Economics 101: Sipping on Stock Market Trends and New Mexico's Uncharted Vineyards

Welcome to another exciting episode of Wine and Dime, where we blend the fascinating world of economics with the delightful flavors of wine. Today, we're diving into the intriguing depths of investor sentiment, market trends, and stock valuations, all while taking a virtual trip to the captivating wine regions of New Mexico! Sit back, pour yourself a glass of your favorite vino, and join us as we unravel the mysteries of the stock market and uncover the hidden treasures of New Mexico's rich wine heritage. Let's embark on this delectable journey together! Cheers!

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

In this insightful episode of Economics 101, we dive into some key economic concepts and indicators that impact our financial lives. Here's what you'll learn:

Investor Sentiment:

  • The role of investor sentiment in the stock market

  • How the American Association of Individual Investors (AAII) survey measures market optimism

Stock Market and the Economy:

  • The relationship between the stock market and the economy

  • How the stock market serves as a leading indicator

Stock Market Valuations and Earnings Growth:

  • The significance of corporate earnings growth and its relationship to market valuations

  • How the S&P 500 earnings have evolved over time and its impact on the stock market

Moving Averages in the Stock Market:

  • The importance of moving averages as a tool to understand market trends

  • An overview of the 50-day, 100-day, and 200-day moving averages and their significance

Wine Region:

In this scrumptious episode of Wine and Dime, we're venturing off the beaten path and exploring the captivating wine region of New Mexico. Often overlooked in favor of its more famous neighbors, New Mexico boasts a rich viticultural history dating back to 1629, when Franciscan friars first planted wine grapes in the fertile soil of the Rio Grande Valley.

So, grab your wine glasses, adventurers, as we embark on a sensory journey through the enchanting landscapes of New Mexico's flourishing vineyards. From the historic Middle Rio Grande Valley to the picturesque valleys of Mimbres and Mesilla, we'll unearth the secrets of New Mexico's winemaking past and present.

Prepare to be amazed as we uncover how the local wineries have collaborated with Italian, Spanish, and French vintners to create innovative hybrid grapes that capture the essence of New Mexico's unique terroir. As you sip on your favorite beverage, imagine the sun-drenched vines, the whispers of the desert winds, and the tantalizing aromas of New Mexican wines waiting to be discovered.

Whether you're a seasoned wine connoisseur or a curious newbie, let this episode of Wine and Dime be your guide to the hidden gems of New Mexico's wine country. Who knows? You might just find your next favorite bottle or plan a trip to this enchanting region. So, let's toast to the spirit of adventure and the delightful flavors that await us in the vineyards of New Mexico. Cheers!

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Economics 101: Understanding CPI, Unemployment, and Consumer Sentiment

Welcome to another exciting episode of Wine and Dime with your host, Amy Irvine! In this episode, we'll not only dive deep into the world of economics, but also embark on a delightful exploration of the Virginia wine region. Get ready to learn about the state's rich history of wine production, the unique varietals it offers, and the beautiful landscapes where these grapes flourish. So, pour yourself a glass of your favorite Virginia wine, sit back, and join Amy as she uncorks a wealth of knowledge about both CPI and unemployment, as well as the fascinating world of Virginia's wine industry. Cheers!

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Episode Summary:

In today's episode, Amy Irvine explores the connection between economic indicators like the Consumer Price Index (CPI) and unemployment, and how they influence consumer sentiment. As Amy breaks down the complexity of CPI, she highlights its various components and how they relate to inflation.

The discussion then moves on to the relationship between unemployment and inflation, with Amy explaining the significance of the U3 and U6 unemployment rates. She emphasizes the importance of monitoring these rates to understand their potential impact on the economy.

Lastly, Amy delves into the connection between consumer and investment sentiment, explaining the importance of consumer sentiment as an economic indicator. By understanding consumer sentiment, we can better grasp how it affects spending and overall GDP.

Don't miss out on this informative episode that sheds light on the complex relationships between economic indicators and consumer behavior. And if you haven't already, make sure to listen to the previous episodes in this six-part series to get a comprehensive understanding of the economy and its impact on our daily lives.

