Great explanation and breakdown! Just recently venturing on my own and was a bit nervous about how to handle things but this video helped out a lot… Thank you!
You are welcome, glad it was useful for you. Be sure to talk to an accountant as your situation will be different and from the comments you can tell I left a few variables out.
Yeah it changes things and now the motive to work more goes way up because you can always turn your time into more money that isn’t capped by a salary. I made some errors in this video so always talk to an accountant.
@@SCOOBYDOOBIEUFO no the self employment tax is Medicare and social security. You can’t write off a self employment tax because it is being issued at the federal level
@@yamilaenriquez8050 Yep. I managed to bring my taxable income down to ~$20000 with deductions but it doesn't reduce self employment tax. My federal tax came out to be ~$2000 and SE tax was 3 times that.
I'm a 1099 for the last 10 years. I've paid zero taxes. I write all my expenses off. I actually have a surplus for the following year. I'm an independent contractor for FedEx Custom Critical.
Hey John! I appreciate your enthusiasm in wanting to help others. However, as someone who has a masters degree in business administration, I noticed a few things right off the bat that didn't make sense. I ran to the comments to see if anyone else caught on to it as well. Yes, I wasn't the only one. My encouragement to you would be to do more research before making a video! Make sure that everything is accurate or close to being accurate before posting. In the meantime, you brought up some good concepts regarding writing off your taxes with a 1099. I don't want to discredit you, but I also don't want others to potentially fail because they didn't fully understand what being a self-employed, 1099 filer means. To others out there, not everything on the internet is true! Keep on posting, John! I appreciate you wanting to help others and I will check out some more of your videos in the future.
Sam you are so right! This video is *not* comprehensive and why I always encourage people to work with an accountant or other professional which you can see in my comments to people below. I do use these strategies in my own businesses. When I made this video it was not entirely accurate. I very much appreciate you pointing this out in a kind way, which is not always par for the course on the internet.
But if you are on 1099 vs W2 for contract work, you also have to consider all of the unemployment you WON'T collect when contract ends, that you will have to pay that full 15% self-employment tax, won't get health insurance subsidies from company, won't get to contribute to a 401K or get matching funds from company, won't get paid for holidays or vacations. All this adds up quite substantially.
Brenda you are totally right. 1099 isn’t for everyone. I believe there is the possibility to out earn W-2 with 1099 income but you have to earn a lot more to make up for all of those expenses you mention. So you have to do your own calculus to determine if its worth it to you.
@@BuildingTimeFreedom So true - I had an ebay side business (1099-K) and this 1099 worked out fantastic for me. Especially b/c I could claim loss after all expenses were deducted. Thus my taxes were reduced. But if there is possibility to significantly out-earn the W-2, it can also work for one's' benefit. All good to know! Lord knows they want our money!!!
Yea, Im gonna level with you... your math for federal income tax is off... by a significant amount you keep doing the math based off the marginal rate when you should be doing it off the effective rate... you also arent taking into account the standard deduction for your calculations or the employer/self-employment tax While it is true you can do itemized deductions like you listed in the video, they often will not exceed the 12,400 standard deduction offered by the IRS especially if your income is only 60k a year Now I could be wrong, but from what I could tell, a 1099 would really only be beneficial if you make a lot more money than 60k... in fact you might lose out on benefits that a W2 would offer including employer health insurance, employer match, etc.
You are totally right. This is a simplified version and everyone’s math is going to be different. I am not an accountant, so you should absolutely talk to a professional to prepare a return based on your math. I do know that I use the strategies to lower my effective tax rate. Any sample numbers I make up are going to have some flaws, thank you for adding the details you did as it makes this information more complete.
I needed this video, thanks for the explanation. I am taking on another job and doing 1099 with them. My full time and other part time are W2 and I occasionally do door dash. I will also be starting up a business on the side. I didn't save receipts for door dash but I know with my new job I'll have to save for everything from buying my clients food, travel, cellphone etc...
Thanks for the kind reply Dorian. Just be sure to talk to an accountant. Everyone's math is a little different, and my example may not fit you perfectly. You should be able to get a lot more deductions as a business owner though.
Great information John! Starting a 1099 gig this weekend. Not going to make $60k a year lol maybe about $6k lol everything should be the same I would assume only on a much more smaller scale. Haha. Clicked then sub and like button. Thank you
Tony, small things grow to bigger things. Most people just don't start though. Patience and persistence are you best allies. Getting used to operating with 1099 income will help you grow and manage all of the tax benefits.
