Dollars and Hops

022 | The Friendly Neighborhood Tax Guy | First Ever Guest!

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This episode we have a discussion with an EXPERT when it comes to tax law and everything you need to know about the IRS and how to reduce what you pay in taxes to Uncle Sam - all Legally of course!

Headline of the week: The IRS wants to know all about your Bitcoin holdings — and this court summons is a reminder

**Not official legal or tax advice, this is for entertainment purposes only - please contact your own CPA for legal/tax advice that’s specific to your situation** These are simply ideas and questions to get you thinking about your personal situation.

Topics we discussed:

  • Stimulus
    • Who qualifies
    • 150/160 (married filing jointly) for 2021 (stimulus) and additional refundable child tax credits
    • What does it mean for tax credits to be refundable?
    • Change in leadership - new laws regarding taxes - what are some of the biggest changes?
      • Changes to the child tax credit
      • Changes to child and dependent care credit
      • Unemployment income changes
      • Student loan forgiveness changes
      • How to reduce MAGI for tax purposes - (Traditional 401k, HSA, etc..)
        • Traditional IRA
        • Traditional 401K
        • HSA account
        • Biggest mistakes people make when it comes to filing their taxes
        • 2020 versus 2021 - Other major changes
          • ...more
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