How To (LEGALLY) Never Pay Taxes - Do This Today
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- เผยแพร่เมื่อ 11 ก.ค. 2024
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This Video: • How To (LEGALLY) Never...
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Video host: Jaspreet Singh
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DISCLAIMER CONT'D: I'm just a random guy on TH-cam so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.
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*Please note, if you do use this tax firm, Jaspreet will be compensated. There's no additional cost to you.
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I get the concept that you don’t pay taxes on your loans, but most banks will require you to make monthly payments on them. If you have no income, how do you do that?
@@dangeles95 I was wondering the same thing.
@@dangeles95 same. That’s the missing piece for me too
If all ultra wealthy folks were to pay their fair share in taxes, the world would be a better place.
You’re basically promoting greed, which leads children to starving to death.
@@dangeles95 you pay it back with the same money you borrow so some you use to live and some you're using to pay back loan if that makes sense.
Every family has that one person who will break the family financial struggle, I hope you become the one💯
That's why we need to plan ourselves making extras in all we do because depending on paycheck that can give us our comfort and peace till we die is not guaranteed
I'm a nurse and I saw all this coming, so I've planned myself so I engaged in forex trading, little I know about the business though but so far so good, Forex trading has been my very means of savings lately while my salary goes for bills and utilities
Same here, my portfolio has been going down the drain while I try trading, I just don't know what I do wrong, have invested $18k into crypto all I have now is just $5365
The truth is that you need an expert broker and account manager to make good profit from cryptocurrency trading and holding
I'm not here to converse for her but to testify just for what I'm sure of, she's trust worthy and best option ever seen, She has made success easier than we thought
The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
Money invested is far better than money saved , when you invest it gives you the opportunity to increase your financial worth.
" It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid , instead of trying to be very intelligent."
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
Even with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.
Trading under the guidance of an expert is the best strategy for beginners.
This is what I call "don't hate, participate!!" Great information!
FINALLY!! Someone has explained to me how millionaires dont pay tax and still live! I have asked so many accountants and self named tax experts who couldnt answer the question and just told me to earn less!!! Amazing advice thank you
They pay more in a year then you’ll pay in your life. Fair?
Wrong
How to tell when you're living in a corrupted society. When you have to find (Legal) ways to not pay (Illegal) taxes.
Absolutely agree with your comment. Our government make it a law to make us pay them money legally in every corner!!
how to tell that there will never be a completely corrupt free society. When humans are apart of them.
@@nganguyen-id7pp and the more people push for taxing the rich the more the middle and lower class get punished.
This is total horse shit. Our tax system isn't corrupt. It is "progressive", meaning the more you make, the more you pay. The upper 50% bear the ENTIRE tax burden for our county. All this gentleman is illustrating in this video is a series of tax breaks/deductions that are available to everyone in our country. Tax breaks exist to influence the public's behavior. The government wants us to do certain things, such as own our own home, buy stocks and hold them for the long term, start a business, buy certain assets, etc. All of these things boost our country's economy, which is good for all, so the tax breaks are deserved rewards. Also worth mentioning: there were many details left out of this video... small things which restrict these strategies to some degree, and/or pose taxes he didn't mention. There is no free lunch. Some strings are attached. However, they're all good ideas which anyone is free to take advantage of.
Taxes are a convenient way to pay for things we collectively (well most of us atleast) needs.
Taxing people’s paychecks is unconstitutional. So the common folk is taxed not only on their paycheck, but then they go to the store and taxed again on their purchases in store.
no its not. you need to actually read the constitution its under the 16th amendment.
The 16th amendment The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
And FiCa and property taxes !! And thats the worst cuz its now thousands a year usually instead of hundreds like it used to be..plus from the net pay u get u pay texes on capital gains again!!! So only way is creating passive income a 18 wheeler ,ahouse etc...
@@vestedinterest5655 it was supposed to be a temp tax also...you know that right?
@@workingshlub8861 paying for the defense of the United States was never intended to be temporary it was written into the Articles of the constitution. When the 16th Amendment was initiated to specifically tax wages it was stated they would revisit that need after the war. The problem being the United States has been at a perpetual state of war ever since. I've read you comments, it's not me who is wrong, I can point you to directly where it is stated in our Constitution it's not my opinion it's clearly written for anyone with the ability to read and understand to do so. People can have whatever opinion they want about it, it does not change what was, is and remains written in the constitution. You either believe in our constitution or you don't. Opinions are not facts!
Taxation without representation is unconstitutional
IF the politicians wanted the tax code changed, it would be changed. They do NOT want it changed because they don't pay taxes, either.
