Newer tax preparer here with a nationwide firm and got more from your 15 minutes than all my pre season training. Thanks for the summary.
@MoneyandLifeTV Жыл бұрын
Thanks that means a lot! Good luck during tax season
@g.t.richardson6311 Жыл бұрын
Not surprising
@MoneyandLifeTV Жыл бұрын
Video Outline and Time Stamps so you can quickly jump to any topic: • 1099K filing update - 0:55 • The 2023 Federal Income Tax Bracket Rates - 2:35 • 2023 capital gain rates for stocks and dividends - 3:35 • Changes to the 2023 standard deduction - 4:28 • Child tax credit rules for 2023- 6:08 • • 2023 Education Credits and Student loan interest- 8:23 • 2023 401(K) Contribution Limits IRA Contribution Limits- 7:59 • 2023 Social Security Cost of living adjustment 10:12 • 2023 Gift tax exclusion 11:08 • Health Insurance requirement - 12:08 • 2023 Standard Mileage rate (Pending): 13:00 • 2023 QBI (199A Deduction) 13:22
@coastsalishnative241 Жыл бұрын
Thanks 👍! I'm a widower Dad of 2... And we got new owners and have to reapply for our job and noticed that the W-4 part is different than usual and I don't know how to fill it out so I can get the usual 8, 9, 10k...
@MoneyandLifeTV Жыл бұрын
Happy New Year! I wish you all a wonderful 2023 and hope you enjoy the video and downloadable spreadsheet. Please feel free to share this video with friends and family, comment and/or leave a like. It really helps other find this information.
@MoneyandLifeTV Жыл бұрын
Update: Please note the 2023 mileage rate on the spreadsheet is incorrect. It will be 65.5 cents for 2023 per IRS. THe announcement came out after I had finished the video and spreadsheet. www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2023-business-use-increases-3-cents-per-mile
@eidhussain9624 Жыл бұрын
Really appreciated your amazing learning stuff...2023 means tax year year 2022 right...
@marcel1616 Жыл бұрын
@@eidhussain9624 kk
@selfmadesm2068 Жыл бұрын
Happy new year and thank you for this. I am an accounting student and I love how you broke the information down into plain english so that anyone can grasp the info and concepts well. Appreciated.
@MoneyandLifeTV Жыл бұрын
Happy New Year! It is nice to hear from fellow accounting students. There are fewer accounting students going into public accounting. I'm pleased to hear this information was helpful. More to come.
@DavidParker73 Жыл бұрын
This is my first year as a tax preparer, I learn more from this video than I have learned from my training.
@MoneyandLifeTV Жыл бұрын
Thanks David!
@MoneyandLifeTV Жыл бұрын
You can follow the links here to download the spreadsheet: www.dropbox.com/s/kmoyglohv0ffkgr/2023%20tax%20updates.xlsx?dl=0
@1DansBlues Жыл бұрын
Happy New Year Mike to you and your family. It’s so nice to get a new video from you. What do you mean it’s tax season again? Seems I just finished tax season. 🙄🙄 You explain things so well and thanks for the update. That IRS!!! Being above the law and taking things into their own hands to delay implementing the $600 threshold. They don’t have the manpower to handle it. Unless the law changes it will be ugly for them, taxpayers and prepares in the future. We’ll keep the videos coming when you can. I don’t know how you find time but I appreciate your them and your time.
@MoneyandLifeTV Жыл бұрын
Hey Dan! Happy New Year sir! It does feel like tax season just finished. I did a lot of year end planning work last year so I did not have a break. I imagine you are in a similar boat. The IRS is beyond salvageable until they have enough agents to actually answer the phones in my opinion. I like your points about the 1099 filing threshold. Best of luck this upcoming filing season. I feel like i'm already drowning and it hasn't even started lol.
