Cardone also blows right past the ordinary and necessary requirements for a deduction. He's gone on record saying he buys aircraft he does not need in order to avoid paying taxes: he's admitted to deducting things that he knows are not necessary. Cannot figure out why the IRS hasn't audited him because that one seems pretty easy to prove.
Since I don't use most social media, I never get to see all the idiots teaching idiots stuff that goes on. Thanks for compiling these fools with this series
I've seen it before where people think they are ending up with less with a higher salary due to higher tax bracket, but it is really just a withholding issue (either they were under-withheld before or they are over-withheld after, the latter particularly common if they start making more overtime / commission / bonus and their employer uses a different formula for withholding on that type of pay).
Yes, some people blatantly violate the tax code but, to be fair, there are some legitimate and legal ways to get deductions for your personal vehicle. For example, if you spend time at your vacation rental property and perform maintenance/repairs and restock supplies while there, it's considered business use. You can take a standard mileage deduction and write off tolls/parking against the rental income on the property. If you've got a side hustle, it's not that difficult to find legal write-offs.
The Cyprus trust one is even worse than they stated. Failure to file Form 3520, required to report a foreign trust, comes with a 35% penalty plus tax plus penalties and interest. Add up all the costs, it's possible to owe the IRS more than 100% of the unclaimed income.
13:11 most often you not only have to live there legally, you ALSO have to completely renounce your US citizenship. US citizens are required to file US tax returns annually on their worldwide income no matter where they live.
Yeah I never understood why someone would do that unless they just didn't have ANY family in the US still. It's like throwing away a golden ticket that you got for free when born. The US has problems but we have it very good here, idk why you'd renounce to save a bit of money. Dropping a dollar while chasing a nickel type mentality.
Nope. Not if your only source of income is from a foreign country and you’ve lived there for at least 330 days during the year. You still have to report your income, but since it’s foreign earned income and you were not living in the US for the majority of the year, you don’t pay US tax. My father used this rule in the mid-80s and it still exists now.
Yes "Key for the business", so many people get this wrong. That bonus depreciation was created specifically for business with heavy machinery or trucking; so your factory or transport business. No all deductions are for your personal life style
The more I hear from actual tax professionals, the more I realize that so many people are committing tax fraud. When you hear about some rich person paying 10% its not "loopholes" its just fraud. It's almost like there should be a government agency to go after the big tax frauds.
@@Chris-xt8ioDo they go after the big players? Seems like it’s easier to go after lower middle class people who didn’t report tips or money they got through cashapp because people in that tax bracket can’t afford to fight it. The US loves wrecking the lives of poorer people and telling them to be grateful for it😊
It also depends on how you count that “10%”. I’m paying a lower “rate” this year because in our small business we were able to throw extra money into tax deferred retirement and decided to make some donations this year instead of next year. But that will catch up with us later. It’s like the car write off, it sounds so great! But they don’t mention how much they have to spend in order to “save” that much. Often it’s just moving things from one hand to the other. But you sound smart if you have some trick or secret.
Tas advisor from uk… if he earns the money in the uk, it’s subject to uk tax regardless of where he lives If he lives in the uk and earns money in Dubai he still has to pay uk tax - Its on worldwide income The only way he can get away from uk tax is not live there or earn any money from there
9:14 One other way this can happen is if your company’s insurance costs are progressive (like they are at my company). As your salary band increases, your cost of insurance increases. But the net difference is still pretty small.
Nit: I would point out that in the USA if you have earned income from an overseas job, the first $126,500 is exempt from federal taxes. This has to be EARNED income from a JOB, generally while you were not physically present in the USA. Interest, dividends, capital gains, rents and royalties from overseas activities don't count; but wages or business income earned from your personal efforts while overseas may be exempt. This is a tax loophole military contractors take advantage of routinely, but it applies to any US citizen that is engaging in work overseas.
When my father took a sabbatical in Belgium, we took advantage then too. My father even counted off 330 days, so we made sure that we didn't come home on Day 329...
I’m one of the few people who got a $20,000 pay raise and saw less money in my paycheck. Why? I put $25,000 into my retirement plans when I got that pay raise! But that’s a unique situation.
