Mesa Money Minute

Gina Tallman
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Mesa Money Minute

I'm a local financial professional who produce this daily feature at the studios of KAFM Community Radio in Grand Junction, Colorado. I offer up short, 1- to 2- minute segments on tax, finance, economy, markets and other financials topics.Image credit: President Washington by Laakso for FreeVector.com

Episodios

  1. HACE 3 DÍAS

    Filing Taxes as a Small Business Owner

    Filing taxes as a small business owner can be complex, but understanding the basics can make the process smoother. Depending on your business structure, you may need to file different types of returns. Sole proprietors and single-member LLCs typically file a Schedule C as part of their personal 1040 tax return. However, if you operate as a partnership, multi-member LLC, or corporation, you’ll need to file a separate business tax return. It’s crucial to report all income and all deductions acc...

    2 min

  2. 21 OCT

    Tax Credits vs. Deductions

    Understanding the difference between tax deductions and tax credits is essential for effective tax planning. Tax deductions reduce your taxable income, which means their value depends on your tax rate. For example, a $1,000 deduction saves you $240 if you’re in the 24% tax bracket. Tax credits, on the other hand, provide a dollar-for-dollar reduction in your tax liability. So, a $1,000 tax credit reduces your tax bill by $1,000, regardless of your tax rate. This concept applies to both federa...

    2 min

  3. 14 OCT

    Home Office Deductions

    An often-overlooked deduction for self-employed individuals is the home office deduction. This allows you to write off a portion of your home expenses as business expenses. To qualify, you must use a specific area of your home exclusively for business purposes. There are two methods to calculate the home office deduction: the actual expense method and the safe harbor method. The safe harbor method lets you deduct a flat $5 per square foot of your home office, up to 300 square feet or $1,500. ...

    2 min

  4. 7 OCT

    Tax Benefits of Retirement Accounts

    What is the best account to use for your retirement savings, a 401(k) or an Individual Retirement Account (IRA)? Each has pros and cons. With a 401(k), you can set aside more each year (up to $23,000 in 2024, or $30,500 if you’re over age 50). It’s easy for an individual to set up, as your employer typically handles deducting your contributions from your paycheck and depositing them into the account. There are no income limits, and often employers offer matching contributions to boost your sa...

    2 min

  5. 23 SEPT

    Understanding Tax Brackets

    Understanding the difference between marginal tax rates and effective tax rates is crucial for accurate tax planning. The marginal tax rate is the rate applied to your last dollar of income, while the effective tax rate is the average rate you pay on all your income. A common misconception about taxes is that a 40% top tax rate means you’ll pay 40% of your taxable income in taxes. In reality, the U.S. uses a graduated income tax system, where your top, or marginal, tax rate only applies to th...

    2 min

  6. 16 SEPT

    Tax Implications of Side Hustles

    Having a side hustle is another term for being an independent contractor or self-employed. All income from a side hustle is taxable, whether it's part-time, temporary, not reported on traditional tax forms like W-2's or 1099's, or paid in cash, cryptocurrency, or barter. If you have a side hustle, track and report your income and expenses just like any other business. You must file a tax return if your net earnings from your side hustle exceed $400, even if you otherwise aren't required to fi...

    1 min

  7. 9 SEPT

    Maximizing Deductions

    Many deductions are often overlooked due to the hassle of recordkeeping or simply not knowing they exist. With a bit of organization and education, you can ensure you're maximizing your write-offs and reducing your tax bill. Commonly missed deductions include the home office deduction, vehicle expense deduction, business use of cell phone and internet bills, and the self-employed health insurance deduction. Most of these are primarily available to self-employed individuals, so if you're a W-2...

    1 min

  8. 2 SEPT

    Tax Tips for Freelancers

    If you're a freelancer, you might be curious about potential tax deductions. Generally, any expense that’s ordinary and necessary for your business operations can be deducted, though there are many exceptions in the tax code. One commonly overlooked deduction for sole proprietors is the home office deduction. If you use a space in your home regularly and exclusively for business, you can deduct a portion of your mortgage interest or rent, utilities, insurance, maintenance, and HOA dues. ...

    1 min
  • 8 episodios

Acerca de

I'm a local financial professional who produce this daily feature at the studios of KAFM Community Radio in Grand Junction, Colorado. I offer up short, 1- to 2- minute segments on tax, finance, economy, markets and other financials topics.Image credit: President Washington by Laakso for FreeVector.com

Información

  • Creador
    Gina Tallman
  • Años de actividad
    2020 - 2024
  • Episodios
    8
  • Clasificación
    Apto
  • Copyright
    © 2024 Mesa Money Minute
  • Mostrar sitio web
    Mesa Money Minute

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