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Some legal stuff or whateva
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
Past performance is not indicative of future results. Vincent Chan does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned. Before acting on information, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.
Check out the newest video and strategies to pay less taxes in 2024: kzhead.info/sun/mbyHiamdr2Srm2w/bejne.htmlsi=wAAxbHuC3uXJh3wi
during your tax flavors segment I totally got distracted by the burger flipping....several times
If you were smart enough , you would know that there us NO LAW TO PAY TAXES. Look up Joe Bannister, X IRS tax lawyer. He says no such law exists
Hi, question: my ira lost value 50% can i use to deduct from my taxes?
now i want to read the US tax code.
I thought after Trump’s tax code changes in 2017 you were no longer able to write off “home office” expenses ?
Its simple. Don't earn money. You could of course accept payment in goods; rabbits, potatoes, whatever. Really difficult for government to figure out the taxes due on that.
Basically you pay no taxes on ASSETS you own, you only pay taxes on SALARY. To sum up the video
Thank you.
Ya until you sell your assets then the govt steals from you.
@ClandestineOne2178 It says Employee as one of the applicable people. If you have a job In America, then yes it does apply.
@@ClandestineOne2178you’re insane.
I pay taxes on my property/land
Great video with only one warning to those looking to pay $0 taxes. I have been self employed since 2005 and have never looked back. And I learned early on that when I wrote everything off, did all the deductions I could and wiped out any and all tax obligations…it then became almost impossible to borrow money or buy a house because I wasn’t showing a profit. (It was all expensed and deducted out) Since that time, I make sure I don’t completely write everything off or deduct absolutely everything WHEN I know I’m going to be applying for some sort of large credit. If a business is a side hustle this is less of a concern because you have your income but still, you’re going to need to show creditors there’s money left over to pay for whatever you’re borrowing for.
Keep in mind a good banker should add back in things like depreciation loss, since this is a "paper loss" and is NOT $$ spent, therefore increasing real profits. And if you run good books, and show actual cash in vs. real cash expenses, once again, they will see you are in good financial shape. The key is to establish a good relationship with your banker (and commercial bankers are a lot for savvy than residential bankers) . Great video
WRONG...!!! There are many LARGE companies that have ZERO REVENUE, clearly ZERO PROFITS...and hundreds of employees...therefore they write off ONLY EXPENSES !
Also keep in mind that if you follow that strategy, you are at much higher risk of audit, esp. if you make less than $400k/yr. Why? Because at that income level, the IRS knows you can't afford expensive lawyers so it will be much easier to audit you. In fact, I have been told by the IRS agent who has audited me a number of times that they have been told to stay away from high earners. Re: audits - audits are actually a good thing (although they are a huge time sink) as long as you are doing everything legal and have all the documentation to prove it. For me, they are a sign that you are actually expensing the max possible amount. I've been audited 3 times and every time I'm told I'm the best prepared person ever.... There's always something you miss, last time it was an unprovable mileage deduction which cost me $600.....
@@ckm-mkc how do you prove mileage for something you can’t get a receipt for like dropping off business mail at the post office?
@@spirokalu you have to keep the mileage record daily or weekly basis, only needed when they ask tho.
I think there's a problem with those deductions in the rent example. Yes you have 9K deductions for your home office space, but this doesn't translate into 9K savings in taxes. It means that 9K of your business income is not taxed, but you can't subtract that from your taxes, only from the income.
I was about to post the same thing. That’s a rough error.
I came to the comments for this exact same thing lol it's a $9000 tax deduction not savings.
On paper it's all money spent and you have $0 in your pocket, but in reality you will have savings sitting in you pocket. Nothing to tax on paper.
Was going to say the same. Sure, it reduces taxable income by 9k, but the actual tax benefit will dependent on their nominal rate. Also, that space has to be used regularly and exclusively for the business to qualify for the deduction.
I stopped watching when I saw that math error. How do you trust the rest?
