Budget 2019 hasn’t ushered in too many sops for the common man, but it does seek to increase tax on the rich. There is some relief if you are looking to buy an …
Budget 2019 hasn’t ushered in too many sops for the common man, but it does seek to increase tax on the rich. There is some relief if you are looking to buy an …
Namaskar Dosto, Aaj ke is video main maine aapko bataya hai Advantages and Disadvantage of using Credit Cards yani ki aap ko credit card use karnachahiye …
Charles McLucas, CPA discusses the implications the new tax laws on your 2018 charitable donations.
what's different about taxes for 2018 is the tax act of 2017 biggest change in tax law and 30 plus years in the charitable contribution area there's pluses of – they actually raised the amount you can give to 60% of your income up from 50 that's a big plus the other issue that you need to keep in mind is they also raise the standard deduction from where it was at about 6400 up to 12,000 for individuals 24,000 for a married couple what that means is everybody now gets twenty four thousand dollars of deduction standard they eliminated exemptions which don't help a lot of people either but they raised it up to twenty four thousand so if your contributions taxes and interest don't exceed twenty four thousand dollars you take the standard deduction if they're close to that it makes sense to maybe increase your contributions this year as much as you can even consider giving all of 2019 it's called bunching that's what the CPA and tax attorneys seem to be saying is the way out when it when people are really close bunching means let's put two thousand 18 and 19 all in 2018 the plus for that is you do get over the threshold and you'll count it the plus for the church is we've got the building fund going and it would help kick-start that if you want to spread it out you can actually put it in what's called a donor advised fund fidelity Schwab Christian foundation of the West all have where you can put in all of next year's contributions before the end of December and then spread it out evenly over next year to the church and the other charities that you're supporting normally the best gifts that you can give the church and any nonprofit or what are called appreciated assets if you bought Apple stock 12 years ago it's gone up probably 10 times since then well if you sell it and then give the church the cash you've got to pay tax on that capital gain where if you give Church and nonprofits your appreciated stock you get the full deduction as if it was cash and you don't pay tax on the capital gain so any appreciated assets stocks bonds part of a business real estate are great tools anything that has a huge gain and appreciation by giving it direct to the church you can avoid that taxable gain which by the way in California the capital gains rate is thirty five point eight percent in the highest brackets it's not fifteen percent like sometimes you hear about so people need to be careful if you happen to be at the ripe old age of seven and a half or more like I am another wise thing to do is you can direct your investment firm to send the money directly to the church for your required minimum distribution that's what our MD stands for and once you reach seven and a half the IRS wants to get their pound the flesh out of you before you pass away so they force you to take this by giving it a direct you don't have to report the income you don't get a deduction for it but again if you're in that standard deduction range that helps a lot if you've got medical bills by lowering your adjusted gross income you get more credit for that so there's just good reasons to to give that direct instead of take the money in the business that I'm in helping people establish what I call a capital gains bypass trust which is really known as a chaired one Manor trust or for people that have appreciated real estate again stocks and bonds they're selling their business this tool is out there to allow a family to sell a hugely appreciated asset inside this trust pays zero tax and get retirement income off of it to the rest of their life and there's enough varieties out there to accomplish any family's financial planning need the great thing about it is you can direct you know where the monies go when when you pass away you get income for at rest of your life but then you can pass away you could direct it good friend of mine rom blue says do your giving while you're living so you're knowing where it's going well that's true currently but you can also do that into the future so these are great tools if people are selling you know especially Orange County real estate they bought it twenty thirty years ago it's highly appreciated this could be a great way and you get a ginormous tax deduction now probably thirty forty percent of the property that tax savings gives you again the ability to give the church and your other charities much more income because you can give them the tax income you just saved
Hey everyone! Today’s video is all about adulting 101. I answered your questions about how to budget, save money, moving out of home, paying tax and give you lots of advice from my own experience. I hope you find this video helpful and interesting! If you do, please give this video a thumbs up and subscribe to my channel so you don’t miss any of my future videos. As always, thank you so much for supporting me and watching this video! Love you guys lots xxx
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hey everyone I feel so weird filming this video because I haven't done a sit-down video and what feels like forever as you guys know I mainly do vlogs these days so sitting down in front of a camera with a ring light is like a little bit intimidating but I also kind of love it at the same time you probably haven't really seen like my little office setup but you'll see it in a future video very soon but I've kind of like been rearranging it in here and I find live on a red light so I thought it might as well use it for today's video so I haven't actually said what we're doing for today's video but I'm doing an adult in Q&A because as you guys know I recently moved out of home but I've been living out of home for about three months and in that period I've lived so much about being an adult and just being independent and I wanted to ask you guys if you had any questions about it and if I could help you guys out so I posted on my Instagram asking for you send us some questions and you actually sent him quite a lot which I'm really happy about so hopefully this video will help you out more answer some of your