I challenge everyone of those "here's how you don't pay taxes" to just make their taxes public. Just show it, you know. It's all legal and works right?
why would you pay cash for a vehicle when there are numerous manufacturers out there offering 0% APR? Hyundai on its EV fleet, Ford on their EV fleet, Kia on their EV fleet, and heck even Maserati on their EV version of the sedan. Thereafter, if you use the vehicle for business use, deduct at the standard $0.55 per mile, which is still a good bargain considering that the operating cost of most EVs (with depreciation) is under $0.20 per mile.
Everything is deductible until the IRS starts asking questions. I was a VITA tax preparer that had a guy who wanted to deduct his clothes because he was an Uber driver. Also told his wife that this was business so she wasn't allowed to speak. He wasn't happy when we told him no I worked for a company that margaritas at lunch were an expectation.
There is a Tax attorney on youtube that makes video showing how many of these tax methods are mis-interpreted and most importantly have not looked at case law in similar cases where people have tried similar things and lost in tax court.
13:00 You don't just need to be a citizen. From what I understand you also need to renounce your US citizenship, which costs hundreds of dollars and requires you to be caught up on your taxes up to that point. Also you need to give a reason and they may never let you re-enter if you say it's due to taxes.
You can write off just about anything you want when you file your taxes. The thing is will it be allowed if you are audited? It kind of goes along with the saying it only illegal if you get caught.
Even with things like the earned income credit, child tax credit, and education credits there is a phase out range where you get a percentage of the credit. There is no where where your income goes up by a dollar and your tax liability goes up by more than a dollar.
I did see it happen on a state level return. The state had a provision that there was no tax liability if gross income was less than 10k, but if you went above that, there was only 1k of a standard deduction and the other 9k becomes taxable. No phaseouts. So when this person made $10,050 for the year, they owed $100 something in taxes. Had they made $9,999 they would owe nothing. That extra $50 triggered more taxes than the increase in pay. Very extreme, rare, and specific example, but I think it's interesting there is a way it can happen.
Dubai TikTok is correct. UK you only pay tax if you are a resident, so you have a big unrealised capital gain then go somewhere else for a year and realise it there. Doesn’t work for Americans.
@@Chris-xt8iogot to be from Puerto Rico then it's like 4 percent federal or something and no capital gains. Of course you give up your right to a fair trial and other important things
@@Chris-xt8ioyep. It’s based on citizenship, not residency when it comes to taxation in the US. The only exception is if you live outside of the US under certain circumstances, including living outside of the US for 330 days and having your income be from foreign sources. My family was able to live in Brussels tax-free in the mid-80s for a year because of this loophole and the way that Belgium treated my father’s salary while we were there (he was on a sabbatical leave from a university in the States) meant that it was non-taxable on that end too. So my brother and I got to go to an international school, which got me ready for high school instead of going to a local school and being held back a year when I got back to the US.
"A tax dodge isn't a tax dodge, unless it's a tax dodge." That is, if the only reason for your expenditure is because there's a tax advantage, then it's an illegal abuse of the system. On the other hand, if you would spend the money anyway, in furtherance of your business endeavors, you're good.
As a British citizen I can categorically say that you CANNOT under any circumstances do that, because as a U.K. citizen living in the U.K. (only would work if you no longer live in the U.K., minimum 10 years) regardless of where you earn your money it’s all taxable in the U.K. People stop listening to TH-camrs that sell courses online and make money, they are all grifters and idiots.
As a British citizen who previously lived and worked abroad, you're wrong. As long as you are in the UK for less than 183 days in the tax year you are not a UK resident for tax purposes.
I don't think most people understand marginal tax rates at all. The very very rare places in the tax code that can cause a marginal rate of over 100% are things the tax code specifically tries to avoid. The government does not actually want to incentivize you to make less money, because they will collect less. This is much much more common among the poor than the rich, where benefits and credits sometimes evaporate as you make more money.
A big one that I see a lot of people promoting is to move to Puerto Rico. There's a ton of issues surrounding those tax laws controversial and criminal stuff. Locals will hate you and the US government will be watching you like a hawk because its an easy way to loophole and cheat to paying no taxes at all. Over 100 people who have moved to Puerto Rico for this have been arrested. Also the local Puerto Rican government run by the very corrupt Pro-statehood party has been very open that they know these tax incentives don't help the island but they keep them up because it helps give them a political leverage against congress using it to pressure them to make the island a state. It's a huge mess, don't believe anyone of these financial advice influences who say that moving to Puerto Rico is the best thing ever, even if you see on their accounts, they rarely film in Puerto Rico and are always out of the island working somewhere else, its a total scam and mess you'll be getting yourself into if you move to Puerto Rico for those tax incentives. Don't do it!!!
