Do You Know The 11 Types of Income the IRS Doesn't Tax?

Подписаться 7 тыс.

Просмотров 541 тыс.

50% 1

#taxplanning #irs #incometax
Tax-free income! A popular topic this type of year that is on the top of everyone's mind. Do you know that there are 11 types of income that the IRS doesn't tax? Some incomes aren't taxed like normal income, from certain types of investment payouts to other situations. Understanding these exemptions can help optimize your financial plan and help you plan better for retirement. Watch this video as Scott explains each of the 11 income types and learn how to incorporate them into your financial plan.
0:00 - Non Taxed Income
0:18 - Workers Comp
0:45 - Education Assistance
1:09 - HSA
1:31 - Adoption, Foster, Child Support
1:54 - Disaster Relief
2:15 - Inheritance and Gifting
3:06 - Life Insurance
3:31 - Gains on Home
4:07 - Municipal Bonds
4:41 - Roth IRAs
4:55 - Long Term Capital Gains
Attend our FREE LIVE Zoom classes!
📅 Each month a different topic will be discussed.
January - Understanding Annuities
February - Tax Efficiency in Retirement
March - Using ROTH!! Properly
April - Today's World of Safe Investing
May - Producing Income in Retirement
June - Paying for Long Term Retirement
July - Financial Planning for Volatile Markets
August - How Investing Changes in Retirement
September - Essential Estate Planning
October - Finding Unbiased Financial Advice
November - Understanding Required Minimum Distributions
December - Positioning Yourself to Thrive in Retirement
✨Classes are on FIRST THURDAY of every month at 10 am PST via ZOOM
the SECOND THURSDAY of every month at Scottsdale Mustang Library
the THIRD WEDNESDAY of every month at 4 pm PST via ZOOM
and the LAST MONDAY of every month via ZOOM for our live Q & A session.
🗓 BOOK AN APPOINTMENT
www.yourinvestmentcounselor.com
👨‍🏫 FREE CLASSES
www.fpfeaz.org/classes
📖 ADDITIONAL RESOURCES
www.sesweb.net
💬 Facebook.com/SecureEstateSolutions
🏢 Visit our Business Website: www.sesweb.net
📧 Email Us: contactus@sesweb.net
❔ Questions? Call Us At: (800) 345-3155

Опубликовано:

2 июн 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 560

@Hannahbenowitz Месяц назад

The whole talk about "reverse" market crash (real estate and stock market) basically argues that we are nowhere near done with inflation and that we might actually experience "hyperinflation" in the near future combined with accelerating poverty levels across the nation or going thru a historical economic depression...those are the extreme conditions that have produced the reverse market crashes in most examples I've seen. I personally don't see anything that extreme coming, but who knows.

@PennyBergeron-os4ch Месяц назад

Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around.I recommend you seek the guidance a broker or financial advisor.

@beafoster747 Месяц назад

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Strategists have been aiding folks in recording gains over 250k just in a matter of months, so I think there are alot of wealth transfer in this downtime if you have someone who knows where to look like i do.

@HildaBennet Месяц назад

SONYA LEE MITCHELL is the manager I use. Just research the name. You'd find necessary details to set up an appointment.

@beafoster747 Месяц назад

Don't be hesitant to contact Sonya Lee Mitchell and follow her directions.

@HildaBennet Месяц назад

It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.

@Riggsnic_co 2 месяца назад

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

@kevinmarten 2 месяца назад

Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

@gieb6428 2 месяца назад

There are less and less real jobs$$ everyday

@HodgeChris Месяц назад

With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.

@Pamela.jess.245 Месяц назад

For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.

@shirleydelehanty3466 18 дней назад

Not true. I has a Roth. Trying to save my condo from foreclosure I withdrew the money. Because I was 54, not 55 I lost 40% to tax.

@ChangeYourWater_ChangeYourLife 16 дней назад

For ROTH IRAs to be penalty free, you need to be at least 55 yrs. old, and have the ROTH for at least 5 years. These two have to be met, otherwise, you definitely incur a penalty of 10%. 😇

@steventeter3332 12 дней назад

@@ChangeYourWater_ChangeYourLife Thought the age requirement was 59 1/2. And your right about the 5 rule.

@steventeter3332 12 дней назад

@@ChangeYourWater_ChangeYourLife You can take the profits, but have to leave the principal in the account for 5 yrs.

@AntagonisticAsian 13 дней назад

You may retain a larger portion of the money you've worked so hard to accumulate since ROTH IRAs are tax-free.I spent six years in retirement. In addition to my depleted 401(k), I have a 130k annuity.What is the best way for me to invest $100k in a non-retirement account?

@sommersalt88 13 дней назад

I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent.

@PlanningBeforeInvesting 12 дней назад

Hi @Lewyn298 There is no magical investment that is right for everyone so this would take some discussion and understanding of your greater situation. Please don’t hesitate to schedule a free meet n greet! Thanks for watching!

