Financial Planning Mastery Test – I’m excited to share a 20% discount through 12/31/2022 with the code POF2023 that I discovered a year ago (20% off with code POF2023). I don’t over-promise or under-promise; Recently updated for the 2022 and 2023 tax codes, this is simple.
I previously created my own spreadsheet to best estimate my tax liability. Some of the many adjustments available to me will affect various aspects of my upcoming tax return.
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Here are some things I can do before the end of the year that will impact the above:
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If you have never tried to do it yourself. This place is complicated let me tell you. A single change affects many calculations, and what appears to be a good idea may turn out to be a very bad idea, and vice versa.
Get it wrong and you can easily lose thousands of dollars in lost tax credits or tax deductions. Some deductions are based on taxable income, while others are based on adjusted (or modified adjusted) gross income. In some cases, Certain types of income, such as dividends received, are added back from your taxable income when calculating the QBI deduction.
Now there are some other tax credits and income thresholds that don’t matter to me. But they may be important to you (or to me in the future):
I realized that even if I left out everything that had nothing to do with me and my tax situation, an Excel sheet wouldn’t affect everything.
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When my schedule reached the “better than nothing” stage, I realized I had no work to do and no ability to absorb all the ins and outs of the horror that is the US tax code. Frankly, I wasn’t even sure it was possible.
Kathryn from fundraising proved me wrong. maybe After I posted my 2019 tax return, He wrote me and sent me a ridiculously comprehensive tax planning spreadsheet that he pre-populated with the information from my 1040 statement.
Traditional 401(k) for me Decided to make only tax-deferred contributions. I chose not to do Roth translations.
Using this tool, I learned that by donating an additional $36,865 to our donor advised fund, I optimized my QBI deduction by $64,235, along with deductions from other items we took in 2020. That counts.
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Filling out the sheet may seem like a chore, but each number on the above sheet is taken from somewhere else in the table. You change your information in a few key places and all the paperwork is filled out like magic.
He put thousands of hours into this project; I believe him. So he charges for uploads, but the cost is lower than a quality CPA who only charges clients by the hour. In addition, This is a one-time purchase; But you’ll get annual updates with new tax information, so you can use it year after year.
The planning tools it packs include more than just tax planning. They are designed to keep you connected to optimize your entire financial life. This paper is a great supplement to a course like WCI’s Burn Your Financial Advisor. A series of papers teach about trace elements.
Full disclosure: I am a believer in Catherine and the tools she creates. Hopefully she’ll save hundreds (and thousands) of tax dollars thanks to her. I have chosen to become a referral partner. If you buy something from her Your Money Matters store (you can find free resources here); You will financially support Physicians at FIRE and our charity.
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Kathryn Hannah is a CPA working toward the Personal Finance Professional (PFS) designation. He currently lives in Shanghai, enjoys exploring the city, and works remotely for a financial planning firm that focuses on tax planning and compliance.
A few years ago, I explored the jungles of Cambodia with my family. But it’s not Angkor Wat; Not hundreds of elaborate temples. It’s the Khmer people who can’t believe it. When my 3-year-old daughter and 1-year-old son played in the dirt with the local children and animals, I realized how happy everyone was. working together play cook talk They laugh and care for each other.
He spent five figures on a two-week trip to Cambodia and Vietnam, which was more than most people spend a whole year working again.
How could they be happier and more fulfilled in their lives than I am? Are you happier than most Americans in the richest country on earth? Why do I have to pay so much when my kids want to play in the dirt?
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Spoiler alert: happiness has nothing to do with your possessions.
The trip to Cambodia that I was allowed to build.
The life you want. For me, there were opportunities that few people in the world get.
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I’ve been busy learning about personal finance. books, I devoured as many blog posts and courses as I could. I know that money is not a source of anxiety and limitations, but a tool to help me achieve my dreams, to help me build the life I truly want.
I need more than a budget: I need a resource to help me have complete confidence that I’m doing the right thing with my money. Do I have enough savings for retirement? no If I have the right insurance to protect my assets. I need to be very careful about investing and going beyond automating target date fund contributions.
So I created it in a spreadsheet format. From just being a boring CPA to reading for fun on his own time. I’d rather go to a total blown CPA nerd who produces budget papers and read Physician on Fire blog posts to fiction.
A few hundred hours into the project, I realized that this was something that many others would benefit from.
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It is sure that people can use it to manage all aspects of their finances.
Every hour spent on Google searching “how to _____ in Excel” is one step closer to helping someone else find financial prosperity in their life.
Let me say this as a warning: I think some people just need to hire a financial advisor. In fairness, there are “good guys” who trust their customers. I am aware that the PoF provides a list of vetted financial advisers who meet these criteria.
And let me say this: I also think most people can manage their own finances. That is, If they are willing to invest the time to educate themselves on topics relevant to their specific financial situation, seek guidance as needed.
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I share a little about how I set up my system that you can purchase here or give you ideas for creating your own.
Only a few people Even highly paid professionals (the doctors we know don’t have a great reputation with money!) go beyond managing a budget.
Having a budget is not enough to achieve financial success. It’s important (very!) to be intentional about your spending, but it’s also important to include other aspects of your finances.
This includes creating financial goals; debt repayment strategies (medical student loans); reducing your taxes; analyzing your insurance coverage; This includes determining what you need for retirement and more. This workbook is designed to fill this gap.
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Financial planning is based on basic cash flow analysis. It starts with an annual budget that is updated for actual data throughout the year. Knowing how much you earn and how much you spend each year will help you plan many other aspects of your finances.
You can import this information from whatever budgeting software you’re currently using (I like YNAB and Tiller) or use this spreadsheet directly to enter transactions.
I designed my workbook to use cash flow information to perfectly complement other aspects of financial planning. for example, This includes determining life and disability insurance needs; Includes income withdrawals and deductions for tax calculations, using expense data to estimate retirement needs. included
Was April 15th a surprise tax law? This is the absolute worst. I can tell it’s not fun.
Statement Model: Full Tutorial, Guide, And Excel File
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