In this episode of Simplifynance, host Rachel Stewart and Nathan Ollish discuss this year’s tax season and what we can do to prepare.
● 1:00– Proper documentation needed before you get started
● 1:20- The role taxes play in financial planning
● 1:43– 2018 Tax Reform: Taxs Cuts & Jobs Act
● 2:00- Key tax changes that are going to apply, with our generation in mind
● 2:13– Lowered taxed brackets, increased standard deduction and limits to a 401k
● 3:30– Health Insurance – individual mandate eliminated in 2019
● 4:00- Why Nathan and Rachel choose to do their own taxes
● 4:30- The benefits of having a CPA prepare your tax return for you
● 6:20– Some tax forms generally don’t get mailed out until February
● 7:00- Make sure you have all documentation before filing
3 Key Points:
1. Though we can do our taxes ourselves, relying on a CPA is ideal as life gets more complex.
2. Taxes play a big role in financial planning, but a financial planner is not to be confused with a tax professional, such as a CPA
3. There have been major tax changes that we need to take into consideration this year.
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