@kashkat987 10 дней назад

Make sure they are certified eg in UK a program recognised by FCA or in the US they should have a qualification such as CFP.

@viabell1428 2 месяца назад

1. Workers Comp and Disability 2. Scholarships and Employer Education Assistance 3. Health Savings Account 4. Adoption, Foster Care, Receiving Child Support and/or Alimony 5. Disaster Relief 6. Inheritance (Federal - less than 6 million) and Gifts (up to $18,000) 7. Life Insurance Payouts 8. Capital Gains on Home (250,000 per person, must be primary residence, etc.) 9. Municipal Bond Interest (Can affect Social Security) 10. Withdraws from Roth IRA 11. Long Term Capital Gains within limits Thanks for the great video!

@nunyabidniz2868 2 месяца назад

Thanks for the exec summary.

@delovelyday430 2 месяца назад

Thanks for the list

@emmalee866 2 месяца назад

About HSA, the IRS wants taxpayers to report the distributions as income on Form 8889. So it is taxed.

@Davek111 2 месяца назад

@@emmalee866 You are wrong! People simply are required to report that the withdrawals were spent on qualified expenses. You aren't even required to submit anything for proof!!! Individuals would only need to show proof of the qualified expenses "if" they are audited.

@bellethatsme5272 2 месяца назад

Thank you for the 11 points of information. You are amazing!

@jacobgordillo6476 2 месяца назад

Credit card rewards are tax free as well. If you're getting 2% back on everything you buy on average and pay off your balance every month, that's free money.

@fuzzyelm1 2 месяца назад

So your going to sleep with the snakes go get a stupid ass 2% back ? That’s sad that you are so ignorant at math ! Your paying those points and if you spend it you pay tax again ‘ next yoj will be saying whole life insurance with a paid account is not taxed ! It’s not taxed because it’s not income

@rogergeyer9851 2 месяца назад

What a system, when getting a 2% DISCOUNT on purchases not being taxed is considered a good thing. That's not even income -- again, it's a DISCOUNT (you get PART of your money back, when SPENDING the money). And yes, paying off your balance on time every month and getting that discount is a GREAT deal. It's how I've used credit cards for four decades, but in the beginning, cash back wasn't common.

@fuzzyelm1 2 месяца назад

@@rogergeyer9851 it’s common now because the credit card companies charge fir every transaction! The store you spend money at will have to give up some of their profits to cover the charge fir credit card so they mark the items up to cover that ! So your not saving money

@manzerm7805 2 месяца назад

@@rogergeyer9851 You get 2%back because the credit card company has already charged the seller 3%, and the seller has of course raised the price by that amount.

@fuzzyelm1 2 месяца назад

@@rogergeyer9851 and they are paying the two perused just don’t know it ! I can still find deals for cash ! I can sometimes get 5% discounts for cash ! So your 2% means that you forced the vendor to pay 5% to the card company just so you can get 2% ? That’s not saving money because the vendor had to raise the prices to cover your card

@cuttysark7796 3 месяца назад

When the IRS classified child support received as non-taxable income they also eliminated the ability to deduct child support paid from taxable income. The result is child support previously taxed at the lower marginal rate of the receiver is now taxed at the higher marginal rate of the child support payer. More revenue for the federal govt and less money to provide for the dependent child.

@fuzzyelm1 2 месяца назад

That’s not really true at all ! Child support was never taxed and was never tax deductible NEVER ! It’s not income at all ! They did change the rules to allow parents to deduct child even if the child lived with the other parent!

@rogergeyer9851 2 месяца назад

OTOH, having children is a CHOICE, and the parents should be RESPONSIBLE for raising the child in a highly over-populated world. So the system shouldn't make raising children free. The system should discourage irresponsibly becoming a parent (when you can't or won't take good care of the children with your OWN money).

@rogergeyer9851 2 месяца назад

@@fuzzyelm1: Money coming in is income, however you decide to label it. It''s still income even if the arbitrary rules don't say it's TAXABLE income.

@aaronha994 2 месяца назад

This is strange. Almost like someone hates men made this law

@fuzzyelm1 2 месяца назад

@@rogergeyer9851 no it’s not that proves that you dint have a clue ! Look cupcake I took IRS to federal tax court in DC and I represented myself and I won ! Yes it took a year to get it but I had knowledge of the tax code so you think your stupid rant means anything to me ? It proves you dint have a clue ! You do not have any idea what income is and you damn sure don’t understand tax code

@Chery869 2 месяца назад

The best thing about this video was that it’s under 10 minutes.🎉

@fuzzyelm1 2 месяца назад

It’s all lies for people that are stupid

@rogergeyer9851 2 месяца назад

No question that FAR too many presenters take roughly an hour for 5ish minutes of data, and I endlessly skip their videos, even for topics that interest me. Maybe they'll learn some day.

