June 7, 2022 • 11 mins
Sahirenys Pierce returns to the Money Moves podcast for another Ask me Anything episode. She answers all your taxes & retirement questions.
Guest IG: @poisedfinancelifestyle
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Episode Transcript
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Speaker 1 (00:00):
Hey, money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. Hey, money Movers, Welcome
to another episode of Ask Me Anything with Syrense. Here.
(00:22):
Syrense is a financial educator, the creator of High five
Banking method and host of Asked Me Anything About Money
with Greenwood Studios. Money Movers, Let's welcome the Queen of
answering all Things financial, Queen Cyrenise Peers to the podcast.
High Syrenise. Hey, how's it going? Awesome? Awesome, awesome. Always
(00:42):
a pleasure to have you on the podcast, so thank
you again for coming to the show. It's really fun
when we get to break out our little questions and
all the little things that keep us up at night
so that we can have keys to financial freedom. And
tonight or today, I should say, we are talking about
taxes and rot hirement, something I love to think about
and dream as I drift off to sleep at night.
(01:05):
Oh my goodness, Well, I will say, in previous episodes, Um,
we had you on and we were talking about the
fire movement, financial independence, retire early, So I think that's
sort of what did everyone's appetite for let me start
planning for my retirement early. So I want to talk
today about taxes and retirement UM and we're going to
(01:27):
dive in. And my first question for you is how
do I max out my I r A because I
know that's a big financial goal that many people talk
about UM, and I want to know, like, what is
an I RA? What does that mean? In like how
can I do this? Yes? So, an IRA is realistically
an individual retirement account. That's all that it actually stands for.
(01:48):
I know all these acronyms kind of get people a
little wild up, like I don't know what that means.
But realistically, this is an investment account that specifically designed
to help you fund your retire It's not supposed to
be your du all, end all, but it is one
of the pillars that you have when it comes to retiring.
Regardless of you are self employed, if you work for
(02:09):
a company, if you work for the government, you can
open up an individual retirement account and when it comes
to the I RARA s right as of right now,
in the maxim you can put it is six thousand
dollars a year, and for some people that's still a
lot of money, and for a lot of people get
overwhelmed with it's like, Okay, what do I do if
I haven't been if I wasn't able to you know,
(02:31):
put five dollars towards my I RARA every single month.
And that's what kind of is spread out there for
financial advice. But sometimes you know you're falling behind, and
but that's still a really big goal that you want
to accomplish. One tip that I want to inform a
lot of people about is that you actually have until
April eighteenth to max out your I RARA for the
(02:51):
previous tax Here. This is a really big deal because
if you you know, kind of push your taxes into
you know, May and April, you can give yourself an
extra buffer of three to four months to continue funding
your IRA for the last tax season. Oh wait, so
you're saying final an extension, like do it the legit
way filing extension and that will give you more time
(03:11):
to contribute to your IRA. You don't even have to
file an extension realistically, because if you let's say you
do your taxes in the end of February or you know,
March or April, that is actually the last day to
put file your taxes and send them in is April eighteen,
so you have all the way up until that date
to continue putting money into your IRARA for last year.
(03:35):
So you know, if you want to put an extra
two dollars every single month to help you get closer
to maxing that out, that's a great opportunity to be like,
you know what, I wasn't able to do that, you know,
in one but I have a few extra months. I
got a side hustle that came in, and now I
can max it out and then start working on IRA contribution.
So it's kind of like a little hack there that
(03:57):
I want to share some case people a little overwhelmed
with that goal. No, that is really great, and like
those are the tips that we want to be able
to share with our community. So if you don't get
you know, if you don't have enough, if you don't
have to feel like you don't have the runway, you
can still make it happen. There's that like extra little
sprint at the end to help you fill it out there.
(04:17):
My next question for you is a lot of families
have benefited from the child tax Credit in what should
families be aware of when it comes to this tax season.
