Telling people from low-income backgrounds to just “get a degree and work hard” can feel like handing someone a map to a treasure hunt without telling them where to dig. It’s not that simple, and it can put a lot of pressure on individuals.
Thank you Sherman. I'm beyond frustrated with the many CPAs I've worked with. They all overpromise and under deliver 😢😢. Not one has EVER made one suggestion to mitigate my tax liabilities. I'm exhausted and wish I didn't need one, but the IRS makes it impossible 😭😭😭.
There’s a stubborn belief that going to college and working a steady job is the only way up. But what happens when that’s not an option? It’s time to shake things up and look for new paths!
Mind blown! I just realized that even if I make $240,000 this year, not all of it will be taxed at 32%. The first 11k is taxed at 10%, the next 11k+ to 47k is taxed at 12%, 47k+ to 100k taxed at 22% and so on up the scale. Only about 50k will be taxed at 32%. I had no idea until you mentioned it at 2:00. I always do my own taxes and I wondered why the actual taxes I pay are always much lower than the bracket I'm supposed to be in. LOL! Wow! I'm usually in a 24% bracket, but was scared to death because I'll be bumped up to 32% this year.
Sometimes it feels like the system favors a select few while leaving the rest scrambling. It’s like a game where only a handful of players get the good spots while everyone else is left on the sidelines. Why haven’t they created better systems yet? Sometimes it’s just tough to break away from what’s familiar, even if it’s not working. But bold new ideas are what the world needs!
Your explanation is very clear, thank you 😊
Thanks, Kim!
Telling people from low-income backgrounds to just “get a degree and work hard” can feel like handing someone a map to a treasure hunt without telling them where to dig. It’s not that simple, and it can put a lot of pressure on individuals.
This is amazing! Thank you friend!😁 Hope you have a great weekend🙏🏼
You're very welcome. Thank you, Carson!
Thank you for this valuable information!!
Thank you Sherman. I'm beyond frustrated with the many CPAs I've worked with. They all overpromise and under deliver 😢😢. Not one has EVER made one suggestion to mitigate my tax liabilities. I'm exhausted and wish I didn't need one, but the IRS makes it impossible 😭😭😭.
You're welcome. And I'm sorry to hear that. Try one of my CPAs out. They specialize in tax planning. mycpacoach.com/contact/
There’s a stubborn belief that going to college and working a steady job is the only way up. But what happens when that’s not an option? It’s time to shake things up and look for new paths!
is a garnishment considered a deduction?
Mind blown! I just realized that even if I make $240,000 this year, not all of it will be taxed at 32%. The first 11k is taxed at 10%, the next 11k+ to 47k is taxed at 12%, 47k+ to 100k taxed at 22% and so on up the scale. Only about 50k will be taxed at 32%. I had no idea until you mentioned it at 2:00. I always do my own taxes and I wondered why the actual taxes I pay are always much lower than the bracket I'm supposed to be in. LOL! Wow! I'm usually in a 24% bracket, but was scared to death because I'll be bumped up to 32% this year.
So many people think that! I’m glad this was helpful for you.
@@mycpacoachAs good as GOLD. Thanks again!
Sometimes it feels like the system favors a select few while leaving the rest scrambling. It’s like a game where only a handful of players get the good spots while everyone else is left on the sidelines. Why haven’t they created better systems yet? Sometimes it’s just tough to break away from what’s familiar, even if it’s not working. But bold new ideas are what the world needs!
Hi Sherman , my business is in Real Estate Investing, can you help me with tax code deduction and savings for my Real estate business?