Tax Law Changes: Why it Matters

Joe and Al start off this hour with how to throw a Super Bowl party on a budget. Then the two go on to discuss the latest tax laws and why you should be aware of these. Find out how to protect yourself from IRS fraud and identity thieves this tax season.

7:09 “According to Fidelity’s couple retirement study, it’s not always romantic to talk money with your honey”

12:10 “We did have a new tax law that just got passed on December 15^th of last year, it’s called the Protecting Americans from Tax Hikes Act”

16:04 “When you sum up all these changes, there’s a lot going on that can impact the current year, and a lot of people don’t really know that these changes have occurred. It’s all about knowing what the tax laws are to save as much as you can in taxes”

19:28 “The IRS can audit you for six years if you’ve omitted more than 25% of your income”

20:25 “According to the General Accountability Office (GAL), the IRS paid out $5.8 billion in bogus refunds to identity thieves in the tax year 2013”

26:35 “You can save more in taxes than you think if you just know what these rules are, but you have to use a forward looking tax efficient strategy”

28:57 “Inherited IRAs are not protected against bankruptcies, lawsuits, things like that because it’s a retirement asset for you, not for your kids”

30:24 “We’ll have a shift of wealth but that shift of wealth is going to be different from what it has been in previous generations because in previous generations the shift of wealth wasn’t in retirement accounts, it was in real estate or brokerage accounts or savings accounts”