Anything else that we need to know about what a
lot of people actually have been talking about is that
they have been getting reduced amounts for their tax for
their child tax credit checks. So I want people to
(04:38):
be aware that the I R S is going to
be sending a letter UM number sixty four nineteen where
it's gonna show that the total that you have received
from your advanced Child Tax Credit payments, and you want
to double check that with your actual numbers, because sometimes
the I R S can be off. This is the
first time that they've done this um type of tax benefit,
(05:00):
and a lot of people have been seeing the numbers
being completely different than what they were first getting. Even
for me, you know, I noticed the numbers were different
when I first got it. To the second month and
the third month, I'm like, what's going on? You know?
You get to make sure that what the I R
S has on file is exactly what you have as well.
And that's kind of the whole point of doing taxes,
you know, is double checking what the I R S
(05:21):
has versus what your numbers are. Okay, double check, double check,
tuble check, because you know you can't guarantee that what
they have is the same as what you have, and
you want to make sure that they have the information
that you want them to have because it's yeah, it
certainly pays off to have that sort of accuracy. Alright,
So Cyreny, my next question, what is your biggest tax
(05:43):
filing tip? Apart from do your taxes guys, and do
them on time. One of the biggest issues that the
i r S is talking about because they are short staffed,
is that they want people to get their taxes in
as soon as possible. And if you want to get
your refund quicker unusual, you have to set up direct deposits.
It is like where Greenwood comes into play. A checking
(06:07):
account and updating the address that you have on file
as well with the i r S and making sure
you have direct deposit and all the numbers are correct.
And I know a lot of people are under banks
right now, and you know they're waiting in the mail
for their refunds because that money really does help them,
you know, get extra food on the table, by clothes
for their kids, you know, pay their car insurance and
(06:28):
it's a really big you know, there's a really big
deal for a lot of people. So you want to
make sure you have direct deposit, especially if you are
in a banking desert. A lot of online banks are
available now, like Bank Greenwood, so please take advantage of
these banks that I know now becoming more accessible to everyone.
Another tip that I wanted to share that's kind of
(06:49):
a new little secret with the I R S is
if you make less than seventy two dollars a year.
Let me said again, less than seventy two thousand dollars
a year, you can actually file your taxes for free
on the IRSs website. I know a lot of companies
have been promoting that they you know, you can file
your taxes for free, but then they charge you at
the end to mail it off, and you know it
(07:10):
does cost money to mail it off DIGITALI and stuff
of that nature. But with the I R S, you know,
you go on their website and you can do it
all for free. And that is a really big benefit
for a lot of families, a lot of individuals who
may not have the extra money to you know, pay
to get their taxes done or even shipped out. So
this is a really big benefit. I'm gonna send you
(07:33):
the link, Tanya, so you can share money. Movers so
that they can, you know, get their tax you know,
I think that's a really great thing because I feel
like so many people have this unfounded fear of filing
taxes because they're just worried they're going to do something wrong.
They can't file taxes on their own. You know, for
a lot of people, it's quite simple. You know, they
(07:55):
have a W two, they're employed, um and a lot
of the websites walk you through very easily how to file.
What are some suggestions that you need to get some
tax breaks? So mess around with it and you know
what it don't be don't be as afraid as you
know we've made it out to be, because to get
that free filing is really important and you can do it, yes, exactly.
(08:18):
And if you also need other places that you want
to go to to get your taxes done for free,
universities offer a lot of benefits where you can go
in and get your taxes done for free. I know
I did that at my university, and it's our students
that are college educated students, so you know, they'll double
check everything for you and make sure that they're walking
you through your taxes. And it's also for free, so
(08:41):
you know, check out your local community colleges, your local
universities and see if they are offering these benefits. You know,
it's really funny because I feel like I am your
client right here. I am the person who has always
been afraid of taxes, and I think a lot of
that came from my family. I don't know why. You know,
taxes are something that we've always had to file. But
(09:01):
when I actually downloaded quick Books, UM, I was so
impressed by how easy it was. It migrated all my
bank accounts over, it showed all my spending. It was
kind of sobering. Um, but it's so much easier than
we all make it out to be, and so try it,
Try doing it yourself. Try adding the tax preparation on
top of it. But I think the biggest tool for
(09:23):
me was actually using quick Books regularly throughout the year. Yes,
and especially if you're a business owner you have a
side hustle. Um, if you're buying things for your business,
you can easily, you know, take a picture of your
receipt and attach it to the purchase, upload your invoice,
and it just makes me so transparent, so crystal clear,
(09:44):
so that when you are doing your taxes, you feel
a little bit more confident. You don't feel so overwhelmed.