@TrutherOne-xv8nr7yj3e 21 день назад

Don't forget most seniors are not required to file with the IRS or State if they live on Social Security up to a certain limit.

@kevinhaney293 Месяц назад

My understanding is that a wage is an exchange for labor and not income. My labor is a cost to me. If my labor is 7:23 I am nothing more than a slave. Income is a gain from an investment. When I exchange my labor ( a cost to me ) for money that my employer has ( a cost to him) no one has made an increase ( income ). 16th amendment allowed Congress to lay and collect a tax on "income" from all sources derived. Wages are an exchange that are agreed to and both the laborer and employer have encured a cost in the exchange. IRS has bullied and conned us . If we are to have taxes, then it should be simple and straightforward. We don't need cohurssion , fear, punishment, in short, we don't need the IRS.

@jhasemi 2 месяца назад

Why the IRS cares how much money does one give to their kids or grandchildren?

@donnaallgaier-lamberti3933 2 месяца назад

Because they won't get any taxes on that money.

@Ride-Fly 2 месяца назад

Because they want to steal as much of your money as they can

@xejelah Месяц назад

greed

@vallang4832 10 дней назад

Good to know is. Thank you for this.

@PlanningBeforeInvesting 5 дней назад

Glad it was helpful!

@aaronha994 2 месяца назад

It's amazing how the tax codes are so complicated. It's almost engineered to be abused

@pvanukoff 2 месяца назад

Yup. The tax loopholes are there on purpose so wealthy can keep being wealthy.

@MarlenevT 2 месяца назад

Intentional, to confuse you.

@gregoryt1139 2 месяца назад

That's why billionaires pay less taxes than their secretaries.

@xejelah Месяц назад

@@gregoryt1139 They pay millions to tax accountants instead, I'm not sure that's a win.

@gregoryt1139 Месяц назад

@@xejelah Actually that is part of their tricks to confuse the situation. One of the multiple entities they have control over pay the accountants. The individual person does not. Elon may have the accounting firm who does Twitter’s books manage his, too. Elon’s bill is waived, because Twitter is a customer, even though Elon can clearly afford to pay. And when folks like DJT claim they pay millions is taxes, The Trump Organization pays that, but DJT, the individual, pays next to nothing. And it is all completely legal. Whether it is right or wrong is a matter of opinion.

@dianemartinis2801 2 месяца назад

Great info! Thanks

@PlanningBeforeInvesting 2 месяца назад

Thanks for watching!

@isaacwolowik 2 месяца назад

Thanks so much.

@user-dz1zj9xr3s 2 месяца назад

Also tax credits like EIC and child credits are tax free. Not to mention business deductions are essentially tax sheltering

@raphfelimax2713 2 месяца назад

I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life

@lea5898 2 месяца назад

His training program has been insightful, and I must say, I'm most honoured to have been part and a full-time beneficiary of his daily trade signals..

@BulentKizilaslan 2 месяца назад

This is the third time I am coming across the name Fergus Waylen , last Tuesday I saw a telecast on the economic bubble there were testimonials from his clientele on how they earn daily through his strategies. The testimonies were so impressive

@josehenry7205 2 месяца назад

It is always good to be social and this is why I like reading many comments here to learn, thank you for sharing such info at least I will be doing this together with my partner

@elleshaw9837 3 месяца назад

The tax system in the US is so complicated for no reason. We need a flat tax. So that individuals and corporations pay their fair share and people who make under the state or federal minimum should not be taxed at all. Problems solved. Better roads, schools,Healthcare and care for disabled and aged population. This country needs to stop picking and choosing who they want to help. If we are all citizens, we should all be entitled to what this country has to offer. But greed and power always wins here.

@butterman4610 2 месяца назад

A flat tax still allows for deductions and write offs. Look into “the fair tax”. There’s a book by Boortz and a former congressman from Colorado.

@elleshaw9837 2 месяца назад

@butterman4610 personally I just want less complication and more transparency. A complete overhaul of the tax code will do. Thanks for the recommendation.

@bigjohnson7415 2 месяца назад

@@butterman4610 I would think there would be no dedications.

@barbaraparsons4908 2 месяца назад

The same people who collect the taxes own the corporations.. they keep us strapped by design

@nedlyest 2 месяца назад

I would like it if they didn't just waste the taxes.

@theadaptivefitnesschannel4308 2 месяца назад

This was great advice. Thank you very much.

@2cartalkers 3 месяца назад

Good job!

@PlanningBeforeInvesting 3 месяца назад

Thanks!

@donnaallgaier-lamberti3933 2 месяца назад

I received a $2,000 artist grant in 1999 and I had to pay taxes on that income. When I received $5,000 in alimony during 1995, I paid out $2,500 in taxes. I made a mistake in that I took that money in during the year my husband income was high and we were being taxed at the 48% rate. I was so bummed! I should have waited to take the money until the following tax year when my income and taxation rate was also nothing.

