Navigating Your Tax Return and The One-Page Financial Plan | Episode 006 Mark's Money Mind

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