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Welcome my friends to another edition the heritage wealth planning YouTube channel today we're gonna do part two of how to save taxes under the new tax bill and so what I want to bring up to you again is I'm just gonna show you the 1040 they get us from 2021 so it's not gonna be specific to 2021 but still watch themselves applicable through the line items and the numbers and stuff like that so so what we normally do on when we're looking at tax forms as first and foremost you look at wages salaries and tips which is line 7 that's fine not if you're self-employed you can do a lot around that in terms of writing various things off now I'm not getting that if your w-2 employee even a 1099 employee could be self-employed but mostly if your w-2 employee this is what it is it's not much you can do about that you just pay tax on these are the two numbers I want to talk about here though I actually for all right so we got taxable interest tax exempt interest ordinary dividends and qualified dividends so we've got 8 a B 9 8 9 be taxable interest is all the income you get from your CDs a government bond a corporate bond anything you just get that I mean for interest that you get little obscure I think without bonds corporate government CDs I'm probably think abouts I just can't think about something but that's well show up in this line right here that's one arm is not taxable to you as ordinary income tax exempt interest is just municipal bonds so you have the you know Commonwealth of Virginia Hospital bond that you get you know two thousand dollars a year on that's gonna show up right there real quick remember tax-exempt interest goes and your modified adjusted gross income so remember anything that is derived from ma G I'm modified just gross income this will play a role in that and the first thing that jumps out to me is your Medicare B and D premiums your modified adjusted gross income on top of your Social Security as well so remember if you're not retired or not taking Medicare now I'm not taking so scary as relevant in terms of that but if you are retired in Medicare and Social Security we want to look at this in particularly that maybe 63 to 64 years old if you're taking or about to take Social Security and or Medicare Part B in Part B we really want to look at that simply because that is how to determine your premiums on Medicare Part B and D so we want to look at tax M interest of Social Security I got ink on my hands let's change the stupid printer so if you want to eyes look down as look into ink in my hand printers uh-uh no way alright.