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Speaker 1: Hey, bea fam Welcome back to the show. It's your girl,

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Speaker 1: Mandy woodruff Santos aka Mandy Money and deep breath with

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Speaker 1: me now and please don't run away. This is the

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Speaker 1: Tax Show. Bea fam, Yes, the Tax Show. We are

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Speaker 1: just a couple maybe a few weeks out from filing

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Speaker 1: the end of the filing. We're just a couple weeks

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Speaker 1: away from the tax filing deadline for twenty twenty six,

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Speaker 1: for twenty twenty five taxes. It is time, y'all. It

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Speaker 1: is time to make sure that we are filing those

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Speaker 1: taxes and also taking advantage of some And it pains

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Speaker 1: me to say this, that are chaos agent in chief,

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Speaker 1: you know, the demigogue, the megalomaniac, the big giant baby

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Speaker 1: that we have elected as our leader, or some people

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Speaker 1: elected rather not me. Ninety two percent stand up. However,

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Speaker 1: there is one benefit to having this man in office,

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Speaker 1: and it is that the taxes are looking kind of cute, y'all. Like,

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Speaker 1: on average, people are receiving ten percent sent more in

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Speaker 1: their tax refund checks this year. And that is, as

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Speaker 1: we'll find out from today's discussion, in large part because

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Speaker 1: of the one big, beautiful tax bill that was passed

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Speaker 1: last year. So as much as it yes pains me

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Speaker 1: to admit that maybe there's one little, tiny benefit to

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Speaker 1: all this craziness happening in the world, I'm happy for us.

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Speaker 1: We deserve a few extra dollars in our bank account,

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Speaker 1: and I'm not going to take that from you.

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Speaker 2: Okay.

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Speaker 1: So today's episode, I am joined by the incredible. She

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Speaker 1: is like a teen tax prodigy who's been doing this

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Speaker 1: since the days when I was a baby, working at

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Speaker 1: the gap, not finding my taxes because I didn't know

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Speaker 1: no better. And while I was doing that, Miss Lisa

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Speaker 1: green Lewis, who is a seasoned tax pro with over

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Speaker 1: twenty something years of experience, is also a spokesperson for TurboTax,

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Speaker 1: is joining me today. We're going to be unpacking all

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Speaker 1: of the changes, the new tax credits, the new tax deductions,

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Speaker 1: the important distinction between a tax credit and a tax deduction,

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Speaker 1: so that we can help y'all put more money in

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Speaker 1: your pockets and much less money in the hands of

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Speaker 1: Uncle Sam. He's got enough, Okay, he's got enough. So

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Speaker 1: on today's episode, expect a conversation around the tax code

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Speaker 1: that's getting more generous for workers, for parents side hustlers

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Speaker 1: and homeowners. We're talking about bigger child tax credits, new

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Speaker 1: deductions for tips and overtime, more love for small business

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Speaker 1: owners we love, y'all, and creators, and even juicier write

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Speaker 1: offs for things like daycare, summer camp, your home office,

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Speaker 1: certain cars. And we have not forgotten about you, our seniors,

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Speaker 1: the sixty five and up. Even you're getting a little

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Speaker 1: something juicy in your tax easter basket this year. What

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Speaker 1: I don't whatever, Stick with me, y'all. Turbo tax expert

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Speaker 1: Lisa green Lewis has been doing taxes since, like I said,

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Speaker 1: I was folding sweaters at the mall, and she's here

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Speaker 1: to break all this down in plain English so you

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Speaker 1: know exactly which credits and deductions apply to you. Hopefully,

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Speaker 1: by the end of this discussion you're going to understand

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Speaker 1: what's changed and how to avoid some pretty new early

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Speaker 1: mistakes when it comes to filing your taxes. We want

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Speaker 1: you to keep more of your hard earned money and

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Speaker 1: your own bank account BAFAM. Now, just a huge disclaimer

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Speaker 1: here to cap it off before we get into that conversation.

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Speaker 1: This is a general conversation. Obviously, taxes are hella complicated

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Speaker 1: and largely dependent on how much you earn and how

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Speaker 1: much you save through deductions through tax credits really depends

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Speaker 1: on your overall household income. So it's a very super

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Speaker 1: individual lives conversation that you want to be having with

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Speaker 1: your own trusted tax experts. So, whether you are doing

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Speaker 1: this DIY or you have your own accountant or tax preparer,

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Speaker 1: highly highly suggests that you take all this with a

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Speaker 1: grain of salt, use it as information to inspire you

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Speaker 1: and encourage you to look even closer at your own taxes.

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Speaker 1: But at the end of the day, any decision and

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Speaker 1: choice that you make really should be down to what's

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Speaker 1: happening in your financial house. So keep that in mind

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Speaker 1: as you're listening to today's episode. Hopefully you find it useful.

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Speaker 1: I want to say thank you so much for supporting

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Speaker 1: the show, and just as a reminder, you can really

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Speaker 1: support the show and it's completely free to do this.

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Speaker 1: Share this episode with a friend who needs to hear it,

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Speaker 1: leave us a comment, or even better, leave an Apple review.

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Speaker 1: I know it's like what Apple reviews, they still matter, Okay,

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Speaker 1: so leave us a review on Apple. Find us on

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Speaker 1: YouTube at Brown Ambition Podcast, where you can find full

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Speaker 1: video episodes of the show and tell a friend, to

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Speaker 1: tell a friend, it means so much to me. I

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Speaker 1: love y'all so much. I'm going to stop talking now

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Speaker 1: and get into my conversation with Turbo tax expert Lisa

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Speaker 1: green Lewis. Happy tax season, y'all.

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Speaker 2: Hll right, ba fam.

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Speaker 1: Happy happy tax season? Now come back. No, no, no,

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Speaker 1: don't run away, Please don't run away. It's important, y'all.

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Speaker 1: We need to get our ish together when it comes

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Speaker 1: to this tax season, and time is ticking. We are

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Speaker 1: looking at the tax filing deadline coming up here in

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Speaker 1: a couple of weeks. And if you're anything like me,

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Speaker 1: and taxes make you a little bit stress and make

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Speaker 1: you want to play like an ostrich and kind of

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Speaker 1: like put your head in the sand a little bit,

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Speaker 1: It's time to get out of the sand. It's time

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Speaker 1: to like, let's stand up, let's put our shoulders back,

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Speaker 1: let's remind ourselves that adulting is hard, but we can

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Speaker 1: do it together. I have got an incredible expert in

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Speaker 1: the house with me today to help us unpack what's

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Speaker 1: actually happened happening this tax season? What do we need

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Speaker 1: to be aware of. I'm very, very lucky and happy

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Speaker 1: to be joined by Turbo Tax tax expert Lisa green Lewis.

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Speaker 3: Thank you for joining, Thank you for having me.

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Speaker 1: So you have been doing taxes since most people were

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Speaker 1: like I had a job at the gap, you were

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Speaker 1: in high school, like filing taxes for people. Tell me

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Speaker 1: about this, how does one how does one do that?

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Speaker 2: And why?

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Speaker 3: I know, I know it's different. It's people are like,

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Speaker 3: that's that's weird. But I had a job in high

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Speaker 3: school and so I started doing my own taxes and

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Speaker 3: it wasn't hard for me. It was really easy for

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Speaker 3: me to understan stand the tax laws. Then my relatives

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Speaker 3: found out that, you know, I know how to do taxes,

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Speaker 3: they started asking me questions. I started doing their taxes.

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Speaker 3: And back then you could get what was called a

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Speaker 3: c TECH license and get paid for doing taxes. So

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Speaker 3: I got that license, went on to college, majored in

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Speaker 3: accounting concentration tax and that's where it all started. And

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Speaker 3: then after that I got my CPA license. So yeah,

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Speaker 3: it's been a long time.

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Speaker 2: Wow.

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Speaker 1: So you were just some kind of like prodigy, a

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Speaker 1: tax prodigy, a team tax product.

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Speaker 3: I don't know, it's this been easy for me And

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Speaker 3: when new laws come out, it's easy for me to

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Speaker 3: understand them and translate and break them down for people.