Hey there’s one issue here in your calculations. Perhaps I’m just missing something but tax rates are marginal, and those percentage rates don’t apply to the whole amount you earn. For example, the 22% rate does not apply to the whole 60,000 to get you $13,200 in tax expense. Instead, it’s broken up into sections, so every dollar from 0-10,275 is 10%, every dollar from 10,275 to 12,000 is 12%, etc and then you add up all of the percentages and the money you’d pay from each of those intervals and It’d be less than 13,200
You also didn’t calculate self employment tax at %15 for a 1099 employee. Not to mention a w2 employee probably gets some type of health insurance and retirement options, none of that will be available for a 1099 employee. Depending on the details there are times when it is advantageous to be a 1099 and others times a w2. I personally prefer 1099 because you have more freedom but you also don’t have a steady paycheck in some instances.
I want to start a dog pooper scooper business and purchase a brand new GMC Denali that I will use for business travel and business dog poop scooping action.
I’m not a fan of W2 for sure, but you left out a lot of important details. The standard adjustment is pretty huge as a W2. Also as a W2 you most likely get greatly discounted medical insurance. Plus 401K matching and HSA matching. Lots of extra free money as a W2. Your point that the road to wealth is not W2 … I agree with you 100%. But this specific comparison isn’t accurate.
You are right, this example is really simplified and misses several pieces depending on your situation, so always talk to an accountant about your numbers. I am not a big fan of 401ks anymore because I feel that I can get equivalent or better tax protection in real estate assets that I can control without having to wait until I am 59.5 to access. Ultimately when I was pure W-2 my effective tax rate was 28%. Now that I am 1099 only, my effective tax rate is around 11-15% depending on how that year went. There are many factors that go into that and it changes from year to year. However for my situation 1099 saves me nearly 15% of my income from taxation.
@@BuildingTimeFreedom yeah I still agree running your business provides tons of opportunities to deduct your lifestyle and reduce net taxes. One thing you might consider is still plowing tons of $$ into your 401k or SEP IRA then moving that money into a solo 401k (self directed) and using that to invest in real estate (there are some rules around active participation etc…. ). I do a lot of passive hedge fund or real estate fund investing through my solo 401k and solo Roth.
@@dandan1364 I have a self directed IRA that achieves the same thing, although I don't think it is a good vehicle to own real estate because you lose all of the tax benefits of real estate inside a solo K or SDIRA. You can't deduct the mortgage interest or get depreciation because it is held in a non taxable entity. Those K-1 write offs are wasted on a self directed tax shelter. So I put less tax efficient assets into my SDIRA and use real estate as my accessible 401k since the tax incentives for real estate are actually greater than those for a 401k in my opinion.
Hey I'm new to all of this, can one of you point me in the direction of some resources that I can use to learn more about the 401k and real estate things y'all are talking about? Thanks in advance
That is a great idea, I will put it in my list to make. I can make an example, but you will need to talk to an accountant to get advice for your situation. I am actually switching to an S-Corp next year.
So should we just pretend that the standard deduction doesn't exist and our tax system isn't progressive because those numbers are totally off. I like the video though and at least he's not pitching enrollment in some course he sells.
Yeah I made some omissions in this video which is why I always suggest people use an accountant. It only makes sense if your deductions are greater than the standard one, but that is easy to do in real estate at least. So it depends on your business. Thanks for your comment.
Thank you for this! My husband works in the medical field so he gets much lower rates for any medical insurance. I am starting a job soon and have decided to do 1099. I will be doing home health so I figured I better get paid for mileage and write-off. I do wish I didn't have to open up an LLC; my employer requires me to have one if I choose to do 1099. Do you know if I get more benefits using SSN vs LLC?
It is easier to justify business expenses if the account is set up under the LLC with a distinct Tax-ID. Make sure the biz has a separate bank account and you purchase things with it that are related to the business. Work with your accountant of course, but your spend in that account should be deductible. Make sure your LLC gets paid instead of you and deposit income into that biz account, not a personal account.
