tax mistakes

On this episode of Retirement Plain & Simple with Mark Kemp & Todd Little, we’ll address some key money saving concerns that we think you’ll find helpful as we run full speed into tax season.

Todd is going to kick us off by breaking down the important difference between tax filing and tax planning. It's a crucial distinction that you'll want to know about to avoid missing out on key opportunities throughout your retirement years. We'll also dive into one of the age-old debates: Roth vs. traditional contributions. Should you pay the tax now or later in life? We'll give you the lowdown on what the pros and cons are and why you might want to consult with a financial planner for help in this arena instead of solely relying on the recommendations of a tax preparer.

Mark will also share some real-life examples of common tax issues that he and Todd have seen over the years and much more. You didn’t know tax talk could be so fun, but Mark and Todd are ready to provide some spice to the conversation, so buckle up for a great 30 minutes of Retirement Plain & Simple as we help you navigate the 2023 tax season and beyond.

Here's some of what we’ll discuss on this episode: 

• Accelerating into tax season. Todd has some important points about distinguishing between tax filing and tax planning. (1:17)
• Roth vs. traditional contributions. Should you pay the tax now or later on in life? This is an essential question when it comes to tax planning. It’s one of the areas where the advice might differ between working with a financial planner and a tax preparer. (6:41)
• Mark introduces the first of three examples of common tax issues the team has seen over the years. (12:06)
• A simple, but massive tax mistake. (18:16)

The mortgage. Do you pay it off so you don’t have to carry the debt into retirement? (22:04)

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

On this episode of Retirement Plain & Simple with Mark Kemp & Todd Little, we’ll address some key money saving concerns that we think you’ll find helpful as we run full speed into tax season.

Todd is going to kick us off by breaking down the important difference between tax filing and tax planning. It's a crucial distinction that you'll want to know about to avoid missing out on key opportunities throughout your retirement years. We'll also dive into one of the age-old debates: Roth vs. traditional contributions. Should you pay the tax now or later in life? We'll give you the lowdown on what the pros and cons are and why you might want to consult with a financial planner for help in this arena instead of solely relying on the recommendations of a tax preparer.

Mark will also share some real-life examples of common tax issues that he and Todd have seen over the years and much more. You didn’t know tax talk could be so fun, but Mark and Todd are ready to provide some spice to the conversation, so buckle up for a great 30 minutes of Retirement Plain & Simple as we help you navigate the 2023 tax season and beyond.

Here's some of what we’ll discuss on this episode: 

• Accelerating into tax season. Todd has some important points about distinguishing between tax filing and tax planning. (1:17)
• Roth vs. traditional contributions. Should you pay the tax now or later on in life? This is an essential question when it comes to tax planning. It’s one of the areas where the advice might differ between working with a financial planner and a tax preparer. (6:41)
• Mark introduces the first of three examples of common tax issues the team has seen over the years. (12:06)
• A simple, but massive tax mistake. (18:16)

The mortgage. Do you pay it off so you don’t have to carry the debt into retirement? (22:04)

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/

There was a time in high school, and I totally deserved it, where I got sent to the principals office.

 

Luckily I learned from my mistake and didn’t repeat it. Getting in trouble with your teacher and/or the school is not something I wanted to do again.

 

As an adult, I would say the equivalent to this would be if I were in trouble with the IRS. No one wants to do something that will get them in hot water with the IRS.

Today I want to share 5 mistakes that you want to avoid when filing taxes.

 

03:33 Forgetting paperwork
07:11 Missing or incorrect information
09:02 Don’t wait until the last minute
11:27 Choosing the incorrect filing status
12:41 Missing a tax break

Resources:

Best Tax Software Programs

TurboTax Review: An Industry Standard for DIY Tax Prep

What Happens If You Don’t File Your Tax Return?

 

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