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Speaker 3: And one of my favorite things is helping people save money,

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Speaker 3: you know, just figuring out how to do that within

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Speaker 3: the tax laws.

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Speaker 2: Right.

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Speaker 1: Okay, so you're the perfect person to talk to. I'm

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Speaker 1: really glad that you're here because a lot has been changing.

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Speaker 1: I mean, last year we had the one big beautiful

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Speaker 1: bill from the you know, the Trump administration that they

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Speaker 1: passed down and I think for a lot of people

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Speaker 1: it's hard to keep track of things like that and

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Speaker 1: to really understand how that might affect us, you know,

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Speaker 1: an attack, you know, an attack sense.

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Speaker 2: And as we're filing our.

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Speaker 1: Taxes this year, what are the biggest ways that this

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Speaker 1: bill has made changes for like everyday people?

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Speaker 3: Yeah, so there are quite a few changes, and they

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Speaker 3: can impact whether you're a parent, whether you're a self

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Speaker 3: employed or a small business owner, a beautician or esthetician

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Speaker 3: who earns tips, or you're in a profession that makes

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Speaker 3: over time. There's you know, some changes for people in

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Speaker 3: those professions as well as sixty five and over. There's

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Speaker 3: a new deduction or if you bought a car for

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Speaker 3: personal use, there's also a new deduction, so I can

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Speaker 3: get into the specifics of those. So if you're a parent,

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Speaker 3: the child tax credit, it's not new, but under the

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Speaker 3: law it increased from two thousand dollars to twenty two

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Speaker 3: hundred dollars if you have a child under seventeen. And

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Speaker 3: then the deduction for tips and deduction for overtime. One

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Speaker 3: thing to be clear, they're saying, you know, it was

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Speaker 3: called no tax on tips or no tax on overtime.

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Speaker 3: It's not that you're not going to get tax. It's

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Speaker 3: a deduction. So the deduction for tips, you're able to

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Speaker 3: deduct up to twenty five thousand dollars in tips from

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Speaker 3: your income. And then the deduction for overtime that's up

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Speaker 3: to twelve thousand, five hundred if you're single, twenty five thousand,

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Speaker 3: married filing jointly.

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Speaker 1: Okay, And this is also a good time train mind.

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Speaker 1: And this is like the most important distinction between tax

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Speaker 1: credits and deduction. Yes, so, and I'm like, we want

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Speaker 1: to see I want to see a credit. Just give

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Speaker 1: me the money, you know what I mean. But a

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Speaker 1: deduction is when and kirkbe if I'm wrong, but that's

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Speaker 1: when like you're able to say you earn one hundred

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Speaker 1: thousand dollars in a year, instead of being taxed on

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Speaker 1: that full amount, if you earn ten thousand dollars in tips,

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Speaker 1: because it's under that what was it, twelve thousand dollars

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Speaker 1: twenty five thousand dollars threshold, you said, hm, so you

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Speaker 1: could then get taxed on ninety thousand dollars of income

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Speaker 1: instead of one hundred.

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Speaker 3: You know exactly what the difference is that you So

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Speaker 3: like a credit, A credit is more valuable. They're both

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Speaker 3: excellent if you get a credit or a deduction, but

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Speaker 3: a credit is a dollar for dollar reduction of your taxes.

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Speaker 3: So let's say you owed one thousand dollars in taxes

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Speaker 3: and had one thousand dollars credit, it will wipe it out.

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Speaker 3: But let's say you had one thousand dollars deduction. That's

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Speaker 3: going to decrease your income. That's taxable. And the way

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Speaker 3: you could look at it is the savings is based

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Speaker 3: on your tax rate. So let's say you were in

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Speaker 3: the twenty two percent tax rate and you had one

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Speaker 3: thousand dollars deduction, you would have a two hundred and

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Speaker 3: twenty dollars savings. It wouldn't be like a dollar for

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Speaker 3: dollar reduction. So that's a way to look at it.

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Speaker 1: This is just the one time of year when it's

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Speaker 1: actually a good financial decision to have kids. I feel

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Speaker 1: like because I got too little, I got little checks

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Speaker 1: right in around.

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Speaker 3: Yes, there are some big deductions and credits for kids.

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Speaker 1: Yeah, so twenty two hundred a pop. I mean, I'll

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Speaker 1: take a ten percent increase in that text credit. Let's

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Speaker 1: not even talk about the fact that I probably spent

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Speaker 1: thirty thousand dollars a year just on daycare for my

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Speaker 1: two year old.

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Speaker 3: Yes, oh I know, yes, day here is so defensive.

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Speaker 3: I went through that. My kids are old now, but

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Speaker 3: I remember that. Yeah. And oh one thing with that.

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Speaker 3: So there's the Child Independent Care Credit. Now that's not

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Speaker 3: new under the tax bill that passed, but if you

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Speaker 3: take your kids todaycare or even summer camp or sports camp,

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Speaker 3: you can get a credit of one thy fifty for

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Speaker 3: one child and up to twenty one hundred for two

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Speaker 3: or more kids. Now under the new law that's increasing

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Speaker 3: with the next tax year. So that's something to remember too.

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Speaker 1: Oh great, because I'm about to drop five hundred bucks

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Speaker 1: on spring break camp just for next week.

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Speaker 3: Yes, so yes, you could definitely do you know, take

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Speaker 3: that into consideration.

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Speaker 1: So is that the kind of thing you know, I'm

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Speaker 1: not the everything's electronic now. So I'm going to admit

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Speaker 1: I've gotten a bit lazier about like keeping receipts, you know,

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Speaker 1: or like I don't take pictures of paper receipts or

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Speaker 1: just not there. I just assume, oh, there's an email.

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Speaker 1: But other end, is that maybe a mistake that I'm making.

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Speaker 1: What's the right way to like track those types of

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Speaker 1: expenses and organize them so that by the next time,

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Speaker 1: you know, this comes around next year and it's time

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Speaker 1: to get that credit. I'm not like, you know, scrambling

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Speaker 1: to find certain things where I forget.

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Speaker 3: Yeah, you should keep track of it, and especially like

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Speaker 3: daycare and so throughout the year. You know, if you

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Speaker 3: just set up like a folder or something, you know,

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Speaker 3: where you can keep those receipts. But I mean with

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Speaker 3: your daycare, I'm sure they can give you the receipts

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Speaker 3: you need. Now, for self employed people, there are tools

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Speaker 3: and platforms where you could track I know that's into it. Yes, definitely,

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Speaker 3: you know there's so many self employed people out there

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Speaker 3: and you want to make sure you keep track of

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Speaker 3: your business expenses because that can really reduce your taxes

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Speaker 3: when you're able to deduct those. So you know, with

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Speaker 3: into It, we have quick Books where you can track

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Speaker 3: your income and expenses and that information imports directly to

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Speaker 3: your tax return. And also with our AI it can

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Speaker 3: export even from spreadsheets and categorize your business expenses. Oh yeah,

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Speaker 3: and also it can export from your bank account as well.

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Speaker 1: I'm actually a Quick Books customer, no plug, and I

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Speaker 1: forgot that you guys like own them, But that makes sense.

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Speaker 1: Into It is the mother of all financial software companies,

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Speaker 1: it feel, it seems like. But yeah, and you know,

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Speaker 1: the thing is, I get stressed about taxes because it

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Speaker 1: just it seems scary. And especially when I went independent

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Speaker 1: about five years ago, it became even scary because I

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Speaker 1: know from reporting on finance for so long that small

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Speaker 1: business owners, you know, solopreneurs, those those schedule see filers

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Speaker 1: like we tend to be looked at more closely by

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Speaker 1: the irs, and you know, can be a little bit

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Speaker 1: more likely to be audited. But the reason, and I'm

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Speaker 1: reminded again, I'm like, girl, you do have your ish together,

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Speaker 1: you have a bookkeeper. This is why sometimes I can

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Speaker 1: feel a little bit out of the loop. But I'm like,

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Speaker 1: because I have my team together. I have my bookkeeper,

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Speaker 1: we do use quick books online, and my accountant bookkeeping team,

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Speaker 1: like they use that and for sure they're in there knowing. Okay,

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Speaker 1: Mandy just dropped five hundred dollars on sports camp at

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Speaker 1: the play place, Like let's categorize that properly, and like, Okay,

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Speaker 1: I have it together.

