7 Ways To (LEGALLY) Avoid Taxes | Tax Loopholes Of The Rich 

What do you use to make your videos so good

I have an LLC can that help me with taxes or is an S Corp the way to go.

P,

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@@jms6605 S Corp.

That’s right

Thanks for the advice 🤟🏾❤️

Which one for california?

@Sally Hillal it doesn't. It creates monopolies by giving an advantage to big companies who can afford workers who can help them crack the 70,000 page code. I believe we should simplify our tax system and abolish the corporate tax.

Imagine how much money the govt could get if they fix taxloop holes for only the super rich, that along with better Management of the budget and we could easily afford universal healthcare or programs to offer cheap mortgages, small business loans, stimulus and debt elimination grants. Americans would have so much more money to spend back into the economy and this country could start turning around. But itll never happen, the rich the status quo and the powers that be will use their lobbying and connections to never allow that to happen.

Yes and Americans have to pay taxes if their work overseas, No other country does that

😂😁🤣😅

You need to check your facts. Bermuda is not and never been a tax havens. You have Google that information. Any government that has a Tax of Exchange agreement with Bermuda can request information tax information on any of their citizens working or living in Bermuda.

@@robhingston South Africa has foreign income tax. 47%

@@TIK1MONSTER and that is why they will go down

How do expensive paintings save you taxes?

@@timmy101able because there is no such thing as tax on art. In other words all art is non-taxable.

@@timmy101able they don't really. What they're doing is deferring it. Meaning you can buy expensive paintings and hold on to it. Once you sell it you're taxed on that amount if you don't use that money to buy something similar meaning if you sell art you need to buy art within the same year you sold it.. So, you would sell it at a time where you're not making as much money or if the tax rates are lowered at a given time. This would save you money meaning you would pay less in tax. It's subject to capital gains tax. 1031 exchanges is what the IRS calls it. It's a like kind exchange. Meaning if you buy an apartment building and sold it and if the sale is in the same year. You can use that money to buy another apartment complex to avoid paying capital gains tax. If you don't buy that apartment within the same year of the sale you will be paying that capital gains tax. However, I think trump took this off the books and is no longer part of the tax code. I know he fussed about it but not sure if it went thru. I think he took it out for tax year 2020.

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True

This is NOT true ... i lived out of the country for 5 years, came back home, filed and got a refund

@@enilee3161 that is because you paid taxes in the country you lived in. If you lived in a country that didn't tax you, the United States with a tax you just for being a citizen even though you didn't use their infrastructure

@@ddillard143 how if you're in a different country?

@@robertlamoa7757 the United States has a citizen tax. No matter where you live in the country you have to pay taxes on your income. There is an exemption of $107,000 per year. That goes up every year due to inflation. Anything after that and you get taxed. But you get a credit if you pay taxes in another country

The same goes for any citizen in the Netherlands.

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Ehh. It’s not that simple. Tax theft and tax avoidance are two different things. First one is not OK and the second is OK. This video talks about the second!

@@voicification first one is OK it depends on how you look at things such as how corrupt and garbage the us system is.

He IS stupid, but he's smart enough to hire really good lawyers and accountants.

@@voicification isn't tax avoidance also illegal for US Citizens? For example if they use loop holes such as opening an offshore account?

It’s time to build it!

Yeah i bet it helped you a lot with your million dollar a year job

This good for an American but not the super wealthy its one way to get tax breaks for decades like foreigners beening born from america

Except for the “Bahamas” while showing the map of the British Isles. Yeah small fact but made me lose attention and trust

Thank you! We have more coming soon!

Thank you! I do my best to provide the best information 👍🏻 Appreciate the comment brother!

An excellent logical question.

Learn how to do it yourself

Awesome! Welcome to the family. We have many more videos coming 👌🏻

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That’s great man, keep in mind to always work with a good CPA to fully take advantage of the tax laws

Welcome to the family!

Thank you 🙏🏻

Thanks man !

Thank you!

Crazy right?

Thank you 🙏🏻

@@TheBetterMenProject DEFINITELY SUBBED!!

RU-vid is amazing!

Facts 📠

Yes 👆🏻

Xia Amour RU-vid! 🤫

If you're not giving the game, you're doing something wrong.

He also said thats why most corporate owners file their expenses as business expenses, not personal, to avoid the double taxation.

Thank you 😊

Happy to help 👍🏻

@@letsplayvideogames227 If it's legal, it''s not bribery, which is a crime. :P

Not sure how that would be done, I’ll take a look at that

The Better Men Project thanks!

Limited Liability Corp basically acts as it's own entity in the event of a lawsuit. Hypothetically, if he rents his condo in the future, or has a guest over, and someone, either a tenant or guest, injures themselves, they might try to sue. If it's in an LLC, they can only sue for the assets/funds owned by the LLC. This means that if he has other assets, like investments or other realestate outside of his LLC, they cannot be taken from him.

Dillon LaFond thanks for a great explanation!

Sounds like he is using the condo as either office space or an asset of the LLC. He probably bought the condo through his LLC. I use to work for a small real estate developer in DC and I had a chance to review a lot of his legal/tax documents. He put all his houses/rental properties in his LLC's name. His income to the gubment was under 60k. Remember according to the gubment a C-corp is considered a living entity in the tax code, I believe but I could be wrong. I think that's he avoids paying taxes by keeping his personal income low when I know for sure his businesses/properties generate over 7 figures a year.

I’ll let my editor know about that, thank you for letting me know 👍🏻

It's a picture of Ireland and the UK. Ireland is not in the UK.

That’s true! We have a lot more videos coming up very soon!

How much do you usually pay to rent the space ?

It almost seems that way

Let debt work for you, is a good book.

@@christopheryoung2368 thanks

Can u please explain more? I’m young and starting to learn about this so the more detail the better!

Hi! Obviously I’m not the better men project but I figured I could help you out. The tax laws vary based on your personal situation. Do you have kids? There’s a tax credit for that. Do you own a home/pay mortgage interest? You can deduct that. Do you think your income in retirement will be less than it is now? You can contribute to a traditional IRA which temporarily lower your tax liability. Alternatively, if you think you’ll be earning more in retirement than you do now, consider contributing to a roth IRA. This will save you on taxes in the future. If in doubt (and have some extra cash), why not do both? If you live in a state with state income taxes you can also deduct some of that from your federal tax liability. One more thing, you can save on taxes if you’re married - though that’s not a great reason to get hitched. These are just a few things to get started but researching the tax code is something that can save you quite a bit of money in the long run. If you have some extra money (or ever get to a point where you do) consider hiring a CPA. A good one can basically pay for themselves in the tax money they save you. Hope this helps.

Gracie Gordon top man, thanks

put it all in savings and get back to work peon.

@@lolwtnick4362 Bank doesn't pay much in interest, plus you have to pay tax on it. Do your DD and invest in safe stocks will have a much better objective IMHO, take care and good luck.

Not at all! Make sure to check out our newest video. We go over how to anyone can reduce their taxes. Even as an employee

@@TheBetterMenProject OK, will do. Thank you!