Tez Talks Taxes

If you are wondering if you can get a tax deduction for the use of your home for work related matters, the answer is it depends. You will first have to go to thru several steps to find out if you meet the requirements. I have broken it down for you in a quick and easy way. I even added in how to calculate the deduction using the simplified method and the regular method. As a special bonus, I turned my show notes into a PDF file. Please use this link if you would like the ebook with gives your additional information and resources on this topic.

https://attract.io/l/ZdQzjkHQZIWgCML/My 5-Step Proc

Every year, over 1 million people lose out on hundreds, or even thousands of dollars, because they didn't file prior year tax return. The year up for grabs is 2016. You are rapidly approaching the 3 year filing deadline and it's critical because the IRS estimates that over 1 billion dollars will be forfeited if individuals do not file their 2016 tax return by the deadline, which was gracefully extended to July 15, 2020. Listen to this short and informative session so that you can get started. Be sure share this session with friends and family, it could help someone in your circle. Lastly, subscribe to my podcast so you can receive updates and other alerts. 

Many people are missing out on credits and deductions because they are unaware that they have a qualifying child or relative to claim. This 10 minute episode is going to go deep and explain the rules. If you ever wondered if you can claim your friend's child, or your favorite cousin, or your elderly parent, this session is for you. Additionally, I encourage you to check out more details in my learning center on www.taxcody.com/blog or check out IRS.gov.

I have turned my show notes for today's session into a PDF file. 

On May 1, 2020 you will be able to go to my Instagram Page "TaxExpert" and click the link in the bio to obtain the notes. All those who do not have instagram are welcomed to email me at [email protected] to request the document. Please allow up to 5 business days for me to reply to the email.

Have you ever wondered if you qualify as single or head of household? Have you ever been curious about that mysterious Qualifying Widow(er) status that brings a ton of confusion? Well, wait no more! Listen to this episode to get the details of each status. It's broken down for you in a 12 minute review that will shed light on their requirements. There are even a couple of examples to explain tricky tax applications. You may hear a tax term or two that will leave you curious to know further details, so keep an eye out for the next episode which will cover those terms. As always, reach out to me if you have questions. Look below for the show notes! Don't forget to subscribe! Thanks for listening.

Show Notes:

• The five filing statuses are: Single, Head of Household, Married filing Jointly, Married Filing Separately, and Qualified Widow(er)
• The standard deduction for Single Status is $12,200
• The standard deduction for Married Filing Jointly is $24,400
• The standard deduction for Married Filing Separately is $12,200
• The standard deduction for Head of Household is $18,350
• The standard deduction for Qualifying Widow(er) is $24,400

Comparing the two married statuses:

MFJ generally is more beneficial due to a giving a lower tax rate and higher standard deduction. Additionally you are not able to take the following deductions and credit when filing MJS: 

1. Earned Income Credit
2. Child and Dependent Care Credit
3. Educational Credits
4. Elderly or Permanently Disabled Credit
5. Credits or Exclusion for Adoption Expenses
6. and the Exclusion of any income from qualified U.S. savings bonds used for higher eduction expenses.

Keep in mind that if you file using MJS, you will have to use the same "deduction" that your spouse used. Meaning if your spouse took the standard deduction on their federal tax return, you must do the same. If the spouse itemized, you must do the same.

The MJS has its disadvantages, however it's a great tool for tax planning or for refraining from any responsibility to a tax liability that your spouse may owe on their tax return due to underpayment of taxes.

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Today's topic goes in deeper on ways to manage your time. You will learn how to map out your schedule, how to identify your priorities, and how to set a goal that is in line with your schedule. If you want to reach your goals, be SMART and write it down on paper. Listen in on the 3rd and final episode on this time management series. The next upcoming episodes will cover tax topics for individuals and small businesses. Thank you for listening in.