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Speaker 2: But that's such an.

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Speaker 1: Important investment, and I'm really I feel lucky that. You know,

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Speaker 1: I was warned up and down by so many friends

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Speaker 1: immediately before I even really made money. They were like,

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Speaker 1: get a quick books account you know, get an accountant.

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Speaker 1: Would you be giving people, you know, the same advice,

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Speaker 1: like really really early after you start a business to

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Speaker 1: get that stuff together.

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Speaker 3: Yeah, I would say definitely. If you have a small business,

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Speaker 3: you want to track your income and expenses in some

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Speaker 3: kind of ways so you don't leave anything out because

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Speaker 3: those business expenses is can really add up and reduce

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Speaker 3: your taxes. And then especially you know, if you're self employed,

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Speaker 3: you have to pay quarterly estimated taxes if you expect

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Speaker 3: to owe over one thousand dollars, So you want to

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Speaker 3: track at least quarterly so that you can reduce your

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Speaker 3: quarterly estimated taxes as well.

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Speaker 2: Yeah, I love those emails. Here's what you owe.

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Speaker 1: Here, you go make your payment like thanks so much,

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Speaker 1: hopefully not hop Yeah, well, I mean yeah, feel if

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Speaker 1: there is it. I mean, like with a good accountant,

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Speaker 1: like you're always looking for some ways to reduce someone's taxes, right,

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Speaker 1: that's kind of Russian.

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Speaker 3: Right, you want to find all the ways. And then

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Speaker 3: there's so many different industries popping up, so there's industry

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Speaker 3: specific deductions that just are not general and standard that

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Speaker 3: people can get. And that's one thing you know, turbo tax.

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Speaker 3: We look for those industry specific deductions and then if

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Speaker 3: you use one of our Turbo tax business experts there

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Speaker 3: they have experience in specific industries, so they can identify

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Speaker 3: deductions that you may not even be aware of.

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Speaker 1: Hey, ba, fam, we got to take a quick break,

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Speaker 1: pay some bills and.

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Speaker 2: We'll be right back.

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Speaker 1: Are there any new deductions this year? Like if you're

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Speaker 1: a you know, an entrepreneur, you have your own business,

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Speaker 1: or maybe even if you have a side business and

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Speaker 1: you're working nine to five to still what are some

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Speaker 1: and we mentioned the no tax on tip kind disorder

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Speaker 1: tax deduction. What are some other deductions that you know

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Speaker 1: are new this year for people who may have businesses.

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Speaker 3: Yeah, so definitely, like if you, let's say you're a

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Speaker 3: ride share driver or in a profession that earns tips,

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Speaker 3: you would be able to take advantage of the deduction

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Speaker 3: for tips. But also under the new tax law if

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Speaker 3: there weren't wasn't any new tax laws put in place,

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Speaker 3: but there were some that were passed permanently that were

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Speaker 3: supposed to expire. So the Qualified Business Income deduction, that's

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Speaker 3: the deduction of up to twenty percent of your net income.

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Speaker 3: So that one was passed permanently. And then also yeah.

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Speaker 1: So up to twenty percent of what I earned what

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Speaker 1: I net.

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Speaker 3: Your net in my net income for your like self

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Speaker 3: employment income.

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Speaker 1: Okay, so if I make I love my simple example

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Speaker 1: of one hundred thousand net income, I could deduct twenty

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Speaker 1: thousand dollars of that. Yeah, so it looks like I've

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Speaker 1: earned eighty thousand. Okay, Yeah, that's cute. You know, there's

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Speaker 1: not a lot of perks to being run by a

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Speaker 1: megla maniac autocrat, you know, except for like maybe the business.

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Speaker 1: If you're in business, it is a little it's a

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Speaker 1: little nice, it's a little cute. Oh yeah, I feel

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Speaker 1: a little guilty enjoy I feel a little guilty enjoying it.

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Speaker 2: I'm not gonna lie.

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Speaker 3: Yeah, there's so many deductions that you can take. You

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Speaker 3: know that as an employee, you're not able to take.

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Speaker 3: So the qualified business income deduction that was passed permanently.

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Speaker 3: There's another one for business equipment that was passed permanently.

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Speaker 3: The technical name I won't get. It's called Section one

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Speaker 3: seventy nine. But what it is, you can deduct your

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Speaker 3: business equipment that you purchase in the year you purchase it.

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Speaker 3: Before this law, you would have to spread the deduction

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Speaker 3: over the amount of the useful life of the equipment.

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Speaker 1: We're talking like physical equipment, not like yeah where yeah.

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Speaker 3: Yeah, physical, like physical business equipment. But it could be

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Speaker 3: like computers or any.

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Speaker 1: Big tech microphone if you're a podcaster, yeah, yes, so

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Speaker 1: anything like that.

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Speaker 3: And believe it or not, some heavy vehicles and trucks

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Speaker 3: are fitting under the qualification of business equipment, so you

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Speaker 3: can write them off outright in the year that you

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Speaker 3: purchase them. You just have to use them over fifty

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Speaker 3: percent for your business.

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Speaker 2: Oh okay, gotcha. Yeah.

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Speaker 3: Yeah, So there's a list of like trucks and heavy

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Speaker 3: vehicles that qualify as business equipment.

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Speaker 1: What about for online entrepreneurs like me? You know, a

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Speaker 1: lot everything I do is pretty much tied to my computer.

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Speaker 1: It's you know a lot of software, a lot of

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Speaker 1: digital products. You know, I receive money digitally, not a

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Speaker 1: lot of like physical cash changes hand, I'm not selling

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Speaker 1: a physical product. But for like creators and influencers like me,

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Speaker 1: what are some you know, tax tips you may have

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Speaker 1: for us looking into the season.

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Speaker 3: Yeah, for creators like you, I would say definitely track

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Speaker 3: those business expenses that are related to you making money

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Speaker 3: for your business. So like you said, your microphone, your

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Speaker 3: video equipment, website development and support, anything like that, or travel,

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Speaker 3: all of that is a deduction. Or your home office,

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Speaker 3: so if you have a dedicated space for where you're

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Speaker 3: conducting business, you can deduct a portion of your home expenses.

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Speaker 3: And that's related to the amount of space that you

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Speaker 3: use for your business. So it could be your rent

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Speaker 3: or mortgage interest, property taxes, utilities, and appreciation. So that

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Speaker 3: could be a large amount of money. And then so

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Speaker 3: that's the home office deduction. But also you know, if

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Speaker 3: you did if you refurbished your office or fixed it up,

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Speaker 3: those costs can also be deducted.

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Speaker 2: I really should do that. I am in.

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Speaker 1: My home office is used to be a nursery. I

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Speaker 1: have my little but I do have my accountant gives

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Speaker 1: me a handy little spreadsheet where I can like it's

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Speaker 1: like it does the calculations for you your square footage

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Speaker 1: of your home, a square footage of your office, and

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Speaker 1: then like all your expenses and like the yeah, I

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Speaker 1: really love her and her handy tools, because like that's good.

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Speaker 2: I don't. I'm not a tax prodigy.

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Speaker 1: I'm just going to say it was like I really

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Speaker 1: peaked at like algebra.

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Speaker 2: You know.

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Speaker 3: It sounds like it sounds like you know, you knew

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Speaker 3: like the difference between a credit and deduction what that

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Speaker 3: means to you.

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Speaker 1: So years of the business journalist, like you know enough

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Speaker 1: to be dangerous, but like no one's trusting me to

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Speaker 1: file their taxes for them, you know what I mean.

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Speaker 1: I'm not a least sagnree zwist, not at all.

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Speaker 3: Oh one thing I was going to bring up for

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Speaker 3: you know, people that are self employed or doing side businesses.

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Speaker 3: Under the new law, they change the threshold at which

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Speaker 3: you'll receive the form ten ninety nine K. So form

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Speaker 3: ten ninety nine K is issued to you by third

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Speaker 3: party providers if you've had them process payments for you,

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Speaker 3: So that would be like Venmo, PayPal, anyone like that.

