Tax season officially ended and many people who thought they were going to get a refund actually owed. This was the case for Rich, who ended up owing a good chunk of change this year. This was the first time he’s ever had to pay the IRS. Marcus, on the other hand, got some money back and thinks it’ll be the last year he gets a refund. Thanks be to the merciful tax gods!
That being said, this week’s episode is all about tax planning throughout the year and how you can take the necessary steps to make sure all your money is in order before tax season arrives. In this episode the guys discuss their tax return expectations, making more and earning your way into a higher tax bracket, filing with a CPA vs. filing online yourself, and how to set the foundation for personal finance success all year long.
- The impact of waiting till last minute to file taxes
- Expecting a refund versus preparing to owe taxes
- Working on 1099 contracts when no taxes are taken out for you
- Why succeeding at your career can push you into a higher tax bracket
- The pros of hiring a CPA instead of filing your taxes yourself
- Establishing good monetary habits throughout the year not just at tax season
Mentioned on This Week’s Show
- Small Business Finance for the Busy Entrepreneur by Sylvia Inks @SMIFinancial
- Your Tax Season Questions Answered ft. Rianka Dorsainvil, CFP – PB119
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- Beyond the Dollar Podcast – The Myth of Success with Paychecks & Balances: We chat about the differences between the idea of outward success and how it’s not always cracked up to be. We also get candid about our feelings on how others respond to our upbringings or our “advantages” in life and it’s merely our parents looking out for our best interest.
- Brown Ambition Podcast – Ep. 169 — Finding Your Perfect Retirement Number with Paychecks & Balance’s Marcus Garrett: Paychecks & Balance’s Marcus Garrett cohosts this week’s show, and he shares how he found his perfect retirement number (Hint: It’s actually not as high as you might think!).
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