If you deduct all the way down to 0 this is one of the audit risk red flags .. also when you have too many deductions on schedule C , meals , home office expense it also raises the chances of an audit ..if you continuously report negative or 0 the irs might consider it a hobby and not a profitable business .. I’m an Accountant ..
This comment raised the chances of an audit.
@@TBonerton lol.. just trying to help out.
Wow! Thanks for the info.
Love it. No clickbait, no BS, you went straight to the goods.
thank you so much :) what else do you want to learn in the future?
@@VincentChan can you do a video about how much money you will need to start investing ?
@@VincentChan but you have to pay back the loan with taxable income so how does it eliminate taxes?
You don't save $750 or $9000 in taxes, you're just lowering the taxable amount. So on a 22% bracket tax on the 9k is about $1980 in tax savings for the year or $165/month.
Yeah I hope that was just a slip up there.
Exactly @Nestor A Cuellar!
You are absolutely correct, hopefully people realize that was a slip up.
i mean he absolutely read 2000 pages of tax code for that slip up
A lot of folks are going to be disappointed..
My favorite part of the video is when you describe an out of work individual selling 40k worth of stock for the year and not paying taxes as if it’s a work around paying taxes - as if income tax wasn’t already taken on the money he earned before it was used to purchase stocks
He also neglected to mention that there will likely be state taxes on that 40k, depending on the specific state you live in, and in most cases the rate at which you are taxed is the same as whatever the states income tax is.
It is super important to point out that wealth and income are not the same thing! Someone who makes a million dollars in a year will pay a 37% marginal tax rate whereas somebody who has a million dollars worth of wealth will pay no income tax because they didn't earn income.
So many people don’t understand the difference of wealth and income.
This is my first time watching one of your videos and most deff subscribing, straight to it no running around in circles and making things more difficult than they should be good work man fr
Although most people find taxes to be a boring topic, I always get excited to learn more about them. As you showed here, there are SO many different ways to save yourself money on your taxes every year. Since I just started my own business, I am excited to start to write off my business expenses against my profits for the year to hopefully pay $0 in taxes for the next few years at least. This was an excellent video, Vincent! Great job on it.
that sounds great!
@@jbusyiii Exactly!
As Socialist, I never advocate this because to me, paying no taxes must be illegal and I will fight against this including against you.
@@charlielugtu1118 well we live in a capitalist society brother so be realistic
I’m just excited to utilize the tools the wealthy use to growth and sustain their wealth, taxes being a massive part of that. I love talking and strategizing on taxes.
For 2023, it's difficult to make sure about unambiguous expectations for the real estate market is on the grounds that it's not yet clear how rapidly or how much the Central bank can cut down expansion and getting costs without failing purchaser interest for all that from homes to vehicles.
There could be no more prominent opportunity than giving back the way in to an airbnb condo knowing another person needs to keep up with it. On the off chance that you appreciate revamping and adorning, maybe house buying is for you. For my purposes, property is another way we get secured and beyond remarkable cases I'd prefer put resources into Stocks/REITS to get openness to land and other speculation potential open doors.
Given current slump pressures, it is unlikely that the stock will yield huge returns in the near term. In any case, it very well may be a sensible endeavor an entryway. I will screen monetary circumstances and consider purchasing when there is an improvement in the critical money related pointers, any thought which stocks this may be, I just sold my home in the Boca Grande district and I'm expecting to repay a solitary sum into the monetary trade before stocks return quickly, is this OK timing to buy or no?
@@Drago250 that is entirely noteworthy, I could utilize some Data on your FA, I'm hoping to roll out an improvement on my funds this year too.
@Dragon Jee Thanks, I just googled her and am impressed with her credentials. Contacted her through her website to get her opinion on my situation
In my household, I am self employed and my wife works at a hospital. She pays for our food and household items and I pay all the bills on 4 properties. I also get social security now, so I make more than she does. She pays income taxes each week and I show a huge loss each year. We always get nice tax refunds.
Good video, Vincent! Just remember tax deductions (like home office) reduce taxable income, but don’t always equal tax savings.
