Save Big With Proactive Tax Planning!

Рет қаралды 29,433

Күн бұрын

Пікірлер: 61

@EvanCarmichael 2 ай бұрын

Your clear explanations and actionable tips make it easier to navigate the complexities of tax planning. Thank you for helping us maximize our benefits and keep more of what we've earned! -Macy (Team Evan)

@BrittMFH 3 ай бұрын

That is so interesting. Without realizing it, I believe I did myself a favor by directing several hundreds of thousands into basic high yield savings accounts, so now that I'm retired I can access those without paying taxes on the withdrawals. I probably lost $ by not investing the funds earlier in my life, but it's worked out.

@fluxcapacitor1621 3 ай бұрын

As a single person, any example with married couples is useless to me. This is confusing enough without throwing in a variable that doesn't matter. It would be great if your videos specified that they're for single or married.

@FinancialFastLane 3 ай бұрын

Yes, understood, the idea is to just teach the concept as there are many variables in any personal situation. In this specific example, the standard deduction for single filer is less so the taxes would be higher and potential tax savings would be higher as well.

@Bladerunner4924764 3 ай бұрын

As a married person, any example with a single person is useless to me. I guess we're not all in the same boat huh?

@time7travels Ай бұрын

What is the standard deduction for a single person?

@FinancialFastLane Ай бұрын

@@time7travels The standard deduction for a single person in 2024 is $14,600.

@CarolShook-yg9nn 9 күн бұрын

I agree every time I see those retirement programs they're usually talking about couples we are not all married

@edorofish 3 ай бұрын

I'm will pay taxes on SS because of my military pension. I plan to take SS at 62 to keep the $$ amount low but for longer. My wife may wait longer to get a higher amount.

@WeRiseThriveConsulting 3 ай бұрын

4.4 million words in the tax code, wow!

@EllenLangford-c3y 2 ай бұрын

Great example!

@mariagibson3237 15 күн бұрын

Excuse me ,no taxes for social security.

@FinancialFastLane 15 күн бұрын

Not yet. SS taxes are still a thing as of right now.

@Lee-f3m1m 4 күн бұрын

That's when Trump takes over.

@dmlifestyle9788 3 ай бұрын

Hello Lane ladies and gentlemen, my wife is going to be 62 next year and she is thinking about taking her Social Security. I am already retired as of 67 and also receiving my Social Security. My question is this if she takes her Social Security at 62 and I should pass away , a year or two after will she be penalized in anyway in regards to her Social Security. Will she be able to get half of my Social Security and still receive a portion of hers or will she only be entitled to a portion of my Social Security. Thank you all for what you do, the content and learning about many different things including Ira information.

@petrao8669 3 ай бұрын

I am pretty sure that she will receive your full SS after you pass, as long as your SS amount is larger than hers.

@KJ-zr2ko 3 ай бұрын

@@petrao8669I believe you are correct.

@KJ-zr2ko 3 ай бұрын

The only problem I see is if her medical is paid by her employer. If she stops working and collects SS she will have to purchase get own insurance, that cost could be up to $2000. a month. Or if she continues to work because she can get free medical than she would be limited to making less than $22,000., the first year.

@cathymartin19 2 ай бұрын

I believe if you die before she reaches her full retirement age, she will receive a prorated amount of your SS amount. I had this discussion with an agent of the SS office when trying to decide whether or not to retire at 62.

@Lee-f3m1m 4 күн бұрын

They don't mention the fact that your limited to how much you can earn when you take an early retirement. I took my retirement at 65 and wound up paying the IRS $7,000 back because I went over the limit. there was no way that I could live on my retirement plus the limit they give you.

@GailHorton01 Ай бұрын

I received my ss at the age of 62 will I get more added on when I stop working

@KJ-zr2ko 3 ай бұрын

Thank you. I found this very helpful.❤

@fuzzresponder2225 3 ай бұрын

Not a bad problem to have, tell that to those that have nothing saved!

@carrottop7802 2 ай бұрын

Really? My benefits were earned by working more than one job, weekends, holidays, swing shift, overtime.....whatever it took to secure a comfortable retirement. Why should I be punished with taxes? Most do not live comfortably on a 40 hour (or less), Monday-Friday (or less), daylight job. Social Security was never supposed to be taxed for ANYONE. Stop taking from those who earned it and handing out to those who didn't.

@petrao8669 3 ай бұрын

Great video, thank you.

@Gina_Lee 3 ай бұрын

Unfortunately my annual pension alone is going to result in sizable federal taxes each year.

@FinancialFastLane 3 ай бұрын

If you have a lump sum option, it would give you some tax advantages.

@stump182 2 ай бұрын

END the IRS

@lyricalcereal420 Ай бұрын

Tip #1. Vote for Trump

@larry1824 9 күн бұрын

Use Trumps accountant

@dmckean2061 2 ай бұрын

Tell me please, How does collecting social security affect my military retirment pay? How does my military retirment pay affect my social security?

@FinancialFastLane 2 ай бұрын

Most pensions are taxed as ordinary income. Ordinary income will likely cause some taxation on your SS benefits.

@PedroRodriguez-hy5ty 3 ай бұрын

Social security is a big rip off

@inquisitiveone3579 2 ай бұрын

Social Security is the money YOU have paid in every paycheck. It’s YOUR pretax dollars. The Government also contributes to your funds and you get to collect it at the ages of 62, 67 or 70. Don’t throw it way.

@carrottop7802 2 ай бұрын

I agree. The problem should be optional. I don't need the government managing my finances.