Virginia is for Wine Lovers:

In this episode, host Amy Irvine takes a detour from the economic discussion to share her passion for wine, specifically exploring the wine industry in Virginia. She reveals that wine production in the state dates back to the early days of European colonization in the 17th century. Despite the hot and humid summers that can pose a challenge to viticulture, the Virginia wine industry has grown significantly in the last 20 years.

Amy highlights that French hybrid varieties account for about 20% of the total grape production in Virginia, while American varietals make up approximately 5%. She shares the top ten varietals produced in the region, such as Chardonnay, Cabernet Franc, Merlot, and Viognier. Amy also notes that the central and northern Virginia County area, particularly just east of the Blue Ridge Mountains, is responsible for a significant portion of the state's wine production.

Amy's enthusiasm for the Virginia wine industry is evident as she expresses her desire to visit and explore the region in person, and she encourages listeners to share their recommendations for great Virginia wines that she could try and potentially feature on the show in the future.

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Economics 101: From Wine Trails to Trade Balance - A Beginner's Guide to GDP

Welcome back, Wine and Dime listeners! In this episode, we're popping open a bottle of something special as we continue our journey through Economics 101. But before we dive into the intricacies of GDP and the trade balance, let's take a moment to savor the flavors of Michigan's wine industry. Yes, you heard me right - Michigan! From Cabernet Franc to Riesling, Michigan's wineries are producing over 3 million gallons of wine each year. And with over 200 commercial wineries in the state, there's plenty to explore on our tasting tour. But don't worry, we'll make sure to keep our glasses full as we also dive into the ins and outs of GDP, consumer spending, investment, government spending, and net exports. So sit back, pour yourself a glass of your favorite vintage, and join us as we explore the fascinating world of Economics 101.

What you will learn:

  • Recap of the importance of the Fed funds rate and understanding economic indicators

  • What is GDP and how it is measured

  • The components of GDP: consumer spending, investment spending, government spending, and the trade balance

  • The significance of the trade balance and the concept of a trade surplus

  • Overview of Michigan's wine industry and the variety of grapes grown in the region

  • The difference between net exports and total exports and imports

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Outline:

  • Introduction: Recap of the first two episodes on the Fed funds rate and understanding economic indicators

  • Understanding GDP: Definition of GDP as the total value of finished goods and services produced within a country's borders

  • Discussion of the different ways GDP is reported (nominal, real, and PPP)

  • Explanation of the components of GDP: consumer spending, investment spending, government spending, and the trade balance

  • Components of GDP: Breakdown of the overall percentages of GDP: consumer spending (68%), investment spending (18%), government spending (18%), and net exports (-3%)

  • Explanation of each component: consumption, investment, government spending, and net exports

  • Definition of a trade surplus and how it measures a country's positive trade balance

  • Conclusion: Preview of the next episode on CPI and unemployment

Wine Recommendations:

The Michigan wine scene is full of surprises, and we've got the inside scoop on some of the most interesting facts:

  • Michigan wine refers to any wine made within the state's borders, and with over 200 commercial wineries producing 3 million US gallons of wine, there's plenty to explore.

  • European grape varieties such as Cabernet Franc, Chardonnay, Gewürztraminer, Dornfelder, Pinot Noir, Merlot, Syrah, Pinot Gris and Riesling are grown in the region, making for a diverse and delicious selection of wines.

  • The wine industry in Michigan has been growing rapidly, with 3375 acres under wine grape cultivation as of 2020, up from 112 operating wineries in 2007.

  • Michigan's unique climate and geography, with its proximity to the Great Lakes, provide the perfect conditions for grape growing, resulting in high-quality wines that are winning awards and gaining recognition around the world.

  • If you're planning a trip to Michigan to explore its wine scene, make sure to check out the wine trails, which offer a fun and educational way to experience the region's wineries and tasting rooms.

Whether you're a seasoned wine connoisseur or just starting to explore the world of wine, Michigan's wine scene is definitely worth a visit!

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Economics 101: Decoding Leading Economic Indicators and Recession Risks

Welcome to another fun episode of Wine and Dime with Amy Irvine, where we chat about money matters while enjoying some fantastic wine. In today's episode, we'll explore the world of economic indicators, making it easy to understand for everyone. And what better way to learn than with a tasty glass of Airlie Winery's Rosé of Pinot Noir by our side? So, grab your favorite wine glass and join us as we dive into the world of finance with a touch of Oregon's finest wine. Get ready to learn, laugh, and sip with us. Cheers!

