In this video, I break down the new $6,000 senior tax deduction from the Senate tax bill and what it means for retirees 65 and older. I explain how this deduction could significantly lower your taxable income, how it compares to the House bill, and share smart tax strategies to help seniors save more in retirement.
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0:00 - New $6,000 Senior Tax Deduction Explained
0:38 - Comparing House and Senate Tax Bill Deductions
1:32 - Deduction vs. Tax Credit – What It Really Means
2:43 - How Social Security is Currently Taxed
4:00 - $100K Income Example – How Much You Actually Save
5:03 - Tax Savings Timeline: 2025 to 2028 Explained
6:01 - The Problem With Taxing Social Security
6:35 - History of Social Security Taxation Since 1980
6:55 - Tax Strategy: Qualified Charitable Distributions (QCD)
8:43 - Self-Directed IRAs & Retirement Tax Strategies
9:18 - Final Tips for Proactive Retirement Tax Planning
Mat Sorensen is the Founder and CEO of Directed IRA & Directed Trust Company, an INC 500 company with over $2.5B in assets and 1,134% growth in the last three years. He leads one of the fastest-growing custodians for self-directed IRAs, helping investors deploy retirement dollars into real estate, private funds, and alternative assets. Mat is the author of The Self-Directed IRA Handbook, the industry’s most widely used guide with over 50,000 copies sold. He also holds advisory roles with KKOS Lawyers and Main Street Business Services and co-hosts two top-ranked podcasts for investors and entrepreneurs.
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Disclaimer: This podcast is for educational purposes only and does not constitute financial, tax, or legal advice. Consult with a qualified professional before making any investment decisions.
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The Self-Directed IRA Handbook:
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By: Mat Sorensen - Wealth Lawyer & Entrepreneur
Title: New $6000 Senior tax deduction - What it means for you? Wealth Lawyer Explains
Sourced From: www.youtube.com/watch?v=qTg5f8Lzips
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