Ignition to Wealth

010 | Gearing Up for Tax Season: A Broad Overview


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In Today’s Episode

Eric and Brandon breakdown some top level Individual Tax Topics and the main forms of an Individual Tax Return. The guys discuss the types of income that show up on a tax return and how they are taxed. Check out the 2020 and 2021 Tax Brackets!

 

What You’ll Get Out of Today’s Show

  • A breakdown of the 2020 and 2021 Tax Brackets
  • Top level review of the Individual Tax return including:
    • Form 1040
    • Schedule 1: Additional Income and Adjustments to Income
    • Schedule 2: Additional Taxes
    • Schedule 3: Additional Credits and Payments
    • Schedule A: Itemized Deductions
    • Schedule B: Interest and Ordinary Dividends
    • Schedule C: Profit and Loss from Business
    • Schedule D: Capital Gains and Losses
    • Schedule E: Supplemental Income and Loss
  • What is Adjusted Gross Income (AGI)?
  • Types of deductions:
    • Medical and Dental
    • Additional taxes paid
    • Interest paid
    • Charitable givings
    • Casualty and theft loss
  • Short-term and Long-term capital gains and how they are taxed
  • Where rental income, royalty income, REIT’s, passive income, estates, trusts, etc. all get input on the tax return

 

Links Mentioned in This Episode

ignitiontowealth.com/resources

 

Ignitiontowealth.com

 

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