Jody and Marni dive deep into the complex world of taxes and retirement. They explore the shifting dynamics of retirement account funding, notably the transition from pensions to Individual Retirement Accounts (IRAs), and the impact of state income tax on retirement income and how it can influence retirement planning.  Later, Eli, a fintech investor from Treasury, sits down with Jody and reflects on his time as a founder at the innovative retirement planning tech company. Betterment tackles the pressing issue of senior citizen poverty and the risks of relying solely on social security for retirement. They break down the factors to consider when choosing between Roth and Traditional IRAs and the potential risks and rewards of including cryptocurrency in retirement plans. Lastly, Jody and Eli discuss the recent legislation that benefits student loan borrowers.  Join us for an enlightening discussion about taxes and retirement.

Why are taxes in your "financial underwear drawer?" How does the government inform people about major tax changes? Does your bank feel out of touch with what's happening in your life? This episode, Marni and Jody discuss the process of tax law changes, and the importance of staying informed about potential changes. They suggest that people should review their taxes at least quarterly, with one of those times being before year-end for effective tax planning.  After that, Fay Scott, the VP of Marketing at april, discusses the importance of engaging with taxes regularly to optimize financial health. Fay and Jody point out that most people only think about taxes once a year, and marketing plays a crucial role in shifting this mindset. The conversation highlights the need for trusted sources of tax information and the opportunity for financial institutions to lead that charge by helping customers navigate big life moments.

What is crypto in the eyes of the IRS? Why is giving to charity good for the heart and the wallet? In this episode, Marni and Jody have a conversation about the history of income tax in the United States, from the introduction of the Wilson Tariff Act in 1894 to the ratification of the 16th Amendment in 1913. They discuss how state taxes impact the current income tax situation, tax brackets, and whether the wealthy should be taxed more. After that, Jody answers why the government seems to reward those that give charitable donations. Later, Jody and Regis discussed the tax code changes proposed by the Biden administration for 2023-24, such as the modification to the child tax credit and the introduction of a new minimum tax on individuals earning over $100 million. They also delved into how tax software companies prepare for tax law changes and the challenges that come with it. In addition, they analyzed new complexities in the tax code, like cryptocurrency and non-fungible tokens (NFTs), and how the IRS is seeking comments on how NFTs should be taxed.

Remember when standing in line at the post office was a part of the tax process? If the government already has our information, why do we have to fill out our tax forms? On this episode of Whose Bottom Line is it Anyway?, we will explore the history of tax reform, and Marni and Jody will discuss how electronic filing was a game-changer for everyday taxpayers and CPAs. They will be joined by Derlen Chiu, VP of Product at April, and Trey Botard, Developer Advocate at Atomic, to discuss tax integrations, the future of tax technology, and what their ideal tax system would look like. - This content is provided for informational purposes only and should not be construed as tax, legal, financial, or other professional advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need specific advice.

How does a married person file taxes when they don't trust their spouse? Is saving for education the best use of money for young couples? In this episode of "Whose Bottom Line Is It Anyway," Marni and Jody explore the history of the standard deduction and joint filing, shedding light on how the American tax system has evolved in relation to love and marriage. They discuss the benefits of filing jointly and why some couples choose Married Filing Separately. Aditi Shekar, the founder of Zeta, joins them to share her experience helping couples navigate their financial landscape. She sits down with Jody to learn how to maximize tax benefits with UGMA accounts and 529 plans. Listen in as they break down taxes, love, and financial partnerships, and share predictions for the future of joint filing. - This content is provided for informational purposes only and should not be construed as tax, legal, financial, or other professional advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need specific advice.

If you made money, but it never touched your hands - do you still report it? Jody, Marni, and guests answer this question and more on this episode of Whose Bottom Line. They're diving into income taxes, independent contractor income, and the two forms used to report them - the 1040 and Schedule C. They'll discuss the history of the 1040 form, its purpose, and its relevance to those working in the gig economy.  Jody's sitting down with Matt, CEO of Moves Financial, for an in-depth look at reporting income as an independent contractor. We'll also share predictions about the gig economy and essential tax information everyone gig worker should know! - This content is provided for informational purposes only and should not be construed as tax, legal, financial, or other professional advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need specific advice.

What do Donald Duck and Uncle Sam have in common? Are fortune cookies really the future of the IRS? How might some people get a larger refund in a few years?   Join Marni, Jody, and Leighton Regis, on this fun but educational episode of Whose Bottom Line as they explore the fascinating financial history behind the birth of taxes. Starting with President Abraham Lincoln's creative solutions to fund the Civil War, they will take you on a journey through the legal system behind the creation of tax laws.   Their combined expertise will also help you understand why taxes are so complex and sometimes challenging to navigate, offering insights and storytelling to demystify the world of finances. By the end of this episode, you'll have a deeper understanding of the nuances of the tax system and the importance of using the right resources to minimize your tax burden.    –   This content is provided for informational purposes only and should not be construed as tax, legal, financial, or other professional advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need specific advice.

This is Whose Bottom Line is it Anyway? a series that reflects on historical moments that altered U.S. income tax history and discusses its impact on American taxpayers today. We’re answering the question, “How did the American tax system get so complicated?”  When we start at the beginning, we can track the evolution of tax law over time and discuss and analyze how we landed in our current state of massive complexity. We want our listeners to get nerdy with us and leave every episode feeling enlightened and excited to share details about American history, tax, and the potential future of their money with their friends by better understanding how American taxes work. - This content is provided for informational purposes only and should not be construed as tax, legal, financial, or other professional advice. Rules and regulations vary by location and are subject to change, so please consult with an expert if you need specific advice.