In a discussion about all things tax-related, we break down federal and state taxes and explain how tax brackets and income taxation work. We talk about the legal ways you can minimize your tax liability and share some of the ways you can reduce your taxable income. We also discuss the pros and cons of DIY tax filing versus hiring a professional.
Andrew joins this week’s podcast as we talk about:
– The types of taxes – federal, state, and local
– How tax brackets work in the United States
– What effective and marginal tax rates are
– How you can legally minimize your taxable income
– How long do you need to keep tax and other essential documents for
Show References:
- All The Hacks Podcast: Debunking Tax Myths, Avoiding Audits and Maximizing Savings with Jasmine DiLucci
- Free Tax USA
- Scanner for keeping all your docs digitally (there are also cheaper apps for doing this with your phone camera)
- Liz Gets Loaded podcast – Charitable giving hacks: ‘Smart giving’ through Effective Altruism and Donor Advised Funds: what I’ve learned and how it changed how I give
- Inside Out Money podcast #023 – 4 reasons HSAs are awesome and how to maximize the benefits of Health Savings Accounts
- friends on FIRE podcast #014 – Tax Time! Yay!
- friends on FIRE podcast #059 – The amazing tax benefits of FSAs, HSAs, and DCAs
- friends on FIRE podcast #104 – Appeal your property appraisal to save $$ on your real estate taxes
- IRS Tax withholding calculator
- Smart Asset Tax Calculator
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