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Expert Advice for Your Year-End Tax Filing

Tax guru and author Gordon D'Angelo shares year-end financial planning tax tips that will come in handy as tax season approaches in the new year. Read Transcript


LIKE A SPEEDING LOCOMOTIVE,

THE UNITED STATES IS HEADING

TO WHAT IS KNOWN AS A FISCAL

CLIFF.

AND AT MIDNIGHT ON

DECEMBER 31ST, YOU'RE TAXES

ARE GOING UP.

SO WHAT CAN YOU DO TO EASE

THE IMPACT?

YOU'RE ABOUT TO FIND OUT

FROM A TAX GURU.

Reporter: GORDON

D'ANGELO WAS AN ORIGINAL

FOUNDER OF THE SECOND

LARGEST TAX SERVICE, JACKSON

HUHEWLET, AND TODAY HE

HANDLES OVER $16 MILLION IN

ASSETS.

GORDON REVEALS HIS UNIQUE

PATHWAY TO ACHIEVING

WEALTH.

NOW GORDON SHARES HIS

YEAR-END TIPS AND TAX-SAVING

DEDUCTIONS SO YOU WON'T PAY

UNCLE SAM MORE THAN YOU HAVE

TO THIS YEAR.

Pat: WELL, WELCOME TO

"THE 700 CLUB."

GORDON D'ANGELO, THE AUTHOR

OF A BOOK CALLED "VISION."

NICE TO HAVE YOU WITH US.

THANK YOU, PAT.

Pat: HEY, LISTEN, THIS

"VISION" IS VERY

INTERESTING.

YOU STATE THAT SOMEBODY HAS

GOT TO HAVE A VISION.

WHAT IS THAT ALL ABOUT.

DO YOU WANT TO SHARE IT?

YES, I WILL.

WE'RE ALL MEANT TO

ACCOMPLISH CERTAIN THINGS.

IF YOU CAN WRITE IT DOWN AND

SHARE IT, IT IS GOING TO

START TO BLOSSOM.

GOD MEANT IT THAT WAY.

WE'RE LIKE SEEDS.

AND A SEED NEEDS TO MAKE

CONTACT FOR IT TO BE

RESOURCEFUL.

AND ALL OF THE PROVISIONS

ARE THERE, BUT A LOT OF

PEOPLE JUST DON'T REALIZE

HOW GREAT THEY CAN BE.

I LIKE TO QUOTE EPHESIANS 3:

20, BOW TO THEM WHO IS ABLE

TO DO MORE THAN YOU CAN

IMAGINE OR THINK, THROUGH

HIS POWER, THAT WORKS

THROUGH YOU.

THE BOOK LIKES TO TELL

PEOPLE HOW TO ACCESS THE

POWER OF GOD, TRANSFER

ENERGY, AND GET WHATEVER

THEY WANT.

Pat: GET WHATEVER THEY

WANT.

CAN YOU GIVE US A SPECIFIC

FOR INSTANCE.

WHETHER THEY WANT TO

ACHIEVE WEALTH OR THEY WANT

TO HAVE BETTER

RELATIONSHIPS, OR THEY WANT

TO RECEIVE A CERTAIN

MEASURABLE GOAL -- THERE IS

NOTHING BEYOND THE POWER OF

GOD.

HAVE YOU TO BELIEVE IN THE

POWER OF GOD, AND YOU HAVE

TO START TO LIST WHAT YOU

WANT AND START TO SHARE IT

WITH OTHERS, RATHER THAN

JUST HOPING YOU CAN DO

EVERYTHING YOURSELF.

Pat: SO YOU PUT IT DOWN÷g

WHAT IT IS YOUR LOOKING FOR,

SPECIFICALLY.

AND FOR WHAT PERIOD OF÷g

TIME.

Pat: AND THEN YOU START

TELLING PEOPLE ABOUT IT?

THAT'S RIGHT.

IT IS JUST LIKE A CHILE.