questions so let's just get into it so the first question I'm going to answer is do your parents help out with expenses and I can say that they a hundred percent don't I pay for everything myself and 100% financially independent so anything you see me by is I'd say most likely with my own money but when I was living at home that was a different story my parents obviously paid for the groceries they pay for the whole family and like cook for us and they paid for all the bills but when I was living at home even though my parents did pay for a lot of these things I did also contribute I had to pay like $50 board every single week to help them out which really isn't that much in the grand scheme of things especially now that I'm paying rent so I did contribute a little bit when I was living at my family's house but now that I'm living out of home I don't pay board obviously anymore because I'm not living there I just pay for my own rent which I do out of my own pocket I work hard for my money and I just pay for everything myself which is a pretty good feeling I'd say like it's nice to know that we're financially and everything you have comes from hard work so yeah it's nice feeling the next question I'm going to answer is do you do your own tax return or do you have an accountant and actually a lot of you guys have questions about tax so I feel like I should talk about it a bit in this video but I actually have an accountant so for me I find it's easier to have an accountant because I have multiple streams of income so I earn money from YouTube Adsense from my sponsorship and also from Disney so three different places and so it is a bit confusing to do it myself so I find it easier to go to an accountant and I actually go to an accountant that specializes in the entertainment industry if any of you guys are interested they're called generate and they're actually really really good I personally feel like going to one in my industry is great because they know a lot about the things I can claim I've been to other accountants before who don't know much about like YouTube and things like that I don't know all of the things that you can claim so I would recommend if you're in like a bit of an unusual industry to go to an accountant that knows a lot about it but also a lot of jobs you can just do your tax return by yourself I know my boyfriend does his tax return by himself he just gets his PAYG at the end of the year and just like lodges it and gets money back or might have to pay something so it's sometimes pretty simple if you have like one stream of income you just get a PAYG and you make a list of the things you need to claim and you like fill it in on the ato website this sounds so confusing but if you find that stuff quite confusing at use don't want to do yourself I would recommend going to encounter but obviously then you have to like consider the fact that you're going to pay an accountant as well but the good thing is then you get to claim your accountant on tax the next year so I personally do go to an accountant but you can do whatever is right for you really another topic that you guys have a lot of questions about is budgeting so Emilia asks how do you set up your budget so I'm still kind of working on this if I'm totally honest although I will recommend if you want to learn a lot about budgeting breed the barefoot investor my boyfriend and my boyfriend's mom are honored me about finishing that book I ran about like 3/4 of it and it is actually really really good he shares in the book like different ways to like split your accounts up so you have like your expenses account your ledger account your savings and yeah he just like does it by percentages so pretty much when you get your income in a certain percentage grows into one account and the next and the next so then you don't have to think about it so you kind of like teaches you how to automate your account so like a certain amount of money automatically goes over and I have done that a little bit so I've automated my accounts so I have like my rent going over to a sudden account every week so I don't have to think about it so it just goes and I'm like I'll see your money but I have to think about it I feel like if you guys are interested in budgeting you definitely should read that book and I think it would really help you just give you a different mindset you really like trains you to have a healthy mindset with money which I really like but I saw what I do with my money like I said before I like to split it up I have four different accounts in one bank which is like my expenses my leisure my fire extinguisher and my smile so you guys all understand it if you read the barefoot investor but I'm not gonna lie I'm not the best at sliding my money yet but one thing that I do really like about this whole system as well is that you get multiple debit cards sent out to you and I like to label my debit cards so I have one that says expenses and one that says leisure so when I'm buying things I make sure I use the correct card and this makes it really good for tax purposes as well because at the end of the year I can just look at my expenses card and be like hmm what stuff can I claim because most likely my Legend stuff I can't claim so I really like it for that reason it helps me keep track of things I wouldn't say I'm too strict with my budgeting though to be honest because you do have to live and don't want to be stressing about that stuff all the time and every month is different sometimes you have more expenses than others but I do like to kind of like think about it as I'm buying things so I like to think am i buying like a lot of stuff this week have I eaten out multiple times this week and just kind of be like mindful and conscious and I feel like that's all you need to do really just like consciously think about where am i spending most of my money and usually you know like for me I spent a lot of money on having coffee out so I actually got an espresso machine for my birthday so that's been helping out a little bit not gonna last or like going out for coffee but I hope that was good advice I thought I just rambled a little bit but pretty much what I'm getting at is that you just need to like think about where your money's going really and just not go too overboard on one particular thing and as long as you're saving I think that's a big thing I always like to make sure that I'm saving money I don't want to just live paycheck to paycheck because obviously don't know what the future holds but everyone's financial situation is different and everyone's financial goals is