@jackycane8238 Жыл бұрын
Thanks for the info. Please make a video for us seniors still working as 1099 and receiving social security benefits . How can we avoid paying taxes over our social security payment s and how the standards deduction applies. Also please, when we realize we no longer can stay in our home ( health reasons, financial reasons, need to relocate to be close to family) how much is taxed the profits from the house sale? If I buy a new home will I be required to pay capital gains due to the sale of the home we owned for years? How the sale of the house affects social security benefits? Thanks 🙏 there are many seniors like me that will benefit from the information.
@johnnixon Жыл бұрын
Just want to say thanks, your videos have helped me a ton as life's gotten more complex (aka getting older). You've saved me a ton money that's desperately needed for my family and I really appreciate your educational videos.
@MoneyandLifeTV Жыл бұрын
Thank you John it really means a lot to me to hear that. God Bless
@TaxAccountant-ks1ni Жыл бұрын
Hi Mike - great summary - didn't the SECURE act clarify the issue about the 10 year rule for nonspouse beneficiary of retirement plans? Most had assumed as long as the funds were withdrawn within the 10 year period they were okay. However, I believe the IRS interpretation stance was a withdrawal each year for 10 years. The IRS had even issued a Reg stating in 2023 you had to "catch-up" but would not penalize for the two prior years if the nonspouse beneficiary had not been taking the withdrawals. The SECURE Act settled it as now the account has to be fully withdrawn with 10 years with no yearly withdrawals. At least this is what I am reading.
@MoneyandLifeTV Жыл бұрын
Thanks for commenting. I have an upcoming video on the secure act in the next week or so and will be sure to address this. I will see what I can find. You are not the first person to ask.
@brendak778110 ай бұрын
Please speak about the k-1 tax returns like partnerships and scorps. The penalty after March 15th received by irs is steep. I filed mine and it was received March 6th but the irs is still charging penalty. This penalty is 220 per member per month late or partial month.
@lnkinc6823 Жыл бұрын
Thank you so much for another great video I do just want to point out because it does confuse a lot of people even though they're not going to be getting the 1099 k from the different payment apps they are still required to report any cash income received for a business transaction as it accounts for complete gross income and I think a lot of people don't report it thinking they don't have to.... I do want to be sure that these laws are taken into effect for the 2020 two tax year or will they wait until 2023 as I want to thank you for this gift of sharing this information as it is so helpful and you are so appreciated thank you happy new on 1🎉
@MoneyandLifeTV Жыл бұрын
Thank you! You are are 100% correct about the 1099K reporting.
@richiegiggs Жыл бұрын
Market is down actually, I've been looking into techniques and obviously both bull and bear economic situation gives equivalent road to accumulate monstrous additions, I mean I've known about individuals making up to $300k during this accident and I might want to know how.
@jackbills Жыл бұрын
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
@palmersolga Жыл бұрын
@Dragon Jee I've actually been thinking of reaching a portfolio-adviser, my 401k and stocks been losing everything it's gained since 2019, mind if I looked-up this one coach you use?
@dannyscott1276 Жыл бұрын
Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2023 on a woodnote financially.
@mikehenley2821 Жыл бұрын
Thank you for all the helpful information. I would never have had the time to research all of those different areas myself.
@MoneyandLifeTV Жыл бұрын
Thank you Mike!! It is so challenging to keep with everything, but I try :)
@vanessaruiz4697 Жыл бұрын
Thank you for this summary! Have you considered adding a mentor/ce program for accounting students and new preparers? Your explanation is on point and very clear. Good luck with your business!
@MoneyandLifeTV Жыл бұрын
Love that idea......i actually have thought about this. I could create a training program and sell to accounting firms or the general public.
@Meyerpink Жыл бұрын
Great update. So much stuff on KZbin is plain wrong that I’m glad to hear true and helpful info from you! Keep up the good work.
@MoneyandLifeTV Жыл бұрын
Much appreciated Jay! I try to keep it real sir :)
@CosmicCosmo1 Жыл бұрын
Glad to see your accounting practice taking off so fast. Would love to see a video talking about your journey and growing pains from the rapid expansion within the first couple of years.
