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Understanding Taxes with Joseph DeFazio - Part 2

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Contenuto fornito da Tom Suvansri. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da Tom Suvansri o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.

In today's episode, we welcome back our friend Joe DeFazio, an enrolled agent and financial advisor, as we continue part two of our journey into understanding the tax code. We're on a mission to demystify taxes and show how the system can work for you, not against you. In this episode, we focus on the individual employee and families, laying the groundwork for how the tax code impacts everyday life. We dive into how taxes are used as incentives by the government and explore the key deductions, adjustments, and credits available to help you save as well as 529 plans. Whether you're an employee raising a family or simply navigating your finances, this episode will shed light on the tax strategies you can use to your advantage

Highlights 00:21 - Demystifying the Tax Code 02:16 - Role of the Tax Code in Incentivizing Behavior 05:46 - Key Tax Benefits for Employees and Families 11:13 - Understanding Tax Credits, Deductions, and Adjustments 18:32 - Importance of Itemizing Deductions 22:19 - Identifying Common Tax Benefits for Individuals 32:00 - The Complexity of Traditional vs. Roth 401(k) 35:50 - Historical Context of 401(k) Plans 38:02 - The Risk of Future Tax Rates 41:20 - Provisional Income and Social Security Tax Implications 52:25 - Introduction to 529 Plans for College Savings 56:25 - Potential State Tax Deductions for 529 Contributions 1:00:29 - Documenting Expenses for Tax Benefits

Episode Resources

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

  continue reading

137 episodi

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iconCondividi
 
Manage episode 436857430 series 3558454
Contenuto fornito da Tom Suvansri. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da Tom Suvansri o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.

In today's episode, we welcome back our friend Joe DeFazio, an enrolled agent and financial advisor, as we continue part two of our journey into understanding the tax code. We're on a mission to demystify taxes and show how the system can work for you, not against you. In this episode, we focus on the individual employee and families, laying the groundwork for how the tax code impacts everyday life. We dive into how taxes are used as incentives by the government and explore the key deductions, adjustments, and credits available to help you save as well as 529 plans. Whether you're an employee raising a family or simply navigating your finances, this episode will shed light on the tax strategies you can use to your advantage

Highlights 00:21 - Demystifying the Tax Code 02:16 - Role of the Tax Code in Incentivizing Behavior 05:46 - Key Tax Benefits for Employees and Families 11:13 - Understanding Tax Credits, Deductions, and Adjustments 18:32 - Importance of Itemizing Deductions 22:19 - Identifying Common Tax Benefits for Individuals 32:00 - The Complexity of Traditional vs. Roth 401(k) 35:50 - Historical Context of 401(k) Plans 38:02 - The Risk of Future Tax Rates 41:20 - Provisional Income and Social Security Tax Implications 52:25 - Introduction to 529 Plans for College Savings 56:25 - Potential State Tax Deductions for 529 Contributions 1:00:29 - Documenting Expenses for Tax Benefits

Episode Resources

Call to Action Schedule a Call with Tom

How to Listen: Subscribe on Youtube Listen on Spotify

  continue reading

137 episodi

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