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I retired 22 years ago at 45 and funded retirement by slow flipping houses. Working on house #4 now in Central Phoenix. Pretty cool I'm not even required to file tax forms and haven't in years. Because of low reportable income I get free healthcare, smartphone and recently home internet from Uncle Sam. Not paying taxes is cool but I've gotten about $75k worth of benefits from Uncle Same too so that's the cherry on top.
@@MC-kl5mp Cool to not believe. I did it too so I guess I'm a liar too. I did it slow flipping houses, #2 in the video. It's not even hard to do. I started back before TH-cam even existed. It's not rocket science. Retired 22 years ago at 45 doing this. Working on house #4, planning to sell 2025 and move to SE Asia. At that point I'll take SS probably at 70 and will have to go back to filing taxes again.
Tax evasion exists bro just simply dont pay them i pay them and never get my fed back love that when i mess up its prison but when they mess up we cant show them gods wraith
Brian, when you think it can't get any better, you're just getting better and better! Your honest take on economic issues, as well as foreign affairs ones, are absolutely first class! Happy New Year!
You can also use an HSA account like an IRA. There’s no penalty if you take money out when you’re 65 or older for any reason, but you’d have to pay taxes on any money not used for medical purposes.
@@clearvaluetax9382 Thanks Brian! I appreciate it! I passed REG with an 87! So I'm moving on to BEC TCP next! I'll let you know when I pass everything though! 💪
I used to itemize my deductions and really cut down my tax obligation... that was until the IRS raised the standard deduction a few years ago and my deductions always come up just short now.
@@HOLDXSTEEL On the other hand the Standard Deduction is helpfully high for those with low income and those who never itemized anyways which were most filers. So I agree, thank you Trump.
Participation in tax program is voluntary. -see: 26CFR601.602(a) Wage tax is only for federal employees, not man and woman.-see: 26 USC3401(c) Any wage tax withheld is to be credited back to earner/payer. -see: 26 USC31(a) After realizing wage tax withholding (W4) is NOT required to above conditions, election to exempt from W4 withholding program is voluntary. -see: 26 USC3402(f)2
First time watching any of this guys vids and subscribed immediately after...i love how this guy explains the loopholes nice and clear and gives examples for each loophole (especially useful for idiots like me) lol
My second scenario is very similar to the first one "You purchase the stocks but you do not sell them after the first year and in year two you find out you're getting a raise should you sell the stocks before you get your raise or will you still be disqualified because you will have to wait until the next year to file your taxes and at that point it will show that you're above the allowable income for the tax break." ❤ thank you in advance for your response 😊
That was really great information. Thanks for providing this! I always love keeping more of my own money. I believe I can spend it far better than the government ever could.
He is, probably. Cuz federal income tax is literally 45% of all federal tax revenues, so the government will go bankrupt if he did it. Probably, if he want to destroy the USA, he will
Basically put the money where you can’t touch for few years to get rid of taxes. Gov is smart, trying to collect the cash flow in return they’re saying we don’t charge you on your own money.
Some of those zero tax states have crazy power blackouts and massive charges for power when it's needed most. I don't think Tennessee is in this category, but please correct me if wrong.
For your #2 case, To my knowledge, an update to the tax code applies to properties acquired after 2009. Specifically, the 121 exclusion shrinks according to how many years you rented out the property versus treating it as your primary residence. So in your example, you only have 40% of your profit tax free. Am I missing anything?
This is my understanding as well. Only 40% of the $250k exclusion is eligible (ie $100k of the gain is tax free). Seller will have to pay long term capital gains tax on the remaining $200k of the total gain. This video really should be corrected…
It is true, these states don’t have income taxes; but they have higher taxes in property taxes. Tennessee don’t have regular income taxes, but it does have capital gains taxes.
Extra tip on the HSA. If you do have medical expenses you don’t have to pull money out of the account you can pay cash for for the bill. This will allow your account to compound further than if you pulled it out sooner. At any point in the future you can reimburse yourself the money you spent on medical bills from the HSA.
Isn't the point to use the HSA so it lowers your taxable income? I just use the extra money I have to invest in my portfolio since my HSA soesnt have the best ROI. I don't use all of my HSA every year but it does gain some interest.