@firefeethok_tui2355 2 месяца назад

Alimony it taxable in some states and must be reported on income to IRS (there are special rules if its taxed or not-I dont fully understand it….but I know someone who was shocked when she found out she would be taxed) . But IRS after 2018, no longer allows the payer to take it as a tax deduction. Ouch!

@tamick2000 2 месяца назад

Some people get so focused on not paying taxes they lose sight of what is best. Returns, net of tax, is the true marker. Also, for some of the examples you give are about life choices or life events, that you pursue or happen that are not about tax impact. The negative financial impact of being disabled far outweighs a tax benefit.

@ryanheller5424 2 месяца назад

I am a tax preparer and I can't stress this enough.

@Gary65437 2 месяца назад

I would like to apply #11 to my investment tax avoidance plan as soon as we get a market meltdown to be able to buy and hold qualified divs and long term gains. As a retired guy on SS and just 18K in regular divs and interest I still ended up paying 10% to the IRS on 5K of my income. Was only 500 bucks plus some to the state, but still want to avoid that.

@fuzzyelm1 2 месяца назад

So why are you paying so much ? See I have mutual funds and just in the year 2023 they made 26% and I’ll gladly pay my tax on that it’s taxed at capital gains rate not income tax rate

@terry_willis 2 месяца назад

You can thank (Senator) Joe Biden for that tax on your SS. He was a raging proponent of both the 50% and later 85% being taxable. I know many others voted for it, but Biden is in videos grinning about it and appeared gleeful and excited that it passed.

@fuzzyelm1 2 месяца назад

@@terry_willis he was one of the sponsors of the bill

@rogergeyer9851 2 месяца назад

@@fuzzyelm1: But if you held it in tax efficient index funds which tend not to sell, you could pay NONE of the capital gains taxes the VAST majority of the time. The only tax you'd pay is on the dividends, which tend to be tiny in such funds. So for example, if the dividends are two percent and you're in the 25% tax bracket, your total tax on those funds at the highest income tax rate you pay is ONLY half a percent. Vanguard broad based tax efficient stock index funds are a great example. And this isn't theory. I've been doing this for over 3 decades with half a dozen funds (I just checked). So things like their S&P 500 Index, Small Cap Index, Total Market Index, Total International Market Index, etc. Until my late 20's, I had your attitude (didn't worry about paying taxes on gains). Then I found index funds when my sister pointed out her husband didn't like the LARGE tax bills when the active growth stock mutual funds I had recommended were throwing off very significant annual gains during good market years. So I did a little research, and wala. So unless you invest in something like BRK with NO dividend, you CAN'T avoid paying tax on the dividends if you have a decent income as an ordinary US citizen. But you CAN defer almost ALL the capital gains, and if you die before selling, your inheritors pay ZERO on that, re the step-up basis rules for income taxes on estates.

@Scotty2hotty-xc6gi 2 месяца назад

Sorry, incorrect information it was Ronald Reagan in 1983 who passed that people would have to pay taxes on their income. You might be a little too young to know that but do your own research before you blame Biden for what he said in 2007.😂😂😂😂😂😂

@lindaripp5902 3 месяца назад

Thanks

@vinjulieann1 2 месяца назад

I had a friend who was a victim of Katrina - FEMA issued them special benefits cards and gave them money to get back on their feet - after losing everything they owned. A few years later FEMA demanded that money back from him. He of course gave them the one finger salute.

@dcg590 Месяц назад

I bet you aren’t getting the whole story from your friend. That sounds sus. Not to mention, your friend got handouts and is not grateful

@andyatmosphere 2 месяца назад

Thank you for all of your knowledge!

@PlanningBeforeInvesting 2 месяца назад

Welcome!

@rickytorres5293 3 месяца назад

The income that you don’t report

@MrFuadee 3 месяца назад

😂😂😂

@Tucsondawn 2 месяца назад

Haha, all of it. You wanna pay illegals and the Ukraine with my taxes. This far no further fuck our government.

@nitdiver5 2 месяца назад

Unless you are a corporation you don’t have income. A natural person does not have income. By the way, paying taxes on wages is voluntary 26 CFR Section 601.602 Tax forms and instructions

@rickytorres5293 2 месяца назад

@@nitdiver5 🤓

@honchoeric8292 2 месяца назад

@@nitdiver5cash is king 💵💵

@Frankjacob387 2 месяца назад

Having a passive income stream is incredibly valuable for those reliant on a fixed salary. Not only is a single income often insufficient, but the risk of losing one's job at any moment underscores the importance of having a fallback plan.

@EdwinSolomon-zs3nz 2 месяца назад

Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor

@Dave_East 2 месяца назад

Working with a Financial Advisor to help guide you on your wealth-building journey if you're just starting out is a wonderful way to get started and thats how i was able to accrued good gains . They helps to manage investment overall risk profile , prevent permanent loss of capital consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal

@blomegoog 2 месяца назад

how many of these are useful to the everyday person.