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Speaker 3: So last year the threshold was over six hundred dollars,

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00:22:22,480 --> 00:22:25,000
Speaker 3: you would receive a ten ninety nine K for them

401
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Speaker 3: that reports that information, reports that income. Under the new law,

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Speaker 3: they changed it back to previous rules and it's over

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Speaker 3: two hundred transactions and over twenty thousand dollars, So a

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Speaker 3: big difference.

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Speaker 2: Some good for us or bad. I don't, I can't.

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Speaker 3: I mean either way, even if you don't receive one,

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Speaker 3: you're supposed to report that income. I was just bringing

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Speaker 3: it up because you'll see. You know, if you were

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Speaker 3: in business in twenty twenty four and you saw a

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Speaker 3: lot of those forms, you may not see it this year,

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Speaker 3: but you should still report your income. But also don't

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Speaker 3: forget your business expenses. And then also if you pay

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Speaker 3: any business expenses through those third party apps, make sure

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Speaker 3: you're tracking those so you don't forget those.

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Speaker 2: What could be the like, what's the risk there?

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Speaker 1: Like let's say that you forget to report some of

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Speaker 1: that is that something that could potentially trigger an audit

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Speaker 1: later on, and then IRS could be like, Yo, where's

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Speaker 1: your ten ninety nine k at.

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Speaker 3: So the IRS they receive the same forms that you do.

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Speaker 3: So like if you were at over two hundred transactions

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Speaker 3: and twenty thousand dollars and they receive that and you forgot,

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Speaker 3: then they would, you know, they would reach out to you.

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Speaker 3: But less than one percent of people are audited. And

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Speaker 3: I know a lot of people they think any letter

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Speaker 3: from the IRS is an audit. But sometimes they just want,

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Speaker 3: you know, back information. Sometimes if you're missing information, they'll

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Speaker 3: do an adjustment and they'll send you an adjustment letter.

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Speaker 3: And so with the adjustment letter, they just let you know,

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Speaker 3: you know, hey, we saw that this income was reported.

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Speaker 3: We're adjusting your return and they ask you if you

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Speaker 3: agree with that or not. So it's not you know,

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Speaker 3: it's not always an audit. They just could be adjusting

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Speaker 3: your return or asking for more information.

435
00:24:30,800 --> 00:24:32,560
Speaker 2: Yeah, I mean the idea of being audited.

436
00:24:32,600 --> 00:24:34,480
Speaker 1: You know, I have a PO box and that's where

437
00:24:34,480 --> 00:24:37,040
Speaker 1: my business mail goes to. And yeah, I can speak

438
00:24:37,080 --> 00:24:39,840
Speaker 1: from experience. The IRS will literally send you a letter

439
00:24:39,880 --> 00:24:42,840
Speaker 1: for any damn thing. It's like, we have your updated

440
00:24:42,960 --> 00:24:45,639
Speaker 1: address and we'll send you the same letter like ten times.

441
00:24:45,640 --> 00:24:47,560
Speaker 1: So that just that you know, we know your new address.

442
00:24:47,560 --> 00:24:51,240
Speaker 1: Thanks for all, but the stress of getting that letter.

443
00:24:51,280 --> 00:24:53,080
Speaker 1: You don't know what's inside, you know.

444
00:24:53,560 --> 00:24:55,159
Speaker 3: Yeah, you're like, what is this that?

445
00:24:55,480 --> 00:24:57,760
Speaker 2: Yeah, you're right, it's a thank you.

446
00:24:57,960 --> 00:25:01,840
Speaker 3: And that's one thing people need to know. So IRUs

447
00:25:02,000 --> 00:25:04,840
Speaker 3: they will only reach out by mail. They'll never reach

448
00:25:04,920 --> 00:25:11,159
Speaker 3: out by email, texts or anything like that asking for

449
00:25:11,280 --> 00:25:15,840
Speaker 3: information because I know there's been people impersonating the IRS,

450
00:25:15,840 --> 00:25:18,640
Speaker 3: but they'll only reach out by mail.

451
00:25:19,200 --> 00:25:22,119
Speaker 1: Yes, please don't don't answer those voicemails.

452
00:25:22,520 --> 00:25:24,359
Speaker 3: Don't give your personal information.

453
00:25:24,800 --> 00:25:26,440
Speaker 2: Yeah, and definitely not via email.

454
00:25:26,800 --> 00:25:29,760
Speaker 1: Like I think that's it's nice you can reliably like

455
00:25:29,960 --> 00:25:33,720
Speaker 1: know that the IRS is very archaic, underfunded and understaffed,

456
00:25:34,000 --> 00:25:36,800
Speaker 1: you know, like they're doing things the old fashioned way.

457
00:25:36,880 --> 00:25:39,320
Speaker 2: So that's helpful. Let's see.

458
00:25:39,359 --> 00:25:43,920
Speaker 1: Okay, we've talked about parents and caregivers, talked about sort

459
00:25:43,960 --> 00:25:46,719
Speaker 1: of you know, people who are earning over time and

460
00:25:46,840 --> 00:25:50,440
Speaker 1: tips and like the creator economy. What about homeowners? What's

461
00:25:50,520 --> 00:25:53,080
Speaker 1: up with that salt deduction? Did anything change with the

462
00:25:53,119 --> 00:25:56,080
Speaker 1: new bill for twenty twenty? I guess twenty twenty five.

463
00:25:56,080 --> 00:25:57,720
Speaker 1: But you know, we're filing taxes now.

464
00:25:59,119 --> 00:26:04,160
Speaker 3: Yeah. So under the previous law, they had capped how

465
00:26:04,240 --> 00:26:08,359
Speaker 3: much you could deduct for state in local income taxes

466
00:26:08,400 --> 00:26:12,280
Speaker 3: and property taxes, and that was capped at ten thousand dollars.

467
00:26:12,400 --> 00:26:15,760
Speaker 3: Under the new law, it went up to forty thousand dollars.

468
00:26:15,760 --> 00:26:22,280
Speaker 3: So especially people living, yes, especially people living in states

469
00:26:22,320 --> 00:26:27,640
Speaker 3: with high state and property taxes, they will probably see

470
00:26:27,640 --> 00:26:31,320
Speaker 3: a benefit. And I know, in talking about the laws,

471
00:26:31,480 --> 00:26:34,239
Speaker 3: we're seeing that filers will see an increase of up

472
00:26:34,280 --> 00:26:38,680
Speaker 3: to one thousand dollars in refunds related to the new

473
00:26:38,720 --> 00:26:39,439
Speaker 3: tax laws.

474
00:26:39,760 --> 00:26:42,280
Speaker 1: Amen to that, you know, And that's another thing. I mean,

475
00:26:42,320 --> 00:26:44,280
Speaker 1: I guess it's a consolation price. We have to deal

476
00:26:44,320 --> 00:26:46,280
Speaker 1: with war in the Middle East, but like here's a

477
00:26:46,359 --> 00:26:49,520
Speaker 1: thousand bucks, you know, like here's your little cute. I

478
00:26:49,640 --> 00:26:52,320
Speaker 1: was as a homeowner when we bought our house in

479
00:26:52,359 --> 00:26:55,160
Speaker 1: twenty eighteen. It was right after the first Trump tax

480
00:26:55,200 --> 00:26:58,320
Speaker 1: bill had passed, and immediately I was like, well, damn,

481
00:26:58,640 --> 00:27:01,200
Speaker 1: you know, these property It was like right at the time,

482
00:27:01,240 --> 00:27:04,120
Speaker 1: it became less you know, lucrative to be a homeowner,

483
00:27:04,160 --> 00:27:08,639
Speaker 1: or not less lucrative, but yeah, less you killing as much.

484
00:27:08,960 --> 00:27:12,640
Speaker 3: Yea, and especially I think you're in New York right

485
00:27:12,920 --> 00:27:17,760
Speaker 3: or yes, it's high SAT taxes same as California, same

486
00:27:17,800 --> 00:27:18,160
Speaker 3: as here.