Whatever screws over the government 😒. Even though the money is still going to employment taxes and he's still making payments, which means he's paying more in interest to banks who also have to pay taxes to the government.
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities I can invest in.
That's smart. I'm quite lucky exposed to personal finance at an early age, worked full time when I was 19, purchased first home at 28. Going forward, got laid off at 36 amid covid-outbreak, and immediately consulted an advisor to stay afloat. As of today, I'm only 15% short of my $1m goal after subsequent investments.
My CFA, Katherine Ann McGrath, really changed my perspective on Fin-management. She helped me shift from short-term fixes to a long-term strategy. Over 8 months, my portfolio grew by $1m because I stayed invested and adjusted my risk levels.
She takes the time to understand her clients' long-term objectives, whether it's saving for retirement, funding a child's education, growing wealth for future generations, or diversifying 401k and IRA. She works closely with her clients to help them diversify their portfolios, reducing the risk of significant losses in any one asset class.
@@BrienenDreier Thanks for sharing. i searched her full name and found her web instantly. After reviewing her credentials and conducting due diligence, i reached out to her.
A write off does not mean a refund. Grant makes millions. So he can possibly save that in taxes. But normal people probably save like 10-20k only. You get paid under the table, you pay no taxes. Paying no taxes on lottery winnings, only works if it's less then $600 on 1 ticket. Cause there's no paper trail.
I might be an alien, but if I had a business, I would use the money made with it to make that business grow ( so probably tax deductible anyway) instead of using it on useless shady spendings because it is tax deductible according to a dude online.
You could have explained the progresive tax rate as "if your income goes grom 100k to 200k the first 100k still gets taxes as they were last year. The higher rate applies to the money above 100k" and then you can talk the edge cases with child tax credits etc
I am impressed with your update with these strategies, I am looking for tax efficient way to rebalance my 800k retirement portfolio without triggering capital gain tax. what asset location strategies should i use?
The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.
My advisor helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to their guidance, I maintained my desired asset allocation while minimizing taxes.
*Marissa Lynn Babula* is the advisr I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Unless you're earning millions upon millions and come under the radar, I don't think the IRS cares if you bill a few $30 meala as a business expense...
Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary
Grant Cardone doesn’t put out any good stuff! The money guys need to stop being nice to grifters and scam artist. I don’t trust anybody’s who an active Scientologist. Lol
I’d have to absolutely hate someone to report them for tax evasion, or want some kind of serious revenge. Reporting on your fellow citizens, sounds about as unamarican as you can get, and brings to mind certain tactics that everyone used to hate on.
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IRS is not adequately staffed to investigate every little shenanigan and you the viewer are very, very likely too much a case of small potatoes for them to bother. thats how you might be sliding by. but it is still illegal.
I wish our government benefits were a little more progressive. The way the system is incentivizes people to stay at a lower income bracket on purpose because they'll be worse off if they pass the income limit threshold and lose all their benefits. They just continually draw welfare and section 8 their whole lives. It also incentivizes single mother households unfortunately. It should be a percent based loss of benefits as the income level increases.
You should do a show on how much CFP/CFA AUM fees cost people over time. There is a growing market for hourly Financial advisors or coaching. I can't wait until CFP/CFA's are replaced by AI.
Chill out. These guys are the best "money guys" on the Internet, and their channel is like 99% free info, 1% plugs for their business. (Also, zero sponsorships or ad reads.) If you don't want to have an AUM advisor, don't get one. It's a free market. AUM is definitely for the richy rich who need constant advice/guidance on their complex financial life. And they are pretty clear on that. AI is probably fine for education. But AI isn't passing exams. They have no legal obligation to give advice that's in your best interest. They don't know you as a person. There is a niche for all kinds of financial services.
I believe they did an episode discussing the types of advisors fee-only/Aum, fee based, commission. That episode did include hourly and the pros and cons of each type
@@emoney1231 yeah I don’t see anything wrong with plugging their business, I find it to be their version of merch. They are fee-only according to his book. AI is going to be a tool but it cannot successfully and consistently pass any sort of board exam.
they did, and showed a few outside studies that it actually helped increase people's net returns by over 3%, because people on their own generally make bad decisions and aren't being tax efficient, etc.
