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Great video for understanding tax refunds! To avoid overpaying, consider using the IRS's withholding estimator to adjust your W4 and keep more of your money throughout the year. If you're facing more complex tax issues, seeking guidance from professionals like Anthem Tax Services could be worth exploring, especially given their client-first approach. Remember to file all necessary documents promptly to avoid refund delays. Staying informed and proactive can really make a difference in tax efficiency.
You don’t mentioned politicians lol like Nancy Pelosi does 89% anual return on stocks lol 🤣
@minoritymindset do you offer investing services? Like money management?
Awesome video
The website says that the calculator has not been updated to reflect the changes from the one big beautiful bill.
How about just leave my Fu*ken salary alone,like if we dont pay enough taxes for everything else
You talked a lot but said nothing
What assests do we put our money into? What "investments"
Of course it’s an interest free loan.
My biggest issue is i do t know what to invest in
Around the corner meaning 3 quarters from now? lol
I would rather have more money throughout the year and owe at the end personally. I change my deductions to ensure that I have it set up this way. Having extra throughout the year is when I need every last penny. I know I will owe at the end. So I am prepared. Who is their right mind would think it is free money. I don’t understand why anyone with a high school education would think this???
I'm 40 & Never Received An Income Tax Check In My Life Because Someone Screwed Me Over At 18. Now Building Wealth By Trading & Buying Stocks EVERY MONTH! Don't Complain, Just Get Better. 🤑👌🏽
And you’re losing money on that zero percent loan all year because you can’t invest that money so you’re losing money while it’s sitting around with the IRS if you’re overpaying in advance for the year.
Because of the Big Beautiful Bill I will likely get a small refund this year. While the government used my money as an interest free loan, my money is also worth less than it was in January.
🚩🚩🚩The majority of income tax is owed the quarter in which you earned the income!!! You cannot just delay paying taxes by having no withholdings taken out. He did not say this, but many people think they can do this.
If you underpay your income tax, you will be subject to penalties and interest from the moment it goes unpaid after the due date. (The IRS publicizes the due dates of estimated taxes per quarter every year.)
***Also, income is not just what you earn from a job. You have to include all income, like rental property, dividends, interest paid you, gains (and losses) from asset/stock sales etc…
You might get a low amount taken out of each paycheck but forget to add in the income from other sources and end up underpaying and potentially owing penalties and fees.
Even if you believe you have accurately calculated your withholding rate and any estimated taxes due, ensure you have enough cash to pay anything due.
Plus, be prepared to file AS SOON AS POSSIBLE to avoid extending any penalty accrual. You don't want to end up with thousands of dollars due but scrambling to collect up the cash.
Lastly, if you have investments that are in the red or you want to unload, waiting till near the end of the year allows you to better calculate and take advantage of selling at a loss to offset other income & gains. This is known as tax-loss harvesting.
You may also be able to offset some income by making IRA contributions, depending on what you have for a tax-deferred account from an employer.
Taxes, unfortunately, are quite complicated. The best strategy is highly dependent on your perspn financial situation. Some people have many write-offs, others none, or multiple income streams, others one. One size does not fit all even though in principle what he's saying is true.
Just be prepared to more or less accurately know what you owe each quarter and to pay it. That takes effort and awareness of tax rules. Most people don't want to deal with that and/or owe penalties.
I'd rather owe 1K or less than pay several hundred in late fees on top of a big tax bill due at once! Been there and done that in a year my investments did quite well.
Hey, this random guy on Youtube knows some stuff 😉 Thank you!
He had me in the first 20 seconds! "Understand that there's a different game that wealthy people are playing' 🎯🎯 thank you Jaspreet for these videos! 🙏
And when you try to get that refund back, you have to Pay someone to do your taxes for you, or not get enough back when using self-service like Turbo Tax. 😩
My new house is an asset. Putting my tax return to my principal this will reduce my interest and help pay my mortgage off faster and give me a better return when I sell it when I retire.
How nobody talks about a book The Millionaire Circuit book by Alexander Pierce. Read many books but this one shows how to really build wealth.
Me: You over took!!!!
IRS: No no, the legal term is “you over paid”.
If not the IRS then the Wifey will take all that extra money..😅
I just wish I could figure out how to not pay $2000-3000 extra each year!😢
I'd rather go on a vacation while I'm healthy and young, than put it away and possibly never use it 💀
So I’m loaning the government money by force? I can’t deny the loan like the bank denies me?
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