariff and we pay for it in price increases. I know who is pushing for Tariffs and he's a moron trying to use words he doesn't even understand to con gullible people with BS. Don't be one of those gullible people. Tariff's do work. They just don't work for working people.
@@douglackie3777 Work for what? Tariff on China means imports now come through Vietnam. Nobody is going to move all manufacturing into the U.S. unless tariffs are placed on all imports, which in turn will cause retaliatory tariffs on our exports....
@@smthakker1good. We can be a self sufficient country
Excellent succinct overview of the changes. I’m subscribing. Thank you
As a successful entrepreneur, i love your videos and the content you put out there. I listen very keenly to your advice. This doesn't stop me from beckoning on the leadership of Julianne Iwersen Niemann. A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
I’ve heard of her
How can i reach her, if you don't mind me asking?
I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get
I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get
The thing is people often doubt the prospects of financial advisors like Julianne Iwersen Niemann in business/markets today.
I assume you are saying those tax rates brackets are based on AGI
It means Ill be paying more taxes 2/3 of my income will be taxed at %10 the reminder @ %12. This does not help my situation at all.
So they can send another 200 Billion to Ukraine
No you just said taxed at 10% then some at 12% Same tax rate
New to the channel, but thank you for making things digestible.