Agreed #1 and 3 are pretty much the same point
Exactly. I work from home, but there is no way for me to save on taxes as a result because my deductions would be far less than the threshhold required, which is tied to the standard deduction amount.
@@ivansmashem do you use home office write offs? Like deducting internet, part of rent/mortgage/utilities/etc.
@Daniel Harris Thanks for the question, Daniel! I don't. My complete itemized write offs do not yet exceed the standard deduction. While I forget the exact number, I believe there is also a minimum requirement of around $3,000 or so of business expenses before one qualifies for an itemized deduction, or it is just some amount above the standard deduction; I don't recall. Since my total home business expenses do not come close to that amount, nor do I yet benefit from itemizing, I just take the standard deduction. Now, once my wife and I purchase a new home compared to our cheap row home, and my investments increase, I believe I will benefit from doing itemized deductions, but we are probably 3-5 years away from that.
@Ivan Smashem great point!
Great video. Inspires me to rethink my small business. One observation. If you expense 25% of your living space and $3,000 rent, you don’t save the full $750 a month in taxes. You only save the taxes on $750. At the 22% bracket that would be $165 a month or$1980 a year, not $9,000 a year. Still worth it!
You read the entire tax code and didn't notice that they are only taxing U.S. citizens and residents. Well... I live in Washington state, not the U.S. and I wasn't born in the U.S. either. The U.S. is a federal corporation located in Washington DC. Were you born there?? NO!?? Then you are more than likely not a U.S. citizen or resident. You're welcome! 🎉
But people like to be natural persons to play monopoly…😊
11:14 GREAT outline. You forgot to mention qualified dividend income also falls into that "no tax if less than $44k" limit. Unfortunately, most Americans lack the discipline to do 1-3 and would be complete disasters if they even attempted 4 or 5 since they also do not understand or know how to evaluate and judge risk.
Yeah I’m working on trying to get my divvie income to grow. I’m up to $35 a month so woot! Need to up that a lot but it’s soooo slow! :)
can you explain "no tax if less than $44k" limit"
@@303Estatesif married, we will have 123k of dividend income with zero federal taxes next year. Zero State taxes in about 9 States
Vincent! Seriously this is the best KZhead video I have ever seen and I’m pretty sure I’ve watched hundreds of thousands of KZhead videos. It’s all I did during Covid. The way you present this information is so easy to understand. Thank you so much!! ❤️❤️
This video is a blessing for a business student like me. Thanks, buddy
thank you so much :) what else do you want to learn in the future?
The question is how to convert your salary into the investment funnel without double taxation. you pay taxes once it's earned, then buy stocks etc and get taxed again once you sell for gains. How do I skip the first tax stage?
Love this video and appreciate that you took the time to read through those pages and give us the nuggets! Would you be able to do a video on infinite banking? It’s something that sounds legit but too good to be true. Thanks!
Appreciate the knowledge ✊🏽
Great video, but I think you really should have broken down what you meant by "mortgage fees" since it's really just interest, property tax, and home owner's insurance.
Most of the stuff mentioned is simple business accounting, like subtracting actual business expenses from gross revenue and only paying taxes on net profit. There's a complete misrepresentation on the "deduction reduction" with the rent deduction example (basically, business use of your home). It says it "saving $750 in taxes per month" and "a savings of $9000 per year in taxes." No. It reduces your taxable income by those amounts, and the actual tax savings is likely only about 25% of those figures for a typical person. There's the example of getting 3% interest on a portfolio loan and investing it to get 8% in the market. Yeah, except that portfolio loans start at closer 7% and go into the 14% range. Depreciation recapture was conveniently ignored when discussing real estate rental income.
Been looking for vids like this thank you ✅
Great information. Thank you for sharing.
Thank you so much for all your advice. Finally, I put it to use and slowly is paying off and I’m getting in return which you said, which is the greatest commodity of all times which is time itself and not paying taxes and now I’m trying to just work with other people and become the entrepreneur that I always wanted to be. Thank you again
awesome video with lots of helpful information thanks brotha.