Brian great video, but in the depreciation write off. Please note that when you sell the property you have to pay tax on all that depreciation you wrote off. Patrick
Brian, I can only find married filing jointly for 0% on long term capital gains tax - max $89,250, not $120,000. Could you please share where you saw $120,000?
Hi Ryan, yes, I am including the standard deduction (as mentioned in the video). Most people would not understand "$89,250 of taxable income". So it's easier to say "if you make $120,000". I hope that helps to clarify!
Join our Exclusive Investing Community at: ClearValueInvesting.com
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How can I have you do my business taxes? I tried searching you up on google but it has no number or website for clear value tax
@clearvaluetax9382
how would i use 160 acres in alaska "virgin land" that was granted to me to make money? got any ideas?
Step #1 straight to jail
3:58 Tax free capital gains
6:00 Roth IRA
7:00 Depreciation tax write offs
9:20 Eliminate SS and Medicare taxes
11:35 States with 0 income tax
thanks for the key points man.
Thanks for this. I retired at 39 and live off of long-term capital gains only. I pay no taxes. Love it.
Stocks?
liar
I retired 22 years ago at 45 and funded retirement by slow flipping houses. Working on house #4 now in Central Phoenix. Pretty cool I'm not even required to file tax forms and haven't in years. Because of low reportable income I get free healthcare, smartphone and recently home internet from Uncle Sam. Not paying taxes is cool but I've gotten about $75k worth of benefits from Uncle Same too so that's the cherry on top.
@@MC-kl5mp Cool to not believe. I did it too so I guess I'm a liar too. I did it slow flipping houses, #2 in the video. It's not even hard to do. I started back before TH-cam even existed. It's not rocket science. Retired 22 years ago at 45 doing this. Working on house #4, planning to sell 2025 and move to SE Asia. At that point I'll take SS probably at 70 and will have to go back to filing taxes again.
@@waterbug1135 liar
How about pay no taxes if you make less than 150k
This video should help👍🏻
Exactly!
Tax evasion exists bro just simply dont pay them i pay them and never get my fed back love that when i mess up its prison but when they mess up we cant show them gods wraith
Great idea
Max 401k, max HSA, make 3 kids being married and zero on income tax in non income tax state
you always bring so much value man. I greatly appreciate all your tax information that you are giving for free, you're killing it man.
It's my pleasure and I'm happy to share! Thank you for all the support becraftcorey!
This youtube channel shouldbe thoroughly studied and analyzed in every school. Been watching fir 2+years.
Thank you for all the support ampm8210! I appreciate it so much!
Brian, when you think it can't get any better, you're just getting better and better! Your honest take on economic issues, as well as foreign affairs ones, are absolutely first class! Happy New Year!
Wow love this new format, the Text makes it so easy to follow along, thank you!
Thank you for that feedback and all the support Mike!
This is TH-cam gold. Crisp and informative as usual. Thank you!
You can also use an HSA account like an IRA. There’s no penalty if you take money out when you’re 65 or older for any reason, but you’d have to pay taxes on any money not used for medical purposes.
Smart😉😉
You’ve definitely become one of my favorite channels! 🤙
Thank you Simon for all the support!
Thanks for the info Brian! I'm studying for the CPA exam and everything you're saying is true and accurate and actually works! 💪
Best wishes on the CPA exam Fast Rambo! I'm rooting for you! Let me know how it goes!
@@clearvaluetax9382 Thanks Brian! I appreciate it! I passed REG with an 87! So I'm moving on to BEC TCP next! I'll let you know when I pass everything though! 💪
Happy Tuesday day Brian!!! Have a splendid day! Happy New Year!🎉☀️🌺
Happy New Year Rose Bloom!
I used to itemize my deductions and really cut down my tax obligation... that was until the IRS raised the standard deduction a few years ago and my deductions always come up just short now.
You may be happy on 1/1/26.
@@HOLDXSTEEL On the other hand the Standard Deduction is helpfully high for those with low income and those who never itemized anyways which were most filers. So I agree, thank you Trump.
I'm confused... Are you complaining that your taxes are easier to do now? And you're still getting the same deduction or better for less work
“This video is not for billionaires”
Me: *checks pocket* “okay im good”
My Father was an Accountant. He would be very proud of you.
Thank you for those kind words Rick. I appreciate the support so much!
Happy New Year Brian! Thank you for all your hard work. It is appreciated.
Happy New Year Terriann!
