Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.
The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.
I will be covering the following topics:
- Personal & business tax planning tips; - Personal finance; - Accounting; - Investing; - Entrepreneurship
New videos are released every week, so be certain to SUBSCRIBE!
Not sure if you are paying attention to this but I do have a question. While those who go over the 600 dollar threshold need to fill out the 1099 form what about those who havent met the threshold yet? Do I need to submit the amount of money I made or fill out this tax form?
If I sell my sofa to a buddy the government wants to call that a business? Are they serious? That's not taxes, that's extortion. Not even cartels in Mexico are that evil.
Last year, I missed the 30 day deadline for the 83(b) election. I thought I filed it, but after calling the IRS, they see no record of the letter and form, so this obviously fell through the cracks on my end. The options were granted to me from my employer at the value of $1 just over one year ago. The company might be selling soon and this equity will be worth six figures. Will I be taxed as short term cap gains (like regular income)? I filed an extension to my 2023 taxes, so I have not filed 2023 when the options were granted. I am out of luck? Will hiring a tax attorney help?
You might check with a tax attorney...but if it was never filed, I don't believe there is an relief. The question is, your options would have a vesting schedule...if you never filed the 83b, they should have been taxed when substantial vesting has occurred. At this point, this would be considered ordinary income - compensation income. When you sell your shares, depending on how long you held them, they will be treated as LT or ST capital gain/loss. The key of the 83b by filing on time is avoiding the tax at time of vesting.
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
My CFA ’NICOLE ANASTASIA PLUMLEE’ a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
NICOLE ANASTASIA PLUMLEE’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@Elliot-Ivan The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Ally is a good option but I don't like the liquidity factor that a money market offers. Ally Caps $100,000 to transfer in outbound accounts and 600,000 inbound. Ally is FDIC insured but if the money market is invested in something like spaxx that investment is insured. In a way kind of equals out. For me it comes down to The liquidity factor if it's my emergency fund and the customer service. I personally switched over to Fidelity for this reason.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@Ingridlourd02 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@rob_cpa Thanks. It was the first year for the 1041, so I am current by those standards. I would imagine this is a common issue for initial 1040s as it pertains to penalty abatement.
I learned more from Rob Cop, than the Customer Svc Rep at my bank 🏦 🏧 😔 she informed me that she wasn't really educated towards the money mutual accounts, IRA accounts.. I'm saying to myself like, what 🤦 Why are you even working at a bank institution, if you not educated on how all the different accounts works for customers... Smh
Hi, can you comment on how long the funds need to be in a 529 account before withdrawing them for qualified expenses and then getting the state tax deduction at tax time? The scenario is, I did not use a 529 account for savings as my student grew up, but I am considering opening one to deposit $10,000 just before paying each tuition bill in order to take advantage of the state deduction. So wondering if there’s a minimum amount of time the funds need to be in the account before I withdraw them. Is this a sound approach?
My wife does my taxes 🫣 so I’m not familiar with all the numbers. What if I “owed” $7500 but I withheld enough she’s come tax season I get a tax return. The government is returning my extra money I sent them- but they still kept the $7500 I owed them. Would you get +$7500 on the tax return or is that also what is meant by non-refundable…. Meaning I shot myself in the foot by overpaying on taxes…
My Fidelity advisor just advised me to buy a single premium, 3 yr. annunity. The interest rate sounded pretty good. I thought it would fit into my portfolio "safety net" well, but then I found out he made a big fat commission on it. Was that a conflict of interests?
Are you referring to what expenses can be used from a 529 plan? If so, then amounts used in 529 plans are used for education related expenses - colleges/universities and high school...for high school, the amount is limited per year.
Hello Rob I couldn’t find information about if I only have interest income 1099-INT and nothing else, How much tax will I pay (married jointly 480k interest) Thank you!
you need to factor in other deductions. sounds like just the standard deduction. you can use this to estimate your liability: turbotax.intuit.com/tax-tools/calculators/taxcaster/
I was told to wait until December. Take what you paid in taxes the previous year. Roll over that amount from a traditional IRA into a ROTH and withhold the entire amount. The IRS recognizes it as a timely tax payment.
If depositing money into a MMA today, and the FED cut rates twice this year as expected, what can I expect? Thank you for this channel. New subscriber.
Id love to know what line of work these “hypothetical “ people are in. 400k in a year. They owe more in taxes than someone making $15/hr brings home in a year.
Hi Rob, Your video was great! Do you prepare Tax Returns for Business owners who have completed Mega Back Door Roth? I made the contributions in TY 2023 but my CPA not familiar w strategy and how to report. Unless I order Tax Plan $5k-10K hard to find CPA who understands how to prepare Tax Return. Thanks, Rob.