I don't see how this is really an apples to apples comparison. The W2 employee is also receiving various benefits from their employer, such as health insurance/401K/paid time-off all of which a 1099 contractor would have to cover out of their pay (unless you want to risk having no health coverage). Comparing a W2 and a 1099 each making $60,000, even with the tax benefits considered, the W2 employee would come out on top since a good amount of that extra money the 1099 made would be used to cover self-purchased benefits.
It all depends. This is certainly just an a example and all of the benefits you mention should of course be taken into account. Not all jobs are the same and not all businesses have the same deductions. Your accountant will be able to tell you which is better for your situation. I can only tell my experience which has been as a business owner my total effective tax rate is much lower than when I was a W-2.
You are absolutely right. This is certainly a simplified model and you should seek out an accountant for your situation. In short I know that my effective tax rate is much lower as a 1099 earner than a W-2 earner after my accountant gets done with my books. My situation will certainly be different than yours as well.
You are right. There is a mistake in the math. Thanks for pointing it out. Always work with your accountant. These strategies work, but your situation will be different. Appreciate the comment.
You are right! I left that off which was a mistake. So ask an accountant for sure. So I have to eat some crow and say that I do use these strategies to lower my tax due, but you need to check with an accountant for your situation. Thanks for your comment.
I am a retired military pilot and engineer with an LLC or two and am going back to work as a part time pilot for a friend of mine's business. I am looking to set up this part time gig as a 1099 employee, paid to my LLC and contribute maximum income to a solo 401 K to keep my income as low as possible. Does this sound like a valid approach?
As always, ask your accountant. However, as a LLC you can contribute more than the 401(k) maximum each year with programs like a SEP which can enable even lower taxable income. Thanks for your comment.
You are right! I am not an accountant but I use the strategies to minimize my tax. Everyone's situation is different, so definitely work with an accountant to make sure you get your situation correct. Appreciate you noticing the details!
As always, ask your accountant. I set up an LLC and separate bank account for my 1099 income for asset protection and to isolate business expenses for my tax returns.
Thanks Phillip. As you can tell by the comments, I did make a few mistakes in this video, but the main take away is that these strategies can be used with your accountant to help reduce your taxes. Thanks for the click!
You do it all on your income tax return that your accountant creates for you. The main thing you need to do is make sure you have good documentation for your biz expenses and use a business checking account for them. Don’t write off expenses you make from your personal checking account. And use some good tracking software like Quickbooks or Xero.
Great video! thank you! John, I run an acting school my son helps in the school as an assistant. He gets a 1099. He makes under 10K I would love for him to start contributing to SS and I would like to generate a W2 for him. Do I have to pay the FICA twice a year in order for me to generate that W2? or at the end of the year? and how can I find how much of withholdings etc?
I use payroll software like Gusto to file all of my employee taxes. There are plenty of programs that do this, I just find Gusto to be easy and it integrates well with popular book keeping software programs like Xero and Quickbooks. Gusto will ask you all of the right questions to get you filled with your state and local tax authorities and do all of your filings for you. You can also have an accountant do these for you, but Gusto will likely be cheaper. It will figure out all of the withholdings too. Work with your accountant as well to make sure you are complying with all tax laws and getting the most returns possible.
Interesting you did not mention any benefits that employees are offered. Such as health insurance and 401k or matched 401k matching PTO, which often is worth and extra $5-10k is we are using the base $60k example. As an independent contractor making $60k, you are on the hook for your own insurance and cannot take advantage of the other benefits.
Vineel in order to do corp to corp payments have to be made to a company rather than an individual. If you are a sole member LLC it will effectively act the same. From my understanding c2c is 'better' when you have entities that bill each other and you are paying yourself a salary and or dividends. As always, ask your accountant.
Nice content, easy to understand. Does that apply only when both parties are in the US? What about when the person providing the service does that remotely as a business (non-employee) but from another country, for example exporting IT services, would that person follow its own country contract types rather than for example the 1099? Thank you.
I am pretty sure you can get them as a sole proprietor. Check with your accountant. I ran as a simple LLC for many years before converting to an S Corp. It wasn't worth the extra requirements to me until my business got to a certain size.
I am failing to find the advantages. I have to pay 100 percent of my health insurance. I have to pay my taxes and the taxes an employer would pay for the money I make. I don't receive a company match on 401K. If a client cancels an appointment, I don't get paid. Meanwhile, employees get paid if a client cancels.
It really depends on what is more valuable to you. If you don’t have enough regular clients then it is worse. If you can earn more money than the cost of your insurance and salary then it works. It’s certainly not one size fits all. Thanks for sharing your thoughts as many folks probably identify with it.