What You Will Learn:

  • Economic terms and their impact on everyday life

  • Understanding leading economic indicators (LEIs) and how they signal a recession

  • The role of the Institute for Supply Management (ISM) in tracking economic activity

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Understanding Economic Indicators:

The importance of LEIs and how they help predict a recession

  • Average weekly hours in manufacturing

  • Average weekly initial claims for unemployment insurance

  • Manufacturers' new orders for consumer goods and materials

  • Manufacturers' new orders for non-defense capital goods (excluding aircraft orders)

  • Building permits for new private housing units

  • S&P 500 leading credit index

  • Interest rate spreads

  • Average consumer expectations for business conditions

Institute for Supply Management (ISM) activity growth manufacturing index: composite of new orders, production, employment, supplier deliveries, and inventories

  • Non-manufacturing index: composite of business activity, new orders, employment, and supplier deliveries

Wine Recommendation Highlight:

Sipping on Airlie Winery's Rosé of Pinot Noir

Amy shares her love for Airlie Winery's Rosé of Pinot Noir, a refreshing and spicy wine that she enjoyed during her visit to Oregon's Willamette Valley. This delightful wine helped her get through the 2023 tax season, making it a personal favorite.

Featured Wine:

  • Airlie Winery's Rosé of Pinot Noir: A refreshing and spicy Rosé perfect for wine enthusiasts looking for something different.

For more information on Airlie Winery and their range of wines, visit their website or check them out when you're in the Oregon Willamette Valley area. And remember to share your favorite wine recommendations with us on Facebook and Instagram @rootedpg. Cheers!

Helpful Links:

  1. Rooted Planning Group: Learn more about the financial planning services offered by the episode's sponsor, Rooted Planning Group - www.rootedpg.com

  2. Airlie Winery: Discover Airlie Winery's Rosé of Pinot Noir and their other wines - www.airliewinery.com

  3. National Bureau of Economic Research (NBER): Find information on leading economic indicators and other economic data - www.nber.org

  4. Institute for Supply Management (ISM): Learn more about the ISM indices and economic activity - www.ismworld.org

  5. Wine and Dime Facebook: Follow Wine and Dime on Facebook for the latest news and updates - www.facebook.com/rootedpg

  6. Wine and Dime Instagram: Stay connected with Wine and Dime on Instagram - www.instagram.com/rootedpg

Explore these helpful links to learn more about the topics discussed in this episode and stay informed about economic indicators, financial planning, and, of course, great wine recommendations!

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Economics 101: Understanding the Importance of the Fed Funds Rate

Hi there, Wine and Dime listeners! Amy Irvine here, and I want to start a series on economics. I've realized that during some of my presentations, not everyone may be familiar with some of the terms I use. So, over the next six weeks, I'll be discussing various economic topics that may be new to you but are important to understand. This week, let's start with understanding the importance of the Fed Funds Rate.

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Understanding the Importance of the Fed Funds Rate

The Fed Funds Rate has been making headlines over the past year and a half, with projections showing interest rate hikes to slow inflation. Here's what you need to know:

  • What is the Fed Funds Rate? The Fed Funds Rate is the interest rate at which banks lend to each other overnight. It's set by the Federal Reserve to influence economic activity.

  • Why is it important? The Fed Funds Rate affects everything from the yield on your savings account to the price of goods and services.

  • How does it affect you? Changes in the Fed Funds Rate can impact your borrowing costs, your investments, and even your job opportunities.

Other Key Terms to Know

  • Yield Curve: The yield curve is the difference between short-term and long-term interest rates. An inverted yield curve, where short-term rates are higher than long-term rates, can signal an economic slowdown.

  • APR vs. APY: APR (annual percentage rate) is the interest rate you pay on a loan, while APY (annual percentage yield) is the interest rate you earn on an investment. Make sure you know the difference!

  • Basis Points: A fancy term for percentage points. 100 basis points equal 1%.

My Exploration of Scottish Wine

As many of you know, I'm planning a trip to Scotland in 2024, and I've started to get educated about the country. Believe it or not, Scotland has some wineries! While they don't produce a lot of wine, I came across a winery called Chateau Largo during my research. I'm always up for trying new things, so I'm challenging you to find a Scottish wine that you enjoy. If you do, please report back to me!

