IRS "You'll NEVER Need to Pay Taxes Again... Legally"

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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.

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2 июн 2024

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Комментарии : 738

@VincentChan Год назад

Check out the newest video and strategies to pay less taxes in 2024: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-fXNYEex2uh4.htmlsi=wAAxbHuC3uXJh3wi

@DEVUNK88 Год назад

during your tax flavors segment I totally got distracted by the burger flipping....several times

@itiiyt Год назад

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

@Aqui.les-Pinto-Paredes Год назад

Hi, question: my ira lost value 50% can i use to deduct from my taxes?

@roodyiatomhue5730 Год назад

now i want to read the US tax code.

@paldri Год назад

I thought after Trump’s tax code changes in 2017 you were no longer able to write off “home office” expenses ?

@zedeyejoe 8 месяцев назад

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.

@Knowledge.to_Come Год назад

Basically you pay no taxes on ASSETS you own, you only pay taxes on SALARY. To sum up the video

@jaysant6958 Год назад

Thank you.

@markblaze4909 Год назад

Ya until you sell your assets then the govt steals from you.

@timwilliams3216 Год назад

@ClandestineOne2178 It says Employee as one of the applicable people. If you have a job In America, then yes it does apply.

@TheUser808 Год назад

@@ClandestineOne2178you’re insane.

@joeroid1205 Год назад

I pay taxes on my property/land

@caelomarroquin111 Год назад

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.

@303Estates Год назад

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

@gt-c- Год назад

WRONG...!!! There are many LARGE companies that have ZERO REVENUE, clearly ZERO PROFITS...and hundreds of employees...therefore they write off ONLY EXPENSES !

@ckm-mkc Год назад

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.....

@spirokalu Год назад

@@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?

@MaverickCycle Год назад

@@spirokalu you have to keep the mileage record daily or weekly basis, only needed when they ask tho.

@jorgeb4585 Год назад

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.

@gregorydanielscpa Год назад

I was about to post the same thing. That’s a rough error.

@supsnap Год назад

I came to the comments for this exact same thing lol it's a $9000 tax deduction not savings.

@antonlogunov1936 7 месяцев назад

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.

@DavidZCPA 6 месяцев назад

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.

@mungoz 5 месяцев назад

I stopped watching when I saw that math error. How do you trust the rest?

@queensgambit4982 Год назад

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 ..

@TBonerton 3 месяца назад

This comment raised the chances of an audit.

@queensgambit4982 3 месяца назад

@@TBonerton lol.. just trying to help out.

@elliottharris9015 3 месяца назад

Wow! Thanks for the info.

@nickschwear1610 Год назад

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

@JaredaSohn 3 месяца назад

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.

@rexx9496 Год назад

Love it. No clickbait, no BS, you went straight to the goods.

@VincentChan Год назад

thank you so much :) what else do you want to learn in the future?

@grayfoxsa Год назад

@@VincentChan can you do a video about how much money you will need to start investing ?

@BigDoggyDad Год назад

@@VincentChan but you have to pay back the loan with taxable income so how does it eliminate taxes?

@nestoracuellar Год назад

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.

@TopGAli Год назад

Yeah I hope that was just a slip up there.

@marilynnschroeder4436 Год назад

Exactly @Nestor A Cuellar!

@lisam200 Год назад

You are absolutely correct, hopefully people realize that was a slip up.

@gotentk4 Год назад

i mean he absolutely read 2000 pages of tax code for that slip up

@charlsalash Год назад

A lot of folks are going to be disappointed..

@jorgedelucas5803 Год назад

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

@Scott-by9ks Год назад

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.

@markblaze4909 Год назад

So many people don’t understand the difference of wealth and income.

@SpencerJohnsonOfficial Год назад

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.

@jbusyiii Год назад

that sounds great!

@SpencerJohnsonOfficial Год назад

@@jbusyiii Exactly!

@charlielugtu1118 Год назад

As Socialist, I never advocate this because to me, paying no taxes must be illegal and I will fight against this including against you.

@jbusyiii Год назад

@@charlielugtu1118 well we live in a capitalist society brother so be realistic

@tigerrx7 Год назад

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.

@megmathisen9072 Год назад

Vincent! Seriously this is the best RU-vid video I have ever seen and I’m pretty sure I’ve watched hundreds of thousands of RU-vid videos. It’s all I did during Covid. The way you present this information is so easy to understand. Thank you so much!! ❤️❤️

@timdefor8858 5 месяцев назад

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!

@palmersolga Год назад

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.

@dannyscott1276 Год назад

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.

@jackbills Год назад

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?

@tblazegutt Год назад

@@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.

@palmersolga Год назад

@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

@heroesandzeros7802 4 месяца назад

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.

