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Journey To Launch

038- How To Optimize Your Taxes and Make The System Work For You w/ Shane Mason

Journey To Launch

Jamila Souffrant

Business, Investing

4.9 • 1.7K Ratings

🗓️ 28 March 2018

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Shane Mason, CPA/PFS, CPF, is a New York-based accountant, financial planner, and all-around tax wizard that joins the show this week to discuss the one topic that has many Americans baffled: taxes. He specializes in accounting, tax preparation and financial planning services for small and medium business owners, creatives, tech professionals, expatriates and foreign nationals living in the US. Shane and I crossed paths during my search for the assistance of a new tax professional and we are delighted to have his expertise on the show to unravel tax law and what it means for everyone on the journey to Financial Independence.

In this episode, we talk about:

  • Why we have to pay taxes
  • Why you should consider hiring a tax professional
  • How tax refunds work
  • Why a large tax refund isn't necessarily a great thing
  • Common mistakes made when filing taxes
  • Amending a tax return
  • Determining the right investment account for your income
  • Factors to consider when determining where to invest first
  • The new tax law changes and how they affect you

At the end of the podcast, I also talk about the waitlist to the soft launch of my monthly membership program. Get monthly tips, tools, and classes to help you launch to Financial Freedom. Click here to sign up and be the first to be notified when the doors open in Summer/Fall 2018.

(YNAB, my favorite budgeting app is giving Journeyers a 2-month free trial, no credit card required to try their amazing budgeting system, check it out here!)

Transcript

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0:00.0

You're listening to episode 38 of the Journey to Launch Podcast, how to optimize your taxes and make the system work for you.

0:10.0

T minus 10 seconds.

0:12.0

Welcome to the Journey to Launch Podcast with your host Janila Sufrant as a money expert who

0:17.8

walks her talk.

0:19.3

She helps brave journeys like you, get out of debt, save, invest, and build real well.

0:25.6

Join her on the journey to launch to financial freedom in...

0:29.6

Five, four, three, two, one.

0:35.0

Hey, journeyers.

0:39.0

Welcome back to another episode of the Journey to Launch Podcast. We are at episode 38 and this is another more technical interview.

0:51.0

So the last two episodes, if you're all caught up. One was

0:55.4

student loans so conquering your student loans, tidbits about that and just details.

1:01.4

Last week's episode was about credit, credit, how to improve it, how to use

1:07.0

it, credit utilization, credit cards, again a technical episode. This is going to be another more technical episode because we're talking about taxes. It's tax time so a lot of you guys have either done your taxes already. you were early birds, you already filed and completed everything.

1:27.4

Maybe you're still in the middle of doing them, maybe you're like me, and it's still not

1:31.9

submitted. But regardless, it's tax time. So it's really

1:36.8

important I think to talk about taxes because this is a real, real important factor

1:44.1

on your financial journey.

1:45.2

Are you optimized with your taxes?

1:47.6

Do you understand your taxes?

1:49.5

Are you doing them yourself?

1:51.0

Which is fine, especially if you have simple taxes and you understand it,

1:55.0

or are you working with a professional?

...

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