Episode #89

20/20 Money Episode # 89 – 7 Items to Review on Your Tax Return

July 20, 2020

Hello, and welcome to this episode of 20/20 Money! On this episode, I highlight seven-line items on your tax return that optometrists should review to ensure you’re not paying too much in taxes. Those seven items (along with the location of where to find them on your personal tax return) are listed below:

  1. Health insurance deduction for SE (Schedule 1, line 16)
  2. Taxable interest (1040 Line 2b)
  3. QBI deduction for SE (1040 Line 10)
  4. SS tax refund (Schedule 3, Line 11)
  5. 529 deduction for your state (State tax return)
  6. Maxing out your HSA (Schedule 1, Line 12 & Form 8889)
  7. Roth conversions being coded incorrectly & correct 8606 filing (1040 Line 4a and 4b)

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.

Episode Transcript

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