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
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...
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.
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.
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.
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.
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
@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?
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
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.
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.
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.
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.
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?
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.
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
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.
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🎉
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.
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.
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!
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.
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!
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?
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.
@@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!
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.
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!
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?
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.
@@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.
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.
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.
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?
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
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.
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.
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.
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?
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.
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.
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 😊
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.
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.
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?
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.
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
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
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.
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?
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.
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.
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
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.
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.
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?
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.
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?
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
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.
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
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.
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).
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?
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?
@@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.
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.
@@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.
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?
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.
Thanks that means a lot! Good luck during tax season
Not surprising
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
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...
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.
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.
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.
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.
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
@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?
Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2023 on a woodnote financially.
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
Really appreciated your amazing learning stuff...2023 means tax year year 2022 right...
@@eidhussain9624 kk
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.
Thank you John it really means a lot to me to hear that. God Bless
This is my first year as a tax preparer, I learn more from this video than I have learned from my training.
Thanks David!
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.
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.
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.
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?
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.
@@rexhecks3307 Impressive can u share more info??
@@benandersonn12 Can you leave your investment advisor's contact information here? I absolutely must have one.
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
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.
Nice content, however I'm still ecstatic and nervous just received a $17,000 relief check from a nonprofit
i live in Utah, and im on SSI can I still send them a message?
@@dawnwrld1795 Correspond with a relief officer in Ohio, and its very much available in all states
on telgram appp
@@mindfultrader8028 thanks a whole lot for the update, we need more of your kinds on planet earth
@@dawnwrld1795 trying to give out what i have because these belongs to the american citizens
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🎉
Thank you! You are are 100% correct about the 1099K reporting.
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.
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.
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!
Love that idea......i actually have thought about this. I could create a training program and sell to accounting firms or the general public.
Thank you for all the helpful information. I would never have had the time to research all of those different areas myself.
Thank you Mike!! It is so challenging to keep with everything, but I try :)
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.
Hi Jon, thank you! I love that topic idea. Infact I was considering discussing what it is like being in business.
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!
Great points thanks Tom!
Great update. So much stuff on CZcams is plain wrong that I’m glad to hear true and helpful info from you! Keep up the good work.
Much appreciated Jay! I try to keep it real sir :)
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?
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.
@@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!
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.
Mike looking for a good Corp & business tax class. Any suggestions
The best CPE company I know is Spidell. I love their resources and classes.
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!
Awesome! Thanks Devon and best of luck. I hope it goes well.
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?
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.
@@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.
It is amazing how many different layers of rules exist from Fed to State.
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.
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.
Then quit electing buffoons in Maryland
Won’t visit that state anymore due to your idiotic gun laws
Mike, great job. Yes they did change the mileage rate to 65.5 cents a mile
Thanks Chuck!
Happy New Year! coming out strong 2023 with a new video content. Takes times to prepare, keep it up.
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.
You can follow the links here to download the spreadsheet: www.dropbox.com/s/kmoyglohv0ffkgr/2023%20tax%20updates.xlsx?dl=0
Regarding HSA minimum deductibles - might wanna double check - it’s $1400 for single and double that for family for tax year 2022
Additionally, the Max out of pocket is $7050 for single double that for family
Thanks!
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?
The greater amount-
The 1040 form instructions will give more clarity
Wow, the capital gains tax is so corrupt. People should pay more on money they did nothing to earn.
Then the economy would collapse lol
Its crazy isn't it? That is why I encourage all of my clients to try to make more of their living through investments.
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
Thank you for the spreadsheet
You are welcome good sir.
Thanks for the update mike! appreciate your content. Happy New Year!
My pleasure Tinluong! Thank you!
Happy New Year Mike and Family! 🎉
Thank you! you as well :)
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.
Glad it was helpful! Thanks Wanda!
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.
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.
What is the standard deductible for married couple filling joint?your 2022 taxes that we have to have done by April 2023
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.