@BeyondPC 2 месяца назад

Considering the currency is fiat and represents debt how can that be considered income? You aren't making a profit you are taking on debt. Taxes cannot be paid with debt...

@terry_willis 2 месяца назад

Now you understand how we are all being fleeced.

@WLLNVZ 2 месяца назад

THANK YOU...

@PlanningBeforeInvesting 2 месяца назад

You're welcome and thanks for watching!

@frankrothiz4u 9 дней назад

Tax free capital gains and tax free qualified dividends may still require state tax to be paid, yes? Also those 2 tax free categories may increase the tax on your social security check and increase your monthly part B Medicare deduction from your SS check, yes ?

@PlanningBeforeInvesting 5 дней назад

This video only addresses the IRS, not state taxes and yes, sometimes tax-free income can cause other taxation. Thanks for watching!

@frankrothiz4u 5 дней назад

@@PlanningBeforeInvesting I appreciate your time, your information and your reply, thank you.

@anitahsiao4505 3 месяца назад

Great information 🙏❗️ One question: Are retroactive estate taxes required if a prior gift exceeds the reduced estate tax limit in the year of death?

@PlanningBeforeInvesting 2 месяца назад

Hopefully I’m interpreting your question correctly and the answer would be no… if you gave away $12 million today, filed the appropriate forms with the IRS, and then you passed away after it was reduced to $6 million, your estate would only be taxed on anything additional left over. If you file the form with the IRS, you are locked in. Thank you for watching!

@fuzzyelm1 2 месяца назад

@@PlanningBeforeInvesting but you would have already paid years on the money you gifted ! You can only gift 13,000 a year without creating a tax

@henrybrink8799 2 месяца назад

You never mentioned social security/or va disability and from payout of accident.

@wmp3346 2 месяца назад

Great point on qualified dividends

@dm9860 2 месяца назад

Good video... If you give some one money, there's a gift tax on the amount over $18,000. For 2024 year. U still have to claim the money first as income if you earned it. So depending on ur income tax bracket, u may be paying income tax on the money weather u give it away or not.

@shellywhite2145 2 месяца назад

What are the best additions to a $500k portfolio to boost performance? S&P 500 is Up as well as bitcoins and will do better in march 2024, I believe as indicators for profits continue to improve, investors like me believe that “Santa has come early” to the markets..

@Sojourner-cd8go 2 месяца назад

Thank you for explaining AMT tax in relationship to Muni bond interest. 🙏You packed so much in to this short video.

@PlanningBeforeInvesting 2 месяца назад

You're welcome - thanks for watching!

@bohd3 2 месяца назад

All income is untaxable if you don’t pay them anything. The biggest problem is that most accounting software does it automatically.

@kaitlyncranwick 7 дней назад

Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?

@PlanningBeforeInvesting 4 дня назад

Hi @kaitlyncranwick! This is not a simple answer so I invite you to schedule a free 30 minute meet-n-greet so that I can accurately give you the best response. Schedule at www.YourInvestmentCounselor.com or call us at 1-800-345-3155 ext. 1. Thanks for watching!

@arualsan3504 25 дней назад

So I just want to say I loved your video and your advice. What I'd like you to tell me, as I've been married for 20 years and husband pays me 1300 a month spousal support. But we live together. And I always paid the rent with it. So then tax season comes around and he claims 22000 special support. Office income, and then he has a side job painting business where he makes about 10000 a month. On all those side, work jobs doesn't keep a record of them and does not report it as income at all.

@dissy5563 2 месяца назад

I was hoping for a list in the comments 🙁 edit: scroll through the video for the list, saved me 9 minutes

@puntagordaisles 3 месяца назад

I did not see any mention of property damage settlements/income as being non taxable.

@rogergeyer9851 2 месяца назад

I would argue that a settlement for property damage is NOT income. It's like if you wreck your car and your insurance company pays the body shop for fixing it -- that shouldn't be taxed, as you are NOT receiving income for that.

@bellapatel910 2 месяца назад

THANKS...

@PlanningBeforeInvesting 2 месяца назад

You're welcome!

@YourOldDog Месяц назад

Thank you for the brief and to the point information. Very tired of youtubes that are stretched out and the point of the video doesn't come till the end of a 45 minute video. Great job and you made my day!

@PlanningBeforeInvesting Месяц назад

Glad it was helpful!

@JamesJacobson-ov4ps Месяц назад

I’ve been running off a combination of long term cap gains and deductions for carry-over losses to not pay any taxes for the last six years. I should be able to keep that going for another few years, so I pay zero taxes for ten years. That’s my goal

@carmenramirez-jv4zi 2 месяца назад

Disability insurance premiums need to be paid personally to be tax free. If paid by your employer, taxable.

