What’s the simplest way to avoid a surprise tax bill? In this episode of Elevate Wealth, Deanne Rosso and Ben Hall explain the difference between paycheck withholding and estimated tax payments—and when each applies.You’ll learn how W-4 withholding works for W-2 employees, when estimated payments are needed for income without withholding, and why a quick mid-year checkup can make a big difference.If you want help reviewing your withholding or estimated payments and making a small adjustment now, reach out anytime. Visit elevate-wealth.com and click Let’s Talk.#ElevateWealth #TaxWithholding #EstimatedTaxes #TaxTips #PersonalFinance #FinancialPlanning #TaxTime

What's the simplest way to avoid owing a lot at tax time? Find out today on Elevate Wealth. Hey there, I'm Deanne Rosso with Elevate Wealth. I'm your host today and I'm joined by our director of tax services, Ben Hall. Ben, thank you again for joining me today. Thank you. So, Ben, help us connect the dots. When is paycheck withholding enough, and when do estimated tax payments come into play? Sure. So, yeah, good question. And the idea is to make sure you're paying enough tax throughout the year, right? There's a couple different ways to do that. The main one is through your paycheck withholdings. If you're a W2 employee, you want to make sure you fill out your form W4. And so that's the form that you give to your employer and it tells them how much to withhold from your paycheck each month. So you make sure you know throughout the year that you're withholding a little bit every month. So you get to the end of the year and you don't have a huge tax bill. So that's kind of the primary way. But some people have income that's not on a W2. For example, if you have like a side gig, if you manage a side business or something like that, or if you have a rental property where you're generating rental income, or you may have some other types of investments that generate income. Well, these are scenarios where you're not getting a W2. You're not having anything withheld. So, you might have to make estimated tax payments throughout the year. In that case, it's fairly easy to do. You just estimate what your income's going to be and what you think your tax might be on that income. Then you make estimated payments directly to the IRS throughout the year. So the same principle, you would just want to make sure you get to the end of the year and you've paid in enough taxes to where you don't have a huge tax bill at the end of the year. A quick, you know, checkup during the year is probably a good idea. Maybe maybe multiple checkups during the year because you can tweak these things throughout the year. So if your situation changes, your income is going to be higher or lower than you thought it would be, you can make adjustments throughout the year so you end up pretty close to what you thought you were going to be when it comes time to file your taxes. Yeah. What I hear from a lot of my clients is we don't want surprises at tax time. And so to your point, the easiest way to do that is to have that check-in throughout the year. Add up everything you've gotten in income. Do a little check-in on how much tax do I anticipate owing this year. Right. So, great tips, Ben. And if you need help figuring out, you know, how much income do I have? What's my tax bracket? What's my anticipated tax liability next year? And am I withholding enough? We can help you with answers to those questions and more. You can visit us at elevate-wealth.com and click let's talk. Thanks so much for watching. We'll see you again next time.

People often say, “I’m in the xx% tax bracket,” but does that mean all of their income is taxed at that rate? In this Elevate Wealth episode, Deanne Rosso and Ben Hall explain how tax brackets actually work—and clear up one of the most common misunderstandings about taxes.You’ll learn how the progressive tax system works, what marginal tax rates really mean, and why moving into a higher bracket doesn’t increase the tax rate on all your income.If you’d like help understanding where your “top slice” of income falls and what planning strategies may make sense for you, we’re always happy to help. Visit elevate-wealth.com and click Let’s Talk.#ElevateWealth #TaxBrackets #IncomeTaxes #TaxEducation #PersonalFinance #FinancialLiteracy #WealthAdvice #TaxPlanning