@MoneyandLifeTV Жыл бұрын
Hi Jon, thank you! I love that topic idea. Infact I was considering discussing what it is like being in business.
@devonpritsch Жыл бұрын
i’m starting an internship in tax at a public accounting firm tomorrow. really nervous but watching videos like this help me feel more prepared. thanks!
@MoneyandLifeTV Жыл бұрын
Awesome! Thanks Devon and best of luck. I hope it goes well.
@tomj528 Жыл бұрын
Nice summary but you're vastly underestimating/underselling the form 8880 retirement saver's credit. Likely most if not all of your clients could make themselves eligible for the maximum credit simply by maxing out their tax deferred retirement account limits. Additionally, later on when they stop working full time they can use the same credit as a tool to slowly and under taxable limits convert their tax deferred accounts to their Roth IRAs. No taxes now, no taxes later and the savings are multiplied as this completely defuses the "Tax Torpedo", the "Widow's Tax Trap" and ensures you pay the lowest amount for medicare premiums with the maximum control over your income and taxes. If you're not already, branching out into tax planning for your clients is a valuable service and can certainly help fill out your "off" season. Cheers!
@MoneyandLifeTV Жыл бұрын
Great points thanks Tom!
@jacobvelez91 Жыл бұрын
Hey Mike took a break from your channel to study , I’m a Tax Specialist at HR Block this year and your videos have been a huge help in learning ! Any tips on becoming an EA?
@MoneyandLifeTV Жыл бұрын
Congrats Jacob! I never took the EA, but I would say takes notes on the questions you miss. Takes lots of notes in general to help you remember all of the details. Secondly, study like your life depends on it until every test is passed.
@jacobvelez91 Жыл бұрын
@@MoneyandLifeTV thank you sir ! We actually have a EA in my office this year from China ! Going to definitely soak up as much knowledge as I can and ask many questions!
@laurenodonnell5889 Жыл бұрын
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
@samanthaprocell3844 Жыл бұрын
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
@rexhecks3307 Жыл бұрын
I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.
@benandersonn12 Жыл бұрын
@@rexhecks3307 Impressive can u share more info??
@rexhecks3307 Жыл бұрын
@@benandersonn12 Can you leave your investment advisor's contact information here? I absolutely must have one.
@kennguyen4540 Жыл бұрын
Isn't that the same Mrs. Patricia Annie Brooks that my neighbours are talking about, she has to be a perfect expert for people to talk about her so well
@backergm Жыл бұрын
Happy New Year! coming out strong 2023 with a new video content. Takes times to prepare, keep it up.
@MoneyandLifeTV Жыл бұрын
Thank you sir! I wish I could make more content. Can't wait until I can hire more people so I have more time for content production.
@daveschmarder-1950 Жыл бұрын
Happy New Year Mike! Good to see you back. Last year I did a bunch of tax loss harvesting. I was able to sell some highly appreciated, long held mutual fund assets. I didn't like those surprise capital gains distributions. Now they won't be as bad. Trying to decide if I should do more of that or maybe a Roth conversion to fill up that 12% bracket?
@MoneyandLifeTV Жыл бұрын
Happy New Year Dave! So glad to hear from you sir. I will be encouraging a lot of Roth conversions at the 12% &/or 22% levels. I would say it is probably wise to consider maximizing that 12% bracket because these lower rates probably won't be around after 2025. With all the new spending by the GOV I would assume higher tax rates in the future.
@daveschmarder-1950 Жыл бұрын
@@MoneyandLifeTV In New York State, lower income people (me) aren't taxed on the first $20k of money removed from an IRA. ($40k MFJ). That would save me 5.8% State tax. My RMD is much lower, so it makes sense to add more. But there is a hidden tax on the 1040 if less than 85% of my SS is taxed. So you can never win.
@MoneyandLifeTV Жыл бұрын
It is amazing how many different layers of rules exist from Fed to State.