You're not making stuff. I'd be like, you know what,
I have proof that I bought this from my business.
I have proof that I did this work. I have
the invoice. And it makes you feel a bit more
confident when you comes to submitting your I r S.
And if you get audited, you know you have all
of your backup plans, all your information and at the
(10:05):
small things that make a difference, especially if you're concerned
about filing your taxes or if you're a new business
person filing your taxes. These are the little things that
matter to us. And you know what, for me too,
it also made me feel like I bossed up because
it was one of those things that you know, and
I see these in talks all the time when people
(10:25):
talk to the stuff that you don't want to do,
that you find the hardest, that you want to procrastinate
the most on first. And so once I really tackled
that and started doing that all the time, I was like,
I'm a real I'm a real entrepreneur here, I'm a
real boss. Like I'm doing the hard stuff first. Um,
So it was a really good lesson for me and
then just ended up being not as daunting as I thought.
(10:47):
You know, year after years, like you just manage your
books and get your taxes done exactly well, Syrense, thank
you so much for joining us today. All right, Money Movers,
that's all the time we have for today, but please
sire any share with us where folks can find you
on social media. You guys can find me on Instagram, Poise,
finance and lifestyle. I am also on TikTok and YouTube.
(11:10):
If we helped you make your money move, please make
sure to let us know by sending us a like,
sharing the knowledge on your social media, or leave us
a review on Apple Podcasts. Make sure to tune in
Monday through Friday and subscribe to the Money Moves podcast
powered by Greenwood, so that you two can have the
keys to financial freedom that you so rightly deserve. Thank
(11:31):
you so much for tuning in Money Moves audience. If
you want more or a recap of this episode, please
go to the bank Greenwood dot com and check out
the Money Moves podcast blog. Money Moves is an I
heart radio podcast powered by Greenwood Executive produced by sun
Wise Media, Inc. For more podcast on iHeart Radio, Visit
(11:53):
the i heart Radio app, Apple Podcasts, or wherever you
get your podcasts from.
Hey, money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. Hey, money Movers, Welcome
to another episode of Ask Me Anything with Syrense. Here.
(00:22):
Syrense is a financial educator, the creator of High five
Banking method and host of Asked Me Anything About Money
with Greenwood Studios. Money Movers, Let's welcome the Queen of
answering all Things financial, Queen Cyrenise Peers to the podcast.
High Syrenise. Hey, how's it going? Awesome? Awesome, awesome. Always
(00:42):
a pleasure to have you on the podcast, so thank
you again for coming to the show. It's really fun
when we get to break out our little questions and
all the little things that keep us up at night
so that we can have keys to financial freedom. And
tonight or today, I should say, we are talking about
taxes and rot hirement, something I love to think about
and dream as I drift off to sleep at night.
(01:05):
Oh my goodness, Well, I will say, in previous episodes, Um,
we had you on and we were talking about the
fire movement, financial independence, retire early, So I think that's
sort of what did everyone's appetite for let me start
planning for my retirement early. So I want to talk
today about taxes and retirement UM and we're going to
(01:27):
dive in. And my first question for you is how
do I max out my I r A because I
know that's a big financial goal that many people talk
about UM, and I want to know, like, what is
an I RA? What does that mean? In like how
can I do this? Yes? So, an IRA is realistically
an individual retirement account. That's all that it actually stands for.
(01:48):
I know all these acronyms kind of get people a
little wild up, like I don't know what that means.
But realistically, this is an investment account that specifically designed
to help you fund your retire It's not supposed to
be your du all, end all, but it is one
of the pillars that you have when it comes to retiring.
Regardless of you are self employed, if you work for
(02:09):
a company, if you work for the government, you can
open up an individual retirement account and when it comes
to the I RARA s right as of right now,
in the maxim you can put it is six thousand
dollars a year, and for some people that's still a
lot of money, and for a lot of people get
overwhelmed with it's like, Okay, what do I do if
I haven't been if I wasn't able to you know,
(02:31):
put five dollars towards my I RARA every single month.