It's up to us to capitalize.. we plan our future independently, and our financial plan is not excluded. We are all aware of the prince of the world , but we can not just assume ourselves to be F+_! ., Financially. The works of evil effect us all, and must be resisted,like never before. My apologies, I have been near myself, changing... And it's my responsibility to educate myself, to be involved in my own political system and all that matters to me.
Thank you for the video
Verrrrrry True
You need to be teaching high school seniors!
There was a financial class I could've taken, but for some ridiculous reason it was considered an elective, so I ignored it thinking pre-calculus (something I never used again) was more important... This stuff is extremely important! I'm nearing my mid-twenties, and I barely know how checkbooks work!
"I'm an attorney, I'm not YOUR attorney..." This actually made me laugh out loud! 😂 Thank you for your videos, Jaspreet. They are helping me make more informed decisions.
You still have to pay taxes every year on your home which is property tax. unless you. Sell your house every two years which is not fun to do every two years
@@chuckkremm5791 depends what you do at your home sayid you had a farm and raising a crop that the us government supports right now you get tax brakes but yes you have to pay something I’m sure I’m not a attorney.
😂😂😂
He is so freaking cool man
I came here expecting garbage and what I learned was digital gold. I've spent years watching hundreds of hours of videos that might teach bits and pieces of the principles of this video, but this one actually puts them all together in a wonderful fashion. This is truly a powerful video!
BORROWING against an asset and bragging that you don't have to pay taxes on it yet you STILL have to PAY INTEREST smdh
@@joelcherestal8316Clearly you didn't pay attention to this video. Elon takes a collateral loan against his Tesla stock. He doesn't pay it back. The lender takes their collateral and sells it (Tesla Stock). How much is Elon paying in interest? Nothing. Zip. Nada. None. Now of course lenders are going to make their collaterals pricey sure, but when you are playing with millions of dollars a lender taking 25% of your money is better than the government taking 50% of your money. Do you understand now?
You have to participate in the system - to collect Social Security from the system.
@@murrayspiffy2815 you think social security is gonna pay you anything compared to all the money you're gonna save over the years in taxes not paying into it? Should we actually trust politicians won't steal our social security income as they have already threatened to do multiple times? How you gonna get paid if social security goes bankrupt. There will always be more financial security in owning assets vs depending on a government to do its job correctly.
@@gorgeousnoxy481 im talking about in the case of borrowing against your house because it appreciated. you have to pay interest on that LOAN
Thank you so much for making this particular video. I've been wanting clarity on this subject for years, and you've hit it out of the park. Great job!!!
Please pay attention that if you declare losses on your real estate due to depreciation ( as explained at 20:10 ) and you later decide to sell that same property, you will be required to pay capital gains tax on the amount you deducted. This is called depreciation recapture. So you still have to pay those taxes, they are just deferred. And you can deferr them even more with a 1031 exchange.
Also, there are strict requirements to qualify for a 1031 exchange, you cannot simply pick the property you want. It has to have a determined number of units, size, price and more. But it is possible
You are literally blowing my mind with this video. I went from running the corporate hamster wheel to venturing out on my own as an Independent contractor and trying to grow some small business ventures. As a single mom most would think I've lost my mind and a time or two I questioned that myself. When you said the rich know how to make money and KEEP money, that was the bull's-eye epiphany for me 🎯. I have always been good at making money but not necessarily keeping it but I feel like with resources like your own, I'm about to get on top of that too and REALLY change the game. Thank you for this invaluable info and inspo! 🙏🏾💛
Same here. Stay strong 💪🏿
Smartest guy around
goals
@@richardmingo3470 🤡
What were you doing with all your money?
Your videos are so helpful in creating financial independence! Thanks Jaspreet ! We need to help grow your channel!!
I’ve been listening to your vids and love them. What’s a real crying shame is that we have to jump through so many hoops and bounds to try and really build wealth. But thanks to people like you, at least us common folk have somewhat of a chance lol. Thanks man, keep em coming.
Good work you are doing sir! Thanks for looking out for the small guys and giving us a positive outlook and plan for our future!
Thank you so much for explaining things in an easy to understand format as I had struggled to understand debt and how to borrow in that before this video and just ask the beautiful knowledge you bring to light here. This is one of your best videos
I've been watching youtubes and reading books on building wealth for a few years now, and this video taught me more than what I had learned in the past 3 years. Under-rated content. I'm so glad I found you.
Jaspreet, I have to say that you've been a good public speaker and educator as long as I've followed your videos, but you continue to improve.
