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Eric Jorgensen에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Eric Jorgensen 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
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Taxes & Special Needs w/ Brandon Layo

32:15
 
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저장한 시리즈 ("피드 비활성화" status)

When? This feed was archived on February 26, 2024 15:08 (1M ago). Last successful fetch was on September 06, 2023 08:28 (7M ago)

Why? 피드 비활성화 status. 잠시 서버에 문제가 발생해 팟캐스트를 불러오지 못합니다.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 285592163 series 2842580
Eric Jorgensen에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Eric Jorgensen 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

Website: https://www.tpfinancial.com/
Email: brandon@tpfinancial.com | Phone: (301) 846-9336
For individuals and families with disabilities, tax planning can often get overlooked. It can be overwhelming, try to keep track of your medical expenses. There is a LOT of information on social media giving advice on what you should do. Unfortunately what works for you may not work for someone else. Circumstances differ, it's important to take your situation into account.
In this video, we explain the difference between standard deduction and itemizing. We talk through some situations when itemizing makes sense. There is an error on the slide. The medical deduction in 2020 is 10%, not 7.5%. This means you cannot deduct medical expenses until they have exceeded 10% of your income. For example, if you make $100,000/year you would have to wait until you've spent at least $10,001 on medical expenses.
We do not do a deep dive into examples of medical expenses. There are a LOT. A few we mention are mileage and hotel costs when traveling to a medical facility and costs associated with a service animal. Please note - a service animal is NOT the same thing as an emotional support or therapy animal. Tax treatment may not be the same. If you have an emotional support or therapy animal and you are wondering if any of the associated expenses are deductible I encourage you to talk to an accountant.
Brandon talks through tax credits and deductions. Tax deductions will lower your taxable income. Tax credits will reduce your income tax. Credits are more valuable. There are refundable and non-refundable credits. A refundable credit is a credit that is paid even if no taxes are due.
In some cases, it makes sense to claim your adult child as a dependent. Brandon stresses the key thing to determine is if you can. Do you meet the requirements? Typically this would mean you are providing at least 50% of the support. However, you will want to double-check because tax laws changed.
As an Amazon Associate, I earn commissions from qualifying purchases.


For more information about True North Disability Planning you can find us here:


Web: https://truenorthdisabilityplanning.com/


Blog - https://ejorgensenwordpresscom.wordpress.com


Podcast (ABC's of Disability Planning) - https://anchor.fm/abcs-disability-planning


Waypoints - https://waypoints.substack.com/


Facebook: @TrueNorthDisabilityPlanning


Twitter: @NeedsNavigator


Resource store (free downloads too) - https://www.teacherspayteachers.com/Store/True-North-Disability-Planning


---
Send in a voice message: https://podcasters.spotify.com/pod/show/abcs-disability-planning/message
Support this podcast: https://podcasters.spotify.com/pod/show/abcs-disability-planning/support
Get full access to Waypoints at waypoints.substack.com/subscribe
  continue reading

150 에피소드

Artwork
icon공유
 

저장한 시리즈 ("피드 비활성화" status)

When? This feed was archived on February 26, 2024 15:08 (1M ago). Last successful fetch was on September 06, 2023 08:28 (7M ago)

Why? 피드 비활성화 status. 잠시 서버에 문제가 발생해 팟캐스트를 불러오지 못합니다.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 285592163 series 2842580
Eric Jorgensen에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Eric Jorgensen 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

Website: https://www.tpfinancial.com/
Email: brandon@tpfinancial.com | Phone: (301) 846-9336
For individuals and families with disabilities, tax planning can often get overlooked. It can be overwhelming, try to keep track of your medical expenses. There is a LOT of information on social media giving advice on what you should do. Unfortunately what works for you may not work for someone else. Circumstances differ, it's important to take your situation into account.
In this video, we explain the difference between standard deduction and itemizing. We talk through some situations when itemizing makes sense. There is an error on the slide. The medical deduction in 2020 is 10%, not 7.5%. This means you cannot deduct medical expenses until they have exceeded 10% of your income. For example, if you make $100,000/year you would have to wait until you've spent at least $10,001 on medical expenses.
We do not do a deep dive into examples of medical expenses. There are a LOT. A few we mention are mileage and hotel costs when traveling to a medical facility and costs associated with a service animal. Please note - a service animal is NOT the same thing as an emotional support or therapy animal. Tax treatment may not be the same. If you have an emotional support or therapy animal and you are wondering if any of the associated expenses are deductible I encourage you to talk to an accountant.
Brandon talks through tax credits and deductions. Tax deductions will lower your taxable income. Tax credits will reduce your income tax. Credits are more valuable. There are refundable and non-refundable credits. A refundable credit is a credit that is paid even if no taxes are due.
In some cases, it makes sense to claim your adult child as a dependent. Brandon stresses the key thing to determine is if you can. Do you meet the requirements? Typically this would mean you are providing at least 50% of the support. However, you will want to double-check because tax laws changed.
As an Amazon Associate, I earn commissions from qualifying purchases.


For more information about True North Disability Planning you can find us here:


Web: https://truenorthdisabilityplanning.com/


Blog - https://ejorgensenwordpresscom.wordpress.com


Podcast (ABC's of Disability Planning) - https://anchor.fm/abcs-disability-planning


Waypoints - https://waypoints.substack.com/


Facebook: @TrueNorthDisabilityPlanning


Twitter: @NeedsNavigator


Resource store (free downloads too) - https://www.teacherspayteachers.com/Store/True-North-Disability-Planning


---
Send in a voice message: https://podcasters.spotify.com/pod/show/abcs-disability-planning/message
Support this podcast: https://podcasters.spotify.com/pod/show/abcs-disability-planning/support
Get full access to Waypoints at waypoints.substack.com/subscribe
  continue reading

150 에피소드

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