@chucksmith92 Жыл бұрын
Mike, great job. Yes they did change the mileage rate to 65.5 cents a mile
@MoneyandLifeTV Жыл бұрын
Thanks Chuck!
@Woodstock625 Жыл бұрын
Thanks for the update mike! appreciate your content. Happy New Year!
@MoneyandLifeTV Жыл бұрын
My pleasure Tinluong! Thank you!
@bigdog2503 Жыл бұрын
Mike looking for a good Corp & business tax class. Any suggestions
@MoneyandLifeTV Жыл бұрын
The best CPE company I know is Spidell. I love their resources and classes.
@darlenedutt5045 Жыл бұрын
What is the standard deductible for married couple filling joint?your 2022 taxes that we have to have done by April 2023
@wandagreer9144 Жыл бұрын
Thanks for the work you put into the spreadsheet. I am glad I could avoid using your DROPBOX though as I really dislike that program. first time seeing your video but will look out for more. Happy New Year.
@MoneyandLifeTV Жыл бұрын
Glad it was helpful! Thanks Wanda!
@chrisjagielski338 Жыл бұрын
Regarding HSA minimum deductibles - might wanna double check - it’s $1400 for single and double that for family for tax year 2022
@chrisjagielski338 Жыл бұрын
Additionally, the Max out of pocket is $7050 for single double that for family
@MoneyandLifeTV Жыл бұрын
Thanks!
@mindfultrader8028 Жыл бұрын
Nice content, however I'm still ecstatic and nervous just received a $17,000 relief check from a nonprofit
@dawnwrld1795 Жыл бұрын
i live in Utah, and im on SSI can I still send them a message?
@mindfultrader8028 Жыл бұрын
@@dawnwrld1795 Correspond with a relief officer in Ohio, and its very much available in all states
@mindfultrader8028 Жыл бұрын
on telgram appp
@dawnwrld1795 Жыл бұрын
@@mindfultrader8028 thanks a whole lot for the update, we need more of your kinds on planet earth
@mindfultrader8028 Жыл бұрын
@@dawnwrld1795 trying to give out what i have because these belongs to the american citizens
@Thundralight Жыл бұрын
They should not be allowed to tax us over and over on the same money. You are taxed on your paycheck then taxed over and over on everything you purchase with that paycheck
@xiomaramascorro97545 ай бұрын
Hi I was wondering if you teach, I took class with the HR block but I think I need more information. I try to do taxes this yr but I need more learning maybe for next year I could do better
@davidjohnson8930 Жыл бұрын
The increase in standard deduction doesn't help as long as you can't itemize on the state side. In MD we get killed on the state side if you can't itemize. That is something that needs to change in the tax code.
@MoneyandLifeTV Жыл бұрын
Sorry to hear that David. That is no Bueno :( Where I live in California high income earners get wrecked because of the SALT limit being capped at 10k. Probably will see changes starting in 2026.
@g.t.richardson6311 Жыл бұрын
Then quit electing buffoons in Maryland Won’t visit that state anymore due to your idiotic gun laws
@dougjohnson5487 Жыл бұрын
For the Standard Deduction for over 65 is not shown. The video shows Elderly AND Blind but no just elderly. Per Kiplingers site it says $12,950 plus $1750 for elderly total of $14700 for 2022. Which is correct?
@pocketcharts126 ай бұрын
The greater amount- The 1040 form instructions will give more clarity
@lpr1212 Жыл бұрын
Happy New Year Mike and Family! 🎉
@MoneyandLifeTV Жыл бұрын
Thank you! you as well :)
@jessicaharrison349111 ай бұрын
I have a question On my w4 form I file 3 dependents and married filing jointly and they do don’t take out any federal taxes. Is there a reason for that? Am I doing something wrong?
@coriddeval18158 ай бұрын
Just to be clear, is this based on tax year 2023 or tax year 2022. Reason I ask is because 2022 and 2023 were thrown around a few times seemingly to say this is for money earned in the year 2022 and being filed in 2023, but I took the title as it being money earned in 2023 and filed 2024.