different personally I like to save but also like spend a little bit of money but yeah just do what works for you really the next question I'm going to answer is what are some tips for job interviews and I've actually done quite a few in the last year I think I've done three in the last year as you guys know I recently did an internship but I haven't actually like talked about this but I have finished that now I was doing an internship and a clothing company called Sunday's label and I was going in one day a week you guys probably so surprised thinking like I didn't even see you do this but yeah I was actually doing that for about 10 weeks I was going in once a week to help out with like marketing and content creation and I learnt a lot but I've also done two other job interviews before that and I feel like I've learnt quite a bit from that experience and I do still find them very nerve-wracking we do job interviews but I feel like I've got better as times gone by I just remember before doing them like asking my mom and my boyfriends my like what do you do and they were just like you know just go in there be professional be apply yourself and I think the main thing is just like holding a head held high and feeling confident in yourself and just really selling yourself and like telling them why you'd be good for the job and I feel like we're something that makes you feel comfortable I always like to like find an outfit I feel confident in it's like a job interview and I also like to do a lot of research on the brand that I'm applying for before going for them just so I feel like I know a lot about them and I would say don't get like too worked up about it just remember that you're still talking to a normal human it's still a regular human interaction even though you're like trying to impress them you don't need to like overthink it too much they should be nice to you as well and make you feel comfortable and yeah just being yourself so the next question that I'm going to answer is is it hard to keep your stress levels down and the reason I wanted to answer this is just because I feel like I have been quite a stressed person lately and it's something that I am currently working on so what I like to do is to try and keep my stress levels down is first of all making lists I feel like when I see everything that I've got to do like in front of me visually I mentally just feel so much better and it's so satisfying just being able to take things off but also I think taking time for myself really helps me so doing things like getting up early in the morning and going to the gym I feel like it really don't sets my day off right and I feel accomplished at the start of the day and the rest of my day kind of like follows on like that and I also really been enjoying lately getting outside especially when it's like a sunny day it's been really something lately which it's been really nice so I like to try and find time in the day just to be outside and another thing that I like to do when I get stressed out sometimes it's just kind of stopped myself and to make myself sit there and think about what I'm grateful for and this is like a new thing that I've been doing lately and I feel like I've been hearing a lot about people practicing gratitude and I just thought why don't I actually try that and it's been making such a difference so before I go to bed sometimes I'll just lie there and think what I'm grateful for but when I think really deeply and focus on the things I'm grateful for I honestly get like any influx of happiness like when I sit there and think about how grateful I am so like brain and for example and like everything that he doesn't mean how lucky I am to have such a great boyfriend it just makes me feel like really great and there's just so many things in life to be grateful for so I find that if I'm ever getting really stressed and worked up I like to just stop and think Ella like what are you doing and calm myself down by thinking about those things so Liv asked what's it like living in your own apartment and I personally love it I love where I live I'm so happy with my apartment how it all come together and I actually really love living on my own which I never thought I would say even though I still have people around me a lot like brain who stays over a lot and I always invite my friends around I do actually enjoy my alone time a lot more down that I'm living out of home and I don't know I just like like being in my own little environment that I've created now and I actually weirdly feel like more motivated and inspired since moving out of home I think that it was really time for me to leave my family home what I did and not because like of anything really serious or anything like that but it's just something that I felt like I really needed to do to grow as a person and a lot of people have commented on how much happier I seem and I definitely am happier even though I do still have like down days or like weeks which I feel like a bit loopy I do generally feel like a lot happier now which is really good so having round apartments great the next question is how do you have the money to go out for meals or coffee everyday and groceries and I wouldn't say that I actually go out to eat every single day but do you get coffee out quite a lot and that's something that I definitely want to work on but I would say the reason that I can afford to do things like that is because I prioritize those things over other things if you know what I mean so last year I was spending a lot of money on things like holidays and trips but this year since I'm at home I'm prioritizing differently and my money isn't going towards trips anymore it's going towards like living my life at home so since I'm not going on the holidays I find a way to like treat myself is by going out for lunch I don't really know if that makes sense but pretty much what I'm trying to say is like each year I prioritize different things with my money so last year I prioritize like going and traveling and I spend a lot of money on that and this year I'm not traveling as much so I have more money to spend on things like lunches and stuff like that so that's probably like why I've been doing it a bit more and also since I'm not going on holiday I'm trying to make like living a home like a holiday everyday that sounds so cheesy but if you can't afford to go away why not like just like treat yourself at home and just kind of make like a staycation in a way and just enjoy their home because more often than not you probably live in a really beautiful place already and you're just tempted to