Creating your Tax Plan!

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hey everyone the lesson here for money evolution in today's video I'm gonna be helping you to lay out your 2020 tax plan so already it's that time of year you may be in the process of working on your taxes for 2019 right now maybe you've already filed by the time this video gets posted here but here in today's video what I want to do is kind of lay out a little bit of a framework here just a few things to think about I've been doing this for a couple years now you can probably check out the video that I made last year around this time talking about some different strategies that you might be able to implement here for 2020 so first thing I want to talk about here is I want to help you to understand where you are in your income tax bracket and that's something that is very key very fundamental at the cornerstone of any tax plan and so what I actually have up here is the 2020 tax rates but I also have the 2017 tax rates up here as well why do I have that well many of you know we've been talking about this and many of our videos here but 2017 is the last year under the old tax tables before the 2018 tax cuts and Jobs Act went into effect so what we effectively have here is a little bit of a window here from now 2020 or actually 2019 in 2020 all the way through the end of 2025 we're gonna be under essentially this income tax schedule here it's gonna be adjusted upwards a little bit for inflation every year as the IRS always does but then in 2026 things are going to revert back so if you're looking at your income tax return a couple things to look at but one of the most important ones is to look at what was your taxable income and then what you're going to do is you're going to look at this table right here if you're single filing a single tax return you're gonna you're going to go over here if you're married filing a joint tax return you're going to go over to this column and you're gonna see what tax bracket you're in now a lot of times one of the biggest misconceptions that I think people have about taxes is they say oh boy I went up to I made a hundred seventy two thousand dollars last year and that put me up into the twenty four percent tax bracket and they get all oh my gosh that's gonna be horrible what you have to understand is these are as a progressive tax system which means that if you go over into that 24 percent tax bracket by $1,000 the only money that you pay that 24 percent tax on is the thousand dollars that you went over so don't get too hung up about creeping over a little bit into the next tax bracket because sometimes people want to go to just crazy lengths almost like you know I got a you know stop working or I know I can't get that bonus you know and and it's gonna push me up into that next tax bracket but that is gonna be very important and then what you also might want to do and let's just leave it at that let's say you make one hundred seventy two thousand dollars in fact let's actually say that you're making two hundred thousand dollars and so that puts your rate firmly in the middle of that twenty four percent tax bracket we can jump all the way back over here and say okay married filing a joint tax return prior to the tax cuts two hundred thousand dollars would have put you up into the twenty eight percent tax bracket so right there in the middle so already you can get an idea of what the current tax rates are today twenty four percent in this case versus twenty eight percent and that's one of the biggest tools that we want to use when we're planning is trying to see okay what tax bracket are we in now versus what tax bracket are we going to be in in the future now another thing that a lot of people really don't fully understand oftentimes is when they go to do their taxes you say well how did you do on your income taxes and they say I did great I got a three thousand dollar refund back and most people are just happy not to owe the IRS when it go when they go to file their income taxes in April so you know getting a three thousand dollar refund seems like they did pretty good but all that means essentially is that you overpaid the IRS during the course of the year and you're getting some of that money back now if you end up owing the IRS three thousand dollars people say I was horrible you know but again it's the same thing they didn't withhold enough where you didn't send enough estimated taxes into the IRS and now you end up owing them a little bit more money at the end of the year has nothing to do with actually what's going on with your income tax situation so very important don't judge your success or lack of success on your income taxes by how much you owe or how much you're getting back as a refund very important to understand that okay so let's take a dive in and let's look at this and a little bit more detail and understand some of the things that get added to our income and maybe some of the things that get deducted from our income so let's talk about the deductions here for a quick second and what I want to do is just kind of draw the distinction between what your deductions might have been for 2019 what they might be for 2020 and then maybe just do a brief comparison as a refresher just to go back and see what were they in 2017 because again we want to plan this stuff out I think as best as we can and realizing that in 2026 we may have some changes we will have some changes coming when those tax cuts and Jobs Act rates expire after that time so first of all we have a couple of pretty substantial changes number one is the standard deduction was essentially doubled when they came out with this in 2018 so for 2020 that's rolling forward here it's twelve thousand four hundred dollars per year if you're single and it's twenty four thousand eight hundred double that if you're married filing a joint tax return I made that acronym up last time or one of my last videos there so anyway twenty four thousand eight hundred dollars and that's going to be you know just the standard deduction of course you could itemize your deductions but they did make some pretty significant changes there one of those was the they called the salt state and local taxes they