@davidmason1043 2 месяца назад

This ⬆️

@kimmagdalein4724 2 месяца назад

You missed one. Tax free loans from life insurance.

@brianeastham6801 2 месяца назад

VA disability is also tax free.

@stanleybarton 2 месяца назад

So is Civil Service Disability Retirement.

@dandelionssunflowers7328 2 месяца назад

Another big one is housing allowance.

@redhatbear1135 2 месяца назад

Interesting about scholarships because my waiver tuition was taxable!

@lucakat9262 Месяц назад

How did that happen?

@redhatbear1135 Месяц назад

@@lucakat9262 it’s considered income!

@oldstocks 3 месяца назад

Nice bond pic

@dioneiakunz4836 2 месяца назад

Outstanding information!! Thanks for sharing!!

@PlanningBeforeInvesting 2 месяца назад

Glad it was helpful!

@user-hw2yq5lf1r 2 месяца назад

Yup! One is foreigers come to usa,open business, no taxes required for certain amount of years, then they give to relative,tax free again for next owner, on and on. What a perfect scheme. " Free"... Change the rules.

@rltreasure 6 дней назад

# 1 and # 2 = congressional pay and their insider trading!

@deronaldbaggett3828 2 месяца назад

Question. Are you saying that any capital gains received from your Roth IRA are not taxable? If so the that means that they can not be used to calculate your taxable capital gains or dividends that you showed toward the end of the video right?

@PlanningBeforeInvesting 2 месяца назад

A Roth IRA is tax-free and unreported on a tax return. Thanks for the question!

@ornettablackmon2071 19 дней назад

Do these laws change from State to State? I ask because I saw a News story on how in Louisiana, the people who received financial assistance after Hurricane Katrina are being sued to pay back the money.

@binhvong5297 Месяц назад

This was very interesting and useful. On your last slide is the joint 65+ and single 65+ deduction switch? Lastly, one of my favorite tax free is section 1202, small business stock, upwards of 50 million is tax free!

@PlanningBeforeInvesting Месяц назад

Hi @binhvong5297! The 65+ deductions are correct as is. Joint 65+ would receive $1,550 each single would receive $1,950. Thank you for watching!

@dfabove9108 2 месяца назад

Thank you !

@PlanningBeforeInvesting 2 месяца назад

You're welcome!

@leewomack3498 Месяц назад

I'm on SS/Disability and I don't pay taxes because I don't get enough. I'm just below the poverty level.😢

@dcg590 Месяц назад

At least you get free money.

@angelleiva36 2 месяца назад

You forgot VA disability compensation and Basic allowance for housing. I’m sure there are more.

@lajostresser482 Месяц назад

I have declared for 2023 tax year $ 1127 of dividends as 100% taxable on my 1040. Was this wrong or was it possibly tax free?

@bkanegson 3 месяца назад

Those "enormous" standard deductions are soon going to disappear/ sunset (next year) because the poison pill in the 2017 tax bill has them expiring, as it was written by the last administration. (The big tax breaks for large corporations do not expire, only the ones for individuals.)

@metalrooves3651 3 месяца назад

trump raised the standard deduction to 6000 bux each!NOW ITS LEAVING ..whose fault is this? Clear it up for us...

@rickarmstrong3944 3 месяца назад

@@metalrooves3651 Very easy to clear up. Trump's people cared more about corporations and the rich than the normal guy or they wouldn't be disappearing while the rich & corporations will keep on receiving them.

@craiglundgren3461 3 месяца назад

Wrong,the Democrats wouldn’t allow it to become permanent!

@user-ih8mi2yu5z 3 месяца назад

Answer this... when has a Democratically run government ever past legislation to reduce taxes? I'd bet big money that the sunset clause for individual tax cuts was required by Democrats to allow passage of legislation. Dems are never looking out for working people... only handouts for votes... prime example is student loan forgiveness, b.s.

@eds.9522 3 месяца назад

Well he'll be back to reup it with increases to address Bidenomics inflation :)

@dr.debbiewilliams4263 2 месяца назад

I already filed my taxes and they went through. They didn't give me worker's comp or disability income. I paid for my most recent education. I had to pay on my bills, but will be reimbursed.

@tganpule Месяц назад

Had a question regarding strategy #11... if a married couple were to make 250K in long term capital gains and another 29200 through other means then basically they would be paying only 15% taxes for 155950(250K-94050) which would be 23,392.5. This would effectively be 8.38% taxes. Is that correct OR am i doing something wrong? Ofcourse state taxes would be on top depending upon where one lives but federal would just be 8.38%. This would be incredible!

@Superliegebeest0 2 месяца назад

12 sell drugs. All tax fee.

@penrodautorepair3170 2 месяца назад

😂😂😂🇺🇸

@johntracy72 2 месяца назад

Money laundering?