This is great! Been looking for a video like this for ages.. thanks man
Thank you kindly. I appreciate the way you Calmly & Clearly explain these basics without complicating it. I'm so grateful 🙏 to you 💓
That was an eye opener, particularly about accountants. I need to do that.
I had to stop and re-watch this video about 100 times. You open my eyes. Thank you... I am learning and paying attention. This is the last year I will claim taxes while broke!!!!
thank you so much for explaining so well on these concepts which seemed so confusing to me for so long. I a
m really grateful
You hit a Home Run with this video. You break it down to the point that it starts to make sense
Yeah, this was a good introduction to the whole taxes savings concept. Good job Jaspreet. But, this doesn't just apply to the rich in the United States. Most Americans can participate as well. The more you look into this topic, the more you realize just how many avenues there are to minimize taxes in the US. I actually did a video on this very topic that might give you even more ideas and help you out.
You want to never pay taxes in the U.S.? Just be an illegal immigrant. That's all you gotta do.
This is why the CA legislators forced Uber to hire the drivers as employees. The drivers were deducting all their expenses from their earning and paying no taxes but as employees they pay taxes on their wages
Id recommend entrusting your money to a nigerian prince instead. Risk free way to make more poverty
What's up man. Ayo look, im 15 and wanted to get the jump of what to get myself into when i get older and this helped alot. I like watching financial videos. And things like this makes me determined to go deeper in this subject. Love it man 💜
If you want to make a lot of money quit describing yourself as a color and try using your brain for things that make money. That crap is a detractor not an attractor.
My concern is that my portfolio is struggling, and I'm uncertain about how a retirement strategy would be beneficial in this situation. Achieving a million tax-free sounds like a dream, especially considering the fluctuations in my stock portfolio around the same point.
It involves maximizing your contributions to a Roth IRA and taking advantage of certain tax benefits. but in order to execute such strategy , It’s best you consult with an expert advis0r
I might look into this strategy to see if it aligns with my financial goals. I could really use the expertise of this advsors.
This reference seems valid.. Just looked up her name on my browser and found her webpage. over 10 years of experience is certainly striking! very much appreciate this
Stocks are a very passive way to make money. Almost no one gets rich from the market. You need to own an asset you direcrly own and control, and make it worth more. That is how all real money is made.
Thanks for not bullshiting. This was actually really good quality information. My guy 👊
It's crazy how I've been watching you for what I'm pretty sure is a few years now and this is the first time that I'm listening and I actually FULLY COMPREHEND EVERYTHING you're discussing. That just opened my mind, BIG TIME, I was stressing that I'll have to sell my investments for a huge loss just to stay afloat but now I know I can just take a loan and use it as collateral and my investments stay untouched and continue to grow. Thank you!
This was a really informative easy to understand explanation of how these tax breaks work , thank you !
Awesome video keep them coming! I’ve been waiting for a text video for a while.
Thumbs up and subscribed at 1:44secs! I had to pause for the cause, grab my notepad and the popcorn---this is gonna be good---I already know! Thanks Singh!
Me and my wife love your videos, you have really been helpful in showing us different techniques to create wealth and using your techniques has actually made our marriage so much stronger. You are my hero. My goal is to one day get a picture with Jaspreet Singh and frame it on my wall, not even making that up, I truly want to do that one day. You are one of those few people I have the utmost respect for.
Wow I love that. Thank you so much for your support!! 🥑
I can't imagine how many marriages this wonderful Angel has saved honestly.
Jas I love that you have found your purpose early on in life and you're impacting all of us globally on such a massive scale, keep it up! 👏🏼👏🏼👏🏼
Sending much love and light your way!🌠♥️
I wanna know that is this work in India also
'cause we get tax even when we provide housing
Sir clear my doubt
He charges 10% on your investments for a pic 🤷♂️, the hustle is real
👏👏👏👏👏 ❤❤❤
I'm saving this video. So much game here.
Could you make a follow-on video about finding accountant/tax professional? Things to look for in a professional, scams to avoid... I have no idea what to look for to get this kind of support.
Hi Jaspreet, thank you for this valuable information. I just learining about money and find this facinating. Thank you, have a great year ahead, Kieron
This video is gold thank you!! Subscribed
I've probably already left a comment on here because I've watched it several time in order to fully grasp it.
The whiteboard helps me tremendously. I learn better visually and you talk extremely fast : )
That being said, your videos are some of my favorites. Tons of good info regarding things I want to learn.
One thing I've learned to do for fast videos is to click on the video settings, and then choose the speed that suits me. Hope this helps, as it did me.