now capped that at ten thousand dollars per year so if you're in one of the higher tax states your local city taxes state taxes and your property taxes which for a lot of people might be pretty high those are going to be limited to ten thousand dollars per year they also something that's not an itemized deduction but exemptions changed and they essentially got rid of the exemptions altogether so used to be prior to the twenty eighteen changes you've got about four thousand dollars per person in your household that you could deduct off of your income tax return so for my family I would get one my wife I'd get one for her and then we have two children so I got about sixteen thousand dollars of exemptions that I could write off and that essentially went away when they came out with this tax cuts and Jobs Act and so they did that but they also like I said double the standard deduction what they also did unfortunately I was a little too late on this but they changed the child tax credit and they changed it from $1,000 to $2,000 when they did that and they also really expanded the the opportunity I guess for people to be able to claim that so I think it used to be about a hundred thousand dollars of income you didn't get that child tax credit now they've extended that all the way up to four hundred thousand dollars but it's for children 17 and under my kids are both over the age of 17 right now so I didn't get to qualify for that and that is it tax credit and I think that's important too so we get all of these terms in terminology and sometimes it can get a little bit confusing so just to kind of refresh you on this a tax deduction is something that gets deducted from my income so if I have $100,000 of income and I have a deduction of $5,000 that means that I'll have $95,000 leftover that I'll have to pay taxes on a tax credit means that I had a hundred thousand dollars of income and I had twenty thousand dollars of taxes on that but I had a five thousand dollar tax credit that would mean that I only have to pay fifteen thousand dollars in taxes on that so tax credits are worth a whole lot more than a tax deduction if they're both the same amount so so that's something kind of important to to remember there on that okay so one other thing they changed is the interest deduction so you have a primary residence and you have a mortgage on that so used to be under the old rules that if you had up to a million dollars in debt related to that house you could deduct that off of your income tax return now they changed that to 750,000 that's for loans that were taken out after 2018 or after the end of December 31st of 2017 so those are just a new loan so if you already had a existing mortgage for a million dollars you're grandfathered in on that so that's something to keep in mind there so interest deduction and so if you want to look at it like this so let me lay this out a little bit more clearly right here so you have your income and then you have things like exemptions and tax credits to kind of work here and then over here you have your deductions and that could be your itemized or it could be your standard deduction and so as I was talking about this I wanted to make sure that you are clear on exactly how this works so in other words the tax credit is is independent I guess of whether or not you're itemizing or taking a standard deduction same thing with the old rules under the exemptions it was the same thing so as you're starting to do some of this planning you know one of the things to think about you know is okay where where am i right now for 2020 where will I be and then trying to do a little bit of forecasting going forward you know what things are changing okay well I have a child that's turning 17 so I'm gonna lose that tax credit potentially in three years I'll have all my kids out of that ability to take the tax credit those are the types of things that you want to look at there and then on the income side that's where I want to spend a little bit of time right now but we want to think of course of you know what are your you know what are your wages maybe a bonus you know so we've been talking to a lot of clients here lately and fortunately the economy has been doing well a lot of our clients are getting bonuses and so we want to be able to plan those a little bit you know and so think about okay well this year I got a bonus of this much next year you know that bonus could be higher now we don't want to Bank on that we don't wanna go spend that bonus before we get it but in terms of planning it's nice to know how much of a bonus we might have so we can start to think about where would we maybe end up in those tax brackets so that's why step number one understand where you are and how close you might be to that next tax bracket and if you're think hey if my bonus goes up the way I think it could that might really push me up into that next tax break and there's some other strategies maybe we can do right now to maybe keep that reduced a little bit more the other thing we want to think about too is we want to think about that 1099 interest and capital gains and dividends and so that is something you get a 1089 for every year if it's money that's held outside of a retirement account and you're gonna have to pay taxes on that anything that's distributed and so we'll talk in a moment about some strategies to potentially limit that a little bit but be thinking about okay well I've held on to XYZ stock for a while it's got a huge capital gain but I'm getting close to the point where I want to sell that stock because maybe I think the growth trajectory of that is not as great and I want to diversify a little bit and so again do I do that this year do I wait a year what's happening with some of the income those are some of the things that you want to to think about there and then the other thing that goes into this sorry for getting a little sloppy other deductions would be 401k traditional contributions and so if you're putting money into a 401k plan let's say that's twenty thousand dollars a year and that's coming off of your income tax again you can look at where you are in that tax bracket with or without that contribution and so again if you're at that level