Awesome video, you're a smart guy and took a lot of time to do the research. It pays off. Thank you
Please don't follow his advise. It is 90% misleading at best. He has no professional credibility to stand on and is spewing false tax strategies. Please consult an actual tax advisor and financial advisor before implementing any tax strategy.
thank you so much :) what else do you want to learn in the future?
I worked as 1099NEC independent contractor, what’s the best filetax site out there? Where deductions are preset while filing. Fuel costs, food, subscriptions, while driving, and mileage. For mileage I need help filing it, do I list each month’s mileage or the whole year? Also I don’t get the whole need to file 4 times a year if your a independent contractor. Is that true? I live in NV. Uber driver here. Someone help
if you can read all that?.. i have a challenge for you. look thru all the labor tax laws. you will not find a single law anywhere on the books that says labor tax is mandatory. in fact it says it is voluntary and has always supposed to have been. before labor tax (1913) we still had roads, schools, fire departments etc. then ask yourself how govt gets away with terrorizing and robbing folks for not paying labor tax. taxation is theft. period.
Wow very informative great job thanks
Dude this is amazing value in this video. Thank you for reading the tax code and making it so simple and easy to understand! Time for the people to use the same tactics as the rich
Your expenses must be "ordinary and necessary" for your business. If they aren't, they are not tax deductible. Section 162.
For my small business, I was told to take depreciation. It did help quite a bit on the taxes I owed each year, which did allow me to invest more into it. What I was never told when I came closer to retirement, and was ready to sell my business, was that all of that depreciation I had for all of those years is now due to the IRS when you sell it in the form of capital gains tax. Nobody ever tells you that. However, I was told, if you sell it you can do a 1031 exchange. Which allows you to sell your business, then go out and buy a like kind business for same amount or higher, and you won’t have to pay the capital gains tax, But that too, is only a deferment. There is another thing called the Delaware State Trust (DST), but it has pros and cons as well, but is something to consider. Besides, retirement is what I had in mind, not start another business. I was told one thing to do is just keep your existing business, and die with it, which is what a lot said was their strategy, and AIUI, you and your heirs won’t have to pay the capital gains tax. At present I believe that is up to 11 million for singles, or 22 million for couples. These laws change all of the time, so you really need to find somebody that specializes in this.
Love it! Thanks Vince. IRS is and will come after us all.
Not if u know how to utilize private trust
That was fast. I need to listen to this again. Wow~!
Thank you finally some one told the truth about this tax mess.
Not paying taxes is a dangerous route. However, among everything you said this the one I liked because it suits me: 401k, business 401k, 403B, Traditional IRA, HSA, and 457B.
IRS ENTRAPMENT VIDEO !!!
The "income tax " ended/died by law passed by the 83rd Congress on August 16 1954. Google IRC of 1954 taxable years
The IRS is not part of the United States government, heck THE bankrupt UNITED STATES is a government service corporation. But the Constitution clearly states that only Congress can collect taxes; Not the IRS! Plus, If you agree and sign that voluntary agreement, then you are held to their [IRS] contract. Which you stated to pay taxes! And not to forget that the Constitution states that only gold and silver can be made as payment of debt. Learn the law, not policy….
The best method involved getting a g and pressing the self deletion button
1. Should probably mention depreciation recapture for section 1250 properties. 2. Home office expense also needs to be prorated by hours used by week/day/month to calculate the yearly deduction, not just the sq/feet. 3. There's also SEP IRA's, which has a contribution limit of up to 20% of profit. I have a MS in Taxation and an IRS Enrolled agent.
Yep, everyone loves depreciation until it is recaptured upon selling and make sure you haven't expensed something you should have depreciated.Keep good records going all the way back to when you started to depreciate items
Awesome vid! How about some property tax loopholes? Been looking for info on that :)
Overall, not a bad video (I am an EA studying for CPA), however there is a small correction. You cannot take out the whole mortgage payments. Only interest part of it deductible, which goes down year by year. And the concept is very simple: if you don't pay taxes on borrowed money because it is not an income, you cannot take deduction when you pay it back!