WHEN A CHILD WANTS SOMETHING

FOR A BIRTHDAY, THEY SAY,

MOM AND DAD, THIS IS WHAT I

WANT.

THEY DON'T ASK THE MOM AND

DAD HOW IS YOUR TAXABLE

INCOME.

THEY GO TO MOM AND DAD AND

START SHARING IT BECAUSE

THEY KNOW THE MOM AND DAD

ARE A GREAT RESOURCE.

BUT THE MOM AND DAD LOVE THE

CHILD.

I USED TO TELL MY PARENTS,

AS I GOT OLDER, I LEARNED TO

LOVE MY PARENTS MORE, BUT I

COULD NEVER CATCH UP.

AND THAT'S HOW IT IS WITH

GOD, WE CAN NEVER CATCH UP.

Pat: IF YOU SAY, I WANT

A RED TRICYCLE BY

CHRISTMAS.

AND I WOULD TAKE IT A

STEP FURTHER, HE SAYS HE

WANTS A RED BICYCLE, AND HE

SHOWS YOU A PICTURE WITH THE

SHAPE AND EVERYTHING.

AND HE PASSES THE PICTURE

AROUND TO THE AUNTS AND

UNCLES.

AND MAYBE THE PARENTS CAN

AFFORD IT, BUT IF ENOUGH OF

THEM PITCH IN, THEY'LL GET

IT.

AND THE SAME IS TRUE WITH

YOUR LIFE.

Pat: YOU'VE GOT TO READ

THIS.

BECAUSE IT LAYS IT OUT VERY

SIMPLY.

WE PROMISED YOU'RE GOING TO

TELL US SOME STRATEGIES

BECAUSE THE FISCAL CLIFF,

EVERYBODY'S TAXES ARE GOING

UP AT THE END OF THE YEAR.

YOU HIT IT ON THAT.

EVERYBODY IS GOING TO GET

HIT, WHETHER YOU'RE MARRIED,

YOU'RE SINGLE, YOU'RE RICH

OR POOR.

HIGHER TAX BRACKETS, HIGHER,

MIDDLE BRACKETS, HIGHER.

LOWER BRACKETS, HIGHER.

AND EVEN THE RETIRED ARE

GOING TO GET HIT.

AND LET ME TELL YOU WHO ELSE

IS GOING TO GET HIT.

THE STANDARD DEDUCTION FOR

MARRIED COUPLES IS GOING

DOWN 33%.

THAT'S A DOUBLE HIT.

THEY LOSE A DEDUCTION.

IF THEY'RE NOT ITEMIZING, IT

GOES DOWN 33%.

IF YOU'RE WORKING, YOUR TAX

IS GOING TO BE HIGHER.

PLUS, IF YOU HAVE CHILDREN

THAT YOU WOULD GET A CHILD

CREDIT OF $1,000, THAT IS

DROPPING TO $500.

NOW A CREDIT IS DOLLAR FOR

DOLLAR REDUCTION OF YOUR

TAXES.

THAT'S A REAL DOLLAR.

Pat: THIS IS GOING TO

SLAM THE SO-CALLED MIDDLE

CLASS.

IT IS, AND I CAN GIVE YOU

TWO MORE THINGS THAT WILL

SLAM THEM AND I'LL TELL YOU

WHAT TO DO.

CHILD CARE EXPENSES, 20%

REDUCTION IN HOW MUCH YOU'RE

ABLE TO WRITE OFF.

THAT'S AN AMAZING NUMBER.

PLUS EVERYONE WHO WORKS IS

GOING TO FACE TWO INCREASE

IN TAXES.

THEY'RE GOING TO INCREASE --

THEIR PAYROLL TAXES ARE

GOING UP FROM 4.2% TO 6.2%.

FOR EVERY $500 PAYCHECK YOU

GET, KISS $10 GOOD-BYE, AND

YOU DON'T GET ANYTHING FOR

IT.

IT'S NOT WITHHOLDING.

IT IS JUST GONE.

THAT'S ONE OF THE BIGGEST

THINGS I SEE GOING ON RIGHT

NOW.