487
00:27:18,440 --> 00:27:21,040
Speaker 2: So we love our public services. But yeah it's ascl

488
00:27:21,119 --> 00:27:21,840
Speaker 2: stick m h.

489
00:27:22,320 --> 00:27:24,399
Speaker 1: Well, you know, I do like to have actual salt

490
00:27:24,440 --> 00:27:27,879
Speaker 1: on my drive during snowstorms, so that's important. We love

491
00:27:27,920 --> 00:27:31,159
Speaker 1: our public servants. Thank you so much for all you do. Okay,

492
00:27:31,160 --> 00:27:34,639
Speaker 1: that's a big one, you know, to potentially lead to

493
00:27:34,680 --> 00:27:37,399
Speaker 1: a higher refund. I mean, let's talk about that. Like,

494
00:27:37,480 --> 00:27:40,320
Speaker 1: the average refund this year is supposedly up about ten

495
00:27:40,440 --> 00:27:44,120
Speaker 1: to eleven percent from what people maybe may have received

496
00:27:44,280 --> 00:27:48,040
Speaker 1: last year. Is that specifically because of the deductions that

497
00:27:48,119 --> 00:27:51,080
Speaker 1: have been expanded through the you know, the new Trump

498
00:27:51,119 --> 00:27:51,600
Speaker 1: tax bill.

499
00:27:51,840 --> 00:27:56,439
Speaker 3: Yes, yeah, we're seeing it could go up. Depending on

500
00:27:56,440 --> 00:28:00,560
Speaker 3: your situation, people could see up to one thousand dollars increase.

501
00:28:00,920 --> 00:28:04,880
Speaker 3: So that is related because when the tax laws passed,

502
00:28:05,240 --> 00:28:12,159
Speaker 3: they passed last July, and withholding tables were not updated

503
00:28:12,720 --> 00:28:14,240
Speaker 3: to allow for that as well.

504
00:28:14,359 --> 00:28:14,960
Speaker 2: What does that mean?

505
00:28:15,520 --> 00:28:20,240
Speaker 3: So usually they update according to the new laws, so

506
00:28:20,440 --> 00:28:25,400
Speaker 3: payroll providers know how much to withhold from your taxes

507
00:28:25,520 --> 00:28:30,040
Speaker 3: to make up for like any new deductions and credits

508
00:28:30,440 --> 00:28:36,560
Speaker 3: but that wasn't done, so there were more deductions and credits,

509
00:28:36,920 --> 00:28:43,120
Speaker 3: and then people if you didn't adjust your withholdings to

510
00:28:43,240 --> 00:28:45,560
Speaker 3: allow for that, you're going to see more.

511
00:28:45,720 --> 00:28:48,640
Speaker 1: Oh basically you've been overpaying and you know, I mean

512
00:28:48,680 --> 00:28:50,400
Speaker 1: that's what getting a refund is in general.

513
00:28:50,600 --> 00:28:53,120
Speaker 3: Yeah, you paid exactly you go, but just to.

514
00:28:53,440 --> 00:28:56,400
Speaker 2: A higher extent. Yeah percent.

515
00:28:57,800 --> 00:29:00,000
Speaker 1: Hey ba fam, We're going to take a quick break,

516
00:29:00,080 --> 00:29:04,680
Speaker 1: could pay some bills and we'll be right back. Well,

517
00:29:04,760 --> 00:29:07,479
Speaker 1: let's talk about the actual filing process itself, Like if

518
00:29:07,560 --> 00:29:09,200
Speaker 1: you're a couple of weeks out, I think.

519
00:29:09,360 --> 00:29:11,040
Speaker 2: I mean, what the percentage has to be.

520
00:29:11,120 --> 00:29:13,840
Speaker 1: The majority of Americans use some sort of tax software

521
00:29:14,120 --> 00:29:17,000
Speaker 1: like a turbo attax or others. There's many out there.

522
00:29:17,840 --> 00:29:21,560
Speaker 1: What are some common mistakes you see people making who

523
00:29:21,560 --> 00:29:23,640
Speaker 1: are diying it with their own they don't have maybe

524
00:29:23,680 --> 00:29:26,600
Speaker 1: a professional tax preparer, they want to use some software.

525
00:29:26,640 --> 00:29:28,400
Speaker 1: What are some mistakes that you may see them make

526
00:29:28,840 --> 00:29:30,560
Speaker 1: as they are using the software.

527
00:29:30,680 --> 00:29:34,720
Speaker 3: I think just waiting until the last minute. They could

528
00:29:34,840 --> 00:29:37,680
Speaker 3: leave things out because they want to make the deadline,

529
00:29:37,760 --> 00:29:41,240
Speaker 3: and so rushing you to make the deadline, they leave

530
00:29:41,280 --> 00:29:44,360
Speaker 3: out forms the report their income like W two's into

531
00:29:44,440 --> 00:29:49,120
Speaker 3: ninety nine's, but then important they leave out receipts and

532
00:29:49,280 --> 00:29:53,360
Speaker 3: forms that could be worth deductions and credits. So I

533
00:29:53,400 --> 00:29:57,840
Speaker 3: would say, yeah, the deadline's coming, so I would get

534
00:29:57,880 --> 00:30:01,520
Speaker 3: started now, so you're not, you know, to the end

535
00:30:01,560 --> 00:30:04,840
Speaker 3: of the deadline trying to make it and possibly leave

536
00:30:04,920 --> 00:30:10,000
Speaker 3: something out. You know, a lot of times people gather

537
00:30:10,120 --> 00:30:14,160
Speaker 3: the wrong Social Security numbers for their kids, and kids

538
00:30:14,200 --> 00:30:17,160
Speaker 3: are worth valuable deductions and credits, like we talked about,

539
00:30:17,240 --> 00:30:21,680
Speaker 3: but you need the accurate Social Security numbers in order

540
00:30:21,840 --> 00:30:25,120
Speaker 3: to claim the credits and deductions for them. And then

541
00:30:25,200 --> 00:30:29,920
Speaker 3: also I've seen some people, you know, they don't make

542
00:30:30,000 --> 00:30:34,280
Speaker 3: the IRS income threshold, so they don't file, but they

543
00:30:34,320 --> 00:30:37,200
Speaker 3: could be leaving money on the table if they've had

544
00:30:37,280 --> 00:30:43,560
Speaker 3: federal taxes withheld, or they're eligible for some refundable credits

545
00:30:43,600 --> 00:30:47,040
Speaker 3: like the Earned Income Tax Credit. The Earned Income Tax

546
00:30:47,080 --> 00:30:52,080
Speaker 3: Credit is a huge credit for a family with three kids.

547
00:30:52,200 --> 00:30:57,400
Speaker 3: It's up to eight forty six dollars, so you could

548
00:30:57,440 --> 00:30:59,760
Speaker 3: be eligible for that, and you could have had federal

549
00:30:59,800 --> 00:31:03,640
Speaker 3: tax is taken out but may not have filed if

550
00:31:03,680 --> 00:31:09,040
Speaker 3: you earn under this year. The income threshold is fifteen thousand,

551
00:31:09,160 --> 00:31:14,240
Speaker 3: seven fifty If you're single and then thirty one thousand,

552
00:31:14,320 --> 00:31:16,120
Speaker 3: five hundred married filing jointly.

553
00:31:16,800 --> 00:31:19,479
Speaker 1: Yeah, that was baby Mandy in high school not filing

554
00:31:19,520 --> 00:31:23,120
Speaker 1: taxes though I was. I made like, you know, ten

555
00:31:23,200 --> 00:31:26,040
Speaker 1: k at the gap, you know in the summer.

556
00:31:26,080 --> 00:31:28,960
Speaker 3: Right, but you probably had federal taxes taken there for sure,

557
00:31:29,040 --> 00:31:31,400
Speaker 3: and you could have got you death. You probably would

558
00:31:31,440 --> 00:31:33,520
Speaker 3: have gotten it back. Yeah. I talked to a lot

559
00:31:33,600 --> 00:31:37,320
Speaker 3: of college students who work and they're I'm like, did

560
00:31:37,320 --> 00:31:40,520
Speaker 3: you file your taxes? Are like no, why? And but

561
00:31:40,600 --> 00:31:44,720
Speaker 3: I'm like, well, you could get you know, so many back.