@citizenoftheyearCC Жыл бұрын
Looking forward to meeting with you in a few months again! Thanks for the card you sent in the mail. Why is this video only for those older than 18 lol?
@MoneyandLifeTV Жыл бұрын
Hello sir! I look forward to it as well. I am glad you received the card :) Re: the 18 years or older slide.....I just need to change that slide out all together haha.
@T18skyguy Жыл бұрын
Great video Mike. So happy to hear your business is growing. Keep up the good work!!
@MoneyandLifeTV Жыл бұрын
Thank you! Really appreciate the support. Yes, the business is growing so fast I literally cannot keep up with it. I need to hire.
@pch5938 Жыл бұрын
Thank your the info. Remember if you hire a few people, you may qualify for the QBI deduction 🙂😁
@MoneyandLifeTV Жыл бұрын
I love the QBI Deduction lol and yes we are hiring :)
@ibrahimskandarani118 Жыл бұрын
I have a question, please. My wife and I are married (no legal separation). However, we have been living apart, in separate for a number of years. This year, I am planning on filing as "married filing separately". My income is 100% from social security. My question is: Do lines 9 and 11 on the Social Security worksheet apply to me in this case? Thank you for help with this question.
@MoneyandLifeTV Жыл бұрын
Hello sir, Being that tax season is starting and I do not have time to research this, please check the instructions to the worksheet to confirm.
@e2U Жыл бұрын
Hello, If I provide rental equipment to several 501c3 causes, can I rite off the fair rental price on my taxes as a dba?
@karinblair1367 Жыл бұрын
Happy New Year to you and your family.
@MoneyandLifeTV Жыл бұрын
Happy new year! Thank you Karen! Same to you :)
@Laz_RS Жыл бұрын
Wow, the capital gains tax is so corrupt. People should pay more on money they did nothing to earn.
@christophervanzetta Жыл бұрын
Then the economy would collapse lol
@MoneyandLifeTV Жыл бұрын
Its crazy isn't it? That is why I encourage all of my clients to try to make more of their living through investments.
@MrRjara100 Жыл бұрын
I believe tax due date is April 18, 2023, "File Form 1040 or 1040-SR by April 18, 2023".
@craigbuyer Жыл бұрын
Thank you for the spreadsheet
@MoneyandLifeTV Жыл бұрын
You are welcome good sir.
@AprilMayShowers Жыл бұрын
Hi, I get paid a drawl commission check that is taxed. It is a credit I pay back out of my commision check. Say my drawl balance is 3000 I make 5000 my bring home is 2000. Each check is taxed. Can I deduct my tools , linked in, zoom , indeed high speed internet, home office supplies. The tools are taken out of my check . So I can show Exactly what I pay for all items. Thanks 😊
@MoneyandLifeTV Жыл бұрын
Hi good question. It all depends whether you are an employee or an independent contractor. If you are an independent contractr then yes you can. As employee though you cannot.
@JD-tn5tb Жыл бұрын
I didn't hear you mention income thresholds for IRMAA. Can you please confirm how much in 2023 for single people?
@MoneyandLifeTV Жыл бұрын
Hi, thanks for asking. Sorry at the moment I do not have that information on hand. Quickest way to find is typically a quick google search.
@brianwhite3428 Жыл бұрын
I have a question I have a 401 Thru where i work A Roth IRA My question can i start up another IRA?
@MoneyandLifeTV Жыл бұрын
Hi Brian, Yes, you can although you may be limited to how much you can contribute. The overall limitation applies to retirement accounts, but it is ok to have multiple types of retirement accounts.
@SecretHat Жыл бұрын
Thank you very much for making this video, it's timely for my filing this year.
@MoneyandLifeTV Жыл бұрын
That was the goal. Thanks so much for watching :)
@kmn8226 Жыл бұрын
Doesn’t the HSA contribution require that your health insurance plan have a max out-of-pocket limit in addition to the deductible? If so, what is that max out-of-pocket.
