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Your Money, Your Wealth

Your 2018 Taxes: 10 Ways to Prepare and Save - 183

Your Money, Your Wealth

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3681 Ratings

🗓️ 22 August 2018

⏱️ 47 minutes

🧾️ Download transcript

Summary

2018 taxes will be very different than previous years. We've got 10 ways to make sure you're properly prepared, and perhaps even reduce your 2018 tax burden. We’ll talk about the "cumbersome and confusing" tax changes for small business owners. What exactly are QBI, 199A, and QCDs? Plus, we talk about the benefits of Roth IRAs quite a bit - but when might a Roth IRA be WRONG for you? And is it nuts to go with CDs in a traditional IRA? Transcript and show notes at http://bit.ly/YMYW-183

Transcript

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0:00.0

Taxes. You answered my podcast survey and overwhelmingly told us that that's what you want to hear about.

0:06.2

Taxes. Boy, you podcast listeners certainly know how to party, don't you? Well, we aim to please,

0:11.7

so today's show is almost exclusively about reducing your taxes for 2018, since this year is going to be

0:18.4

very different from previous years. We've got 10 ways to make sure you're properly prepared,

0:23.4

and the fellas straighten out the cumbersome and confusing changes for small business owners.

0:28.3

We're talking 199, CAPA, QBI, QCDs, plus something I never thought I'd hear,

0:34.4

Joe and Bigel talking about when a Roth IRA might be wrong for you.

0:39.0

And they tell Cynthia whether or not she's nuts to go with CDs in a traditional IRA.

0:44.0

Here are a couple of nuts now.

0:45.5

Sorry, I couldn't resist.

0:46.7

Joe Anderson, CFP and Big Al Clopline CPA.

0:50.8

When it comes to tax reform, I think most people that listen to this program are probably

0:56.6

fairly familiar with there was a few changes in individual tax rates, not a ton, but a few.

1:06.4

There were some changes in deductions and no more exemptions and so on.

1:09.8

So that was some small tweaks, but

1:11.9

on the small business side of things, there was some significant changes that is somewhat

1:17.4

cumbersome and confusing. Yeah, there's a qualified business income deduction. QBI. QBI,

1:22.8

QBI, for short, also known as 199 Cap A. You know I like to say that.

1:28.7

One 99 capi.

1:30.6

Anyway, so Joe, here's what it's all about.

1:32.9

Well, I guess let me go back, why it happened is the corporate rate, the C corporation

1:38.7

rate, was it at 34%, 35% for larger companies.

...

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