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Wealth Talks

Welcome to Wealth Talks where we talk about solutions, money, and other things that create wealth in your life
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Now displaying: Category: taxes
Dec 7, 2021

Taxes have been around for a very long time indeed. If we look at the history of taxes in the United States, we notice a curious phenomenon... taxes rarely decrease over time. For some reason, taxes tend to go up!

Guess what? They could be going up again! As cheerful as this may be to DC’ers, a few of us American citizens find this upsetting.

So, what should we do to ensure we don’t pay more in taxes than we must? Listen now on Wealth Talks.

 

Resources: How to Build Sustainable Wealth: https://www.life-benefits.com/store/

Jun 9, 2021

The step-up in basis or stepped-up basis allows property and businesses to be passed to the next generation without a tax on the appreciation.

Biden’s new tax plan depicts removing the step-up basis. Removal of the step-up basis will seriously jeopardize the financial legacy of many Americans.

Today on Wealth Talks, Tom and John discuss how we can prepare to leave a legacy in spite of this.

How to Build Sustainable Wealth – Get the book: https://www.life-benefits.com/store/

Mar 3, 2020

How can you tell if you’re paying more in taxes than you should be? Can section 199A really give businesses a leg up? What about the Secure Act? Is Life Insurance really a good tool to leave a legacy?

 

Jack Cohen worked as an IRS Auditor for 33 years, In fact, he won the IRS Employee of the Year Award in 2006. Since then, Jack has switched the “black hat” for the “white hat”, helping people pay as little as they legally can in taxes.

 

Today he joins Tom and John on Wealth Talks to answer questions about section 199A, the Secure Act, and others. Also, he offers to review your tax returns so you can tell if you are losing money.

 

Don’t miss this Episode: Listen Now.

Jul 16, 2019

Deferral has been called “magic” 🎩 in the financial world. Deferral can help you accumulate more money, but will it actually provide you more money to use? This is a gamble on where tax rates could go and how the market might perform.

Where are taxes going in the Future? Listen for what you should consider before jumping on the Tax Deferral bandwagon. Just because “everyone is doing it” doesn’t automatically make deferring your taxes the best thing to do.

Right now, Congress is contemplating changes to deferral/distribution rules such as the “SECURE” Act which has passed the House of Representatives and sits in the Senate. If you have deferred taxes over your lifetime, it’s worth considering the possible outcomes while there’s still time to make some changes before you actually need the money.

Don’t gamble with your with your financial future! Make sure you have a guaranteed foundation of at least some money you can access tax-free. This gives you better options for your Passive Income and providing a legacy.

Resources:

The Big Bank Bailout - Forbes.com Article

Come on the Wealth Cruise October 2019 - Link

May 7, 2019

Are you having to pay more income tax for 2018 than you planned?🇺🇸 Jack Cohen CPA joins us for a quick interview to share what he’s seeing as 2018 returns are processed.

You may not be getting as big a tax refund this year because of the way withholding is calculated under the new law...instead, you most likely keep more with every paycheck. The IRS will be releasing a new W-4 form later this year which could complicate withholding for employees.

Most Americans are indeed paying less federal income tax overall UNLESS you live in a high-income/property tax state like California, New York, New Jersey or Illinois.

Section 199A of the new law is great for business owners, but there are special situations CPAs are working through for the first time. Small changes can significantly affect your bottom line and calculations can be complex. Good idea to get a second opinion if your 2018 return doesn’t seem quite right.

Contact Jack Cohen for a Free Review of your tax return - no strings attached: 702-255-2330

 

Resources:

2017 Law Cut Taxes for Most Americans - NY Times

Campbell Jones Cohen CPAs - Website

Oct 9, 2018

If you ever get the dreaded “brown envelope” from the IRS, you want someone like Jack Cohen CPA on your side of the table. Jack worked for the IRS for 33 years and now represents people in front of the IRS…you could say he say he saw the light and turned back from the dark side.

Today on Wealth Talks, Jack previews some the topics he’ll be sharing at the Wealth Summit including the new limitation on SALT deductions (State and Local Income Taxes) and the 2018 tax break for business owners.

Don’t miss the crazy story about the IRS reporting one of Jack’s clients to the local 911 near the end.🤣

Special Offer compliments of Life Benefits: Contact Jack’s office at 702-255-2330 for a no-charge review of your latest tax returns.

Mar 14, 2018

Congress recently passed the biggest tax changes since 1986! In this episode former IRS auditor Jack Cohen CPA shares what you need to know (for individuals and small business owners) about the new changes starting in 2018.
Resources:
1. Call Jack’s office at 702-255-2330 for a complimentary tax review.
2. Go to https://discover.life-benefits.com/newsletter/index.html to read Jack’s article in the Living Richly newsletter and claim your free 12-month subscription

Jan 2, 2018

Tax cuts by income level under Trump’s tax plan + some benefits for business owners. Listen in and discover what this could mean for you.

May 16, 2017

Tax time doesn’t have to be stressful IF you plan ahead of time.  Keep more of the money you make by planning in advance, and discover some helpful tips and information for tax planning.  Get the End of Year Checklist download from Podcast Resources at: www.life-benefits.com/podcast.html

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