And that's what kind of is spread out there for
financial advice. But sometimes you know you're falling behind, and
but that's still a really big goal that you want
to accomplish. One tip that I want to inform a
lot of people about is that you actually have until
April eighteenth to max out your I RARA for the
(02:51):
previous tax Here. This is a really big deal because
if you you know, kind of push your taxes into
you know, May and April, you can give yourself an
extra buffer of three to four months to continue funding
your IRA for the last tax season. Oh wait, so
you're saying final an extension, like do it the legit
way filing extension and that will give you more time
(03:11):
to contribute to your IRA. You don't even have to
file an extension realistically, because if you let's say you
do your taxes in the end of February or you know,
March or April, that is actually the last day to
put file your taxes and send them in is April eighteen,
so you have all the way up until that date
to continue putting money into your IRARA for last year.
(03:35):
So you know, if you want to put an extra
two dollars every single month to help you get closer
to maxing that out, that's a great opportunity to be like,
you know what, I wasn't able to do that, you know,
in one but I have a few extra months. I
got a side hustle that came in, and now I
can max it out and then start working on IRA contribution.
So it's kind of like a little hack there that
(03:57):
I want to share some case people a little overwhelmed
with that goal. No, that is really great, and like
those are the tips that we want to be able
to share with our community. So if you don't get
you know, if you don't have enough, if you don't
have to feel like you don't have the runway, you
can still make it happen. There's that like extra little
sprint at the end to help you fill it out there.
(04:17):
My next question for you is a lot of families
have benefited from the child tax Credit in what should
families be aware of when it comes to this tax season.
Anything else that we need to know about what a
lot of people actually have been talking about is that
they have been getting reduced amounts for their tax for
their child tax credit checks. So I want people to
(04:38):
be aware that the I R S is going to
be sending a letter UM number sixty four nineteen where
it's gonna show that the total that you have received
from your advanced Child Tax Credit payments, and you want
to double check that with your actual numbers, because sometimes
the I R S can be off. This is the
first time that they've done this um type of tax benefit,
(05:00):
and a lot of people have been seeing the numbers
being completely different than what they were first getting. Even
for me, you know, I noticed the numbers were different
when I first got it. To the second month and
the third month, I'm like, what's going on? You know?
You get to make sure that what the I R
S has on file is exactly what you have as well.
And that's kind of the whole point of doing taxes,
you know, is double checking what the I R S
(05:21):
has versus what your numbers are. Okay, double check, double check,
tuble check, because you know you can't guarantee that what
they have is the same as what you have, and
you want to make sure that they have the information
that you want them to have because it's yeah, it
certainly pays off to have that sort of accuracy. Alright,
So Cyreny, my next question, what is your biggest tax
(05:43):
filing tip? Apart from do your taxes guys, and do
them on time. One of the biggest issues that the
i r S is talking about because they are short staffed,
is that they want people to get their taxes in
as soon as possible. And if you want to get
your refund quicker unusual, you have to set up direct deposits.
It is like where Greenwood comes into play. A checking
(06:07):
account and updating the address that you have on file
as well with the i r S and making sure
you have direct deposit and all the numbers are correct.
And I know a lot of people are under banks
right now, and you know they're waiting in the mail
for their refunds because that money really does help them,
you know, get extra food on the table, by clothes
for their kids, you know, pay their car insurance and
(06:28):
it's a really big you know, there's a really big
deal for a lot of people. So you want to
make sure you have direct deposit, especially if you are
in a banking desert. A lot of online banks are
available now, like Bank Greenwood, so please take advantage of
these banks that I know now becoming more accessible to everyone.
Another tip that I wanted to share that's kind of
(06:49):
a new little secret with the I R S is
if you make less than seventy two dollars a year.