Appreciate the detailed breakdown! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
If they are not paying their fair share in taxes, they are robbing from YOU. (I know you probably find it impossible to comprehend this point, but it's true nevertheless.)
@alabamaal225 not robbing from me, I don't need or want anything from the federal government, Federal government only has the enumerated powers given to it, shut EVERYTHING else down. No welfare, overseas spending, 90% of government agencies. Whey do some of you want the government to have more money. If your tub was overflowing would you turn the water off, or turn the water higher? Impossible for me to comprehend? Lmao.
Grant Cardone is the kind of guy who actively advocates for spending $10 to save $2 in taxes.
He is a scientologist. Probably up to his debt in eyeballs so looking for someone to scam.
Cardone also blows right past the ordinary and necessary requirements for a deduction. He's gone on record saying he buys aircraft he does not need in order to avoid paying taxes: he's admitted to deducting things that he knows are not necessary. Cannot figure out why the IRS hasn't audited him because that one seems pretty easy to prove.
I am surprised he hasn't been jailed for anything yet.
Probably says more about the lax law enforcement, or, Grants all talk.
He's a bafoon
@@ADHDCPA Grant and Trump are personal friends so I highly doubt Grant will face any problems with the IRS.
It’s always funny af watching these gurus say “spend $500 per month to save $150 per month on your taxes!”
“But it’s money you’re going to spend anyway! You’re better off investing the $150 you save in taxes!…” blah blah blah
"It's Brian and Bo from the Money Guy Show." It has a nice ring to it.
Yes! Huge improvement from Brian introducing himself and then Bo get absolutely nothing.
Since I don't use most social media, I never get to see all the idiots teaching idiots stuff that goes on. Thanks for compiling these fools with this series
"Grant is one of those guys..." That is a total fraud. There, fixed it for you.
But there already is a Mr. Money Mustache!
I am so excited to watch Bo try and grow that mustache. bless his heart.
Cardone is an idiot. I have a friend that believes his crap. There’s a fine line between a salesman and a con man.
I've seen it before where people think they are ending up with less with a higher salary due to higher tax bracket, but it is really just a withholding issue (either they were under-withheld before or they are over-withheld after, the latter particularly common if they start making more overtime / commission / bonus and their employer uses a different formula for withholding on that type of pay).
I am so excited that Bo is excited
There are so many people that think it is completely legal to write off your personal car.
And they seem to always get away with it!
@uncleartax I have seen people not get away with it. When the IRS does an audit it all catches up to them.
Yes, some people blatantly violate the tax code but, to be fair, there are some legitimate and legal ways to get deductions for your personal vehicle.
For example, if you spend time at your vacation rental property and perform maintenance/repairs and restock supplies while there, it's considered business use. You can take a standard mileage deduction and write off tolls/parking against the rental income on the property.
If you've got a side hustle, it's not that difficult to find legal write-offs.
The Cyprus trust one is even worse than they stated. Failure to file Form 3520, required to report a foreign trust, comes with a 35% penalty plus tax plus penalties and interest. Add up all the costs, it's possible to owe the IRS more than 100% of the unclaimed income.
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
The deeper your investment roots, the stronger your financial security will be in the future.
Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
The guy talking about “cleaning” money sounds like he’s a money launderer.
13:11 most often you not only have to live there legally, you ALSO have to completely renounce your US citizenship. US citizens are required to file US tax returns annually on their worldwide income no matter where they live.
Yeah I never understood why someone would do that unless they just didn't have ANY family in the US still. It's like throwing away a golden ticket that you got for free when born. The US has problems but we have it very good here, idk why you'd renounce to save a bit of money. Dropping a dollar while chasing a nickel type mentality.
Nope.
Not if your only source of income is from a foreign country and you’ve lived there for at least 330 days during the year.
You still have to report your income, but since it’s foreign earned income and you were not living in the US for the majority of the year, you don’t pay US tax.
My father used this rule in the mid-80s and it still exists now.
It’s up to a point. The FEIE has an upper limit.
@@Trix897 Your dad would be capped at $126,500 in 2024
@ he’s not my dad.