Participation in tax program is voluntary. -see:
26CFR601.602(a)
Wage tax is only for federal employees, not
man and woman.-see: 26 USC3401(c)
Any wage tax withheld is to be credited back
to earner/payer. -see: 26 USC31(a)
After realizing wage tax withholding (W4) is
NOT required to above conditions, election
to exempt from W4 withholding program is
voluntary. -see: 26 USC3402(f)2
Thanks Brian for providing us with such valuable information !
Quick and concise information that's direct and extremely informative. I love this channel.
I appreciate that and thank you for all the support!
you're one of the no bullshit channels. Very cool, I would like to learn more about 529 Plans if you get the chance, thank you
This is gold🔥please keep em coming. Thank you 🙏
Thank you for all the support yassinelam!
First time watching any of this guys vids and subscribed immediately after...i love how this guy explains the loopholes nice and clear and gives examples for each loophole (especially useful for idiots like me) lol
Thank you for all your hard work and top notch information !
Saludos desde Utah .
Te deseo un feliz año nuevo Rocio!
thanks man, may have been the best 15 minutes I spent all year
High-quality presentation! Thank you!
Thank you for the feedback and support Neal!
My second scenario is very similar to the first one "You purchase the stocks but you do not sell them after the first year and in year two you find out you're getting a raise should you sell the stocks before you get your raise or will you still be disqualified because you will have to wait until the next year to file your taxes and at that point it will show that you're above the allowable income for the tax break."
❤ thank you in advance for your response 😊
We love you, Brian!
Thank you for all the love and support, I wish you a Happy New Year!
That was really great information. Thanks for providing this! I always love keeping more of my own money. I believe I can spend it far better than the government ever could.
Great video and loved the format!
Thank you for the feedback and support Kayla!
Bro these visual illustrations are unreal!
Another one for any US citizen living abroad and earning income abroad is the FEIE, which excludes $126k per person working from federal income taxes.
Thank you Brian! Taxation is theft and thank you so much for finding legal ways to avoid the extortion.
I would like to know if Trump is blowing smoke about removing Federal income Tax.
He is, probably. Cuz federal income tax is literally 45% of all federal tax revenues, so the government will go bankrupt if he did it.
Probably, if he want to destroy the USA, he will
Basically put the money where you can’t touch for few years to get rid of taxes. Gov is smart, trying to collect the cash flow in return they’re saying we don’t charge you on your own money.
How about abolish the irs already 😑
Can you please cover more details on the side hustle part? Thank you!
Can you talk more about the new 8300 irs form? I’m confused about it and I really appreciate how you explain things. Thanks for the info
Excellent information. Thanks so much ! 👍🏽
Thank you for all the support Tony!
The best way to avoid taxes is to make no money
Pure gold. Thank you!
Crystal clear !Thanks
Very well put. Clear & to the point! 👏
This video is very interesting and helpful. I am going to investigate more about the ways to pay less taxes. Thank you so much.😊
😉 “legally”
JK, appreciate all your advice that’s worth more than gold. Happy New Year 🎉
Happy New Year Joseph!
Thank you so much for this information. You are clear, speak in lay terms and make complicated issues easier to understand. I am following you.
Some of those zero tax states have crazy power blackouts and massive charges for power when it's needed most. I don't think Tennessee is in this category, but please correct me if wrong.
Effective January 1, 2022, Washington now has new capital gains tax of 7% tax on an individual’s long-term capital gains. Thanks to Dems and Jay.
For your #2 case, To my knowledge, an update to the tax code applies to properties acquired after 2009. Specifically, the 121 exclusion shrinks according to how many years you rented out the property versus treating it as your primary residence. So in your example, you only have 40% of your profit tax free. Am I missing anything?
This is my understanding as well. Only 40% of the $250k exclusion is eligible (ie $100k of the gain is tax free). Seller will have to pay long term capital gains tax on the remaining $200k of the total gain. This video really should be corrected…
HAPPY NEW YEAR, BROTHER !😮
BRIAN THE PODCAST🦁 LION (the Walter Cronkite of podcasts )🏆
Happy New Year Stephen!
Will you make a more detailed tutorial on making these write offs on the side hustles?
Yes, I would love to make that video soon!
Thank you! I like that you were straight to the point and I learned so much from this short video Great information!
Always appreciate your videos and info, brother. thank you.
Thank you for your videos.
