Unwelcome Tax Surprises: Nerdwallet's Kimberly Palmer

Bad With Money With Gabe Dunn

Gabe Dunn | Diamond MPrint Productions

Business, Careers, Investing, Education

4.6 • 2.6K Ratings

🗓️ 7 April 2021

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

American tax deadlines are coming up and so Gaby talks to Nerdwallet's tax expert Kimberly Palmer all about how to avoid unwelcome tax surprises, getting extensions, what laws changed during Covid, and the overwhelming contradictions of paying taxes. Kimberly talks about how to get organized, what to do if you make a mistake, and what is taxed that you might not expect (debt, for one). Meanwhile, Gaby wonders how you don't just lie down on the floor and wish for death. Then, a listener emails about her fiance being furloughed and the other members of her family that she suddenly feels pressure to support during this time. And finally another listener writes in about all the changes her family is going through while she's on unemployment, with children who need medical attention. Financial guilt and grief abounds. Send an email to [email protected] or leave a voicemail at 844-474-4040. For a transcript of the show visit: https://docs.google.com/document/d/1cJFwXKJq0mihJ6k5dO2iA99HeBWUKk2SZ8quvxB3ULc/edit?usp=sharing Find reliable tax information here: www.IRS.gov www.NerdWallet.com Check out Kimberly Palmer on Twitter: @KimberlyPalmer Check out Kimberly Palmer on Instagram: @KSPalmer Check out the Bad With Money Instagram: @bwmpod Check out Gaby Dunn on Instagram: @gabyroad Shop gabydunn.com/shop for merch! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	You got problems that you ought to be concerned with, blah, you don't know how you're supposed
0:05.5	to earn it or what to do with it or how to keep it.
0:08.1	You're a freak with a dark shame, folks see it break, but you're not the only one.
0:13.1	Teach your hidden financial fears to the blast of sun.
0:16.8	Now your feeling has begun, it's bad with money with Gabby.
0:22.1	Done.
0:23.1	Hello, I'm Gabby Dunn and this is Bad with Money.
0:26.6	It's been a year since the coronavirus hit square in the middle of the US's tax filing
0:30.9	season.
0:32.2	As if there wasn't enough stress, people's incomes changed drastically.
0:36.1	In response, the government extended the tax deadline to July 15, 2020, but still, millions
0:41.4	of Americans just couldn't swing it.
0:48.4	Here's how taxes usually work here.
0:50.6	In most cases and places, we pay both federal and state income taxes.
0:55.0	My parents in Florida, for example, though, don't have a state income tax.
0:58.3	Neither do Alaska, Tennessee, Nevada, a few others.
1:00.9	You can look it up.
1:02.7	Taxes are based on your taxable income and the specific tax rate at any given time.
1:07.1	So if you've ever heard someone bitch about taxes, they're probably annoyed by the rate
1:10.1	that a politician has chosen.
1:12.5	Certain aspects of your income, behaviors, and choices can be considered tax credits and
1:16.1	basically around tax time you calculate your deductions and see if you end up needing
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Gabe Dunn | Diamond MPrint Productions, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Gabe Dunn | Diamond MPrint Productions and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.