Where to Learn More

If you want to learn more about the Fed Funds Rate and other economic terms, check out the links below:

That's all for now. Stay tuned for more economic topics in the coming weeks. Cheers!

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Wine and Dime Your Way Through Small Business Tax Planning

Welcome to Wine and Dime, the podcast that uncorks the mysteries of personal finance! Today, we're diving into the nitty-gritty of business expenses. As a solopreneur or small business owner, you want to maximize your deductions and minimize your tax bill, right? Well, buckle up, because our guest experts, Kate Welker and Amy Irvine, are ready to help you do just that. From office supplies to travel expenses, from depreciation to employee benefits, they'll guide you through the maze of IRS rules and regulations. So, grab a glass of your favorite vintage, and get ready to toast to your financial success!

Overall, this episode of the Wine and Dime podcast offers a wealth of information for anyone trying to navigate the world of business expenses. Whether you're a seasoned business owner or just starting out, you're sure to learn something new and valuable. So, pour yourself a glass of your favorite wine and tune in to this informative and engaging episode!

What you will learn:

  • The importance of keeping accurate records of business expenses for tax purposes

  • The difference between deductible and non-deductible expenses, and how to determine which category an expense falls under

  • How to calculate depreciation on assets and determine when to list them separately on tax returns

  • The nuances of travel and meal expenses, including what is deductible and what is not

  • The importance of paying both the employer and employee side of Medicare and Social Security taxes as a self-employed individual

  • The benefits of solo 401k plans and other employee benefit programs for solo entrepreneurs

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

The Wine - 2015 WALLA WALLA VALLEY SYRAH DESSERT

If you're a fan of dessert wines, you won't want to miss out on the 2015 WALLA WALLA VALLEY SYRAH DESSERT from Pudding River Winery. This rich and complex wine offers flavors of black cherry, chocolate, and spice, with a smooth finish that lingers on the palate. It's the perfect wine to enjoy after a meal or to pair with a decadent chocolate dessert. Visit Pudding River Winery's website to learn more about this delicious wine and how to get your hands on a bottle.

Useful Links

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Bank Failures and Insurance Limits

Bank Failures and Insurance Limits

Welcome to the Wine and Dime podcast, where financial topics are uncorked and discussed like a fine bottle of wine.

In today's episode, Amy talks about the recent bank failures and the insurance limits that protect your funds. Before diving into the topic, Amy mentions her wine recommendation for the day - a 2019 Bourbon Barrel Cab from Berklee Winery in Lubbock, Texas. Moving on to the topic, Amy explains the different types of insurances available, such as FDIC and NCUA, and the limits for each. She also highlights the differences between the types of accounts that are covered and not covered. Investments made in stocks, bonds, mutual funds, crypto assets, and annuities are not covered under FDIC insurance. Amy provides a useful link to help listeners check if their funds exceed the FDIC limits.

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

What you'll learn:

  • Recent bank failures have caused concerns about the safety of deposited funds

  • Different types of insurance available: SIPC, FDIC and NCUA

  • FDIC insurance covers checking accounts, savings accounts, CDs, money market deposit accounts, and other official checks issued by a bank

  • FDIC insurance does not cover stock investments, bond investments, mutual funds, any kind of crypto assets, life insurance policies, annuities, any kind of municipal securities, safe deposit boxes or their contents, and then U.S. Treasury bills or bonds or notes

  • The standard insurance amount is $250,000 per depositor

Wine Recommended: 2019 Bourbon Barrel Cab from Berklee Winery

The 2019 Bourbon Barrel Cab from Berklee Winery in Lubbock, Texas is a wine that is sure to please any wine enthusiast. This wine is a Cabernet Sauvignon that has been aged in bourbon barrels, giving it a unique flavor profile that is sure to impress.

The wine is dark and rich, with aromas of blackberry, black cherry, vanilla, and oak. On the palate, the wine is full-bodied with flavors of dark fruit, vanilla, and a hint of caramel. The bourbon barrel aging adds a subtle smokiness and complexity to the wine, making it a great pairing for rich, hearty dishes like grilled steak or roasted lamb.

Berklee Winery is located in Lubbock, Texas, which is known for its hot and dry climate. Despite this challenging environment, Berklee Winery has managed to produce some exceptional wines using sustainable farming practices and a commitment to quality.

