Ever wonder how they comes up with your tax bill?  What tax brackets really mean?  What about where refunds come from?  In this episode, we lay out the real on how taxes work.  The difference between deductions and credits.  How to pay as little as possible and more…

 

In this 56 minutes episode:

  • 3 Types of Tax Systems [8:02]
  • How much of your income is taxable? [9:06]
  • What are tax brackets anyway? [11:30]
  • How tax brackets really work [14:46]
  • Warnings & Why you need to understand this stuff [17:02]
  • What are deductions? [20:08]
  • How & Why the rich don’t pay their “fair share’? [22:20]
  • Difference between Tax Deductions & Tax Credits [25:04]
  • Standard Deductions vs Itemized Deductions [27:14]
  • Example of Standard Deduction for a Married Couple filing jointly [29:01]
  • The end of the Personal Exemption [32:49]
  • Where do refunds come from? [36:50]
  • My beef with large tax refunds [40:02]
  • FUN FACT: How big is a billion? [41:54]
  • My big refund solution [43:49]
  • Story of the single Mom, 3 boys, and new life [44:01]
  • Recap [48:51]
  • The Goal of Money [51:56]

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