Many states in America such as California have extremely high income taxes. However, this doesn’t mean that every state has income taxes. In fact, there are some states in America that don’t have income taxes at all. In this video, tax expert Karlton Dennis explains which states in America do not have any income taxes. Every year, many people move to these states in order to take advantage of the lack of state income taxes. Karlton also explains some interesting facts about these states and how some of them got their tax policies. Some of the states that are included in this video are Florida ..read more

For many years, 529 plans have been one of the best ways to save for education expenses such as college tuition or books and school supplies. However, up until recently, people who wanted to spend money from their 529 accounts on anything besides qualified education expenses were forced to pay additional taxes and penalties on the money that they withdrew. But, starting in 2024, a massive rule change is going into effect for 529 plans. This change will allow people to roll over leftover funds from their 529 plans into a Roth IRA account that they can use to save for retirement in a tax-advanta ..read more

Over the last two years, there have been some major changes to 401(k) retirement plans. Tens of millions of Americans have these plans and so these changes are going to impact a significant portion of the population of the United States. If you have a 401(k) plan, then you need to be aware of all of the key changes that are happening to these plans. In this video, tax expert Karlton Dennis explains all of the most important changes to 401(k) plans that will be going into effect in 2024. Many of these changes were created through the Secure 2.0 Act. He also explains what this act is and why it ..read more

The IRS announced that it will start requiring payment app companies to issue Form 1099-K to everyone who receives $600 in income through their payment apps starting in tax year 2025. For 2024, the income threshold to receive Form 1099-K is $5,000. The IRS will receive copies of all 1099-K forms that are issued by payment app companies. A lot of business owners use Cash App and Venmo for payments. Unfortunately, there are some significant risks associated with this practice that many business owners are not aware of. In this video, tax expert Karlton Dennis discusses all of the risks associate ..read more

2024 is an election year in America and many politicians have been talking about the retirement age. Currently, the full retirement age in the United States is either 66 or 67, depending on the year you were born. However, politicians like Nikki Haley think that this age should be increased. In this video, tax expert Karlton Dennis discusses the changes to the retirement age that key politicians have been proposing. He also breaks down how this could impact you and what you should do to prepare for such changes in order to make sure that your retirement savings are optimized. Considering the f ..read more

Congress just announced a brand-new $78 billion bipartisan tax deal. This tax deal includes major tax changes that would impact individuals, families, and businesses. It has not yet become law. However, it could be passed in Congress in early 2024. In this video, tax expert Karlton Dennis breaks down all of the most important changes included in the new tax deal. This deal includes changes to bonus depreciation, the child tax credit, research and development deductions, the low-income housing tax credit, double taxation with Taiwan, disaster-related tax relief, and more. The fact that this tax ..read more

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Taking the Next Step: Download my new book! The Short Term Rental Rule: https://ebook.taxalchemy.com Book a Professional Tax Strategy Consultation ▶ https://karladennis.com/youtubeconsult Get Help Setting up Your LLC, Now ▶ https://shareasale.com/r.cfm?b=617326&u=2911896&m=53954&urllink&afftrack Getting audited by the IRS can be extremely stressful, tedious, and difficult. People who are audited by the IRS have to go through a process of proving that their tax returns are accurate. If the audit reveals that their tax returns are not accurate, then the people who were audited ca ..read more

Download the Short-Term Rental Rule E-Book! ▶ https://ebook.taxalchemy.com Book a Professional Tax Strategy Consultation ▶ https://karladennis.com/youtubeconsult Watch this FREE Webinar on how to Use Real Estate To Offset W2/1099 Taxes ▶ https://taxreduction.link/taxsaver Get Help Setting up Your LLC, Now ▶ https://shareasale.com/r.cfm?b=617326&u=2911896&m=53954&urllink&afftrack Backdoor Roth IRAs are a great retirement planning option for high earners. Many people with high incomes are unable to contribute directly to Roth IRAs due to the income limits that the IRS imposes. Ho ..read more

Hunter Biden, son of President Joe Biden, was indicted on 9 criminal tax charges in December, 2023. If he is convicted, he could be facing up to 17 years in prison. He was indicted by a federal grand jury in the state of California. In addition to the 9 criminal tax charges, the son of the president is also facing criminal charges for gun violations in the state of Delaware. A plea deal that involved both his tax charges and his gun violation charges fell through earlier in 2023. Now, Mr. Biden is set to face two criminal trials that will most likely take place in 2024. In this video, tax expe ..read more