He’s my FATHER. Get it right.
2:15 Brian: "You know what's better than that? Buying a cheap, affordable car with no payments!"
Also Brian: *CYBERTRUCK IN BACKGROUND"
I think the saying is " Step over a dollar to pick up a quarter "
The best part of the money guy show is how Bo starts every episode by saying “Brian I’m sooo excited to talk about….”
That thing on Bo's face.
I think he's going for the Aaron Eckhart from Sully look. He's getting there.
I remember growing up my dad used to keep all his losing scratch off tickets. 😅
Yes "Key for the business", so many people get this wrong. That bonus depreciation was created specifically for business with heavy machinery or trucking; so your factory or transport business. No all deductions are for your personal life style
The more I hear from actual tax professionals, the more I realize that so many people are committing tax fraud. When you hear about some rich person paying 10% its not "loopholes" its just fraud. It's almost like there should be a government agency to go after the big tax frauds.
IRS usually goes after the big fish and repeat offenders. These people aren’t big fish
You’d be surprised at the tax incentives out there. Real estate in particular is very generous.
@@Chris-xt8ioDo they go after the big players? Seems like it’s easier to go after lower middle class people who didn’t report tips or money they got through cashapp because people in that tax bracket can’t afford to fight it. The US loves wrecking the lives of poorer people and telling them to be grateful for it😊
It also depends on how you count that “10%”. I’m paying a lower “rate” this year because in our small business we were able to throw extra money into tax deferred retirement and decided to make some donations this year instead of next year. But that will catch up with us later.
It’s like the car write off, it sounds so great! But they don’t mention how much they have to spend in order to “save” that much. Often it’s just moving things from one hand to the other. But you sound smart if you have some trick or secret.
In addition what other people have said, they also just take their time. The IRS is notorious for getting people 8 years later.
Tas advisor from uk… if he earns the money in the uk, it’s subject to uk tax regardless of where he lives
If he lives in the uk and earns money in Dubai he still has to pay uk tax -
Its on worldwide income
The only way he can get away from uk tax is not live there or earn any money from there
All these people are so slimy to me. Thanks for being real money guys
You were really nice to the 100k to 200k lady. It's just not true.
9:14 One other way this can happen is if your company’s insurance costs are progressive (like they are at my company). As your salary band increases, your cost of insurance increases. But the net difference is still pretty small.
Nit: I would point out that in the USA if you have earned income from an overseas job, the first $126,500 is exempt from federal taxes. This has to be EARNED income from a JOB, generally while you were not physically present in the USA. Interest, dividends, capital gains, rents and royalties from overseas activities don't count; but wages or business income earned from your personal efforts while overseas may be exempt. This is a tax loophole military contractors take advantage of routinely, but it applies to any US citizen that is engaging in work overseas.
When my father took a sabbatical in Belgium, we took advantage then too. My father even counted off 330 days, so we made sure that we didn't come home on Day 329...
I’m one of the few people who got a $20,000 pay raise and saw less money in my paycheck. Why? I put $25,000 into my retirement plans when I got that pay raise! But that’s a unique situation.
I've been driving my jeep for 12 years and have no plans on changing that.
I challenge everyone of those "here's how you don't pay taxes" to just make their taxes public. Just show it, you know. It's all legal and works right?
why would you pay cash for a vehicle when there are numerous manufacturers out there offering 0% APR? Hyundai on its EV fleet, Ford on their EV fleet, Kia on their EV fleet, and heck even Maserati on their EV version of the sedan. Thereafter, if you use the vehicle for business use, deduct at the standard $0.55 per mile, which is still a good bargain considering that the operating cost of most EVs (with depreciation) is under $0.20 per mile.
Everything is deductible until the IRS starts asking questions. I was a VITA tax preparer that had a guy who wanted to deduct his clothes because he was an Uber driver. Also told his wife that this was business so she wasn't allowed to speak. He wasn't happy when we told him no
I worked for a company that margaritas at lunch were an expectation.
There is a Tax attorney on youtube that makes video showing how many of these tax methods are mis-interpreted and most importantly have not looked at case law in similar cases where people have tried similar things and lost in tax court.
I’m obsessed with these
Why is Bo trying to look like Doc Holliday from Tombstone? He might be able to pull it off if he goes darker😂
The lottery scratchers guy is a comedian, he does amazing tax jokes
4:10 this is literally the plot of a Seinfeld episode.