@@UseYourBrain. I do the same... it works great for fast talkers. 👍
Thank for your great content. Appreciate all the hard work you put into these videos. Keep it going!!
Incredible video! Happy new subscriber here. Thank you so much!
Thank you for providing a lot of valueable information.its really helps me
Thank you! I have learned so much from you regarding my taxes than I have from my CPA of nine years. He is fired after this video. I will be finding a more qualified CPA.
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them..
This is superb! information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor ?
..
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.
@@wardtyson8247 Having monitored my portfolio performance which has made a jaw dropping $473k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market. I must say it's the boldest decision I've taken since recently
This maybe a dumb question, if you borrow money you still have to pay back & if you have no income how do you do that? Borrow more? 😮
@@kunamoyaafrica7827 i have the same question
Great video Jaspreet. The whole living off debt thing and the real estate explanation were fantastic. Mind was officially blown.
I enjoy reading the Market Briefs every morning. It’s appreciated!
Love this guy. His positive advise is priceless
Man am I glad I subscribed to this channel
Thank you for making sure a fun and educational video!
THANK YOU! Valuable information.
Becoming/ being Financially astute places one in the least common minority.
Great video!
Thank you Jas..I look forward to learning from your videos.
My parents did not teach me about finances. We need people like you !!
💜💜💜💜💜
God bless you brother for your so informative video! Thanks a lot! 🙂
This was so so good. Thank you brother!
Yeah, business deductions. Make sure you have records or receipts of your expenditures. I mean if you get audited and you deducted that new computer for your business, just make sure that you didn't improperly deduct, on the 1080 they ask you if it was businesses only or personal, if it was both, say what percent, so just keep that in mind when doing taxes...
I literally went to sleep last night thinking specifically about this! Lol perfect for my commute.
I just love this guy! Keep those coming❤
love the way you explain this so simply
I've used 2 tax accountants in my life - both highly recommended by friends and family. Sadly, NEITHER were as thorough as I am with deductions, and both had to fix the return to claim legit deductions. And there was no excuse for overlooking these as I'd given them the supporting documentation upfront, and these weren't oddball types of deductions.
My point... don't blindly trust professionals to be good at their jobs. 😔
At this point it seems like we have to do everything ourselves even millionaries get fucked over for their money when dealing with accountants and stuff.
I had the same experience. I had one good tax accountant in the UK, one scrappy and crappy accountant in Canada who didn't give a sh$t and I had to force feed information which he reluctantly included in the accounts.
It's extremely hard to find a good imaginative and creative but legal accountant
Straight to the point no bs … giving value with no shame love it bro keep it up. I subbed
🙏🙏
❤ that was a great video very understandable and basic wish I knew this decades ago but it's never too late thank you very much for that video and the ones coming😊
super good info, thanks for the vid!
You forgot contributing to an IRA, HSA and charity. Those give tax deductions too.
17:12 "40k is more than 32k" for some reason that made me laugh. Was like a flashback to 1st grade math. Jaspreet is the best!
This is such a great video! Thanks
A true masterpiece your video. Not even in college I learned so much like you did it now
You are my hero.
I'm surprised no one recognized or liked your comment till now haha, I watch your videos from time to time especially the WWE wrestlers
Because He's getting a free ride (or says He does). Sounds like a great candidate to be removed from the country for not paying his fair share!
Not only do I donate to the US government, I also claim as income any loose change I find in the street.
That is an incredible amount of good info, thank you!
Great video. Thank you !!!!
Me and my wife love listening to you. You are so knowledgeable. Like a computer of information. Lol
Great video on what you can do in real estate. For people getting started, you can also deduct those paper losses against some or all of your regular job income if you can get your MAGI below 150k. Great advantage when starting off small.
This is EXACTLY how I paid low tax rates when I was working as a W-2 Employee all while owning a business!
This was an instructive video for people that don't know anything about investing or how money is taxed. Most beginning investors, however, know most of this video. Pay urself and not the government is a good rule to follow. Just make sure you follow all the government's rules during that process. U dont want the IRS a part of ur life.
Im glad i ran into this video. Thank you so much🤗
Man, oh man, I really do need a good CPA!!! Thanks for this amazing analysis on using the tax code to our advantage! 💕
You people really need to study some basic law. You used a vital word here called code tax code. Codes statutes policies and rules are not lawful they were not handed down to us by God which is the supreme law of the land, common-law. Codes are not laws that go against the Constitution therefore there was called repugnant and anything that is repugnant to the Constitution is null and void. Taxes are not lawful they are not legal
@@Habanero777 Taxes are legal because they are not just tax codes, but part of the US code.
