Hobby vs. Business Taxes, Whole Life Insurance Strategies, and Capital Gains Tax Updates

from Financial Conditioning · host Simon Karmarkar

In episode 62 of Financial Conditioning, Simon Karmarkar introduces the distinctions between hobbies and businesses for tax purposes, explaining key factors and IRS guidelines to consider. He delves into the nuances of filing taxes for a side business versus a hobby, including how to report hobby income. The episode also explores whole life insurance as a financial strategy, contrasting it with term life insurance, and discusses ways to profit from whole life insurance while avoiding tax pitfalls. Simon wraps up with an overview of capital gains tax, highlighting the rates for 2024 and 2025, providing listeners with essential tax insights for future planning.

Episode metadata supplied by the publisher feed · Published Jan 16, 2025

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Hobby vs. Business Taxes, Whole Life Insurance Strategies, and Capital Gains Tax Updates

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