Pat: LET'S GET OUT OF

THE TRAP.

THERE ARE A LOT OF THINGS

YOU CAN DO.

IF YOU'RE WORKING OR HAVE

ANY SOURCE OF INCOME, YOU

WANT TO MAKE SURE YOU

MAXIMIZE YOU CAN PUT INTO

SOME TYPE OF RETIREMENT

PLAN, WHETHER AN I.R.A., A

401K, YOU STILL CAN USE UP

TO THE END OF THE YEAR TO

CATCH UP.

THOSE NUMBERS HAVE INCREASED

FOR THIS YEAR, SO THAT IS A

VERY GOOD STRATEGY.

DEFINITELY CATCH UP.

IF YOU'RE MARRIED, BOTH

SPOUSES CAN DO IT.

IF YOU'RE OVER 50, YOU CAN

PUT A LITTLE MORE IN,

REGARDLESS OF WHAT SCENARIO

YOU FIT.

NOW, ONE OF THE GREATEST

THINGS I CAN TELL YOU IS

THIS IS THE YEAR TO GIVE BIG

TO CHARITY.

AND I'VE GOT TO GIVE YOU THE

REASONS WHY.

FIRST OF ALL, A LOT OF

PEOPLE DON'T KNOW IT, AND WE

WERE TALKING ABOUT IT LAST

WEEK, AND BOTH PEOPLE I

TALKED TO THEM DECIDED TO DO

THIS.

THEY HAD STOCK THAT

APPRECIATED, AND I SAID GIVE

SOME TO CHARITY.

BY GIVING IT TO CHARITY,

THEY GET TO DEDUCT THE

APPRECIATED AMOUNT.

PLUS, THEY DON'T HAVE TO PAY

TAXES ON IT.

IT IS BETTER TO GIVE IT AS

FAST AS YOU CAN, BECAUSE

NEXT YEAR YOU STILL CAN GIVE

IT AWAY, BUT THERE IS GOING

TO BE A 3% FLOOR TO YOUR

ITEMIZED DEDUCTIONS.

SO THIS YEAR YOU DON'T HAVE

TO FACE THE FLOOR.

THAT'S A VERY BIG THING YOU

CAN TAKE ADVANTAGE OF THIS

YEAR.

Pat: WHO WROTE ALL OF

THAT STUFF IN?

THAT HAS NOT EXACTLY BEEN

SHOUTED AROUND THE BOARD

ROOMS.

THIS IS SORT OF BEHIND THE

SCENES?

IT IS BEHIND THE SCENES.

AND THE MORE YOU READ INTO

THE TAX LAW -- I'M PRETTY

MUCH AN ASTUTE TAX LAW

PERSON, BUT I SAID, I DIDN'T

HEAR THIS ONE.

AND I COULD GO ON AND ON.

ONE OF THE OTHER THINGS THAT

IS HORRIFYING OUT THERE, IF

YOU'RE RETIRED OR YOU BUILT

UP A NEST EGG, THEY'RE

DROPPING THE ESTATE TAX

EXCLUSION, MEANING WHERE YOU

BUILT UP YOUR WHOLE LIFE AND

YOU CAN TRANSFER IT TO YOUR

SON OR RELATIVES, IT WAS

$5 MILLION, AND NOW IT HAS

DROPPED TO A MILLION

DOLLARS, AND THAT INCLUDES

YOUR HOUSE VALUE.

80% REDUCTION TO EVERYBODY.

IF YOU'RE GOING TO GIVE

MONEY AWAY, OR TRANSFER IT,

TRANSFER IT BEFORE YEAR'S

END.

Pat: GORDON, PLEASE

COME BACK.

WE'VE GOT TO TALK ABOUT IT

SOME MORE.

HIS BOOK IS CALLED "VISION,

A PATHWAY TO VICTORY."

YOU'VE HEARD HERE SOMETHING

THAT MOST PEOPLE ARE NOT

EVEN AWARE OF.

EMBED THIS VIDEO

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