Yes, I believe you are correct. For single filers its about $5,300 and for Family it is about $9,650.
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?
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.
Thank your the info. Remember if you hire a few people, you may qualify for the QBI deduction 🙂😁
I love the QBI Deduction lol and yes we are hiring :)
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?
Yes, $12,950 for tax year 2022 and $13,850 for tax year 2023 for single filers.
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.
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 😊
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.
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.
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
I didn't hear you mention income thresholds for IRMAA. Can you please confirm how much in 2023 for single people?
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.
I believe tax due date is April 18, 2023, "File Form 1040 or 1040-SR by April 18,
2023".
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?
I have a question
I have a 401 Thru where i work
A Roth IRA
My question can i start up another IRA?
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.
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
Great video Mike. So happy to hear your business is growing. Keep up the good work!!
Thank you! Really appreciate the support. Yes, the business is growing so fast I literally cannot keep up with it. I need to hire.
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
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.
@@MoneyandLifeTV
Thank you
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?
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.
Happy New Year to you and your family.
Happy new year! Thank you Karen! Same to you :)
Great information, thank you
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.
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
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.
AWESOME Spreadsheet ... Happy New Year!
Happy new year! Thank you!
Is THERE a renter tax refund
New car tax
Thank you very much for making this video, it's timely for my filing this year.
That was the goal. Thanks so much for watching :)
Great video! Thanks for all the valuable information.
Thank you Shamilell! Glad it was helpful.
Hello, If I provide rental equipment to several 501c3 causes, can I rite off the fair rental price on my taxes as a dba?
Always great update for the New Year!
Thank you! Happy New year!
Why can’t I just take my RMD and then put it back in?
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.
Happy New Year and God Bless! Thank you so much the the content!!!!
Same to you Jim! Happy New Year!!
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?
good job
Thank James!
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.
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?
Thanks Mike!! Happy New Year!!
Same to you Maria! Thank you!
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 ❤
Thanks! I will keep that in mind.
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! 😊
Thank you very much
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
Wasn’t the mileage rate through June 58.5 cents for 2022?
Thanks I believe it was thanks for checking.
Thanks! I have a CPA but do a lot of prep work myself.
Hello Mike are you going to do a Wage Protection worksheet this year?
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.
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
Question I'm single and a homeowner who bought and sold some stock. Which tax software or form is right for me? Thanks
Great video! Thanks for the updates.
You bet!
Great Video! Very informative. Thanks
Awesome! So glad you enjoyed it. Happy New Year!
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
Very valuable information and clearly explained. Thank you!
Glad it was helpful Raquel. Thank you!
Thank you 💝
Welcome! Love sharing this information every year.
What about the dependent care credit?
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.
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
Thank you for this annual gift 🙏🏿🫶🏿
My pleasure! Can't believe I have been doing this for five years now.
Do you do RMD on traditional IRAs?
Is there still a spousal IRA for a stay at home wife?
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).
Great information 🙏
Thank you so much!!!!
How much do I have to pay on social security?
thanks
My pleasure!
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?
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?
@@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.
Because it is income…
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.
@@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.
Thank you. You are awesome
California federal filing date has been extended into May
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?
Yes because standard deduction was increased reducing taxable income
On tax software we need to provide inputs to 1099B which will flow to 8949-schedule D-form 1040.
This would be the process?
No, this is simply information. I cannot teach people how to specifically how to fill out tax forms over the internet. Sorry.
Oh..Still it's very helpful video. Thanks.
Thanks !!!!!!!!!!!!!!!!!!!!!!
Where do I find the spreadsheet?
Hi LInda, here is the spreadsheet:www.dropbox.com/s/kmoyglohv0ffkgr/2023%20tax%20updates.xlsx?dl=0
Don’t dive into it just look into and get the facts.
I love this guy. Let me work for bud.
Lol I offer the other green stuff :)
If you are not a government work you it is volunteery. Do your own research their is no law.
❤Luv the content!!!