562
00:31:44,840 --> 00:31:47,160
Speaker 3: I know, the IRS reports every year that they have

563
00:31:47,240 --> 00:31:51,080
Speaker 3: over a billion dollars in unclaim refunds and the average

564
00:31:51,320 --> 00:31:54,720
Speaker 3: right now is over eight hundred dollars. So if you

565
00:31:54,760 --> 00:31:57,720
Speaker 3: were to go back and claim those, that could be

566
00:31:58,200 --> 00:32:00,840
Speaker 3: you know, a good amount, especially for college student.

567
00:32:01,240 --> 00:32:02,920
Speaker 1: Is it still that you can go back up to

568
00:32:02,960 --> 00:32:07,280
Speaker 1: three years, like three years back to you know, get potential,

569
00:32:07,360 --> 00:32:09,200
Speaker 1: Like what do you have to do? Like file, like

570
00:32:09,240 --> 00:32:11,880
Speaker 1: if you don't file, but you know, because you're underneath

571
00:32:11,920 --> 00:32:14,400
Speaker 1: that income threshold, you can still file up to three

572
00:32:14,440 --> 00:32:15,680
Speaker 1: years and yes.

573
00:32:16,200 --> 00:32:19,280
Speaker 3: Yeah, you can file for a refund or a credit

574
00:32:19,360 --> 00:32:21,920
Speaker 3: you missed, and you could go back three.

575
00:32:21,840 --> 00:32:24,080
Speaker 1: Years, okay, and can we use like a piece of

576
00:32:24,120 --> 00:32:26,080
Speaker 1: software like like TurboTax to do that.

577
00:32:26,680 --> 00:32:32,280
Speaker 3: Yes, yes, we have you know the previous years where

578
00:32:32,280 --> 00:32:33,960
Speaker 3: you can go in and use the software.

579
00:32:34,280 --> 00:32:36,720
Speaker 1: Yeah, and you mentioned AI, So like, what's what is

580
00:32:36,720 --> 00:32:37,200
Speaker 1: that exactly?

581
00:32:37,240 --> 00:32:37,680
Speaker 2: How does that?

582
00:32:38,120 --> 00:32:39,840
Speaker 1: I know AI is just like a blanket term now,

583
00:32:39,840 --> 00:32:42,400
Speaker 1: but what does it actually do? How is the software

584
00:32:42,440 --> 00:32:44,680
Speaker 1: better now because of artificial intelligence?

585
00:32:45,160 --> 00:32:50,600
Speaker 3: Yeah? So one thing with Turbo Tax, you know the

586
00:32:50,680 --> 00:32:56,040
Speaker 3: purpose of our platform and our AI is to do taxes.

587
00:32:56,520 --> 00:32:58,240
Speaker 3: I just want to bring this up because there's a

588
00:32:58,280 --> 00:33:02,640
Speaker 3: lot of general public AI out there where people are

589
00:33:02,760 --> 00:33:07,640
Speaker 3: uploading their personal information and I would say, don't do that.

590
00:33:08,160 --> 00:33:12,960
Speaker 3: Oh people having like here's my W two, just uniting

591
00:33:13,040 --> 00:33:17,040
Speaker 3: their personal information to figure out But I would say,

592
00:33:17,120 --> 00:33:22,000
Speaker 3: you know, with TurboTax, you know, we're for the purpose

593
00:33:22,160 --> 00:33:26,360
Speaker 3: of doing your taxes, So we go through strict security

594
00:33:27,120 --> 00:33:33,640
Speaker 3: and accuracy. We had years and years of data and

595
00:33:33,760 --> 00:33:37,840
Speaker 3: tax returns and it's also vetted with our tax experts

596
00:33:38,160 --> 00:33:41,800
Speaker 3: to make sure that everything is accurate. So we've integrated

597
00:33:41,840 --> 00:33:45,720
Speaker 3: our AI with our human expertise, and that is one

598
00:33:46,320 --> 00:33:51,000
Speaker 3: difference that stands out. So if you do your taxes yourself.

599
00:33:52,480 --> 00:33:57,240
Speaker 3: Our AI can automatically export up to ninety two percent

600
00:33:57,440 --> 00:34:01,080
Speaker 3: of tax forms now, and so that's saving a lot

601
00:34:01,080 --> 00:34:04,920
Speaker 3: of manual work. But then you know, we have thousands

602
00:34:04,920 --> 00:34:09,520
Speaker 3: of experts with our company that actually review information and

603
00:34:09,560 --> 00:34:13,799
Speaker 3: make sure it's accurate. And then you know, if you're

604
00:34:13,840 --> 00:34:16,240
Speaker 3: a business owner, for instance, I know we were talking

605
00:34:16,280 --> 00:34:22,239
Speaker 3: about your business expenses, our AI now can review your

606
00:34:22,280 --> 00:34:27,399
Speaker 3: spreadsheets and then export your business expenses from that spreadsheet

607
00:34:27,520 --> 00:34:29,840
Speaker 3: and actually categorize that information.

608
00:34:30,239 --> 00:34:32,960
Speaker 1: Oh nice, Okay, I mean still you'd want to like

609
00:34:33,000 --> 00:34:35,520
Speaker 1: go over it yourself as well and have that do

610
00:34:35,560 --> 00:34:37,520
Speaker 1: you recommend that to do that final review? Like don't

611
00:34:37,520 --> 00:34:38,640
Speaker 1: trust one hundred percent?

612
00:34:38,960 --> 00:34:41,719
Speaker 3: Yes? Yes, And then you could connect to one of

613
00:34:41,760 --> 00:34:45,359
Speaker 3: our TurboTax business experts who could do your taxes for

614
00:34:45,480 --> 00:34:47,920
Speaker 3: you and they would, you know, review everything.

615
00:34:49,360 --> 00:34:51,279
Speaker 1: So for people who are expecting a refund or are

616
00:34:51,320 --> 00:34:53,640
Speaker 1: lucky enough to get one this year, how long are

617
00:34:53,680 --> 00:34:55,719
Speaker 1: you seeing it take to get those checks from when

618
00:34:55,760 --> 00:34:59,600
Speaker 1: you submit your your taxes to when those checks end

619
00:34:59,680 --> 00:35:01,960
Speaker 1: up in account. I guess it's not a check direct

620
00:35:01,960 --> 00:35:02,640
Speaker 1: deposit now.

621
00:35:02,719 --> 00:35:06,960
Speaker 3: Yeah, the IRS there's still stating that they're issuing refunds

622
00:35:07,000 --> 00:35:10,720
Speaker 3: within twenty one days or less. Wow of accepting your return.

623
00:35:10,880 --> 00:35:15,200
Speaker 3: As long as there's no issues with your return or

624
00:35:15,239 --> 00:35:19,600
Speaker 3: they have any questions, but they're they're still issuing it

625
00:35:19,680 --> 00:35:22,200
Speaker 3: within that amount of time. As long as you eat

626
00:35:22,200 --> 00:35:25,080
Speaker 3: file with direct deposit, I should say gotcha.

627
00:35:25,520 --> 00:35:25,719
Speaker 2: You know.

628
00:35:25,800 --> 00:35:28,560
Speaker 1: Since I've started working with like a business accountant, one

629
00:35:28,560 --> 00:35:32,120
Speaker 1: thing is she'll typically file an extension. I think it's

630
00:35:32,120 --> 00:35:35,000
Speaker 1: probably because I miss her internal filing deadline every year

631
00:35:35,000 --> 00:35:38,560
Speaker 1: because it's so early, and I'm like, looks, but anyway,

632
00:35:38,680 --> 00:35:39,040
Speaker 1: so we have it.

633
00:35:39,200 --> 00:35:41,240
Speaker 2: But it's not a I used to. In the beginning.

634
00:35:41,239 --> 00:35:43,240
Speaker 1: I was like, oh, no, an extension. I'm a terrible person.

