New Money New Problems Podcast

EPISODE RESOURCES 2025 Federal Tax Brackets Navigating Tax Season: Common Forms, Mistakes, and Deductions In this episode of the New Money, New Problems podcast, we dive into common tax forms and mistakes that you don't want to miss during tax season. Topics range from the importance of accounting for all income sources, including W-2s, 1099s, and income from high-yield savings and brokerage accounts. Brenton elaborates on the significance of accurately reporting restricted stock units (RSUs) on your W-2 and explores various tax deductions, both above-the-line and below-the-line, including retirement contributions, health savings accounts, and itemized deductions like mortgage interest and property taxes.  This episode is packed with valuable information to help you optimize your tax filing and maximize your financial benefits. 00:00 Introduction to Common Tax Forms and Mistakes 00:45 Welcome and Recent Events in Nashville 01:37 Importance of Tax Filing Season 02:34 Understanding Different Income Sources 04:45 Common Mistakes with W2 and Equity Compensation 08:21 Above the Line Tax Deductions 10:04 Standard Deduction vs. Itemizing Deductions 12:02 Below the Line Deductions for Homeowners 12:55 Medical and State/Local Tax Deductions 14:56 Charitable Contributions and Home Equity Line of Credit 16:46 Recap and Calculating Taxable Income 19:21 Introduction to Tax Credits 20:27 Child and Education Tax Credits 23:20 Conclusion and Final Advice Support the show