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LIVE REPLAY: What Are 10 Easy Tax Deductions and Credits to Cut Your Tax Bill?
Season 7 Episode 46
Ever felt like you're handing over way too much dough to the taxman? Well, you’re in luck! Today, we’re diving into 10 super easy tax deductions and credits that can help you lighten that tax load. We’ll also dig into the juicy details of universal life insurance compared to the ol’ trusty 401k plan. Plus, stick around because we’ll be spilling the tea on some cool energy credits for 2024 and 2025. And, of course, we’ll tackle a last-minute question about claiming that sweet home office deduction. So grab your favorite snack and let’s get this financial party started with some fun and practical tips—including 10 Easy Tax Deductions and Credits to Cut Your Tax Bill and keep more cash in your pocket!
Check out the full podcast episode here
Feeling like your tax bill is bigger than your last family reunion potluck? Don’t worry, we’ve got your back! Today, we’re diving into the world of tax deductions and credits, and trust me, it’s more fun than it sounds! We’re spilling the beans on 10 easy ways to lighten that tax load, and yes, we’ll also share biblical wisdom because money management is a key part of financial stewardship. From child tax credits that could put a cool $2,000 back in your pocket for each kid, to the sneaky little American Opportunity Tax Credit that can cover your college expenses, we’re making taxes feel a little less scary and a lot more manageable. And if you’re someone who's ever pondered the age-old debate between universal life insurance and good old 401Ks, we’ve got a juicy discussion on that too! Think of it as a financial buffet where you can pick what suits you best, and don't forget, we’ll also talk about energy credits for your eco-friendly upgrades in 2024 and 2025. So grab a snack, sit back, and let’s get you set up to keep more of that hard-earned cash for yourself!
Podcast Timestamps:
00:00 Episode Overview
00:56 Listener’s Question: 10 Easy Tax Deductions and Credits
02:16 Biblical Insights on Stewardship
02:58 Today’s Gratitude Statement
03:45 Special Guest: Dr. Craig Van Slyke
05:03 10 Common Tax Deductions And Credits For The 2024 Tax Year
20:46 Listener’s Question: Exploring Universal Life Insurance vs. 401k
23:00 Key Features And Benefits Of Universal Life Insurance
33:03 Listener’s Question: What Energy Credits are Available for 2024 & 2025 Tax Filing
34:49 Energy Credits for 2024
40:10 Energy Credits for 2025
46:01 Listener’s Question: Maximizing Home Office Tax Deductions
52:16 Reflection Questions
53:19 Visit https://www.askralphpodcast.com/blog/ for Free Financial Resources
53:27 You Can Support the Show by Visiting https://askralphpodcast.com/support
54:10 Closing
Takeaways:
- Feeling like you're paying too much in taxes? You're not alone, and today we dive into easy deductions!
- There are 10 tax deductions and credits, including child tax credits and education-related options.
- We explored the differences between universal life insurance and 401(k) plans for retirement savings.
- Home office deductions can be tricky, but if your space is exclusive for work, you can claim it!
- We discussed energy credits coming for 2024 and 2025 to help you save green and go green!
- Tax avoidance is not a crime; it's your right to reduce your tax burden legally!
Published on 10 months, 1 week ago