where you're at a twenty four percent tax bracket one of the things that you might want to think about doing and we'll get a little bit more in detail on this in a minute but instead of taking that deduction and getting that twenty four percent tax bracket realizing that another twenty thousand dollars of income isn't going to push you up into the higher tax bracket but again maybe that's adding twenty thousand dollars to your income so you pay higher taxes and Bill why would we want to do that well we want to do that because down the road if that income tax rate goes back to what it was it might be twenty eight percent and then we can have the whole discussion about where the US government is in terms of its overall spending the deficit and the likelihood that taxes go up even more in the future especially down the road as you get ready to retire so thinking about whether or not to do that 401k contribution to a traditional account or hopefully if your employer allows it to do the Roth instead and so with the Roth you don't get that tax deduction right now but it grows completely tax-free and so that's a benefit down the road to you in retirement okay so something else that I'm a big fan of when it comes to taking deductions off of your income is the HSA account that stands for health savings account and you have to have a certain type of health insurance to be able to qualify for a health savings account but essentially you have to have a higher deductible and so the idea or the premise behind this is I think that putting more responsibility on to the actual person that's insured on how much they spend on doctor's visits and treatments and things like that let them be a little bit more in control of their own destiny when it comes to that but give them an account that they could use to pay some of those expenses so it might increase pretty dramatically for example the amount of potential out-of-pocket expenses that you have for the year but it also gives you the ability to put money into this on a tax-free basis so for 2020 you can put thirty five fifty if you're single and if you're a family plan could be husband wife or kids that would be seventy one hundred dollars if you're a family plan and so how that works it's actually double tax-free so it's actually in terms of the tax treatment of it better than a Roth and better than a traditional because it kind of gives you the best of both worlds you deduct it off your income taxes right now for the calendar year that you make the contribution and when you spend it you get that completely tax-free so you don't ever pay taxes on that you also have some options for potentially investing that money you could put it into maybe mutual funds or different investments that you know hopefully might go up in value and you also don't have to pay any taxes on the growth or the gains along the way there too so the idea you know hopefully and we've been trying to do it in our family and fortunately it hasn't worked out very well but we've been doing an HSA here for several years and because of you know nothing serious but you know various surgeries I had shoulder surgery last summer we had my daughter had a knee surgery and so every year unfortunate we've been burning through our age say we really haven't had too many opportunities I've really let that grow but the idea is that if you kind of get some healthy years in there where you don't need it that money grows and compounds and maybe eventually down the road can be used for some of the health insurance that you might have to pay in retirement so that's another another option there potentially to get a little bit of a deduction off of your income tax return okay so let's kind of put some of this stuff together here let's talk about a few things here number one is we can control some of our taxes maybe today and potentially in the future by just deciding where we save the money now we're not going to get into too much detail here I've gotten into that in other videos in the past but essentially you know what we're talking about what we've already talked about a little bit is Roth versus traditional and so hopefully understanding a little bit better about how your income taxes are calculated where you are in the tax bracket currently it should give you kind of an idea of whether you should be putting more of your money into a Roth stuff or traditional stuff if you think you're gonna be in a higher tax bracket down the road then it definitely makes sense to do the Roth and if you think you're gonna be in a lower tax bracket down the road then the traditional makes more sense and that's just simple math essentially if you're in that higher tax bracket right now take the deduction today and then pay taxes later at the lower tax rate but again we have to think in terms of where tax rates are headed we know the tax rates probably unless Congress can all get together and agree on something they're gonna expire in 2025 they're probably at least gonna go back up to what they were in 2017 we looked at what those tax rates and tables were but also what is the likelihood as more people retire Medicare costs or Social Security and all of the other things you know higher government spending you know we have to have a way to pay for that so taxes in my opinion and a lot of people's opinion more likely are going up so so the Roth okay so let's talk about that a little bit hopefully your employer if you're participating in an employer plan you can do a Roth 401k and for 2020 the contribution limits on that are 19 thousand five hundred dollars for the year if you are under the age of 50 and it's $26,000 they allow for now a $6,500 catch-up contribution if you're over age 50 so that's kind of nice but again one of the things you want to think about and we've talked about a lot is just because you can save $26,000 it doesn't mean that you should or you need to so again you want to have that long-term plan that's balancing out your spending and kind of the enjoyment that your money can provide for you today versus what that enjoyment is going to be down the road for you in retirement you know so to many people we see putting almost too much money away for retirement ending up with all