Mar 9, 2020
Favorite quotes of the episode: “We have nothing but love for CPAs and tax professionals.”
“Pro-active strategic planning is always worthwhile.”
“PSA for the 2020 election year, beware of politicians spinning the truth to discredit their political opponents” (example: marginal tax brackets explained)
From the Next Millionaire Next Door, “70% of millionaires they studied have a budget.”
In this episode, I welcome back Isaiah Douglas of ID Financial Planning to discuss tax planning: perspectives from a spender and a saver. This episode is meant to start a conversation around the topic of taxes and is not tax planning nor financial advice.
Disclaimer: This podcast is for entertainment purposes only.
TOPICS
Review of Cash Flow
Taxes
New standard deductions
Charitable giving Federal vs. State
Donor-advised fund intro
DIY Taxes and Tax Software vs. hiring a CPA or Tax Advisor
Marginal Tax Brackets Explained
RESOURCES
IRS.gov
Your Tax Advisor (follow up with your personal tax advisor)
Vox.com article on Marginal Tax Brackets https://www.vox.com/policy-and-politics/2019/1/7/18171975/tax-bracket-marginal-cartoon-ocasio-cortez-70-percent
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