I'm an EA as well, there is far more than one thing wrong with this video.
@@ryanheller5424 agree...
Property investor often take out an interest only loan, so all payment to the bank are tax deductible.
@@jackchen5290 that’s not a right thing to do! Even for property investors! If you recognized loan proceeds as income when you received it (which I doubt) then you can deduct the whole amount of payments. The correct way is only deduct the interest portion of payments which is reported in box 1, form 1098. You are welcome 😀
@@nairaamirkhanyan7416 I’m talking about the type of loans you can take out as investor where you do not pay down the principle. You are welcome
Educational. Thank you
Income Tax is illegal. The word income isn't defined in the law. It isn't required by law. The law states that it is suggested. Not mandatory. The law also expired at the end of the war. That was never changed. Congress looked into it some time ago and they said there was only 3 classes of citizens that had to pay it. 1. Citizens of Washington DC. 2. Federal Employees. 3. cooperations. At that time a rich businessman put out a bounty for anyone who could prove that it was legal. To my knowledge, this money has never been claimed ay anyone.
You could check the little box that says exempt from paying income tax on your W2
If we are being truthful to ourselves, just like the rich, taxes can be a big pain. Income tax, value added tax, property tax, etc. Paying taxes is good, but we could also create our own tax havens. I personally put my money mostly in the stock market, since its appreciation is not taxable, and then when I sell, I find ways to make the income non-deductible in taxes. I 'm currently sitting on more than $327k of cash, and I'm definitely throwing it in the market. Just thinking of how to not lose it all, since the market is red...
I'll suggest you find a mentor or someone with experience guide you especially in this recession. especially for your 401K, IRA and portfolio diversification.
@Mark Lofgren please tell me how to use this recession to make gains! Grew my reserve of $121k to over $513k btw DEC. 2011 and AUG 2012 but the market is diff now..
@Mark Lofgren Sounds great. I could really use the expertise of an advisor, just can’t find while I’m away for work in New Zealand for another year. My portfolio has been stagnant.... Who’s the person guiding you can I get a phone number?
@Mark Lofgren I just looked her up on the internet and looked into her credentials. I wrote her a letter outlining my financial objectives and planned a call with her.
@Mark Lofgren Researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.
😊 very informative and educational thank you *NEW SUBSCRIBER*
Love it! Where I can download all the tax code?
Well done! Great video!
Thank you very much! Did you learn anything new in this video?
Supposedly when the income tax came out it was only for federal employees or anyone who made money on federal land/equipment/ ect... then at some point everyone got charged it. Edit* I already have been using freetax usa for years. I didn't like paying money to the monopoly of turbo tax. Haven't had an issue filing with them in over 5 years.
Interesting! Thanks for sharing that tidbit :) Do you have any other fun facts regarding taxes? And that's great to hear about freetaxusa - 100% agreed It's a great platform
@@VincentChan well just that i file early every year because i don't want someone else to file them for me! Scammers are everywhere. There is a reason they issue those pins. Tax return fruad is on the rise fast!! Good video btw. Your editing is great and the face overlays are funny. Haha. This year will be my most complicated filing... buying property, taking out money from a 401k, selling an insurance policy gifted to me, american opportunity tax credit, blah. I can't figure out how to report the 401k withdrawal though. I don't think Vangaurd withheld enough. Looks like they only held 10%. O yea... that's pretty badass getting sponsored by a company like that. You have the mentality of someone i met with a $2M+ house near Boulder. They told me all about mr money mustache man, deducting home offices, 401k early withdrawals for property... if you aren't putting money in things that grow you aren't getting ahead.
Ya becuz they turned everyone into a 14th amendment citizen, which makes u federal employee of United States Inc.
