Скачать или смотреть What Is Phantom Income And How Does It Affect Your AGI? - Tax and Accounting Coach

What Is Phantom Income And How Does It Affect Your AGI? Are you aware of how certain types of income can impact your tax return even if you haven't received the cash directly? In this video, we'll explain what phantom income is and how it can influence your tax situation. We'll start by defining phantom income and discuss common scenarios where it might appear, such as in partnerships, S corporations, or investments that reinvest earnings. You'll learn how forgiven debt and non-cash benefits like company cars or housing can also generate taxable income that you haven't physically received. We’ll explore how this type of income affects your Adjusted Gross Income (AGI) and the potential consequences for your eligibility for deductions and credits. Understanding these concepts is essential for effective tax planning and avoiding surprises during tax season. We’ll share practical tips on how to anticipate phantom income and strategies to manage its impact, including working with a tax professional and planning your investments carefully. Whether you're a small business owner, investor, or just want to better understand your tax obligations, this video offers helpful guidance to navigate phantom income and its effects. Stay informed and make smarter financial decisions by watching this essential overview.

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About Us: Welcome to the Tax and Accounting Coach channel! Our mission is to make tax and accounting topics approachable for everyone, whether you are a small business owner or someone looking to improve your personal finance skills. Here, you'll find content covering tax deductions, accounting basics, small business taxes, and practical tips for tax filing and bookkeeping essentials. We also share insights on IRS regulations, financial statements, and effective tax planning strategies to help you stay compliant and financially savvy.