Yes😅😊 Seinfeld Kramer.. Costanza😊
13:00 You don't just need to be a citizen. From what I understand you also need to renounce your US citizenship, which costs hundreds of dollars and requires you to be caught up on your taxes up to that point. Also you need to give a reason and they may never let you re-enter if you say it's due to taxes.
You can write off just about anything you want when you file your taxes. The thing is will it be allowed if you are audited? It kind of goes along with the saying it only illegal if you get caught.
Even with things like the earned income credit, child tax credit, and education credits there is a phase out range where you get a percentage of the credit. There is no where where your income goes up by a dollar and your tax liability goes up by more than a dollar.
I did see it happen on a state level return. The state had a provision that there was no tax liability if gross income was less than 10k, but if you went above that, there was only 1k of a standard deduction and the other 9k becomes taxable. No phaseouts. So when this person made $10,050 for the year, they owed $100 something in taxes. Had they made $9,999 they would owe nothing. That extra $50 triggered more taxes than the increase in pay.
Very extreme, rare, and specific example, but I think it's interesting there is a way it can happen.
8:50 - the government’s next tax guidelines book name: Your Next Dollar 😂
I just noticed Bo's moustache after noticing what I thought was minor light distortion above his lip.
4:25 ah yes, because everyone want to have a business meating at every "party".
business meat 🍖
Why the model Tesla Cybersuck?
Bo, when are you adding that PFS certification?
Dubai TikTok is correct. UK you only pay tax if you are a resident, so you have a big unrealised capital gain then go somewhere else for a year and realise it there. Doesn’t work for Americans.
Correct. If you’re a US you’re taxed on worldwide earnings and get a write off for the taxes you pay in another country
@@Chris-xt8iogot to be from Puerto Rico then it's like 4 percent federal or something and no capital gains. Of course you give up your right to a fair trial and other important things
@@Chris-xt8ioyep. It’s based on citizenship, not residency when it comes to taxation in the US.
The only exception is if you live outside of the US under certain circumstances, including living outside of the US for 330 days and having your income be from foreign sources.
My family was able to live in Brussels tax-free in the mid-80s for a year because of this loophole and the way that Belgium treated my father’s salary while we were there (he was on a sabbatical leave from a university in the States) meant that it was non-taxable on that end too.
So my brother and I got to go to an international school, which got me ready for high school instead of going to a local school and being held back a year when I got back to the US.
@@timm1583yeah…I’d rather pay my full tax rate than lose my civil liberties.
"A tax dodge isn't a tax dodge, unless it's a tax dodge." That is, if the only reason for your expenditure is because there's a tax advantage, then it's an illegal abuse of the system. On the other hand, if you would spend the money anyway, in furtherance of your business endeavors, you're good.
As a British citizen I can categorically say that you CANNOT under any circumstances do that, because as a U.K. citizen living in the U.K. (only would work if you no longer live in the U.K., minimum 10 years) regardless of where you earn your money it’s all taxable in the U.K.
People stop listening to TH-camrs that sell courses online and make money, they are all grifters and idiots.
As a British citizen who previously lived and worked abroad, you're wrong. As long as you are in the UK for less than 183 days in the tax year you are not a UK resident for tax purposes.
Gambling losses are also a schedule A deduction, so most people can't use it anyway, even if they have winnings.
But when does Bo get turned up?! 😂😩
You guys need to do a collaboration with Jasmine the tax attorney!
I don't think most people understand marginal tax rates at all. The very very rare places in the tax code that can cause a marginal rate of over 100% are things the tax code specifically tries to avoid. The government does not actually want to incentivize you to make less money, because they will collect less. This is much much more common among the poor than the rich, where benefits and credits sometimes evaporate as you make more money.
Dubai is actually starting a corporate income tax scheme pretty soon.
I love these reaction videos ❤
A big one that I see a lot of people promoting is to move to Puerto Rico. There's a ton of issues surrounding those tax laws controversial and criminal stuff. Locals will hate you and the US government will be watching you like a hawk because its an easy way to loophole and cheat to paying no taxes at all. Over 100 people who have moved to Puerto Rico for this have been arrested. Also the local Puerto Rican government run by the very corrupt Pro-statehood party has been very open that they know these tax incentives don't help the island but they keep them up because it helps give them a political leverage against congress using it to pressure them to make the island a state. It's a huge mess, don't believe anyone of these financial advice influences who say that moving to Puerto Rico is the best thing ever, even if you see on their accounts, they rarely film in Puerto Rico and are always out of the island working somewhere else, its a total scam and mess you'll be getting yourself into if you move to Puerto Rico for those tax incentives. Don't do it!!!