John great video. I was considering switching companies in the engineering field. So I was wondering if I was offered either a full time employee position vs a 1099 subcontractor position for the same exact job, with the same responsibilities, would a 1099 employee be able to push for a higher salary than a full time employee due to the fact I wouldn't be getting healthcare, no vacation or sick time, etc...etc. I have my healthcare through the V.A. so I don't really need all the benies a full time employee would enjoy. But if the job was offered at 80,000 for a full time employee, could a 1099 subcontractor get 90,000 for the same job?
I have worked in tech as an employee and contractor. Typically for the same position a 1099 contract is higher in base pay than W-2 for all the reasons you mentioned because you aren't getting health insurance and many other benefits that a W-2 employee gets. A lot of that is also negotiable. As a general rule 1099 pay should have a higher 'base pay.' My experience is purely anecdotal though.
Yes a lot of deductions but as a self employed person, what you save on taxes (what you save on the monkey) you spend on health insurance (so you spend on the banana) …. No health insurance is costly !
True, but at some point as you scale your income, health insurance is a fixed cost. If you don't scale your income then yes it can nullify that benefit. Thanks for your comment!
I'm no expert, but I don't think you calculated the tax bracket correctly. If you are in the 22% tax bracket you don't pay all your income at 22%. I think it is currently 10%,12%,22%. You only pay everything over 40K at 22%. Am I wrong here? You also get to write off like 12K for a single person, so in the end you don't pay much income tax if you makes less than 50k.
Yes you are correct. You only pay 22% up to the income in that bracket, you pay 28% on the income above the 22% bracket, so the first dollar you earn over the 22% bracket is taxed at 28%, but all the others are taxed at 22%. That omission aside, in retrospect this video is not complete. I always sum it up with consult your accountant, and I use the strategies to lower my tax. It's rarely a one size fits all.
Ok, question... got a job offer to become a sub-contractor doing the same thing as I am currently doing for my employer... pay is close to the same, give or take a few hundred a week... the employer pays all expenses (gas,van...) I’d have to pay that myself... what way would be the better route?
Well if you are a contractor you can now take those deductions instead of your employer. So it depends of course on how much you make and how much you can deduct. You will have to pay self employment tax of course now but you can also deduct your taxable income to much lower than it was before when you were W-2. So you have to ask yourself how much you can deduct, what your final tax rate will be and which one comes out better. Here's the real kicker though. As an independent contractor you can now hire people to help you and deduct the expenses you pay for them to do their job as well as the income you pay them. Going 1099 may make a marginal difference if you are a solopreneur, but it has a huge upside if you choose to grow a business. As always, talk to your accountant for specifics. I am not one, but I do use the strategies in this video to save tens of thousands of dollars in taxes every year.
Great content, I'm about to become an independent contractor doing flooring, are you able to write off Health insurance and auto insurance? Would I have to put my vehicle on a business insurance policy?
To write it off, yes that would make it much clearer. As always, ask your accountant to be sure. In general expenses out of your biz account are deductible.
I got offered a 1099 position as a oilfield truck driver. They pay is great but I’m concerned when it comes to filing taxes as I won’t be able to write off fuel and maintenance costs as those are paid by company not by me and isn’t my truck. Will I pay more taxes as 1099 vs w2 if I made the same amount of money on either one?
Mario, as always, consult your accountant. But from my understanding you will not be able to write off those truck expenses because you aren't paying for them and it's not your truck. Depending on your tax bracket, you may end up paying more tax as a 1099 employee because you will have to pay self-employment tax. This is often why 1099 pay is higher than W-2 pay because those other benefits are not included. Now you may be able to get some great deductions around travel and lodgings as legitimate business expenses for having to live on site or near the oil field for the work which will impact what you pay. Talk to an accountant for sure.
Do you always have to show receipts? I am having to travel for a contractor position but haven't been saving every receipt but know what I've been spending.
