4 Simple & Fun Life Hacks
Curd
Curd
Curd
Cucumber
Cucumber
Cucumber
Carrot
Carrot
Carrot
Salt
Salt
Salt
Salt
Salt
Onion
Onion
Onion
Tomato
Tomato
Green Chilli
Green Chilli
Green chilli
Coriander leaves
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3 simple life hacks || coconut ideas & cutter making - Duration: 3:48.
coconut ideas & cutter making
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Saved $1600 on Taxes | One Simple Technique | Noel B. Lorenzana, CPA - Duration: 4:01.
Today I'm going to show you how I saved my client $1,600 on their taxes by
doing one simple thing and how you may be able to save on your taxes by
applying the same technique. Stay tuned...
Today I wanted to share on how I saved my client $1,600, I mean they'll actually
get a $1,600 refund from the IRS. Here's how I did it. So the other day I met with
a new client to do his last year's personal and business tax return.
As usual, I was going through my normal process of gathering information. What I've
found is a key step with any new tax client is to review their last year's
tax return for a couple of reasons. You want to make sure that the same tax
matters from the previous year carry over to the current year. For
example, if they had a certain interest income or stock investment income last
year they likely have it in the current year. You also want to check for tax
carryovers or carryforwards, and lastly it's an opportunity to add
value by looking for errors that would benefit the client. Just a little
background, my client had his bookkeeper prepare his tax returns in previous
years. She was good, but her experience with
taxes was limited. On his last year's return I saw there was an IRA
distribution resulting in income taxes and since he was under age 59 and a half,
the 10% early withdrawal penalty applied. This seemed fine enough but upon further
examination I discovered that the distribution was from a Roth IRA. Hence
in this case it was not a taxable distribution. Why is that? Well as you may
know Roth IRAs are eligible for tax-free distributions, since the tax was paid
before you put money into the IRA. Opposed to traditional IRAs which are
taxable when you take the distributions out. Bottom line,
his Roth IRA distribution qualified as a tax-free distribution. Getting the
client a refund of the $1,600 was a simple matter of filing an
amended tax return for the year in question. How does this help you you may
be wondering? It's easy. Consider having an experienced professional review your
tax return. It really shouldn't take him or her much time to do this. Many even
offer a courtesy review of your prior year tax return when you hire them to prepare
your current year tax return. In this case and in many cases, the old saying
"you don't know what you don't know" applies. What does this mean? It means
that you can't possibly know all the ins and outs outside of your area of
expertise. This absolutely applies with income taxes. My suggestion is to seek
out someone experienced and knowledgeable in taxes. They don't
necessarily have to be a CPA or an enrolled agent, but it helps to know
they've met certain educational requirements and are licensed to practice
before the IRS. So to wrap this up, you could be leaving money on the table
ie. paying the IRS more than you have to. If you would like me to review a prior
year tax return call or email me and we can discuss this. My contact information
is at the end of the video. I really appreciate you watching, please like and
subscribe to this video so I can produce more useful content and if you have any
questions please leave them below. Take care and thanks for watching!
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designer blouse designs | simple maggam work blouse designs | hand embroidery designs for beginners - Duration: 1:37.
new blouse designs
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Make secret box from cardboard - Homemade & simple - Duration: 9:31.
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Please subscribe to support our channel! Thank you!
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Simple Healthy Mix Vegetable Raita - Vegetable Raita Recipe - Vegetable and Yogurt Salad - Duration: 2:25.
Curd
Curd
Curd
Cucumber
Cucumber
Cucumber
Carrot
Carrot
Carrot
Salt
Salt
Salt
Salt
Salt
Onion
Onion
Onion
Tomato
Tomato
Green Chilli
Green Chilli
Green chilli
Coriander leaves
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