Join Jasmine DeLucci, a savvy tax attorney and CPA, as she unpacks the secrets of navigating the complex world of taxes. She reveals why most people mistakenly accept the standard tax rate and offers strategic advice on optimizing liabilities. Learn the importance of IRS transcripts, how to vet tax preparers, and explore deductions—especially for family business travel. Discover generational wealth-building strategies and why informed tax planning is essential for monetary success! The conversation is informative, engaging, and sprinkled with humor.
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volunteer_activism ADVICE
Use IRS Transcripts
Obtain IRS transcripts to double-check your tax information.
This helps ensure accuracy and avoid discrepancies with the IRS's records.
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DIY vs. Pro
Use tax software for simple tax situations if you're financially savvy.
Hire a professional if your taxes are complex, especially if you own a business.
volunteer_activism ADVICE
Vetting Tax Pros
Vet tax professionals by checking their license and ensuring they care about your situation.
Look for someone who stays up-to-date with tax law changes and is willing to explain things.
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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!
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