@kwill8415 Год назад

Been looking for vids like this thank you ✅

@EVA-ki5vw Год назад

This video is a blessing for a business student like me. Thanks, buddy

@VincentChan Год назад

thank you so much :) what else do you want to learn in the future?

@wesleysakamoto Год назад

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?

@alfredmanzano680 Год назад

Appreciate the knowledge ✊🏽

@embodiedconducting Год назад

Great information. Thank you for sharing.

@BrianW211 Год назад

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.

@DanBelsky_Health_Money_Love 6 месяцев назад

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

@keepontruckin5862 Год назад

awesome video with lots of helpful information thanks brotha.

@oy6332 Год назад

Educational. Thank you

@afternoon222 Год назад

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!

@johnlile7562 Год назад

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.

@LYFEAccounting Год назад

Good video, Vincent! Just remember tax deductions (like home office) reduce taxable income, but don’t always equal tax savings.

@othnielmaidaniuc1786 Год назад

Agreed #1 and 3 are pretty much the same point

@ivansmashem Год назад

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.

@danielharris4965 Год назад

@@ivansmashem do you use home office write offs? Like deducting internet, part of rent/mortgage/utilities/etc.

@ivansmashem Год назад

@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.

@forsakenV12 Год назад

@Ivan Smashem great point!

@BSGSV Год назад

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.

@LadyOzma Год назад

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! :)

@303Estates Год назад

can you explain "no tax if less than $44k" limit"

@economicdevelopmentplannin8715 6 месяцев назад

@@303Estatesif married, we will have 123k of dividend income with zero federal taxes next year. Zero State taxes in about 9 States

@stephencolinco7102 Год назад

Love it! Thanks Vince. IRS is and will come after us all.

@psycheadfuzzfreak830 Год назад

Not if u know how to utilize private trust

@seanclarke4061 Год назад

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

@philmister 7 месяцев назад

Wow very informative great job thanks

@chriss3314 Год назад

Awesome video, you're a smart guy and took a lot of time to do the research. It pays off. Thank you

@ryanheller5424 Год назад

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.

@VincentChan Год назад

thank you so much :) what else do you want to learn in the future?

@Bob-od9oe Год назад

Well done! Great video!

@VincentChan Год назад

Thank you very much! Did you learn anything new in this video?

@agentq5488 5 месяцев назад

IRS ENTRAPMENT VIDEO !!!

@ChristiantrospectiveGamer Год назад

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.

@eyeleesmiley Год назад

Thank you !!

@jaejkim7326 Год назад

That was fast. I need to listen to this again. Wow~!

@StevenSchoolAlchemy Год назад

Good stuff

@freedomlvr88. Год назад

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.

@elvisdunbar8636 Год назад

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.

@junbug1love Год назад

😊 very informative and educational thank you *NEW SUBSCRIBER*

@snapman218 Год назад

The best method involved getting a g and pressing the self deletion button

@Kevin-sr8yx Год назад

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.

@TheLoobis 3 месяца назад

You could check the little box that says exempt from paying income tax on your W2

@joeb1522 Год назад

Your expenses must be "ordinary and necessary" for your business. If they aren't, they are not tax deductible. Section 162.

@jimmylee1408 Год назад

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.

@Etron49 2 месяца назад

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

@askSandra Год назад

Wow!! Now this is content! Mahalo!❤

@theresabell2492 Год назад

Thank you finally some one told the truth about this tax mess.

@JaredaSohn 3 месяца назад

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.

@MrCloudArchitect Год назад

Awesome video on property income

@rebeccapierre6369 Год назад

Bless you . thanks . thanks

@KevKruz 4 месяца назад

Awesome vid! How about some property tax loopholes? Been looking for info on that :)

@Vinsanity503 Год назад

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

@primafacie9721 Год назад

The best way to avoid paying taxes is to buy enough elected representatives to write tax codes that benefit you.

@dennishipsley8703 Год назад

The "income tax " ended/died by law passed by the 83rd Congress on August 16 1954. Google IRC of 1954 taxable years

@clreed9690 Год назад

Subscribed!

@elyon9329 Год назад

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….

@JakeMcGinn Год назад

Where the heck can I get a stock secured loan with a 3% interest rate??? Minimum I’m seeing is 8.30%

@user-wt6zf4ek9k Год назад

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...

@krisgrigo Год назад

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.

@laszlolee Год назад

@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..

@romiverajr Год назад

@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?

@romiverajr Год назад

@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.

@monicavazquez280 Год назад

@Mark Lofgren Researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.

@nairaamirkhanyan7416 Год назад

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!

@ryanheller5424 Год назад

I'm an EA as well, there is far more than one thing wrong with this video.

@nairaamirkhanyan7416 Год назад

@@ryanheller5424 agree...

@jackchen5290 Год назад

Property investor often take out an interest only loan, so all payment to the bank are tax deductible.

