Tax season has officially ended and many people who thought they were going to get a refund actually owed money. This was the case for Rich, who ended up owing a good chunk of change. This was the first time he’s ever had to pay the IRS. Marcus on the other hand got some money back and thinks it’ll be the last year that he gets a refund. That being said, this week’s episode is all about tax planning and taking the necessary steps to make sure all your money is in order come tax season. In this episode the guys discuss their tax return expectations, making more and earning your way into a higher tax bracket, filing via a CPA vs. online and building the foundations to personal finance success.

Highlights:

• Waiting till last minute to file taxes
• Expecting a refund
• Working on 1099 Contracts, where no taxes are taken out
• Succeeding in your career and being pushed into higher tax bracket
• Hiring a CPA instead of filing your taxes yourself, online
• Establishing good monetary habits

Key Takeaway: Developing good money habits and planning for taxes is key to success come tax time and can make a big difference if you end up owing the IRS.

Paychecks & Balances

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