this money in retirement and for the most part a lot of them can't spend it fast enough you know most of it'll go to their kids which that's great but again they maybe gave up too much enjoyment along the way because they were over contributing to those accounts essentially so so that's the Roth the Roth the Roth 401k and then we also have a Roth IRA that you can do and that is $6,000 for the year your maximum contribution and then if you're over the age of 50 its $7,000 for the year there are a couple of restrictions though for making a Roth IRA contribution there are no restrictions to making a Roth 401k contribution but for 2020 it's a hundred thirty nine thousand dollars a year if you're filing a single tax return and it's two hundred and six thousand dollars per year if you're filing a joint tax return what that means essentially is that if you make over those income limits you cannot make a contribution directly to a Roth account Roth IRA account I should say so there are a couple other strategies that you can get money into there's a backdoor Roth account and that's something where you can essentially make a contribution to a traditional retirement account which everybody can do as long as you have earned income and then immediately convert that money over to a Roth and that works out very well for a lot of people it doesn't work out so well if you have existing IRA accounts that are other than your 401k plan and if you do the IRS has some rule called the pro rata rules they kind of commingle everything together and the long and the short of it is that if you have existing IRA that backdoor Roth IRA strategies probably not going to work out for you it's not going to accomplish at least what you wanted to do so that's something to to think about there so another strategy that you can do along the lines of that especially if you're somebody that wants to get more money saved for retirement or maybe as we're going to talk about here at a moment if you have money that's held in non retirement accounts where you're having to pay taxes every year on that then you might want to use a strategy where you get money shifted over to a better spot on your balance sheet in the Roth compared to a non retirement account might be a perfect way to do that so you could work towards maximizing those 401k contributions maybe that's Roth you could do the Roth IRA account contribution as well maybe if you need to you could do the backdoor strategy but there's another one we've talked about in some other videos but if your employer allows for after-tax contributions you might be able to make excess contributions to an after-tax account within your company sponsored plan and you can exceed those limits of the 19,500 and the 26,000 if you're over the age of 50 and so the actual contribution limits for 2020 are fifty seven thousand dollars if you're under the age of 50 and if you're over 50 it's sixty three thousand five hundred dollars and so what that is is it's the combination of all of your contributions to a retirement account so let's assume that you're under fifty so you have fifty seven thousand dollars that you could contribute and we'll assume that you're putting in 19 thousand dollars of your own money so you're you're pretty much fully maxing that account out and that you're taking the employer is also contributing six thousand dollars to that and so what that leaves over is 57,000 - the 19,000 that you're putting in - the 6,000 dollars that your employer is putting in leaves you with 32,000 dollars extra and so that would be the maximum amount that the IRS would allow you to put into one of these after-tax accounts now your employer may have different rules they may limit that to a certain percentage of your income we've seen some local companies here limiting it to percent of your income so if you don't have high enough income you may not be able to hit that entire $32,000 level but here's how it works let's say you could put that $32,000 in goes into an after-tax account there's no immediate tax benefit for doing that you pay taxes on the $32,000 but instead of getting that in your paycheck you elect to put it into this after-tax savings account and then what you do is after the contributions go in and keep in mind it's probably going to go in a little bit every pay period so it may take let's say a year for that to build up so maybe once or twice a year you go into that account you roll that money over directly to a Roth IRA and so by doing that now you've supercharged your Roth IRA so you can get that thirty-two thousand dollars into it and you pay no income taxes on that now keep in mind if you left it in there which was an option prior to I think 2014 where there was some clarification on some previously gray areas of the tax code but prior to 2014 basically your account worked like this hopefully that thirty-two thousand dollars would grow inside of that employer sponsored plan and let's just say that you know eventually it was you know we'll just do some easy math sixty-four thousand dollars and then you decided to take that money out well you'd have to pay taxes on the thirty two thousand dollars of growth that you had in the account you pay that at your ordinary income tax rate so now by being able to put that over into the Roth IRA account that thirty-two thousand dollars if it grew to the same 64 thousand now you've just gotten thirty-two thousand dollars of additional growth completely tax-free and then you can contrast that one step further let's say you just said hey I'm gonna put that thirty-two thousand dollars in my non retirement account bucket and that's gonna grow well every year the interest the dividends the capital gains long and short-term you're gonna pay taxes every year on that money and so if you're looking at your income tax return as we're going through this exercise you want to look at page one of your income tax return look at those 1099s that you received for the interest and the dividend sand if you have a lot of stuff going on there a lot of income coming in that's maybe throwing off the rest of your income taxes you know we want to maybe focus on some strategies that could reduce or potentially eliminate that and so one of