Overall, the 2019 Bourbon Barrel Cab from Berklee Winery is a fantastic choice for anyone looking to try something new and exciting in the world of wine. Whether you're a seasoned wine drinker or a beginner, this wine is sure to impress with its unique flavor profile and exceptional quality.

Helpful Links:

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Pairing Schedule 3 with the Perfect Wine: A Tax Season Guide

In this episode of the Wine and Dime podcast, host Amy Irvine discusses Schedule 3 of the 1040 tax form, which covers additional credits and payments. Schedule 3 of the 1040 tax form is like the third glass of wine - it's necessary to finish, but you're not sure if it's worth the headache tomorrow.

Kidding aside,

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Here are some key points from the episode:

  • Schedule 3 is where you might get some additional credits and payments after your taxes have been calculated.

  • The first part of Schedule 3 is for non-refundable credits. If you don't pay enough in taxes, these credits will offset any amount of liability or tax computation that you might owe.

  • You can also get a foreign tax credit if you paid taxes on international funds held within your brokerage account.

  • The credit for child and dependent care expenses can provide some benefit based on your income level and the amount paid for childcare, with the maximum credit being $3,000 for one child and $6,000 for two or more qualifying children.

  • Education credits such as the American Opportunity Credit and the Lifetime Learning Credit are available for those who have college expenses.

  • If you are saving for retirement, you may be eligible for a retirement credit.

Winery Recommendation:

Pudding River Winery is a family-owned and operated vineyard located in Salem, Oregon, that has been producing award-winning wines since 2003. The winery's name is inspired by the nearby Pudding River, which flows through the beautiful Willamette Valley. The winery's mission is to create unique and high-quality wines that reflect the distinct terroir of their vineyard.

Pudding River Winery's vineyard spans over 22 acres, and it is planted with several grape varietals, including Pinot Noir, Chardonnay, Pinot Gris, Riesling, and Syrah. The winery uses sustainable farming practices, such as composting and cover cropping, to ensure that their grapes are healthy and vibrant. Their wines are handcrafted in small batches, using traditional winemaking techniques and minimal intervention, to showcase the natural flavors and aromas of the grapes.

The winery's tasting room is a charming and cozy space, decorated with warm wood accents and beautiful artwork. Visitors can taste a selection of the winery's current releases, including their Pinot Noir, Chardonnay, Pinot Gris, and Riesling. Pudding River Winery also offers guided tours of their vineyard and winery, where visitors can learn about their winemaking process and the history of the winery.

If you are interested in trying Pudding River Winery's wines, you can purchase them directly from their website or visit their tasting room in Salem. Some of their wines are also available for purchase at local wine shops and restaurants in Oregon. Here are some additional links to explore their wine selection:

If you want to learn more about the topics discussed in this episode, here are some helpful resources:

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Uncorking Schedule 2: Sipping on Taxes with Amy Irvine

Amy Irvine of Wine and Dime is back with another episode, and this time she's uncorking the secrets of Schedule 2 from the 1040 tax document. It may sound daunting, but Amy breaks it down like a fine wine, explaining the different types of taxes and penalties that can show up on Schedule 2.

But what's a tax episode without a wine recommendation? Amy suggests pairing your tax prep with a glass of Pudding River Winery's Willamette Valley Chardonnay. This "delightful" wine is the perfect complement to your financial musings, with its notes of apple and pear and a smooth finish that will leave you feeling refreshed and ready to tackle your taxes.

So next time you're faced with the daunting task of Schedule 2, remember to take it one sip at a time and pair it with a delicious glass of wine. Cheers to financial wellness and a well-stocked wine rack!

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Main Discussion: Amy discusses Schedule 2 from the 1040 tax document, which includes additional taxes and penalties that a taxpayer may owe. She explains that Schedule 2 is used to report alternative minimum tax, excess advance premium tax credit repayment, additional taxes on IRA or other qualified retirement plans, and other taxes. Amy provides a helpful overview of each of these taxes and explains how they may apply to individual taxpayers.

In conclusion, Amy highlights the importance of understanding Schedule 2 and how it impacts your taxes. And of course, they recommend enjoying a glass of Pudding River Winery's Willamette Valley Chardonnay while reviewing your taxes.