As always, ask your accountant. However my experience is that as long as you aren’t audited you don’t need them. If you are audited they will ask for paper. A good accountant will keep you from being audited and help you determine the level of record keeping you need to maintain.
i have a full time job and I also do doordash after work, I make 80k year + 40k doordash. what would you recommend, putting 40k from my salary towards 401k/roth 401k, or the 40k from my self-employed job? i feel like if I can put all my salary money towards 401k, I can write off a lot and live with the self employed money and at the same time pay less taxes because I can write off way more with 1099
Put as much money into your 401k that your employer will match and keep buying real estate until you pay no taxes. You can likely deduct a lot of car expenses from your 1099 door dash gig. Ask your accountant
@@BuildingTimeFreedom unfortunately my employer ( staffing agency) doesn't match at all, for the last 5 years I have had lots of contract jobs (w2) and non of them match, so I need to do this on my own. Im already doing 6k year Roth IRA, but I'm still not sure if I should do 401k thru my employer or open a solo 401k... i feel like is better to do thru my employer because I have less deductions thru w2, so I can use the 401k contributions to lower my tax and live with the gig money ( because I'm also going to be able to deduct a lot more)... I'm kinda new to US, so I just don't know how to do the math to make sure is better thru my employer...
@@DanCycles of you put $50k in your 401k you can deduct it once. If you put $50k into a $250,000 house you can deduct all the internet on a $200,000 note (example) plus the full price of the house over 27 years which will end up being about $350,000 total in tax deductions for the lifetime ownership of the home, or you can put it in your 401k and deduct it once. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-62AAJ4xHgdc.html
I don’t think so. That being said I do have a separate entity for my business with its own Tax ID. Ask your accountant, but my understanding is that you can still make the deductions even if you are a sole proprietor.
Yes they would and this is certainly a simplified example. So definitely talk to your accountant. I use these strategies to reduce my taxes and this video does have some omissions. Thanks for pointing them out, makes it better.
Great question, and also why I am not an accountant. There are so many ways to skin your taxes, so my analysis certainly has some imperfections in it. Thanks for mentioning it.
Do what your accountant requires to justify the expense. Keeping receipts is always a good idea in case of an audit. A good portion of business is just good book keeping.
That all depends on how much you make and how much you can deduct. Sometimes W2 comes out ahead, sometimes 1099 does. The strategies in this video are ones I use to maximize my deductions as a 1099 earner. Thank you for your question!
Does this apply if I’m working for someone but he gives me a 1099 instead of a W2? Can I still write off those deductibles or is that only for certain people?
1099 income is considered contractor income, so you can deduct more expenses associated with earning that income than W-2. Be sure to consult an accountant.
If you receive only 1099 income you aren't paying payroll tax, but you are still subject to self employment tax. However you could be in a situation where you receive 1099 income but run payroll for your own employees which will have it's own tax impact. I can't possibly cover all the possibilities in this video, so definitely work with an accountant to get your specific situation right.
I’m sorry I just have to point this out because your math is really REALLY off. Great video but you made a really big newbie mistake that I can’t help but point out because this is something that any financial planner or professional that works in finance in any realm knows like the back of their hand. The tax brackets that you are using “12% and 22%” only effect the dollars ABOVE the threshold of the given tax bracket. In other words: once your taxable income hits 40k (based on his example) every dollar at 40k or above is taxed at 22% and every dollar below that is taxed at 12% until you hit the next lower tax bracket (let’s say it’s 9% for numbers sake) which would lower the taxes you pay on each of those dollars down to only 9% and so on and so forth. So in other words you are not dropping your taxes down to only paying 4,700 in that year, that would be great but unfortunately (and actually fortunately because this would almost always work AGAINST you rather than for you) it doesn’t work that way. You would save a little bit more on taxes but it wouldn’t it almost 6k it would be a couple hundred bucks more maybe 1k more but nothing crazy. Sorry I just had to correct that mistake because that is the kind of mistake that could actually do somebody real harm if they implemented that info into their financial planning. I hope this helps everybody.
You are absolutely right these numbers are just examples and don’t reflect everyone situation. I always tell people to consult an accountant because I am not one. Rather use these strategies with your accountant to get the best returns possible. Thanks for your thoughtful comment, this video does have some omissions.
I own a business and at the moment still in the self employed process however I’m currently employed at a company where I have a W2 and use 1099 for my business I’m leaving my job and focusing f 100% on my business should I open a W2 or stay 1099?
As in W2 to pay yourself? That can make sense when your business income reaches a certain level. I can't tell you for sure, but you should have a conversation with your accountant who can tell you when it makes sense to make the switch. Typically once the business starts making substantially more than a salary it makes sense to W-2 yourself, but work it out with your accountant. A business can scale. W-2 can't.