@MoneyandLifeTV Жыл бұрын
Yes, I believe you are correct. For single filers its about $5,300 and for Family it is about $9,650.
@luisahernandezmunoz8332 Жыл бұрын
If you have a taxable account and I want to invest in dividend paying stocks is possible I can leave from dividend using this type of account? How taxes are treat it?
@MoneyandLifeTV Жыл бұрын
Hey Luis! Happy New Year. I'm not sure if I fully understood your question, however, you can invest in dividend paying stocks in other account types like an IRA or Roth. No tax consequences unfold until you withdraw the money.
@PedroLopez-hn4sp Жыл бұрын
Happy New Year, Great content. I have an idea of possible new content you may consider. I have been in Mexico for over a year now, taking care of Grandma. I called a tax person in the U.S. I was told since I did not have a job I do not have to file. Maybe a video on how to tackle a similar situation.
@MoneyandLifeTV Жыл бұрын
Happy new year! Thanks for the content suggestion. The person you spoke with was correct assuming you did not have enough income to file. What is your situation currently?
@jasonpierce1980 Жыл бұрын
What advice can you give me about taxes. Permanently disabled l&I pension. Haven't filed taxes in many years because I have no W2. Getting ready to pay off my house by the end of the year.
@nadineavellani673 Жыл бұрын
Is the standard deduction for this year 12,950 or $13,850. I thought for sure was 12,950 for tax year 2022. Is that correct?
@MoneyandLifeTV Жыл бұрын
Yes, $12,950 for tax year 2022 and $13,850 for tax year 2023 for single filers.
@sweatmanjim Жыл бұрын
Happy New Year and God Bless! Thank you so much the the content!!!!
@MoneyandLifeTV Жыл бұрын
Same to you Jim! Happy New Year!!
@hanghad7645 Жыл бұрын
I have capital gain from selling second house in Ohio (never lived in it,never rented it) Can I file Ohio taxes in Massachusetts without going to Ohio and hiring an Ohio tax accountant? Thank you
@MoneyandLifeTV Жыл бұрын
Hi, Yep any accountant (Regardless of the state they live in) can help you. I have client's all over the United States even though I live in California.
@hanghad7645 Жыл бұрын
@@MoneyandLifeTV Thank you
@ShamileII Жыл бұрын
Great video! Thanks for all the valuable information.
@MoneyandLifeTV Жыл бұрын
Thank you Shamilell! Glad it was helpful.
@dbest4755 Жыл бұрын
AWESOME Spreadsheet ... Happy New Year!
@MoneyandLifeTV Жыл бұрын
Happy new year! Thank you!
@angelenaruiz482 Жыл бұрын
Hello Mike are you going to do a Wage Protection worksheet this year?
@bcriz Жыл бұрын
So in a ROTH IRA, if you sell short term, would you still get taxes the same way or it doesn’t matter since it’s in a tax advantaged account? Meaning you can buy and sell whenever without any difference like qualified vs non-qualified dividends?
@susiekelly4322 Жыл бұрын
Always great update for the New Year!
@MoneyandLifeTV Жыл бұрын
Thank you! Happy New year!
@scottfoxl7431 Жыл бұрын
Hey, great video! I do have a two questions, however: I do gig work and might get the 1099-K form. There doesn't seem to be a copy to send in with my federal form, so is that the way it's supposed to be since the feds already know my gig income, that I report my gig income and not include a 1099-K form to the feds? And second, I'm confused about filing, since I made less than 20K in 2022. So if my taxable gig income is 19,999, do I not have to report it? Thanks
@MoneyandLifeTV Жыл бұрын
Hi Scott good questions. The 1099-K form (Whether or not you receive one) would not be submitted with your tax return. However, you would still report the total income from your sales. If people are being honest with their financial records than it really makes no difference if you receive a 1099 of any kind, because you would be reporting the income anyways. Of course you would also separately report the expense incurred to generate that level of income.
