Imagine a scenario where you purchase pretty much whatever you want at the grocery store, you frequently go out to eat, and on top of that you always buy drinks for friends- no questions asked. That’s about what it would take to get food spending up to around 15% of average household income… but that sounds a bit insane! Most folks shop for sales, attempt to eat their leftovers, and on special occasions cover the check. But that spendthrift approach is exactly how a lot of Americans pay their taxes- they just pay what they think they’re supposed to. And on average most folks pay a little under 15%, they assume that’s just the way it is, but we think there’s a more strategic way to approach this inevitable expense. And here to talk about doing that well is Jasmine DeLucci- tax attorney, CPA, and enrolled agent. Jasmine has a wealth of knowledge around the US tax code and started posting online because she believes tax law should be available to everyone. Listen as we discuss the important role IRS transcripts play, vetting tax preparers, business expenses, tax-advantage ways to pass wealth onto future generations, and much more!
Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
- Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.
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- Join a thriving community of fellow money in the HTM Facebook group.
- Find the best credit card for you with our new credit card tool!
- Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.
During this episode we enjoyed a SeaQuench Ale by Dogfish Head! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
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