I dive into the complexities of understanding tax returns. I share my yearly process of reviewing every client's tax return to identify forward-looking planning opportunities and to correct any errors from previous reporting. I discuss the importance of Roth contributions, the implications of the Tax Cuts and Jobs Act, and strategies for managing business and personal taxes, including the use of Schedule E and the benefits of regularly reviewing taxable interests and dividends. Further, I cover the importance of choosing between itemized and standard deductions, the impact of various income sources on tax obligations, and the overall strategy for financial planning and tax optimization for military families and veteran business owners.

Key Takeaways & Timestamps:

• (00:00) Introduction

• (00:51) Deep Dive into Tax Return Analysis

• (01:35) Exploring Tax Planning Opportunities

• (01:56) Understanding Taxable Income and Tax Brackets

• (02:24) Roth Contributions: A Strategic Move

• (03:21) Capital Gains and Investment Income Insights

• (06:58) Navigating Schedule E and Business Income

• (08:25) Maximizing Schedule B Income and Dividends

• (09:50) Standard Deduction vs. Itemizing

• (11:00) Concluding Thoughts

• (11:34) Download the Ultimate Military Finance Checklist

  
  

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

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