@halapasaway381511 ай бұрын
Hi sir i have question i never been working ever since im 62 my husband is retired already, if he gave me money 75 thousand do i have to pay tax thank u sir hope to hear u back
@wildorchid4088 Жыл бұрын
Hi! Can I ask about 1099NEC tax year 2022? I was self employed for 4 months. I stop and work as an employee after that. Me and my husband normally do 1040 file jointly. This year 2023 filing taxes does it mean I have to add 2nd form 1040 schedule C? Can I ask your advice? Thanks
@annshuyler676 Жыл бұрын
Is THERE a renter tax refund New car tax
@joeabbott7839 Жыл бұрын
I am retire only have ss check for income an 25-800*00ayear but 2500ayear out of my can I take that deduction for medcarean off set my income
@mariachaires8063 Жыл бұрын
Thanks Mike!! Happy New Year!!
@MoneyandLifeTV Жыл бұрын
Same to you Maria! Thank you!
@mariachaires8063 Жыл бұрын
If you need a work from home person to assist you in your business please consider me. I want to learn Would love be your apprentice ❤
@MoneyandLifeTV Жыл бұрын
Thanks! I will keep that in mind.
@mariachaires806310 ай бұрын
Had to get a refresher again. Love rewatching your videos!! Like I said before if you need some data entry or helper I raise my hand! 😊
@raquelborden7785 Жыл бұрын
Very valuable information and clearly explained. Thank you!
@MoneyandLifeTV Жыл бұрын
Glad it was helpful Raquel. Thank you!
@MrRjara100 Жыл бұрын
Great information, thank you
@TraceyPoland Жыл бұрын
Wasn’t the mileage rate through June 58.5 cents for 2022?
@MoneyandLifeTV Жыл бұрын
Thanks I believe it was thanks for checking.
@TraceyPoland Жыл бұрын
Thanks! I have a CPA but do a lot of prep work myself.
@ciskokidd5980 Жыл бұрын
Wait,, what? @ at 9:50, you say, "if I'm going to invest, you prefer to dump into your ira 401's? Why? if the market is getting hammered, even with a conservative port, aren't you still hemorrhaging profits from invested funds? Thank you for your production.
@Driving4bangers Жыл бұрын
Your quote isn’t even what he said. Also this is all facts, not speculative information. Keep your money in cash in the 401k, then
@sass1ap Жыл бұрын
Why can’t I just take my RMD and then put it back in?
@MoneyandLifeTV Жыл бұрын
Great question. Once you are at age of RMD you can no longer contribute a traditional IRA. You can however, invest the money in a normal taxable brokerage account. Roth accounts do not have an RMD requirement.
@UnderstandSoccer Жыл бұрын
Great video! Thanks for the updates.
@MoneyandLifeTV Жыл бұрын
You bet!
@betenu1 Жыл бұрын
Question I'm single and a homeowner who bought and sold some stock. Which tax software or form is right for me? Thanks
@nitra79 Жыл бұрын
Great Video! Very informative. Thanks
@MoneyandLifeTV Жыл бұрын
Awesome! So glad you enjoyed it. Happy New Year!
@rodalexander5666 Жыл бұрын
There is no such word as irregardless. It's a double negative. Regardless means without regard. Irregardless would mean without, without regard. I hope this will benefit you.
@terrymckenzie5153 Жыл бұрын
Did you try doing the cash hack platform yet I did cash hack just a couple of days ago and I got paid $20,000 in just a few hours
@johnbenge1017 Жыл бұрын
How much do I have to pay on social security?
@tuspat67 Жыл бұрын
Thank you very much
@miket1181 Жыл бұрын
California federal filing date has been extended into May
@jamesbloch8894 Жыл бұрын
good job
@MoneyandLifeTV Жыл бұрын
Thank James!