@ester_22 18 дней назад

Thanks. My advisor at Schwabplan told me that growth of my Roth IRA is taxed. You said it is not.

@PlanningBeforeInvesting 14 дней назад

Hopefully you are missing context from the Schwab advisor. You have to be over 59.5 AND have had A Roth for over 5 years. Once you’ve met that criteria, everything in your Roth, including growth is tax-free.

@seancrippen2167 18 дней назад

I only watched this to see if you would mention the most important point. Receiving wages in exchange for labor is not income, and is not federally taxable.

@troy8579 2 месяца назад

Big question ❓ Do dividends received from a BDC significantly reduce amount of taxes owed ?

@fuzzyelm1 2 месяца назад

What’s a b d c Lol there are three types of income from these there’s income there non qualified dividends there qualified dividends

@PlanningBeforeInvesting 2 месяца назад

Hi @troy8579! Best to ask the CPA that does your taxes because they would know the intimate details of your situation. In general, no, BDC dividends are not necessarily tax advantaged because it comes in many forms… Thanks for watching!

@fuzzyelm1 2 месяца назад

@@PlanningBeforeInvesting that’s half right ! If it’s income then it’s taxed the other two types can be taxed or not taxed depending on a lot of factors

@john-paulsylvester2382 Месяц назад

I thought Alimony was taxable for the recipient. Learned something.

@drdotter 2 месяца назад

During the financial settlement negotiation from my divorce, I got my ex-wife to agree to receive her alimony from my pension. Before I retired, I was paying the taxes on the alimony. After I retired, she started paying taxes on the alimony, because the pension money she received was going directly to her. I wish I could have seen her face when she found out. I did hear it in her voice (and the 10 seconds of silence it took to sink in). LOL - FTB

@metalrooves3651 3 месяца назад

did he mention Personal injury settlements? he may have,,HILARY CLINTN WANTED TO TAX THEM AS INCOME. The reason they arent taxed is because they are replacing something you lost!They may sem like "windfalls" but it would be impossible for anybody to argue the value of the broken back you may have lost in the accident....YOU kind of addressed it but didnt complete the scenario.

@kenyonbissett3512 3 месяца назад

Somebody always wants to tax you on anything. It’s your job to stop them.

@Maria_Serbina 2 месяца назад

I had been receiving alimony for 8 years and I had been paying taxes on it. My accounts didn't say a word that alimony is not taxable. It was not taxable for my ex husband foe sure.

@krismatthieu8767 2 месяца назад

We inherited a house with a mortgage from my aunt. It wasn’t worth much. A total pit actually.. we fixed it up at cost to us. Then tried the Air B&B thing for about a year. My husband needed emergency surgery. We decided to sell it to cover the medical bills. My daughter bought the house. Do we pay capital gains tax on it now ?

@PlanningBeforeInvesting 2 месяца назад

Hi @krismatthieu8767 Yes, but real estate steps up it’s cost basis upon the owners passing and then the money spent fixing it up can also offset some of the gains. Take the sale price minus realtor expense, minus physical improvement expense, minus value of house when inherited, plus amount depreciated on your previous tax returns will give you an estimation of your gains. Thank you for the question and thanks for watching!

@yipyip99 2 месяца назад

Not sure if this was addressed, but gift to kids, they don’t pay income tax, but do the parents get taxed on it or is it a straight deduction?

@mikeweber9766 2 месяца назад

I’m not a finance guy but looked into this a while back. Any gift you give to anyone is not deductible because it’s not income to you at the time you gift it.

@PlanningBeforeInvesting 2 месяца назад

The money you are gifting has already been taxed so as long as you stay within the annual and lifetime gifting limits, this is not a taxable event. Thanks for watching!

@Tripsolo65 Месяц назад

What about money from 1. Personal injury lawsuits. 2. Wrongful death lawsuits?

@PlanningBeforeInvesting Месяц назад

Damages collected from a lawsuit are generally considered income, however, there are exceptions to every rule, and each lawsuit claim is unique. Many personal injury settlements are an exception because they can be perceived as reimbursement for likely future expenses.

@beingmelisaann1728 Месяц назад

If you divorced prior to 2018, alimony is taxable. Sucks because my divorce was final June of 2017. I have to pay every year while others do not.

@e-spy 2 месяца назад

well I assume drawing from my 401k to live in retirement counts? I did rollover the funds to have someone I trust manage it. So why did I have to pay taxes on it? It was well under 47,000.

@PlanningBeforeInvesting 2 месяца назад

Not sure I understand the question, IRA money is taxable income when withdrawn.

@VBtoonz 2 месяца назад

Aloha, i have 4 foster kids we're planning to adopt and I'm looking to use their monthly stipend to invest for their future but o t know what options are out there for the long-term growth. Thanks

@PlanningBeforeInvesting 2 месяца назад

Aloha! This is a great question and we would love to help. In order to respond correctly and discuss these options, it would be best to set a time to zoom. Please feel free to call our office directly, email us at ContactUs@SESweb.net or visit our website at yourinvestmentcounselor.com/ and click on the link below the RU-vid channel button. We appreciate you watching and look forward to hearing from you!