those strategies is say well hey bill I'd like to do this strategy my employer allows me to put that extra money into my after tax bucket but I don't have the money I don't have the cash flow to be able to do that so one of the strategies we do is let's say you have $200,000 as a number here over in this non retirement account maybe money that's built up over a period of time and say hey if I put that $32,000 into the after-tax bucket I'm not gonna be able to make my monthly expenses so as that money's going in let's just say it's $2,000 a paycheck and you just say hey I'm gonna take two hundred two thousand dollars every month out of whatever account this is in the non retirement account and I'm gonna shift that over into my checking account so that I'm exactly replacing the money but all what we're doing is we're shifting it from something here that is very tax inefficient to something over here which is very tax efficient you know tax free as opposed to having to pay taxes every year on that so I hope that makes sense okay so the last thing we're gonna kind of talk about here you know we're already into it is let's talk some more about those non retirement accounts and as we're talking about everything going on that's probably one of the areas that can really have some of the biggest impact you know if we're talking about maybe getting pushed up into the next tax bracket if you're right there on the bubble then you know maybe and you think your tax rate in the future is gonna be lower then maybe taking the $20,000 deduction for putting that money into a traditional 401k that obviously can have a big impact on how much you pay in taxes as well but we're gonna assume for most of you watching this unless you're right up against one of those tax brackets more than likely we want to go with the strategy that says hey you're probably going to be in a higher tax bracket down the road than you are right now that's one of the things that we really kind of map out when we're doing our long term comprehensive financial plans we're really seeing okay what is the hypothetical growth rate what are the income taxes the contributions and giving you that clear picture of what those taxes looked down the road so that you can say make a pretty good judgment of whether or not that money should go into a traditional or to a Roth but we're talking about the non retirement we're seeing a lot of people right now coming to us that have a lot of money saved up into this so there's a few things that we can do so one of those is use some of that money for the contributions that you're going to put into the retirement account so where as basically like I said before putting money into that 401 K or using the after-tax bucket might put you a little short you can use that and you could shift that money over into that other area so that's that's one of the things that you could do another thing you could do is focus on the investment side and so what I mean by that is a lot of people if you're talking mutual funds you're talking open-ended mutual funds we won't get into too much discussion right now but they tend to be pretty tax inefficient so basically mutual funds are required to distribute all of their capital gains all of their interest all of their dividends out to the shareholders on an annual basis and sometimes other people's actions of buying and selling in and out of the fund can trigger some of those capital gains that you may not necessarily want maybe you're a long-term buy-and-hold investor but everybody else's actions are going to do that so so one of the things you can look at we've talked about in other videos is looking at ETFs or exchange-traded funds there's definitely some differences there and they're not for everybody but an exchange-traded fund tends to be a lot more tax efficient than an open-ended mutual fund where you can control some of those capital gains there okay so if you haven't considered ETFs for a part of your portfolio the non retirement account might be a very good place to look at that because of the fact that they can be a lot more tax efficient so the last thing I want to talk about here as it pertains to kind of shifting money from some of those non retirement accounts over to something that's gonna be a lot more tax efficient maybe potentially reduce the amount of taxes that you're having to pay on a yearly basis it's gonna be Roth conversions okay and so we talked about where to save the money Roth 401 K maybe even doing some of those backdoor Roth strategies or the after tax bucket but a Roth conversion essentially is taking money that is already in a traditional retirement account and then converting it over to a Roth and essentially when you do that you're gonna have to pay the taxes on that right now at the time of the conversion but the idea again is to understand where you are in your tax bracket where that tax rate might be in the future and again if that future tax rate is going to be higher than a Roth conversion is something that could make a lot of sense so let's take a look here just to give you a little bit more of an example and if we're looking at our tax brackets so let's say right now you're at two hundred thousand dollars of taxable income and so that puts you again pretty squarely into that twenty four percent tax bracket in fact you've got to go all the way up to three hundred twenty six thousand dollars and still be in that twenty four percent tax bracket and you say hey looking forward 200 thousand dollars is actually at the almost the upper end of the twenty eight percent tax bracket and maybe you're doing a little forecasting saying hey I might have some future bonuses my career path is very good maybe my wife or spouse's career path is also doing very well and the chances of us being in an even higher tax bracket is greater so we might say hey let's take advantage of that twenty four percent tax bracket because down the road two hundred thirty three thousand dollars according to what it was in 2017 actually puts you up into a thirty three percent tax bracket that's a pretty big jump so what we might want to do is say hey we have a little bit of room in the bracket we have a lot of room actually one hundred twenty