Let me said again, less than seventy two thousand dollars
a year, you can actually file your taxes for free
on the IRSs website. I know a lot of companies
have been promoting that they you know, you can file
your taxes for free, but then they charge you at
the end to mail it off, and you know it
(07:10):
does cost money to mail it off DIGITALI and stuff
of that nature. But with the I R S, you know,
you go on their website and you can do it
all for free. And that is a really big benefit
for a lot of families, a lot of individuals who
may not have the extra money to you know, pay
to get their taxes done or even shipped out. So
this is a really big benefit. I'm gonna send you
(07:33):
the link, Tanya, so you can share money. Movers so
that they can, you know, get their tax you know,
I think that's a really great thing because I feel
like so many people have this unfounded fear of filing
taxes because they're just worried they're going to do something wrong.
They can't file taxes on their own. You know, for
a lot of people, it's quite simple. You know, they
(07:55):
have a W two, they're employed, um and a lot
of the websites walk you through very easily how to file.
What are some suggestions that you need to get some
tax breaks? So mess around with it and you know
what it don't be don't be as afraid as you
know we've made it out to be, because to get
that free filing is really important and you can do it, yes, exactly.
(08:18):
And if you also need other places that you want
to go to to get your taxes done for free,
universities offer a lot of benefits where you can go
in and get your taxes done for free. I know
I did that at my university, and it's our students
that are college educated students, so you know, they'll double
check everything for you and make sure that they're walking
you through your taxes. And it's also for free, so
(08:41):
you know, check out your local community colleges, your local
universities and see if they are offering these benefits. You know,
it's really funny because I feel like I am your
client right here. I am the person who has always
been afraid of taxes, and I think a lot of
that came from my family. I don't know why. You know,
taxes are something that we've always had to file. But
(09:01):
when I actually downloaded quick Books, UM, I was so
impressed by how easy it was. It migrated all my
bank accounts over, it showed all my spending. It was
kind of sobering. Um, but it's so much easier than
we all make it out to be, and so try it,
Try doing it yourself. Try adding the tax preparation on
top of it. But I think the biggest tool for
(09:23):
me was actually using quick Books regularly throughout the year. Yes,
and especially if you're a business owner you have a
side hustle. Um, if you're buying things for your business,
you can easily, you know, take a picture of your
receipt and attach it to the purchase, upload your invoice,
and it just makes me so transparent, so crystal clear,
(09:44):
so that when you are doing your taxes, you feel
a little bit more confident. You don't feel so overwhelmed.
You're not making stuff. I'd be like, you know what,
I have proof that I bought this from my business.
I have proof that I did this work. I have
the invoice. And it makes you feel a bit more
confident when you comes to submitting your I r S.
And if you get audited, you know you have all
of your backup plans, all your information and at the
(10:05):
small things that make a difference, especially if you're concerned
about filing your taxes or if you're a new business
person filing your taxes. These are the little things that
matter to us. And you know what, for me too,
it also made me feel like I bossed up because
it was one of those things that you know, and
I see these in talks all the time when people
(10:25):
talk to the stuff that you don't want to do,
that you find the hardest, that you want to procrastinate
the most on first. And so once I really tackled
that and started doing that all the time, I was like,
I'm a real I'm a real entrepreneur here, I'm a
real boss. Like I'm doing the hard stuff first. Um,
So it was a really good lesson for me and
then just ended up being not as daunting as I thought.
(10:47):
You know, year after years, like you just manage your
books and get your taxes done exactly well, Syrense, thank
you so much for joining us today. All right, Money Movers,
that's all the time we have for today, but please
sire any share with us where folks can find you
on social media. You guys can find me on Instagram, Poise,
finance and lifestyle. I am also on TikTok and YouTube.
(11:10):
If we helped you make your money move, please make
sure to let us know by sending us a like,
sharing the knowledge on your social media, or leave us
a review on Apple Podcasts. Make sure to tune in
Monday through Friday and subscribe to the Money Moves podcast
powered by Greenwood, so that you two can have the
keys to financial freedom that you so rightly deserve. Thank
(11:31):
you so much for tuning in Money Moves audience. If
you want more or a recap of this episode, please
go to the bank Greenwood dot com and check out
the Money Moves podcast blog. Money Moves is an I
heart radio podcast powered by Greenwood Executive produced by sun
Wise Media, Inc. For more podcast on iHeart Radio, Visit
(11:53):
the i heart Radio app, Apple Podcasts, or wherever you
get your podcasts from.
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