@@VincentChan Our taxes have gotten much more complicated so we started working with an accountant. This professional actually caused us to pay more in taxes than Turbo tax but we corrected him and he agreed with us after. Does Freetax USA work for people with complex situations? 4 LLCs and a S corp.
For us dependent on W2 income, take full advantage of your company’s benefits. At some companies, you can effectively get another 50% pay by maxing all the benefits.
Wow!! Now this is content! Mahalo!❤
Perhaps I am mistaken, but as I remember it you have State Taxes (for most states) that don't make a distinction between capital gains (Long or Short-term) and income. In other words: Whereas federally if you make under the ~$44,000 threshold on Long-term you'll pay the federal government 0%, on the individual state level you will still be required to pay whatever % of tax is required by your state for their individual "income" tax (again most don't make a distinction between capital gains [Long or Short-term] and other income). So for tip number 4 it is important to remember that whereas federally you may not be taxed for Long-term capital gains under ~$44,000, your state tax will likely be different.
Bless you . thanks . thanks
The best way to avoid paying taxes is to buy enough elected representatives to write tax codes that benefit you.
Where the heck can I get a stock secured loan with a 3% interest rate??? Minimum I’m seeing is 8.30%
Your first example "page 159" I'm guessing section 162 ordinary and necessary Busniess expenses, will only work to offset income related to a Busniess. That doesn't work for W-2 employees or for W-2 income. If you do have 1099 income you might be subject to SE tax and estimated payments. Also, you can't use 1099 expenses to offset W-2 income. The rent concept is good but only works for 1099 income and if you own the property you will be subject to recapture on the home office deduction if you sell it. The rental income section is problematic. Again, this only works for 1099 income unless you are one of the very very few people who use Sch. A. You don't deduct your mortgage payments you only deduct the interest. Depreciation taken on fixed assets is subject to recapture if sold. Not a huge deal because of 1031 but you didn't mention that. Infact you advised against using a 1031 transaction by insted leveraging the property. Also, personal net operating losses are subject to limitations if the taxpayer is not a real estate professional, sec. 469. Most of the information you are giving is not applicable to most people and some of it isn't even applicable to the rich. I recommend that people talk to a tax professional if they have a complex tax situation.
Great video! What do you think about the Roth 401K?
Good video. Question If I filed a deduction of 30% of mortgage expense by claiming part of my home is used for a business purpose, will that deduction goes to my personal income as I owned a property.
At 9:33 your mortgage fees deducted cannot include any principal payments.
Thank you !!
Awesome video on property income
The example of rent doesn’t make any sense. So 25% of a $3,000/mo qualifies you for a $750 write off but that doesn’t save you $750. It saves $750 multiplied by whatever marginal tax rate you’re in
Good stuff
What type of loan is #2? I wish I would’ve done this
All of this is extremely good information. Young people should be learning this as part of the education system. Taxes are like that of the casino…..their job is to separate you from your money as quickly as possible. My question though is….did anyone pay attention to the flipping of those burgers? Never have l ever seen burgers jump onto a spatula as if by magnet, l watched it two time to make sure l saw what l saw.
Genius, I just need to sell my $40,000 in stocks and not work the whole year. Why didn’t I think about this sooner?
May want to. The next market crash won't have a come back. Just FYI
A big part of the reason that the author has had to sell his kidney on the black market to pay for his rent:) is that he lives in New York. It has some of the highest property taxes in the United States. Which increases costs for the landlord. It is also one of the most difficult and expensive places to get permits for new construction which restricts supply. It's not really a place that I am exactly interested in living.
One question. Are you filing as a Sole Proprietor or as a Llc?
The only other flaw is you don't pay long term capital gains tax based on how much long term capital gains you recognize each year, it's based on income. If your adjusted gross income is 50k/yr, you're going to be taxed 15% on all long term capital gains.
If you are married filing jointly your long-term capital gains starts at above $89,250 for 2023, not bad. And anything over that amount is taxed at only 15% upto the $553,850, which doesn't really matter because I don't expect to ever realistically make that much.