Brian lost me when he says Grant Cardone gives good advice. 🤢🤢
Must have been in a great mood and feeling generous that day 🤷♂️
Yeah he's a total fraud. Just another "guru" trying to sell you a course.
Stay in a good mood guys. Love the relaxed vibe.
because he'll say things that are true while mixing it in with complete lies, Brian's not wrong
IRS should watch this video and nail these idiots
Whatever screws over the government 😒. Even though the money is still going to employment taxes and he's still making payments, which means he's paying more in interest to banks who also have to pay taxes to the government.
I wonder what their thoughts are on the Scott cedarburg research.
I'm the gambling loss guys! Just being cheeky, I'm a total Financial Mutant. Love TMG!
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities I can invest in.
That's smart. I'm quite lucky exposed to personal finance at an early age, worked full time when I was 19, purchased first home at 28. Going forward, got laid off at 36 amid covid-outbreak, and immediately consulted an advisor to stay afloat. As of today, I'm only 15% short of my $1m goal after subsequent investments.
@@BrienenDreier excellent! how did it work out for you? been on red more than 20% this year, but hoping to bounce back
My CFA, Katherine Ann McGrath, really changed my perspective on Fin-management. She helped me shift from short-term fixes to a long-term strategy. Over 8 months, my portfolio grew by $1m because I stayed invested and adjusted my risk levels.
She takes the time to understand her clients' long-term objectives, whether it's saving for retirement, funding a child's education, growing wealth for future generations, or diversifying 401k and IRA. She works closely with her clients to help them diversify their portfolios, reducing the risk of significant losses in any one asset class.
@@BrienenDreier Thanks for sharing. i searched her full name and found her web instantly. After reviewing her credentials and conducting due diligence, i reached out to her.
Wouldn't you also need to give up US citizenship to not pay US taxes on income earned abroad?
Did Bo lose a bet?
Just as a caveat you need to take the itemized deduction in order to offset your gambling winnings.
3:21
GARBAGE DAY!?
Is it curb weight 6k lb, or GVWR of at least 6k lb? I am pretty sure it is the GVWR.
I was going to stop watching this show altogether…..but the Stash is too awesome to let go of
A write off does not mean a refund. Grant makes millions. So he can possibly save that in taxes.
But normal people probably save like 10-20k only.
You get paid under the table, you pay no taxes.
Paying no taxes on lottery winnings, only works if it's less then $600 on 1 ticket. Cause there's no paper trail.
Bowling point
I notice the silent night deadly might part 2 clip
10:17 Oh this is interesting it might...
10:32 Oh it's just fraud and tax evasion :D
I might be an alien, but if I had a business, I would use the money made with it to make that business grow ( so probably tax deductible anyway) instead of using it on useless shady spendings because it is tax deductible according to a dude online.
Just once I want Bo to say he's not excited ❤
You could have explained the progresive tax rate as "if your income goes grom 100k to 200k the first 100k still gets taxes as they were last year. The higher rate applies to the money above 100k" and then you can talk the edge cases with child tax credits etc
Ole girl is a doctor? How is she so wrong about tax brackets?
$1200+ win (with certain exclusions) in the casino will get you 1099ed
Is Bo trying to grow a mustache
@6:10 Bo… it’s “TURNT” up… cmon now, Brian is supposed to be the boomer
In 5 years so Many these guys are going be facing prison 😂
Maaaaaaan been lookin for koozies for so long - I'm going to make my own moneyguyshow koozies brb
I'm here for the haircuts and mustache
Bo is excited
I am impressed with your update with these strategies, I am looking for tax efficient way to rebalance my 800k retirement portfolio without triggering capital gain tax. what asset location strategies should i use?
The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.
My advisor helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to their guidance, I maintained my desired asset allocation while minimizing taxes.