This is an awesome video, I know many folk I’m going to share it with that really need to hear such things.
Excellent info!👏🏾👏🏾👏🏾
Great video!
I'm not hearing anything about paying back the debt, which bothers me tremendously.
Because you clicked on the wrong video 💀
Thank you Jaspret you threw so many gems out in this video it was AMAZING!! THANK YOU 😊!!
Pure gold so glad this video popped up
I saw this months ago and now a second time and it made way more sense now. I now have two options with what I have. Thanks.
Kya baat ha pa Ji. Helping people with your knowledge. Thank you for educating people….. Best part that affected me , I was paying taxes on capital gain below $40,000. I was doing my own taxes….Screwing my self. I need to hire tax professional to audit my returns…..
One of your best videos yet.
Thank you!
Great helpful interesting. Thank you so much🙏
Just found your channel. What great information! ⭐️⭐️⭐️⭐️⭐️👏🏻👍❤️
Love your videos I just started my investment accounts and I love doing it
This is a perfect video to show young adults who are looking to be financially responsible and independent. Thank you for this!
Young and old
Wow 😮 superb work on this! Awesome 🙏🏻
Thanks mate. Knowledge is Power.
These 7 ways to not pay taxes work ONLY for business owners however, not showing income WILL BACKFIRE when you need to barrow because banks won't lend money to those businesses with no profit/income to show.
Lenders care more about revenue growth than showing profits.
Sigh always about rich people, all rich people were just like you at tone point in your life, they just made a change. They didn't say I'm not going to Pay Taxes so I am going to be Rich. The problem with all of these thoughts is they force you into an Us vs Them. I pay taxes as a business owner, its not bad to help the place you live in, sure its good to be a rebel but the reason Trump said such dumb stuff is because he knows that W2 earners can't avoid this.
Rob the accountant tells everyone and anyone, ANY fool who starts or does something based on a tax is utterly non-sensical. The reality is for MOST business there does comes a point where taking a Paycheck is Pointless but it COST u elsewhere, that's what they don't tell you, there is NO SAVINGS people only re-direction.
To ostracize and signal out OTHERs for WHAT YOU have the same ability to GET2 is simply dumb.
Mister counsel, is it not time to abolish the tax court? The supremes have been moving to quash why not also the Tax court, folks ought not have to navigate 2 legal systems, wouldn't you agree?
@@herpderp66 you are right! That is the question on loan applications, how much revenue did you make in the last 2 years.
But how does Elon Musk pay those debts back without selling stock that will be recognized as earning income?
This is invaluable information…thank u
Thank you Jaspreet! Keep up the informative videos. Great work in explanations in this video. Top Notch TH-camr you are. 🤜💥🤛 Fist Bump to you Jaspreet.
In order to take advantage of any of this you have to complicate your life, live on margin, and take on stuff that legitimately puts you at risk. For every one guy that succeeds in implementing some of these things, there's a thousand standing behind them with their pockets pulled inside out. Taxes are a part of life. Unless you have a lot of time and a good accountant be very careful with tax games. For the vast majority of people, life is too short for an audit. Becoming financially free a lot easier than this...
Yeah, stuff like this reminds of that Gandhi quote
We have enough for everyone's need, but not enough for everyone's greed
People like Robert Kyosaki, it's like he thinks this country operates on a bunch of high school dropouts who all started successful businesses with zero employees and a bunch of customers who are stupid enough to have a job. It's like a fantasy world of no obligation and no responsibility to anyone else, all there is is money. Money, money, and more money, until you're dead and now your heirs have that money. It's very.... empty to listen to
But I like learning objectively, so I watch the videos
Great vid, thank you. My experience don’t buy bigger houses, sell the 400k house and go further out and buy 4x100k houses. A 100k house will get $250 rent x4 $1000, a $400k house will only get $400 ish rent and if the market or economy crashes then the lower value houses are easier to rent or sell.
Chat me up ☝️☝️☝️☝️
Hell, a 40k house I bought in 08, rents for $1,500 each month, every month until I die.
The best! Thank you
Jaspreet is a national treasure. He should get an Award.
really? this country doesnt operate on rainbows and sunshine. we all have a resposibility.
@@dankilgour9613 did you know taxes only make up 5% of revenue. The rest is printing press
He should get a lifetime tax break
No he’s not. He’s a fool
Perfect video in preparation for tax season!
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Great video! You have earned one more subscriber excellent content!
Jaspreet. I can tell you really want to help people because you explain it in layman’s terms. Other people give the impression that they want to help but use language unfamiliar to those they supposedly target.