I thought it was a separate tax bracket that wasn't influenced by your personal income...
My Friend, Your Story Telling Ability and Ability to Keep Me Hooked Throughout the Video is Amazing! You Inspire Me to Better My Videos. Keep up the Great Work! Hope to Connect with You Some Day :)
9:40 curious… not sure if you can write off both your mortgage payment AND depreciation… maybe interest on the mortgage but no the full monthly payment
I didn’t understand much about Tax Flavors and Long Term Capital taxes? Can you make a video with a deeper explanation please?🙏🏻
You made a mistake when talking about deducting the portion of rent that goes to your office. You don’t get $750 off your taxes, you get $750 of your taxable income. Very big difference.
That's assuming you don't claim standard deduction which almost everyone does
still havent understood since you have to repay the loan dont you pay more tax next year on those repayments? so at some point you cant escape....so how do they do it? unless if you invest all the money of the loan but then how are you gonna live well?
Would you happen to know about the W4 form ? Also I work remotely.. I have an office in my rental unit .. can write off my office space etc
I understand the concept of not paying taxes on existing wealth (Assets) by playing a shell game but how is one who draws a substantial INCOME able to reduce that to a point where they are only showing an amount equivalent to the standard deduction. How are they able to pay for an auto loan / mortgage / insurances / medical and other large PERSONAL expenses without showing an income to match?
I stopped paying federal income taxes in 2019. I will never pay a dime in federal income taxes unless, Congress changes the law.
What about a program for a nonfiler for sevwral years? Does freetaxusa work for that?
I majored in finance and worked at a large CPA firm. I guess I never considered this as news. But I see here that many in society don't have much of an understanding. Glad that you are doing this. Also you should include how many jobs and value to the dollar are created by these people (businesses) through employment and innovation. A number that could not be matched if the Government took all this money in Income or Capital gains taxes. The thought that any Government could do better with this additional revenue is as simple as looking at the Department of Education. Now that we have this department, we've literally not improved on our basic scores for K -12 while spending more and more each year. Then another campaign is launched to tell Americans that things would be better if this department's budget was increased. Now look at the size of this behemoth department. R.O.I is terrible.
It's all okay, cause they're spending other people's money. Of course they don't care!
1:31 does it matter what type of business you have to file expenses, or just as long as it’s registered?
amazing video, thank you. Do these strategies work in other couintries as well?
Thank you! I’m not sure since each country has their own tax code
I see, thanks
The best way to lower your tax is to adjust your w4 at the beginning of the year. For the average person this is it. Then budget and save
Subscribed!
Excellent!!!
Glad you like it! did you learn anything new from this video?
There last part of your video was the most relevant as these are no risk ways of saving on taxes. Anyone who has done basic research into financial planning should already be well aware of these tax breaks. However leveraged investing such as the real estate example you gave is a two edged sword. If you are in a recessionary market you can lose a lot even get wiped out. Buying stuff you don't really need for a business can lower your taxes but it also lowers your liquid assets which is not necessarily a good thing.
Fire! Is there any strategic way to Tax exempt your year and still pay no Taxes?😅
@9:00, isn't this how it only applies when you elect itemized deduction? What if you're a W2 worker and owns a rental property? How does this work??
I'd like to try out the debt strategy. Are there any in depth articles on it to check out? Also, you pay off the debt with the investment profits. But aren't those investment interest/dividends taxed, so ultimately, that money is taxed? Also, can you use solo 401k accounts as collateral?
I use Free Tax USA too and try to tell people about them lol! Their free software applies to various scenarios for your federal taxes and really beats out their online competitors.
Does Free Tax USA walk you through the tax filing like TurboTax does? Thanks for the video.
Please do a tax saving video on retirees on SS and retirement accounts.
Check out Holy Schmidt’s channel
It looks like you depreciated on the entire purchase price of the house, I thought only the value of the building (not land) was used for depreciation?
How about doing a video on tax deductions for retirees that have traditional IRA and Roth?