@Mrgonzo1 Жыл бұрын
I have a question regarding the 1099-misc that I received from the FTB in California (inflation relief check). When I enter the amount in the tax software it applies it as earned income when, technically, it's not. Does anyone have current information on how the IRS is going to handle this 1099-misc?
@williamrose7184 Жыл бұрын
Because if it came from the California state government, they probably are considering it income? And how do you know it’s being considered income? Did you already file your taxes and are just waiting for the IRS to except it and you looked at the forms or what?
@Mrgonzo1 Жыл бұрын
@@williamrose7184 I have prepared my taxes but have not filed yet. My taxes owed went up and my state refund went down. I have read an article that it's still in limbo and I haven't heard or read anything else about it.
@christophervanzetta Жыл бұрын
Because it is income…
@MoneyandLifeTV Жыл бұрын
Hi, I have not seen a ruling on this year myself it is a great question. However, the general rule of thumb is that California refunds are generally taxable to Fed/IRS if you itemized deductions. Hopefully the IRS will clarify what they plan to do.
@Mrgonzo1 Жыл бұрын
@@MoneyandLifeTV I don't have enough itemized deductions, so I have to use the standard deduction and the software accounts for that. I'm going to redo my taxes without the itemized portion and see if that makes a difference.
@presnon8605 Жыл бұрын
Do you do RMD on traditional IRAs?
@normarenteria2496 Жыл бұрын
What about the dependent care credit?
@MoneyandLifeTV Жыл бұрын
Hi Norman, dependent care credit is reverting back to the way it was for tax year 2020. I need to add this to the spreadsheet for future years. Thanks! 2021 was a boosted year that will not happen again as far as we know of.
@diYarm07 Жыл бұрын
Is there still a spousal IRA for a stay at home wife?
@MoneyandLifeTV Жыл бұрын
Yes, good question. You can count your spouse's earned income as if it was yours. to open up an IRA (assuming you have no other retirement plan in place).
@rudra109 Жыл бұрын
On tax software we need to provide inputs to 1099B which will flow to 8949-schedule D-form 1040. This would be the process?
@MoneyandLifeTV Жыл бұрын
No, this is simply information. I cannot teach people how to specifically how to fill out tax forms over the internet. Sorry.
@rudra109 Жыл бұрын
Oh..Still it's very helpful video. Thanks.
@joylove8737 Жыл бұрын
hi , i have a question. My federal tax withheldings decreased from 252 to 233 in my new paycheck for 2023. But i didnt change anything on w4 form. Is that normal?
@g.t.richardson6311 Жыл бұрын
Yes because standard deduction was increased reducing taxable income
@QSL. Жыл бұрын
Thank you. You are awesome
@josebless5152 Жыл бұрын
Thank you for this annual gift 🙏🏿🫶🏿
@MoneyandLifeTV Жыл бұрын
My pleasure! Can't believe I have been doing this for five years now.
@greentrees2111 Жыл бұрын
Great information 🙏
@badpixels_ Жыл бұрын
thanks
@MoneyandLifeTV Жыл бұрын
My pleasure!
@jadenardini7736 Жыл бұрын
Thanks !!!!!!!!!!!!!!!!!!!!!!
@olgavarabei1183 Жыл бұрын
Thank you so much!!!!
@adjunctcomedy Жыл бұрын
I love this guy. Let me work for bud.
@MoneyandLifeTV Жыл бұрын
Lol I offer the other green stuff :)
@lindajohnson4777 Жыл бұрын
Where do I find the spreadsheet?
@MoneyandLifeTV Жыл бұрын
Hi LInda, here is the spreadsheet:www.dropbox.com/s/kmoyglohv0ffkgr/2023%20tax%20updates.xlsx?dl=0
@danyellesanders2407 Жыл бұрын
❤Luv the content!!!
@brendahobbs4486 Жыл бұрын
If you are not a government work you it is volunteery. Do your own research their is no law.
@bradleyvanzile1111 Жыл бұрын
Don’t dive into it just look into and get the facts.