@nairaamirkhanyan7416 Год назад

@@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 😀

@jackchen5290 Год назад

@@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

@HashemRodef Год назад

Excellent!!!

@VincentChan Год назад

Glad you like it! did you learn anything new from this video?

@ThePyrshepnBelgn Год назад

Thanks for doing this video, and yes, Free Tax USA is the best tax software out there.

@TritonTv69420 Год назад

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.

@VincentChan Год назад

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

@TritonTv69420 Год назад

@@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.

@psycheadfuzzfreak830 Год назад

Ya becuz they turned everyone into a 14th amendment citizen, which makes u federal employee of United States Inc.

@andyw7617 Год назад

@@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.

@robcanad Год назад

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.

@andyfumo8931 3 месяца назад

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

@solice8844 Год назад

At 9:33 your mortgage fees deducted cannot include any principal payments.

@SHEBADOG12345 3 месяца назад

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.

@s.on.y Год назад

Great video! What do you think about the Roth 401K?

@markcompton2560 Год назад

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.

@jamarjarrell3347 Год назад

great vid!

@kathycundey5187 Год назад

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.

@Vicureview Год назад

Love it! Where I can download all the tax code?

@callmelil Год назад

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.

@usernameryan5982 Год назад

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

@itstajmeet Год назад

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 :)

@caravanmaint Год назад

One question. Are you filing as a Sole Proprietor or as a Llc?

@rpruneau68 4 месяца назад

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?

@metallicflare1 Год назад

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?

@Eaglemadhatter 5 месяцев назад

May want to. The next market crash won't have a come back. Just FYI

@whispie. Год назад

This video is GOLD

@playwithprin331 Год назад

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.

@JourneyByChris Год назад

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.

@Scott-by9ks Год назад

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.

@JaredaSohn 3 месяца назад

I thought it was a separate tax bracket that wasn't influenced by your personal income...

@OldManYellingAtCardboard Год назад

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?

@markho9653 Год назад

Good video

@johnhumphrey9953 Год назад

I stopped paying federal income taxes in 2019. I will never pay a dime in federal income taxes unless, Congress changes the law.

@jessemeyer1985 Год назад

That's assuming you don't claim standard deduction which almost everyone does

@Other3.5 Год назад

Bear in mind that taxes are membership fees to live in this country. They pay for safe roads, clean air, clean water, disaster relief, public schools (yes, states get lots of federal money for education), our court system, state dept., rule of law etc etc. That being said, we lose over $500 billion a year in tax revenue to legalized tax evasion (called Avoidance) by corporations and the ultra wealthy (that's just what can be tracked). We are owed billions more from shady accounting (why else cut the IRS funding - complex tax return review costs money - cut the budget to make sure the only audits are done on the middle class) So to really lower our taxes, we need to get the free riders who rely on us paying taxes (so they don't have to), to start paying the taxes they should be paying already. Stop the PR that taxes are a burden. They are not. They are payment for a return in services. If we're not getting what we pay for, we should ask why. If those pesky corps would stop lobbying for massive (debt funded no less) tax cut for themselves, our taxes could actually be less. Just saying.

@sct4040 Год назад

Please do a tax saving video on retirees on SS and retirement accounts.

@KathrynFritze Год назад

Check out Holy Schmidt’s channel

@johnlekkas2682 7 месяцев назад

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?

@LennyYT Год назад

Great video🎉 hope you can continue documenting your tax journey 🍿 any reads or RU-vid channels to dig deeper on your 5 points? 🙏🔥🚀

@toordog1753 5 месяцев назад

If you really pay attention to the tax codes, it states that in order to qualify to pay taxes, you must file waving your rights meaning if you file you eliminate your rights and allow the irs to collect. Ever wonder why you have to file? Read the fine print....

@Millennialmoney101 Год назад

What type of loan is #2? I wish I would’ve done this

@laurelcreagh9419 Год назад

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.

@NoSh1tSherlock Год назад

Since read the tax code. Can you show where it says we are required to pay income tax

@FrancisFurtak Год назад

Wow done well!

@russellaustin4988 Год назад

Wealth is inflation. We pay all the taxes, When you buy anything, you pay the taxes of the company that produced the product. You also pay every employee's taxes, The people who transport and sell it. When you tax the rich, you just tax yourself. They got rich because you paid everything for them.

@althealthworks Год назад

I once found a tax professional who knew how to help me with depreciation write offs. Since then nobody has helped me with them. The question I have is how do i do depreciation or how do I find a person who can help with them. Most tax professionals I have found barely know anything about write offs and maximizing deductions, I got lucky one year!

@cliffordreinhart3436 Год назад

I like how you say legally there isn't a law that says you have to pay them anyway

@theintrovertedaspie9095 Год назад

There are laws. You think some people pay taxes because we want to?? NO. For for some people they pay taxes because its the law. If they don't then they'll go to prison.