EPISODE RESOURCES

Navigating Tax Season: Common Forms, Mistakes, and Deductions

In this episode of the New Money, New Problems podcast, we dive into common tax forms and mistakes that you don't want to miss during tax season. Topics range from the importance of accounting for all income sources, including W-2s, 1099s, and income from high-yield savings and brokerage accounts. Brenton elaborates on the significance of accurately reporting restricted stock units (RSUs) on your W-2 and explores various tax deductions, both above-the-line and below-the-line, including retirement contributions, health savings accounts, and itemized deductions like mortgage interest and property taxes.

This episode is packed with valuable information to help you optimize your tax filing and maximize your financial benefits.

00:00 Introduction to Common Tax Forms and Mistakes
00:45 Welcome and Recent Events in Nashville
01:37 Importance of Tax Filing Season
02:34 Understanding Different Income Sources
04:45 Common Mistakes with W2 and Equity Compensation
08:21 Above the Line Tax Deductions
10:04 Standard Deduction vs. Itemizing Deductions
12:02 Below the Line Deductions for Homeowners
12:55 Medical and State/Local Tax Deductions
14:56 Charitable Contributions and Home Equity Line of Credit
16:46 Recap and Calculating Taxable Income
19:21 Introduction to Tax Credits
20:27 Child and Education Tax Credits
23:20 Conclusion and Final Advice

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