Wine Recommendation: On this episode, Amy recommends a 2015 Willamette Valley Chardonnay from Pudding River Winery. She describes the wine as "delightful" with notes of apple and pear, a touch of vanilla, and a smooth finish. Pudding River Winery is a small, family-owned vineyard located in Salem, Oregon. Visit their website at puddingriver.com to learn more about their wines and vineyard.

Links that you might find helpful:

  1. Schedule 2 of the 1040 tax document - The IRS website provides information on Schedule 2, including the different types of taxes and penalties that are reported on it: https://www.irs.gov/forms-pubs/about-schedule-2-form-1040

  2. Alternative Minimum Tax (AMT) - The Tax Foundation has an article that provides a comprehensive overview of AMT, including how it works and who may be subject to it: https://taxfoundation.org/alternative-minimum-tax/

  3. Excess Advance Premium Tax Credit Repayment - The healthcare.gov website provides information on this tax, including how it is calculated and who may be subject to it: https://www.healthcare.gov/glossary/excess-advance-premium-tax-credit-repayment/

  4. Additional Taxes on IRA or other Qualified Retirement Plans - The IRS website provides information on these taxes, including the different types of retirement plans that may be subject to them: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

  5. Pudding River Winery - The winery's website provides information on their wines, vineyard, and tasting room: https://puddingriver.com/

  6. Rooted Planning Group - The financial planning group's website provides information on their services, team, and approach to financial planning: https://www.rootedpg.com/

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Uncorking Your Income: Making Adjustments on Schedule 1

In this episode of Wine and Dime, Amy Irvine is back to talk about the wonderful and illustrious 1040! Amy dives into Schedule 1, which is actually an extension of the front side of the 1040. Schedule 1 is all about additional income and adjustments to income.

What you'll learn:

  • Different income items included in Schedule 1

  • Form 4797 and Form 2550

  • Types of income need to be reported on Schedule 1

  • Pudding River Pinot Noir for International Women's Day

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

I. Additional Income Items

  • Taxable refunds, credits, and offsets to state and local income taxes

  • Alimony payments received (before or after 2019)

  • Business income or loss (covered in more detail in part five)

  • Other gains or losses (reported on Form 4797)

  • Rental income (reported on Schedule E)

  • Farm income or loss (reported on Schedule F)

  • Unemployment compensation

  • Any other income received (e.g. net operating loss, gambling, foreign earned income exclusion)

  • Income from other resources (various forms may be required)

  • Alaska permanent fund dividends

  • Jury duty pay

  • Prizes or awards

II. Adjustments to Income

  • Educator expenses

  • Certain business expenses of reservists, performing artists, and fee-basis government officials.

  • Health savings account (HSA) contributions

  • Moving expenses

  • Deductible part of self-employment tax

  • Self-employed SEP, SIMPLE, and qualified plans

  • Self-employed health insurance deduction

  • Penalty on early withdrawal of savings

  • Alimony paid (before or after 2019)

  • IRA contributions

  • Student loan interest deduction

  • Tuition and fees deduction

Conclusion:

  • Schedule 1 is an important part of the 1040 tax form that covers additional income and adjustments to income.

  • By understanding what needs to be reported and deducted, taxpayers can ensure they are accurately completing their tax return.

Pudding River Winery's Pinot Noir:

  • From the Willamette Valley in Oregon, Pudding River Winery's Pinot Noir is a complex and elegant wine with a deep ruby color and aromas of cherry, raspberry, and vanilla.

  • On the palate, it has a smooth and silky texture with flavors of red fruit, spice, and a hint of earthiness.

  • This wine pairs well with grilled salmon, roasted duck, or mushroom risotto.

  • It has received high ratings from wine critics and is a great choice for those looking to explore the world of Oregon Pinot Noir.

Links discussed in this episode:

  1. The IRS website provides detailed instructions on how to fill out Schedule 1, including a line-by-line breakdown: https://www.irs.gov/forms-pubs/about-schedule-1-form-1040

  2. Pudding River Winery: https://www.puddingriverwinecellars.com/

  3. Oregon Wine Board: https://industry.oregonwine.org/

  4. Willamette Valley: https://willamettewines.com/

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help. Visit www.rootedpg.com to learn more.

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