Do This Before You File Your 2022 Tax Return...
from Building Your Money Machine Hosted by Mel H Abraham, CPA, CVA, ASA
We're diving into a topic that might not be the most exciting, but it's definitely something we can't ignore: taxes. It's easy to feel overwhelmed by the tax process, but understanding a few key things can help ease that stress and even save you money. In this episode, I’m gonna give you the lowdown on some tax basics. I'll talk about how the tax system works and what you need to know to make sure you're not leaving any money on the table. I'll also dive into what kinds of things you need to account for, like income, property, and other sneaky taxable items. So, get ready to learn some valuable tips that will help you keep more of your hard-earned money in your pocket. Trust me, this is one topic you don't want to overlook! IN TODAY’S EPISODE, I DISCUSS: The basics of how taxes work & using it to your benefit The difference between a deduction and a tax credit Key moves to consider before the tax filing time IRS Code Section 179: How does it work? Retirement plans - How maximize them before filing Other strategies for reducing the tax burden The benefits of working with a tax professional RECOMMENDED EPISODES FOR YOU If you liked this episode, you'll love these ones: What everyone needs to know about crypto taxes How one client saved $24k on their taxes by becoming an S Corporation How Entrepreneurs Really Build Wealth! Should You Convert Your IRA to a Roth IRA? TAKE THE FINANCIAL FREEDOM QUIZ: Take this free quiz to see where you are on the path to financial freedom and what your next steps are to move you to a new financial destiny at http://www.YourFinancialFreedomQuiz.com OTHER RESOURCES: 7-Day Money Plan Workshop: https://www.TheMoneyPlanWorkshop.com Affluent Entrepreneurs Private Facebook Group: https://www.melabraham.com/group/ CONNECT WITH ME: Website: MelAbraham.com YouTube: MelAbraham.com/tube/ Instagram (@melabraham9): MelAbraham.com/ig/ Facebook Group: MelAbraham.com/group/ TikTok: https://www.tiktok.com/@melhabraham GET MY BOOK: “The Entrepreneur's Solution The Modern Millionaire's Path to More Profit, Fans, & Freedom” – melabraham.com/book/
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What this episode covers
We're diving into a topic that might not be the most exciting, but it's definitely something we can't ignore: taxes. It's easy to feel overwhelmed by the tax process, but understanding a few key things can help ease that stress and even save you money. In this episode, I’m gonna give you the lowdown on some tax basics. I'll talk about how the tax system works and what you need to know to make sure you're not leaving any money on the table. I'll also dive into what kinds of things you n...
Chapters
- 0:00 Introduction
- 4:43 How the tax system works
- 5:52 Tax system principles
- 7:30 What is the basic tax law?
- 13:12 Understanding the tax code
- 16:03 The difference between a deduction and a tax rate
- 17:26 Things to consider before the tax filing time
- 17:46 Internal Revenue Code Section 179: How does it work?
- 22:54 Retirement plans
- 30:36 What is tax refund?
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