635
00:35:43,280 --> 00:35:46,040
Speaker 1: But she's like, no, everybody in business has usually files

636
00:35:46,040 --> 00:35:49,440
Speaker 1: an extension. It doesn't mean that I don't pay, like

637
00:35:49,480 --> 00:35:52,920
Speaker 1: I still have to pay my estimated tax, you know,

638
00:35:53,239 --> 00:35:56,400
Speaker 1: but it yes an extension to file. When does it

639
00:35:56,440 --> 00:35:56,920
Speaker 1: make sense.

640
00:35:56,960 --> 00:35:59,560
Speaker 3: That's a good point because a lot of people think

641
00:36:00,520 --> 00:36:03,400
Speaker 3: they're going to file an extension because they owe money,

642
00:36:03,640 --> 00:36:06,799
Speaker 3: But it is only an extension to file and not

643
00:36:06,960 --> 00:36:09,360
Speaker 3: to pay what you owe. So you are still expected

644
00:36:09,400 --> 00:36:12,000
Speaker 3: to pay what you owe by the tax dedline.

645
00:36:12,239 --> 00:36:16,320
Speaker 1: Yeah, they don't get their money. Okay, please pulice, Yes

646
00:36:16,360 --> 00:36:18,359
Speaker 1: to that, and I mean the opposite. Now, So, if

647
00:36:18,360 --> 00:36:21,040
Speaker 1: you receive a tax bill, as I have in the past,

648
00:36:21,160 --> 00:36:23,120
Speaker 1: especially after I bought a house, for some I feel

649
00:36:23,120 --> 00:36:26,400
Speaker 1: like after that it was like crazy tax bill. Anyhow,

650
00:36:27,320 --> 00:36:29,520
Speaker 1: For people who are getting in that tax bill, what

651
00:36:29,640 --> 00:36:32,200
Speaker 1: advice do you have for managing that. Let's say they

652
00:36:32,239 --> 00:36:34,080
Speaker 1: don't have the cash in the bank to pay for

653
00:36:34,160 --> 00:36:34,720
Speaker 1: it upfront.

654
00:36:34,880 --> 00:36:36,960
Speaker 3: I would say, pay as much as you can, but

655
00:36:37,080 --> 00:36:40,319
Speaker 3: if not, the IRS will work with you. They have

656
00:36:40,400 --> 00:36:43,640
Speaker 3: installment agreements and it allows you to pay what you

657
00:36:43,719 --> 00:36:45,000
Speaker 3: owe over six years.

658
00:36:46,239 --> 00:36:48,080
Speaker 2: Okay, So get on some kind of payment plan.

659
00:36:49,320 --> 00:36:52,799
Speaker 3: Yes, yeah, at least and you know, definitely reach out

660
00:36:52,840 --> 00:36:57,640
Speaker 3: to them. Don't avoid it if you unless you have

661
00:36:57,760 --> 00:37:01,439
Speaker 3: some other way to pay it. Possibly I would reach

662
00:37:01,480 --> 00:37:02,279
Speaker 3: out to them for that.

663
00:37:02,440 --> 00:37:04,640
Speaker 1: Does it ever make sense? So let's say you di Wyatt,

664
00:37:05,040 --> 00:37:06,840
Speaker 1: you you know you do, you use the tax software,

665
00:37:06,880 --> 00:37:08,960
Speaker 1: you do your taxes, you get a tax bill, does

666
00:37:09,000 --> 00:37:10,680
Speaker 1: it ever make sense to then bring on like a

667
00:37:10,719 --> 00:37:13,440
Speaker 1: tax expert to just like audit yourself and see if

668
00:37:13,440 --> 00:37:16,160
Speaker 1: maybe you left anything out that you can amend your

669
00:37:16,200 --> 00:37:16,880
Speaker 1: tax return.

670
00:37:17,360 --> 00:37:21,160
Speaker 3: Yes, and with Terribo tax we have that option too.

671
00:37:22,640 --> 00:37:26,600
Speaker 3: You can have your taxes fully prepared virtually or go

672
00:37:26,719 --> 00:37:30,279
Speaker 3: in to one of our stores. But also you have

673
00:37:30,400 --> 00:37:33,320
Speaker 3: the option to have an expert review without them fully

674
00:37:33,360 --> 00:37:36,319
Speaker 3: doing your taxes. So with the expert review, you can

675
00:37:36,360 --> 00:37:39,719
Speaker 3: have them review your taxes at the end, or you know,

676
00:37:39,840 --> 00:37:43,440
Speaker 3: sometimes you have intentions of doing your taxes yourself, but

677
00:37:43,560 --> 00:37:46,279
Speaker 3: you might come up with questions along the way. They

678
00:37:46,280 --> 00:37:48,759
Speaker 3: can answer your questions along the way as well.

679
00:37:49,440 --> 00:37:52,359
Speaker 1: Okay, yeah, great to note. I remember I had I had,

680
00:37:52,600 --> 00:37:54,600
Speaker 1: I had an accountant one year and then I switched

681
00:37:54,640 --> 00:37:56,480
Speaker 1: to a new one and just to be safe, she

682
00:37:56,520 --> 00:37:59,880
Speaker 1: went back to my like previous tax returns and amended

683
00:37:59,880 --> 00:38:01,160
Speaker 1: one of them and I got a little bit more

684
00:38:01,160 --> 00:38:04,560
Speaker 1: extra money back. So it is you know, to find

685
00:38:04,560 --> 00:38:07,080
Speaker 1: the right person who can really like find all those

686
00:38:07,080 --> 00:38:09,920
Speaker 1: little corners that maybe were cut or find things that

687
00:38:09,960 --> 00:38:12,239
Speaker 1: were missed to get those extra deductions. It really is

688
00:38:12,880 --> 00:38:16,759
Speaker 1: worth it to find a really good accountant. Now, yeah,

689
00:38:16,920 --> 00:38:23,759
Speaker 1: not everybody can work with you, right, you're busy.

690
00:38:21,760 --> 00:38:26,320
Speaker 3: Yes, But our other experts, we have thirteen thousand tax

691
00:38:26,320 --> 00:38:29,200
Speaker 3: experts to work with and the good thing about that,

692
00:38:29,320 --> 00:38:32,600
Speaker 3: if you use our full service this year, you can

693
00:38:32,640 --> 00:38:36,520
Speaker 3: talk to them throughout the year. After that, and a

694
00:38:36,560 --> 00:38:39,880
Speaker 3: lot of times, especially self employeed, come up with questions

695
00:38:39,960 --> 00:38:42,719
Speaker 3: throughout the year, so you're able to connect with them

696
00:38:43,000 --> 00:38:44,120
Speaker 3: and ask questions.

697
00:38:44,560 --> 00:38:46,319
Speaker 1: Okay, I want to go back a little bit because

698
00:38:46,320 --> 00:38:48,400
Speaker 1: I totally forgot. I wondered if there was any My

699
00:38:48,480 --> 00:38:51,920
Speaker 1: mom is sixty six this year, and my dad too.

700
00:38:51,960 --> 00:38:54,919
Speaker 1: They're the same age, and I'm trying to keep.

701
00:38:54,840 --> 00:38:56,520
Speaker 2: Tabs on them. But I got my own I got

702
00:38:56,520 --> 00:38:57,480
Speaker 2: my own issues.

703
00:38:57,160 --> 00:39:00,480
Speaker 1: Over here, but I'm wondering for them. Are there any

704
00:39:00,560 --> 00:39:02,720
Speaker 1: Were there any changes in the tax law that benefit

705
00:39:03,040 --> 00:39:04,919
Speaker 1: seniors who are filing this year.

706
00:39:06,360 --> 00:39:10,040
Speaker 3: Yes, So there's a new deduction, and so if you're

707
00:39:10,280 --> 00:39:14,080
Speaker 3: sixty five and over, it's an additional deduction of six

708
00:39:14,200 --> 00:39:17,800
Speaker 3: thousand dollars and it's in addition to the standard deduction.