six thousand but what we could do effectively let's say we said a hundred thousand dollars we can convert that from a traditional IRA over to a Roth we pay the taxes now at that twenty four percent tax bracket but then we don't ever have to pay taxes on that money ever again when we withdraw it in retirement we now have the ability to pull that money out completely tax-free something else I've talked about here just recently was the secure act now that's something that just passed at the beginning of 2020 and essentially one of the things that does is it eliminates the stretch out ability of a IRA or a 401k plan to a non spouse beneficiary so now whereas before you could stretch that out over somebody's entire lifetime potentially for twenty thirty or forty years depending on the beneficiary's age now you have to withdraw that all within ten years so if you have a lot of money inside of traditional retirement accounts then it's something to think about because if your kids let's say inherit that IRA account it's a million dollars and they've got to take that out over a 10-year time period there might be an extra hundred thousand dollars that they're having to add to their income on top of whatever else they might make so again by doing that Roth conversion and getting that money a little bit more tax efficient and I think the other thing that we can do here in the process is not only have we done that but if you think about the money that we have in that non-retirement bucket the money that we have to pay taxes on every year by using some of that money to pay some of those taxes now it's also reducing the amount of money that we have there but it's also reducing the amount of taxes that we have to pay on an annual basis and really when you think about all of your money you know sometimes we get hung up on this and if I have a million dollars in a traditional retirement account and it's money that hasn't been taxed yet you know do I really have a million dollars well the answer is no you know I have on paper a million dollars but I owe the IRS some money based on whatever the tax rates are and so it's kind of like going into a business partnership with somebody where every year they get to decide what percentage of the business they own you know so if my tax rate is twenty four percent right now then you know my approximate value in that million-dollar account if I you know if that was then the whole thing but it'll be about seven hundred fifty thousand if that tax rate went up to fifty percent well then I wouldn't have a million I wouldn't have seven fifty I'd only have a half a million dollars you know so again what we're trying to do is take advantage of what we think right now are some pretty decent tax rates and helping you do a little bit of forecasting to what those future rates might be and saying hey maybe we can accomplish a couple of things you know shift some of those retirement accounts that are you know maybe a little bit more exposed to the future taxes there but also do something that could save some taxes here on an annual basis or at least some things that we don't have a lot of control of and that's those non retirement account assets so anyway I think this video ended up being a lot longer than I planned on I had a couple pages of notes here and we put it together but hopefully you got some great value out of it these are the types of things we'd like to do here on the YouTube channel really take some deeper dives on these seems be a pretty popular topic a lot of our recent videos if you're new to our channel please check those out but we've talked a lot about taxes here lately we've talked about a lot of different strategies if you're on Facebook you haven't been over there in a while we're definitely trying to ramp up some of the stuff we're doing on Facebook as well we're actually doing a lot more live stuff over there so the idea is to do a little bit more in-depth videos here on the YouTube channel but then complement that with some of the live stuff where we might just do some quick videos maybe some little snippets I'd like to do some future Q&A type of things where maybe I pop on at a certain time and you can ask me questions we also have the ability for feedback on Facebook we're in such a heavily regulated environment that the rules for YouTube are a little bit more strict and because of you know some of the things that YouTube allows to share with some of our compliance people we have comments turned off it's not because we don't want to hear from from you or what you have to say it's because we can't have the comments turned on the channel here on Facebook because of the way Facebook shares information with some of the people that are regulating us we can have comments over there and we can also do the Facebook live there can't do the Facebook live on YouTube maybe that'll change at some point but just you know some rationale or some reasoning for why we're doing what we're doing and also if you haven't checked out our Resource Center there's some really great things coming there so check that out as well we'll have links to all that stuff in the description below and if you're interested in having us help you with any of this you can check out wealth vision plan.com learn a little bit more about our comprehensive financial plan that we do for clients and we can help you map all the stuff I'll give you some really great clear direction on everything and with that have a great day and I'll see you back in one of our next videos Thanks you
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Channel: Money Evolution
Views: 59,712
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Keywords: yt:cc=on, tax advice, income tax, taxes 2020, 2020 taxes, tax return, personal finance, tax tips, tax brackets, tax changes 2020, itemized deductions, new tax laws for 2020, tax updates 2020, tax changes, 2020 tax updates, income tax explained, tax return explained, 2020 tax law changes, tax brackets 2020, tax brackets explained 2020, tax brackets explained
Id: VXLg1fkalZM
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Length: 35min 19sec (2119 seconds)
Published: Sat Feb 15 2020
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