Thank you for all the support K Defense!
It is true, these states don’t have income taxes; but they have higher taxes in property taxes. Tennessee don’t have regular income taxes, but it does have capital gains taxes.
Great content in this video. Thank you
This is gold financial planning!
Extra tip on the HSA. If you do have medical expenses you don’t have to pull money out of the account you can pay cash for for the bill. This will allow your account to compound further than if you pulled it out sooner. At any point in the future you can reimburse yourself the money you spent on medical bills from the HSA.
Later on when you sold your investment you can refund your previous medical bills that you paid with cash.
Don't forget the receipts though, you'll need it when you're reimbursing yourself
Isn't the point to use the HSA so it lowers your taxable income? I just use the extra money I have to invest in my portfolio since my HSA soesnt have the best ROI. I don't use all of my HSA every year but it does gain some interest.
Even if the bill went to collections?
@@torrytucker8246no you had to have been paying it. You cannot reimburse on items that have not been paid obviously.
Great info as as always👍
Thank you for that feedback and all the support FreeSoul! I appreciate it very much!
@@clearvaluetax9382 😄
happy new year Brian from a fellow Chicagoan, thanks for all the content (i noticed your close to that 2m sub mark too, keep going)
It’s been a warm winter here in Chicago!
This is one greatest video from you and with all good diagrams
Yes, I was excited to post this one because of the visual assistance.
Love all the information thanks Brian
Thank you for all the support Rolando!
I made less than 100 grands last year but paid over 15 grands
Brian, I am much more concerned with Property Taxes.
HOW do we get out from under this THEFT???
Can't it's a racket...move out of Texas like we did, used to pay over 10k now pay less than 1k
Right! Ours just jumped from $4,600 to $6,100 from last year. Crazy that it can move up that much from all the bonds and stuff they keep implementing.
disabled vets pay less in property taxes.
Exactly!
No way! Amputating my leg rn!!!
wow very interesting information explained very smoothly.. thank you, you are the best ❤
Thanks for the great value. S corp doesn't qualify for section 1202?
Excellent! Thank you.
I love you brother, you are doing the lords work. thank you for your service
Thank you for your valuable information. You are the best!!
Great video, as always! Thank you!
Income tax-less states have other costs that skyrocket. Look at Claremont NH and property tax. Houses are hella cheap, it you pay 2-3x tax.
You are surely an expert. 💯👍
Happy New Year 2024, Brian! Hope itʻs a prosperous one for you. Stay healthy! 😎
Happy New Year La Reina!
Great tips! .✅✅✅✅✅
Thank you Brian.
Thanks for the video brother BK
Ty you're the best.
Great video Brian!
Thank you Brian for this helpful information.
I appreciate the support! Thank you so much!
Happy new year Brian ! Let’s get some new money !
Happy New Year Beast Mode!
Any advice for people just starting their own business/side hustle?
I definitely need to make a video on this!
Hello Brian Kim how are you doing today sir I'm good 😊, Happy 😊 new 🆕 year 🎊.
Happy New Year Adam!
APPRECIATE THE KNOWLEDGE ❗❗❗
Great Tips, Thanks as always for the info.
Very informative , thank you Brian
Thank you for all the support Shan!
Thank you for this.
Brian great video, but in the depreciation write off. Please note that when you sell the property you have to pay tax on all that depreciation you wrote off. Patrick
Hi Patrick, that’s correct but that’s typically avoided with the like-kind exchange though.
SO GOOD!! Thank you!
Outstanding video! Thank you.
Thank you Brian!!!
Great tax savings info. Thank you very much.
Thank you for your very valuable information. I appreciate 🙏 you
Very informative video Brian.
Brian, I can only find married filing jointly for 0% on long term capital gains tax - max $89,250, not $120,000. Could you please share where you saw $120,000?
Need to include the standard deduction for married filing joint (which is about $30k).
Hi Ryan, yes, I am including the standard deduction (as mentioned in the video). Most people would not understand "$89,250 of taxable income". So it's easier to say "if you make $120,000". I hope that helps to clarify!
This is pure gold
Thanks again Brain
Greag video. Please kindly share the knowledge on the new crypto tax law that started Jan 1st of 10k and above dollars
Great info but for 529 Plans you have to invest it in mutual funds and nothing else.
Excellent as always 👌
Thanks Brian 😊 😊