Opportunities Missed on Tax Returns

On today’s episode of the Wiser Roundtable Podcast, Casey is joined by Jordan Sute, CPA from Sute CPAs to talk about W-4 tips and opportunities missed on tax returns.

Listen on Apple Podcasts or watch on YouTube:

SUMMARY:

Casey begins the podcast by mentioning how there is a lack of women financial advisors in the industry. Jordan said that it was quite opposite when she was in college. She said that there were a lot of women majoring in accounting alongside her. According to the Bureau of Labor Statistics from 2018, 60.6% of all accountants in the United States are women.

Taxes are not one size fits all, everyone’s situations are different. It is important to assess your W-4 every year, or every couple years when jobs change or when pay increases. Oftentimes, people are not withholding properly, and that is something you will want to look into. You can go online and fill out a questionnaire on the IRS website, and it will tell you how you are doing. The other option is to use the paper form itself and the chart on the back to go off of.

Land conservation easements are a voluntary legal agreement between a landowner and an easement holder by which the landowner imposes permanent restrictions on the way the property is used. These easements are currently being attacked by the IRS. The IRS is also either disallowing them or taking a much lower appraised value for them.

Georgia film tax credits are a great opportunity to find savings, especially with all of the movies and TV shows filmed in Georgia every year. Often, films are offered more tax credits than they know what to do with, and luckily these tax credits are transferable. These tax credits can be purchased through a broker. It is a great opportunity for people with a high income and high Georgia tax bills to save money.

The changes from the tax reform bill in 2018 are still being worked through even in 2021. President Biden is considering legislation to increase tax rates on capital gains. This is something to keep in mind, as you consider if these potentially increased rates could affect you.

TIMESTAMPS:

4:24 Women in Finance and Accounting

7:24 W-4 Tricks and Tips

9:40 Missed Tax Opportunities

13:00 Land Conservation Easements

15:12 Georgia Film Tax Credits

16:40 2021 Tax Trends

LINKS:

Learn more about Casey Smith and connect with him on Twitter.

Learn more about Brad Lyons.

Learn more about Matthews Barnett.

CONNECT:

Twitter, Instagram, Facebook, LinkedIn, and YouTube.

Learn more about the Wiser Wealth Management Roundtable podcast and access previous episodes.

Recent posts

  • What is a charitable remainder trust?
  • succession planning
  • Who is your POA? Should it be somebody else?
By Published On: July 14, 2021

Share This Story, Choose Your Platform!

Wiser Wealth Management, Inc (“Wiser Wealth”) is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). As a registered investment advisor, Wiser Wealth and its employees are subject to various rules, filings, and requirements. You can visit the SEC’s website here to obtain further information on our firm or investment advisor’s registration.

Wiser Wealth’s website provides general information regarding our business along with access to additional investment related information, various financial calculators, and external / third party links. Material presented on this website is believed to be from reliable sources and is meant for informational purposes only. Wiser Wealth does not endorse or accept responsibility for the content of any third-party website and is not affiliated with any third-party website or social media page. Wiser Wealth does not expressly or implicitly adopt or endorse any of the expressions, opinions or content posted by third party websites or on social media pages. While Wiser Wealth uses reasonable efforts to obtain information from sources it believes to be reliable, we make no representation that the information or opinions contained in our publications are accurate, reliable, or complete.

To the extent that you utilize any financial calculators or links in our website, you acknowledge and understand that the information provided to you should not be construed as personal investment advice from Wiser Wealth or any of its investment professionals. Advice provided by Wiser Wealth is given only within the context of our contractual agreement with the client. Wiser Wealth does not offer legal, accounting or tax advice. Consult your own attorney, accountant, and other professionals for these services.

Sign up for our newsletter!

Our latest blogs, podcasts, and educational videos delivered to your inbox weekly.