Navigating Your Tax Return and The One-Page Financial Plan | Episode 006

In this episode Mark guides you through a comprehensive walk-through of the 2023 Form 1040 U.S. Individual Tax Return explaining each section in detail.

Additionally, he introduces the concept of a one-page financial plan for efficient tax planning, emphasizing lifetime versus annual tax minimization. 

He addresses a listener question, offering insight on maximizing ACA subsidies and creating income and cash flow without impacting premium subsidies. 

The episode also suggests tax planning tools and resources for 2024.

Episode Links:

IRS Form 1040

IRS Form 1040 Schedule 1

IRS Form 1040 Schedule 2

IRS Form 1040 Schedule 3

IRS Form 1040 Schedule A

IRS Form 1040 Schedule B

IRS Form 1040 Schedule C

IRS Form 1040 Schedule D

IRS Form 1040 Schedule E

DinkyTown 1040 Tax Calculator

2024 Important Tax Numbers

Timestamps:

• 00:35 Diving Into Tax Returns: A Step-by-Step Guide
• 01:54 Understanding Filing Status: Single, Married Filing Jointly, Head of Household or Qualifying Surviving Spouse
• 06:30 The Standard Deduction vs Itemized Deductions
• 08:21 Breaking Down Income and Adjustments on Your Tax Return
• 18:04 Exploring Deductions, Credits, and Tax Calculations
• 28:10 Finalizing Your Tax Return: Payments and Withholdings
• 29:36 Navigating Tax Refunds and Estimated Payments
• 31:55 Comparing Total Tax Obligation vs focusing only on the Refund or Payment Due
• 33:16 Avoiding Estimated Tax Penalties: Strategies and Safe Harbor
• 36:36 The Importance of Reviewing Your Tax Return
• 39:21 Creating a One-Page Financial Plan for Tax Management
• 49:33 Listener Question: Maximizing ACA Subsidies Through Income and Cash Flow Management
• 55:17 Closing Thoughts and Helpful Tax Planning Resources