I'm worried about my retirement portfolio and could use some guidance. How can I get in touch with your advisor
*Marissa Lynn Babula* is the advisr I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Unless you're earning millions upon millions and come under the radar, I don't think the IRS cares if you bill a few $30 meala as a business expense...
Forget the haters, keep the stache
November is Bo-vember or is that Mo-vember
Grant cardone knows sales but doesn’t know shit about taxes. Hopefully he has an accountant and doesn’t do his own taxes
What's under Bo's nose?
Not a stache...😂
Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary
Ca incepator ce trebuie sa fac? Cum pot investi, pe ce platformă? Dacă știți vreunul vă rugăm să distribuiți.
Growing an account requires dedication and patience, bitcoin is new Gold.
Waking up every 14th of each month to 210,000 dollars it's a blessing to I and my family... Big gratitude to Harvey Barrett 🙌
Oh man...Bo, that is a dirty stash
Yeah,I think it needs to go. Reminds me too much of 80’s “X” movies. Us older individual like our professionals to look the part.
Grant Cardone doesn’t put out any good stuff! The money guys need to stop being nice to grifters and scam artist.
I don’t trust anybody’s who an active Scientologist. Lol
I’d have to absolutely hate someone to report them for tax evasion, or want some kind of serious revenge.
Reporting on your fellow citizens, sounds about as unamarican as you can get, and brings to mind certain tactics that everyone used to hate on.
Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in September 2024
I would really love to know how much work you did put in to get to this stage
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Mr Jihan Wu is also my invest analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my investment decisions align with market dynamics for optimal returns.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
Waking up every tenth of each month to £210,000 it’s a blessing to I and my family… Big gratitude to this same Jihan Wu🙌
IRS is not adequately staffed to investigate every little shenanigan and you the viewer are very, very likely too much a case of small potatoes for them to bother. thats how you might be sliding by. but it is still illegal.
I wish our government benefits were a little more progressive. The way the system is incentivizes people to stay at a lower income bracket on purpose because they'll be worse off if they pass the income limit threshold and lose all their benefits. They just continually draw welfare and section 8 their whole lives. It also incentivizes single mother households unfortunately. It should be a percent based loss of benefits as the income level increases.
I swear he said, "MAGA Jackpot" lol I love it!
That mustache has got to go. What was this video about? I could not pay attention.
You should do a show on how much CFP/CFA AUM fees cost people over time. There is a growing market for hourly Financial advisors or coaching. I can't wait until CFP/CFA's are replaced by AI.
You can still be fee-only and have those, to be clear. They're fee-only and they have these.
Chill out. These guys are the best "money guys" on the Internet, and their channel is like 99% free info, 1% plugs for their business. (Also, zero sponsorships or ad reads.) If you don't want to have an AUM advisor, don't get one. It's a free market. AUM is definitely for the richy rich who need constant advice/guidance on their complex financial life. And they are pretty clear on that. AI is probably fine for education. But AI isn't passing exams. They have no legal obligation to give advice that's in your best interest. They don't know you as a person. There is a niche for all kinds of financial services.
I believe they did an episode discussing the types of advisors fee-only/Aum, fee based, commission. That episode did include hourly and the pros and cons of each type
@@emoney1231 yeah I don’t see anything wrong with plugging their business, I find it to be their version of merch. They are fee-only according to his book.
AI is going to be a tool but it cannot successfully and consistently pass any sort of board exam.
they did, and showed a few outside studies that it actually helped increase people's net returns by over 3%, because people on their own generally make bad decisions and aren't being tax efficient, etc.
Appreciate the detailed breakdown! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
Bots 🤣
@@liamneu5568 For real. WTF is that word soup and what is the goal?
I will never report someone for trying to keep their money. I don't care how illegal their actions are.
If they are not paying their fair share in taxes, they are robbing from YOU.
(I know you probably find it impossible to comprehend this point, but it's true nevertheless.)
@alabamaal225 not robbing from me, I don't need or want anything from the federal government, Federal government only has the enumerated powers given to it, shut EVERYTHING else down. No welfare, overseas spending, 90% of government agencies. Whey do some of you want the government to have more money. If your tub was overflowing would you turn the water off, or turn the water higher? Impossible for me to comprehend? Lmao.
@@helomech1973 I do hope you're just trolling me. I really do.
@@alabamaal225 LMAO, nope. Screw paying all these ridiculous taxes. Let me guess you voted for kamala