People might say I'm in the 10 or 12 or 22% tax bracket, but what does that really mean? The answer today on Elevate Wealth. Hey there, I'm Deanne Rosso, your host of Elevate Wealth. And today I have with me our director of tax services, Ben Hall. Hello, Ben. Hi, Deanne. Thank you for joining me today. So, Ben, can you walk us through how tax brackets actually work? Sure. There's a lot of confusion around tax brackets. Basically in the US we have a progressive tax system, and so what that means is your income is taxed in layers. Okay? So the first slice of your income is taxed at a lower rate, and then the next slices at a little bit higher rate and so on. And as your income increases you move up into the tax brackets. These are called your marginal tax rates. And so moving into a higher bracket doesn't make the earlier slices of your income jump. It's just applying to the the top slice of your income. So I think that's where a lot of the confusion comes in. Most people think if I start earning a lot more money, I'm going to be in a higher tax bracket. I'm going to pay a lot more in taxes. Well, really, it's just applying to that portion of your income that goes into that higher bracket. It's not applying the the higher rate to all of your income. So, that's where a lot of the confusion has been historically. It's just important to remember that it's not your entire income that goes into that higher higher rate. I think a good tip to remember is just knowing what top slice you're in, and what what your top bracket is that you're in, because that's going to play a part in managing your taxable income. For example, if you want to make retirement plan contributions that are going to lower your taxable income, it gives you a good idea of how much tax money you can save on the rate. Okay, that makes a lot of sense. I love how you describe that as layers, and that's how we should think about it when we earn our income, from a tax perspective, is in layers. And so thank you, Ben, because that's a really great analogy and a helpful explanation. And just remember that not all your income is taxed at that top layer. And any additional income you have would be taxed at what Ben just described as that top layer or that top slice. But that's what we're here for to help answer questions about taxes and your tax situation and your financial situation overall. So, if we can be of service or of help to you, please feel free to reach out to us. You can visit us at elevate-wealth.com and click let's talk and we'd love to connect with you. Thanks so much for tuning in and we will see you next time.

What do people really mean when they talk about tax planning? In this episode of Elevate Wealth, Deanne Rosso sits down with Ben Hall, Director of Tax Services at Elevate Wealth Advisory, to break it down in simple terms.Tax planning isn’t about complicated loopholes or last-minute stress. It’s about making a few intentional decisions throughout the year—like setting paycheck withholding, contributing to retirement accounts, timing income and deductions, and checking for credits—so you don’t pay more than you legally have to.If you want help putting a simple, proactive tax-planning checklist in place, our team is here to help. Visit elevate-wealth.com and click Let’s Talk.#ElevateWealth #TaxPlanning #PersonalFinance #FinancialEducation #TaxSmart #WealthAdvice #FinancialPlanning #Taxes

What do people mean by the term "tax planning?" Find out today on Elevate Wealth. Hey there, I'm Deanne Rosso, president and CEO of Elevate Wealth Advisory and your host today. And I am joined by our director of tax services, Ben Hall. Welcome, Ben. Thank you, Deanne. So, Ben, tell us in simple terms, what is it that tax planning really means? Sure. Yeah. So tax planning in simple terms is really just about making a few smart moves during the year before you file your taxes. So you legally end up paying no more in taxes than you you're required to. It's all about being proactive and not reactive throughout the year. Some examples of that might be things like setting your paycheck withholdings correctly so you're withholding the proper amount throughout the year before you get to tax season, and so that way you don't end up with a large tax bill when you file your taxes. Also, putting money into retirement accounts can help. So, if you do that throughout the year, that could potentially lower your taxable income throughout the year. Timing income and certain deductions. You may decide to claim certain income or deductions in one year versus another year to kind of manage your taxable income during those years. And then also checking whether certain credits might apply to you. There's a lot of tax credits out there for all sorts of different situations. It's just being aware of which ones are out there and which ones might apply to you and making sure you take take advantage of those when you file your taxes. So taking small steps throughout the year like that always beats trying to scramble at the last minute to save on taxes, because if you wait till the last minute, chances are you run out of time to really make a meaningful impact on your taxes. So I would say, in summary, tax planning is really just deciding when, where, and how you want to pay tax on your income so that over your lifetime you keep most of what you earn over your lifetime. Yeah. And I think that that's a very important statement there. Keep most of what you earn. And some of those simple steps that you just mentioned, sound easy enough. They just take a little bit of time and attention, in order to save yourself some taxes, some tax dollars. So, I think overall key takeaway here is tax planning doesn't have to be complicated, right? Just taking those small steps that you need can help you be more tax efficient and keep more of those earnings that you've worked so hard for. So, thank you again, Ben, for joining me today and for those tips. And if any of you watching have any questions about your tax plan or if you can be more tax efficient, we're here to help. Visit us at elevate-wealth.com and click let's talk. Thanks for watching and we'll see you next time.