@oldsoul3576 2 месяца назад

a) compound interest on bonds/investments -- compounding makes money that grows itself exponentially when you let it grow instead of withdrawing it. corporate, municipal, treasury....then there is silver/gold.... b) buy small quantities of silver in coins and let them stack up, periodically convert some for whatever amount of gold is desired -- gods money never looses value.. in both cases once you purchase you are done, no watching or monitoring the market need, the investment is the purchase, the strategy is leaving it alone.

@CraigL-rs9be 2 месяца назад

This is fine if you are poor or average but the minimum alternative tax will get you no matter if its from munis or what it is. If your income is over about $180,000 you start getting hit with high rates no matter where it came from. Insurance proceeds and such are about the only things not considered income

@theresahaskew7555 2 месяца назад

I think we need to define 'income'

@hitomikagewaki31 2 месяца назад

I'm cheating but I'm going to say 12: Return of Captial NOT return on capital. RoC lowers your cost basis and your not taxed until your Adjusted cost basis reaches zero or if you sell your stock at a later time. Also I've heard donating blood/plasma is tax free?

@ImNotHereToArgueFacts 3 месяца назад

"income"?

@donnaallgaier-lamberti3933 2 месяца назад

What about the income that developers get? I was told that developers do not pay taxes on their income from developing. Is this still accurate?

@PlanningBeforeInvesting 2 месяца назад

Developers do pay taxes on their profits but as in all business income there are many ways to defer, shelter, and even legally avoid taxation. Thanks for watching!

@s.k.7633 День назад

Is there some way that life insurance proceeds does not involve someone's death? if there is, I suppose many would be dying to know what that could be?

@RobertSpiller 2 месяца назад

What about social security for those who earn less than $1,000 a month?

@therealBillyRayValentine 2 месяца назад

The earnings threshold for Social Security is provided within the annual SS renewal statement.

@RobertSpiller 2 месяца назад

@@therealBillyRayValentine i don't have that

@PlanningBeforeInvesting 2 месяца назад

Certainly, yes. Thanks for watching.

@sophiasummers1637 2 месяца назад

All of the money paid from the government isnt "income or tax free" in the strictest sense. It is money we already paid in as tax. Hence taxing that would be a tax on our miney as a nation of tax payers.

@sarahsimpson9848 2 месяца назад

#11 Long Term Capital Gains mean stocks and bonds? or Real Estate?

@lagi1313 Месяц назад

ROTH

@RJS1966USMC 2 месяца назад

Tech Tip: When you are putting data and tables on the screen as your background, make sure your head is not COVERING ANY OF THE DATA!!!!

@rwLincoln 7 дней назад

Does a withdrawal of ROTH IRA funds increase the amount of your Social Security Income that will be taxed?

@PlanningBeforeInvesting 4 дня назад

No, not at this point. Thanks for watching!

@ME-jc7xi 21 день назад

US citizens earning domestic US sourced income is not taxable. The income tax is an excise tax levied upon the privilege of earning Foreign Sourced income. Withholding Agent is Any Person who has custody control and receipt of FOREIGN PERSONS income. W4 withholding certificate is used by the withholding agent to determine how much tax to withhold.

@qwq203 2 месяца назад

Im sick of being taxed to death. Get paid, taxed. Buy something, taxed again. Buy a car, taxed..buy gas, taxed again. Buy a home and / or land, taxed every year. If the government streamlined their operations and worked within a budget set before them, like every household, we would be better off. We revolted from Britain for these very reasons.

@1439315 2 месяца назад

at this point it is no longer tax; just plain stealing. ALL of the infrastructure is already present, airport, bridge, road; we should be able to cut tax in half right now today. - veteran

@Davek111 2 месяца назад

Your narrowminded ignorance of is quite obvious. It cost lots of money to have schools for the next generation... as well as the fire, police and transportation system required to have a functioning civilization. Stop whining for christ sakes!!!

@MarlenevT 2 месяца назад

Thanks but I don't have any of these.

@dennismorgan2303 2 месяца назад

alimony is taxable

@brandonanderson168 2 месяца назад

Thank you sir...appreciate the sh!t out of you!

@HarupertBeagleton-dz5gw 2 месяца назад

Unknown income didn't make the list?

@AnOhioPatriot 2 месяца назад

If I cash out Short AND long term Crypto holdings at @ $2M - $5M, can you tell me the approximate Tax Rate ?

@PlanningBeforeInvesting 2 месяца назад

You should be taxed based on current (I presume Long-Term) capital gains tax rates. This taxation is complicated and will depend on all other sources of income first. Google current capital gains tax rates. Thanks for watching!