Episode 163: 2022 Tax Season and Behavioral Finance

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Today’s Smart Money Question:

Are you ready for the 2022 tax season? We’ll explain why breaking even in your taxes is so important and how behavioral finance plays a role in most people’s lives.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

Can we believe we’re in January? The IRS has come out and given us an official date for the tax-filing season of Jan. 24. Yet, they are already warning us about challenges, not only for this tax season, but the issues and the backlog they’ve had since the beginning of the pandemic.

If you have to file returns that have to be manually reviewed, it’s going to take awhile. Just be aware of this upcoming tax-filing season.  As you’re gathering all your documents, pay special attention to your deductions, your IRAs, HSAs, anything that will affect the top of your adjusted gross income.

Make sure to talk with your tax professional to make sure everything in order. We recommend always trying to break even with tax obligations each year. That way, you’re not waiting for a potentially large chunk of money.

The other thing we want to talk about today is behavioral finance and how that fits in today to your investment strategy and philosophy.

Behavioral finance is the branch of economics and psychology that deals with the effects of cognitive errors and emotional biases on investors in retail, institutional and financial markets.

You need to understand yourself and make sure you’re not falling into these biases that we all have. First, you have to check your politics at the investment door. If you feel fearful of your investments because your politician didn’t win office, that’s behavioral finance.

Listen to the full episode or use the timestamps below to jump to a specific section.

0:07 – Tax filing date

2:38 – Break even on taxes

4:02 – Tax brackets

6:23 – Behavioral finance

10:26 – FOMO

12:15 – Irrationality

14:15 – 2022

 

“We hear it all the time – don’t give the government a loan that they’re not going to pay you on.“

-Matt Hausman

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