Not sure what documents you need before you file? This episode provides a practical January checklist of common tax forms and records to gather—and a helpful reminder about waiting for all your documents before submitting your return.Want help getting organized or planning ahead before you file? Visit elevate-wealth.com and click Let’s Talk.#Taxes #TaxPlanning #ElevateWealthAdvisory

It's January. What documents do you actually need to file? Let's make a checklist today on Elevate Wealth. Welcome to Elevate Wealth. I'm your host, Preston Wilkie, and today I'm joined by the president and CEO of Elevate Wealth Advisory, Deanne Rosso. Welcome, Deanne. Hey, Preston. Good to see you. Good to see you, too. So, what are some of the must-have documents people should collect in January before they file? Oh, that's a really great question, Preston. And actually, you can't even do them all in January because a lot of them don't come out until after January. But in simple terms, you know, all of these forms have kind of letters and codes. So, of course, forms W2s for your income, 1099s, which there's different forms of 1099s. You have 1099 INT for interest, a 1099 DIV for dividends, 1099R for retirement plan distributions, and then you've got 1099 SSA if you get Social Security. There are other forms like a 1095A for marketplace health insurance, a form 1098 for mortgage interest. You've got other things that don't maybe come in form like that like property tax receipts, charitable gift acknowledgements or tax receipts, education forms, if you made contributions to HSAs or FSAs, what are those documents? Child care provider info. A lot of people don't know that child care expenses to an extent are deductible. And then records of estimated tax payments that you may have made throughout the year. So there's quite a few items that you could add to the list of things that you need to gather in order to be ready to prepare your tax return. Okay. Thank you. So can I file as soon as I get my W2? Well, yes and no. If your W2 is going to be the only tax form that you have, then yes, you could go ahead and file as long as the IRS is accepting returns. But generally speaking, most people have to wait until February or March to file simply because some of the 1099s don't come out until February. They sometimes get an extension by the IRS to come out later. And so it's not always the best idea to file as soon as you get your W2. You want to make sure that you have gone through your checklist and received all of your documents before you file. Okay. Yeah. Thank you. Having a simple checklist and waiting until you've received all your forms can save a lot of headache at tax time. If you'd like help planning ahead and getting organized before you file, our team is happy to assist you. Visit elevate-wealth.com, click let's talk, and we'll see you next time.

Your filing status can affect your tax brackets, your standard deduction amount, and eligibility for certain credits. This episode walks through the most common filing statuses, what often trips people up, and why life changes can impact the best choice.Not sure which filing status is right for you? Visit elevate-wealth.com and click Let’s Talk.#Taxes #TaxPlanning #ElevateWealthAdvisory

Single, joint, head of household. Does filing status really change my taxes? Let's break it down today on Elevate Wealth. Welcome to Elevate Wealth. I'm Jose Colmenarez, and I'm here with our president and CEO, Deanne Rosso. Thank you for being here, Deanne. Glad to be here, Jose. Deanne, give us the 411. How does filing taxes impact the return, and what trips people up? Sure. So, your tax filing status is really important. And when we say filing status, what we mean is are you single, married filing jointly, married filing separately, head of household. So all of those are different types of filing statuses, and those things can impact your tax brackets, your standard deduction, and your eligibility for certain credits. So making sure that you choose the right filing status for your situation is really important. Head of household sounds confusing. Who qualifies? Yeah, that is that's a kind of confusing one, and it's one that's not often used, but someone is considered head of household if they are unmarried and they pay more than half the cost of keeping up the home, and if they have a qualifying person living with them. And by qualifying person, they're paying more than half of that person's expenses, as well. So, the rules are really specific with head of household, and you've got to be sure you get it right. But, you know, major life changes can dictate filing status changes. So, marriage, divorce, death, all of those things could be a reason to re-evaluate what your filing status is each year. Great breakdown, Deanne. Filing status changes your bracket, your deduction amount, and limits your eligibility for certain credits. That's right. So, it's not something to guess on. Absolutely. If you've had a life change and you want to make sure you're filing the best way for your situation, we're always available to help. Visit elevate-wealth.com and click let's talk. See you next time.

Tax credits and tax deductions both help at tax time—but they work differently. Learn how deductions reduce taxable income, how credits reduce your tax bill, and why understanding the difference can lead to real savings.Want a second set of eyes on your tax planning opportunities? Visit elevate-wealth.com and click Let’s Talk.#Taxes #TaxPlanning #ElevateWealthAdvisory

AGI and taxable income sound similar, but they impact your return in different ways. This episode covers how AGI is calculated, how taxable income is determined, and why lowering AGI can help you qualify for valuable deductions and credits.Have questions about planning moves that may reduce AGI? Visit elevate-wealth.com and click Let’s Talk.#Taxes #TaxPlanning #ElevateWealthAdvisory

What is the standard deduction, and when does it make sense to take it instead of itemizing? This episode breaks down how the standard deduction works, what impacts the amount you can claim, and when itemizing may be worth a closer look.Ready to talk through your specific situation? Visit elevate-wealth.com and click Let’s Talk.