709
00:39:18,600 --> 00:39:22,680
Speaker 3: So the standard deduction is fifteen thousand and seven fifty

710
00:39:22,719 --> 00:39:26,560
Speaker 3: if you're single thirty one thousand, five hundred married filing jointly,

711
00:39:26,960 --> 00:39:31,320
Speaker 3: and then also sixty five and over get an additional

712
00:39:31,719 --> 00:39:36,040
Speaker 3: amount for being sixty five and over, So if you're

713
00:39:36,840 --> 00:39:41,439
Speaker 3: single sixteen hundred dollars additional married filing jointly was two

714
00:39:41,480 --> 00:39:46,400
Speaker 3: thousand plus they get that new six thousand dollars deduction.

715
00:39:46,800 --> 00:39:47,200
Speaker 2: Cute.

716
00:39:47,320 --> 00:39:51,120
Speaker 3: Okay, yes, there is one thing to bring up. All

717
00:39:51,160 --> 00:39:56,040
Speaker 3: of the new tax laws have income thresholds, right that

718
00:39:56,280 --> 00:39:59,279
Speaker 3: you have to think about. So the new deduction for

719
00:39:59,440 --> 00:40:03,440
Speaker 3: senior if you make over seventy five thousand dollars single

720
00:40:03,600 --> 00:40:08,680
Speaker 3: one hundred and fifty thousand dollars married filing jointly, it's

721
00:40:08,719 --> 00:40:10,160
Speaker 3: it gets phased out.

722
00:40:10,360 --> 00:40:13,279
Speaker 1: Yeah, okay, very important to note another reason why when

723
00:40:13,320 --> 00:40:15,000
Speaker 1: you get married you can bind that income. And it's

724
00:40:15,120 --> 00:40:17,719
Speaker 1: very cute, but then it's like, aw dang, some of

725
00:40:17,760 --> 00:40:18,839
Speaker 1: these tax credits.

726
00:40:18,560 --> 00:40:20,200
Speaker 2: You just missed the boat on them.

727
00:40:20,239 --> 00:40:22,400
Speaker 1: But that's a very good distinction to make, and like

728
00:40:22,440 --> 00:40:25,040
Speaker 1: another reason to work with a tax prepairer who could

729
00:40:25,040 --> 00:40:29,799
Speaker 1: know your specific you know, personal financial picture, no has

730
00:40:29,840 --> 00:40:32,840
Speaker 1: all your information then can really give you that individualized advice.

731
00:40:32,880 --> 00:40:35,880
Speaker 1: But I really appreciate you coming on to Brown Ambition

732
00:40:36,000 --> 00:40:37,000
Speaker 1: and helping us.

733
00:40:37,080 --> 00:40:39,799
Speaker 3: Thank you for having me. I'm glad we got to

734
00:40:39,800 --> 00:40:40,160
Speaker 3: do this.

735
00:40:40,640 --> 00:40:44,319
Speaker 1: Yeah, say, really helped us unpack all these changes. I

736
00:40:44,360 --> 00:40:47,160
Speaker 1: mean you may you know have eased, like I said,

737
00:40:47,200 --> 00:40:49,400
Speaker 1: the pain of being in this current economy. Like a

738
00:40:49,440 --> 00:40:52,319
Speaker 1: little bit of something a little silver lining to all

739
00:40:52,320 --> 00:40:54,480
Speaker 1: of this is that maybe you'll get an extra a

740
00:40:54,520 --> 00:40:56,919
Speaker 1: little bit of cash in your bank account in these

741
00:40:56,920 --> 00:40:59,799
Speaker 1: coming weeks as we close out this tax season. Thank

742
00:40:59,840 --> 00:41:02,160
Speaker 1: you so much, Lisa green Lewis, thank you.

743
00:41:02,360 --> 00:41:03,520
Speaker 2: Check out your content?

744
00:41:04,080 --> 00:41:05,960
Speaker 1: Yes, do you check her out at Turbo Tax will

745
00:41:05,960 --> 00:41:08,440
Speaker 1: put a link to their socials in the in the

746
00:41:08,480 --> 00:41:10,440
Speaker 1: show notes. Is there any other way people can get

747
00:41:10,440 --> 00:41:12,520
Speaker 1: in touch or you know, reach out or follow your work?

748
00:41:13,640 --> 00:41:16,719
Speaker 3: Yes, I mean I have. We have articles on the

749
00:41:16,760 --> 00:41:20,680
Speaker 3: blog that I've written, so you could check there. We

750
00:41:20,760 --> 00:41:24,759
Speaker 3: have other experts that write on there, and we just

751
00:41:24,880 --> 00:41:27,279
Speaker 3: keep up to date with the latest tax laws.

752
00:41:27,920 --> 00:41:29,839
Speaker 2: Y'all gotta get on TikTok though people don't read.

753
00:41:30,800 --> 00:41:34,320
Speaker 3: Oh no, we are on TikTok. Yes, definitely find that. Okay,

754
00:41:34,440 --> 00:41:36,200
Speaker 3: Turbo Tax on TikTok.

755
00:41:36,320 --> 00:41:38,320
Speaker 2: I want to see I want to see you.

756
00:41:38,360 --> 00:41:39,880
Speaker 1: I want to see you on there doing a little dance,

757
00:41:39,960 --> 00:41:43,200
Speaker 1: you know, talking about deductions. Somehow make it, you know,

758
00:41:43,239 --> 00:41:44,080
Speaker 1: a TikTok trend.

759
00:41:44,120 --> 00:41:44,560
Speaker 2: I don't know.

760
00:41:45,400 --> 00:41:49,960
Speaker 1: We need that, yes, okay, all right, thank you so much, Lisa.

761
00:41:49,960 --> 00:41:51,640
Speaker 1: All right, da fam let me know if you have

762
00:41:51,680 --> 00:41:54,279
Speaker 1: any questions, leave us a comment, Share the show with

763
00:41:54,320 --> 00:41:56,560
Speaker 1: a friend who needs it, Share the show with someone

764
00:41:56,600 --> 00:41:58,359
Speaker 1: who you know has been waiting to the last minute

765
00:41:58,400 --> 00:42:01,120
Speaker 1: to file their taxes and let us know. Did you

766
00:42:01,120 --> 00:42:03,440
Speaker 1: get a nice, juicy refund check this year? Are you

767
00:42:03,480 --> 00:42:05,359
Speaker 1: looking at maybe a little bit of a baby bill

768
00:42:05,719 --> 00:42:06,799
Speaker 1: that you're facing down.

769
00:42:07,120 --> 00:42:07,600
Speaker 2: Hit me up.

770
00:42:07,640 --> 00:42:10,360
Speaker 1: I'm Brown Ambition Podcast at gmail dot com or you

771
00:42:10,360 --> 00:42:14,120
Speaker 1: can DM me Brown Ambition Podcast on Instagram. Can't wait

772
00:42:14,160 --> 00:42:16,000
Speaker 1: to hear from y'all. Thank you so much for listening

773
00:42:16,080 --> 00:42:23,680
Speaker 1: and until next time, Take care, BAFAM, And before I go,

774
00:42:23,800 --> 00:42:25,799
Speaker 1: BA FAM, I want to shout out the team that

775
00:42:25,920 --> 00:42:29,240
Speaker 1: helps make Brown Ambition possible. Huge thanks to my fam

776
00:42:29,280 --> 00:42:33,479
Speaker 1: at iHeartRadio, Katrina Norvel and Jenna Cagel, my worker bees

777
00:42:33,560 --> 00:42:37,719
Speaker 1: behind the scenes, booking assistant Brittany Laier and virtual assistant

778
00:42:37,760 --> 00:42:41,000
Speaker 1: Cameron McNair who keep me organized, and of course my

779
00:42:41,160 --> 00:42:44,520
Speaker 1: editor Courtney Dean. Thank y'all so much for supporting the show.

780
00:42:44,680 --> 00:42:47,320
Speaker 1: If you love Brown Ambition, share it with a friend,

781
00:42:47,480 --> 00:42:49,880
Speaker 1: tag us on social and don't forget to leave a

782
00:42:49,960 --> 00:42:51,000
Speaker 1: comment or review.

783
00:42:51,239 --> 00:42:52,839
Speaker 2: Until next time. By BA Fam,