Understanding Your Taxes
In this episode, Luis talks about some tax basics in order to understand how taxes work and help you minimize your taxable income. Luis is the founder of Build a Better Financial Future LLC. He came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City Luis noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education.
From participating as an FPA NexGen ambassador and host, to speaking at the CFP Board Center for Financial Planning’s Diversity Summit, Luis uses his platform to help spread financial literacy via media outreach as well as encourage younger and diverse planners to join and thrive in the industry.
He is the host of the “On My Way to Wealth” podcast, co-founder of the BlatinX (BLX) Internship Program and LatinXcellence – an initiative that seeks to bring awareness to and help close the wealth gap in the LatinX community. Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch, as well as Investopedia Top 100 Financial Advisors in 2020.
In this episode, Luis discusses the following and more:
- Understanding the U.S.’ progressive tax system
- How tax brackets work
- The difference between a tax deduction and a tax credit
- Ways to lower your taxable income