I don't think this guy knows what he talking about. I used keepertax's calculator and they said I would owe about 29.5% on taxes on $40,000 adjusted income. Breakdown: - self employment tax: $6,120 - Federal income tax: $4,102 - CA state income tax: $1,580 Total tax owed: $11,802 (29.5%) 😬🤮
Yup every situation is different and I didn’t include self employment tax in this example, so always go with your accountant. The main point is I use these strategies to lower my taxes as a 1099 earner so every situation is different. Thanks for pointing this out!
Yes, as long as you deduct expenses related to your 1099 income you can use these strategies. I actually have 1099 and W-2 income as well because distributions are taxed lower than income. So there is a balance to be had that your accountant can help you decide. The simple win in my mind is to be able to categorize a lot of expenses for things you already use as business expenses like your car, part of your home, computers, software etc.
Nope. Self employment tax is 15.3% compared to 7.6% for W2 so your total tax percentage would be about 30% which brings the total tax to $14,040 after deductions. Meaning it costs you nearly $1000 more to be 1099 vs w2.
You are so right, I didn't include self employment tax which is a huge omission. Still my accountants enable me to save on taxes with the strategies I mention in this video. Every situation is different, and it's not always better to be 1099.
@@BuildingTimeFreedom I don't know if I agree with that either lol. I think 1099 is generally better for everyone it allows for free market and more flexibility for taxes, hours, pay, and you earn what you are worth. If we want to get rid of the wage gap, 1099 is the answers. You get paid what you are worth, not your gender, degree, background, privilege, or anything. Just straight talent vs talent. But thats just my opinion.
@@grantellis8464 Not everyone is suited to an eat what you kill lifestyle. I do think there is more upside opportunity with 1099 income (and why I made this video) and it is highly accountable, but there is always a distribution curve of talent, mindset, desire for stability, and education. So while I agree in concept, not everyone is going to want or be able to do 1099. I tend to look at it as s journey from one to the other. We go through different phases of life, and in some W-2 is great (especially early on when you are learning a trade) and fits what you need, in others 1099 can be great but may take sacrifices that you just can't make due to other priorities. 1099 is effectively building a business which requires certain sacrifices and mindset for sure. So I do my best to educate, learn, admit my mistakes, and get a little better each day. Thank you so much for your comments.
You're right the % depends on your income and deductions and may be subject to change every tax year. Every person's taxes are different so you can't apply the exact same rules to everyone. Still these strategies are the ones I use with my accountant to reduce my taxes. Thanks for pointing this out!
I can't believe you are spreading such an inaccurate information! In your example of 60k/ year income the taxpayer DOES NOT PAY taxes of 22% on the total of $60,000 !!! There are seven federal income tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. You can calculate your taxes by dividing your income INTO THE PORTIONS that will be taxed in EACH applicable bracket. Every bracket has its own tax rate. For example, if you are single and your 2022 taxable income is $60,000, your marginal tax bracket is 22%. HOWEVER some of your income will be taxed in LOWER tax brackets: 10% and 12%. As your income moves up the ladder, your taxes will increase. So in 2022 (tax brackets) on 60k income you will pay $8,817 and NOT $13,200 like you said. (And that's ignoring any itemized or standard deductions that may apply to your taxes) The first $10,275 is taxed at 10%: $1,027.50. The next $31,500 (41,775-10,275) is taxed at 12%: $3,780. The last $18,225 (60,000-41,775) is taxed at 22% $4,009.50 Same with 1099 !!!!
You are right, this information is not entirely accurate, however I do use these strategies to reduce my tax as a 1099 earner, so as always work with your accountant because every situation is different. Thanks for pointing out the inconsistencies.
You did all your math wrong. I’d delete this vid as it’s miss informs individuals on tax rates. Go look up effective tax rate vs Marginal rate before you try to educate people on RU-vid.
I did make some generalizations and I always recommend people talk to their accountant about their situation. The point of this video is the tax strategies used which will reduce your taxes. I appreciate your warning as it is relevant. Thank you.
Yeah I made a mistake in the tax brackets in this video. I use these strategies to reduce my tax, but always work with your accountant. Thanks for pointing it out!
Hey thanks for the feedback, these are just strategies and I disclose that I am not an accountant and everyone's situation is different. So always get proper advice from a licensed accountant!