go away because you see other people away and then you forget that like wait why don't I like make it seem like I'm on holiday in the place I live already so that's something I've been trying to do like they just enjoy being like where I live I thought I've got so off topic the question was how do you have money to go out for meals and coffee every day but linking back to that because I'm not like traveling and stuff I feel like I have more money to spend on those things so it's just like what I prioritize so jazzy asked do you have any funny stories when hashtag editing has gone wrong and I feel like I don't know if they're that funny but there's lots of things that have gone wrong and lots of things that I didn't know so when I first moved in I didn't know how to work my oven and I was so confused and spent hours trying to figure out turned out there was a child lock on so yeah I didn't know that and another thing that I didn't know is that you have to get the fluff off of the tumble dryer before you use it I didn't realize that either that even happened I just thought you put your clothes in and turned it on that's it I didn't realize you had to get the fluff off of the filter but I'm glad I do know that because if you don't get rid of that cloth it can cause the house fire but yeah let's just so many little things that I look back that's so funny that I didn't know that now so Ashley asked do you feel like you're wasting your money renting instead of saving up to buy and I wanted to answer this because this is definitely a question that I would have asked probably at the start of this year because I didn't think I was gonna be moving out and renting I don't think I was gonna moving out at all the start of the year I just had the goal to save up to buy a house but I feel like circumstances change all the time and in my situation renting was best because obviously buy and a half is very expensive you have to have a deposit to pay upfront and then you're going to be getting into mortgage repayments every single month or however often you have to pay them and obviously mortgage repayments can be quite expensive just like rent but you're gonna have to do the bug a long period of time and that is quite a responsibility and I just feel like I'm not ready to jump into doing like mortgage repayments itself plus I'm not ready to buy a house so it was either the choice of just waiting a little bit longer until I could like buy somewhere but then have to pay mortgage repayments for a really long time and not have as much money to do things like travelling or I could move out of home and just have a bit more like flexibility if you hope to move like because you're not look down to staying somewhere for a long time and I know if i buying somewhere you can have someone living there and renting and they're basically paying off your mortgage which is great but i wouldn't be doing that I'd be buying somewhere to live so I think I'm just gonna like wait a little bit longer to I feel like a bit more financially stable but that's personally like how I fear I know when you're renting you technically are paying the person's mortgage but it's a choice that I made and I feel like it's for my own happiness and it was kind of necessary so yeah that's how I view I think everyone's situation is different if you can hold off and enjoy living at home definitely do it but I personally couldn't stay at home any longer I'm like that makes it sound like I have such a bad home life and I really didn't but there's a lot of things that like went into this decision of you moving out of home it was definitely the right decision so I've had a lot of questions about like how I balance things like work cleaning study Fitness social and me time and to be short mostly I would say just schedule things I like to schedule my week on Google Calendar and I'm really planning it out to the T sometimes I'm not the best of this I'm not gonna lie and then I find when I slack off that's when like I get really confused and I'm like what am I even doing like I feel like I'm not putting a hundred percent into things so if you really look like a week in advance I really feel like that will help you if you want to check out my Sunday routine I actually show you how I plan out my week so that might help you another thing that I wanted to add is that if you find it you can't get everything done try and get out early honestly early birds catch the worm and it makes you feel so much better I've been getting up early and going to f45 and I just feel so much more accomplished and I get so much more done with my day and also for struggling just like find time to hang out with your friends I find that dinnertime is a really good time because most of the time my friends are home in the evening so I write them around to have dinner with me and will I cook together and I find that fits really well over to my routine but yeah they're just a couple of tips that I would recommend so the final question I'm going to answer is how do you know when it's time to move out of a family home so I would just say that if it's something that's like a reoccurring thought and you can actually afford it then it's definitely something you should look into there's nothing wrong with wanting to move out of home obviously you just need to know that you can afford it and you're not going to be stressing all the time but for me I was actually thinking about it for about two years so I knew it was gonna happen sooner or later and I knew it was a thought that I had to take seriously and yeah I mean it all happened very fast though because I was like holding off because I wanted to try and like save to buy somewhere but then all of a sudden they hit me I was like oh I just need to move out like now I need it and yeah pretty much within a week of viewing places I applied for somewhere and then got accepted so it happens very fast but you'll just know in your gut when it's time to move out really but that's gonna be it for this video I really hope you guys enjoyed it and you found it helpful and a little bit interesting I don't really talk about these types of things on my channel very much but let me know if you would like me to talk about like these kind of things more or if you have any more questions if you have some more questions feel free to leave it down below and maybe I can do part two to this video but if you did enjoy it make sure to give it a thumbs up and subscribe to my channel so you don't miss any of my future videos and I'll see you guys in my next one bye
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