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Great video as always! One thing you didn't mention though, is how to pay back the loan you take against your assests. Do you take out another loan to pay off the first one? But it would have to be a larger loan, right? Because you'd have to not only pay off the 1st loan but also your living expenses? And on a related note, if you invest some of the loan money in an LLC and then use the money from the LLC to invest in a municipal bound ETF, the dividends would be tax free income, right? Maybe I partially answered my 1st question with my 2nd question...😂
What I understand is that you can deduct any paid interest from your primary source of income, so the more you borrow the more interest you have to pay so more deductions you can make
You would just add it to the expense category it falls under. For example, if I paid a video editor and issue them a 1099, I would just add it to my advertising expense. In other words, it doesn’t go anywhere special. If you’re referring to a 1099-NEC issued to the shareholder in lieu of paying wages via payroll, that’s a bit different.
@@NaviMarajCPAGreat advice, I also recommend starting with a small plan and gradually building from there. I utilize a specially designed Whole Life cash value policy to accumulate cash over time. The key benefit is that it allows me to access these funds through borrowing, without incurring taxes. While there is a fee associated with borrowing, it is significantly lower than the potential tax burden I might face in the future. WARNING: please ignore people who say Whole Life is a scam, it MUST be designed properly for HIGH CASH VALUE ACCUMULATION with a Mutual insurance company, if you decide to get one, do not get the the standard policy, work with a specialist who knows how to design these policies.
I could do your taxes from anywhere in the world where there is an internet connection. What I think you’re asking is could I help someone in TX who may be in a different state than I am located in. The answer is yes.
Thank you for the explanation. Please do my company taxes, please do CPA n accounting services, not sure how to reach out to you. I know you have enough clients n you are very busy, please n pretty please.. do my company taxes. Fingers crossed for your reply.
1. A lot of the wealth billionaires have does indeed go untaxed, but they all rank the highest in taxes paid. 2. You should've titled this video "How to leave your heirs with ticking tax bomb" 3. Leveraging is inherently dangerous and I'm going to guess 95% of people watching this video would be better off if they never heard of the word. Using your example, leveraging 1MM to borrow 500k could nearly wipe someone out overnight if there's a market downturn.
💰Check out our website - navimarajcpa.com/
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉
navimarajcpa.teachable.com/p/smallbusinesstaxessale
📁 Setup your LLC or Corporation for FREE 📁
FileYourBusiness.com: www.fileyourbusiness.com/
This is the most clear and digestible information i have ever received on the topic. Thank you
You are very welcome
Great video as always! One thing you didn't mention though, is how to pay back the loan you take against your assests. Do you take out another loan to pay off the first one? But it would have to be a larger loan, right? Because you'd have to not only pay off the 1st loan but also your living expenses? And on a related note, if you invest some of the loan money in an LLC and then use the money from the LLC to invest in a municipal bound ETF, the dividends would be tax free income, right? Maybe I partially answered my 1st question with my 2nd question...😂
How about the cost of borrowing?
What I understand is that you can deduct any paid interest from your primary source of income, so the more you borrow the more interest you have to pay so more deductions you can make
So you don't pay taxes but you have to pay interest on the borrowed money, which can be itemized but you are still trapped by the interest.
Investing in stocks is planting a tree for your future; with patience, it will bear fruit."
Absolutely Just like a tree, investments need time and care to reach their full potential.
Working with a financial adviser helped me develop a tailored investment strategy, leading to significant growth in my portfolio.
I'd love to be introduced to a trustworthy adviser who can help me develop a personalized investment strategy.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
Thank you for this amazing tip. I just looked the name up and wrote her.
Hey Nav what line does 1099 NEC go on the 1120S or do I write the expense off on Schedule C
You would just add it to the expense category it falls under. For example, if I paid a video editor and issue them a 1099, I would just add it to my advertising expense. In other words, it doesn’t go anywhere special.
If you’re referring to a 1099-NEC issued to the shareholder in lieu of paying wages via payroll, that’s a bit different.
@NaviMarajCPA what if they work for me as an independent contractor but not a shareholder.....thank you for responding I really appreciate it
@@kiarabenjamin8704 Put it in a contractor expense account. It’ll flow as an ordinary deduction.
The point is how to find a keep appreciation asset? That’s a million dollar question
Maybe start small with dollar cost averaging into Bitcoin? Or invest in yourself and start a business?
@@NaviMarajCPAGreat advice, I also recommend starting with a small plan and gradually building from there. I utilize a specially designed Whole Life cash value policy to accumulate cash over time. The key benefit is that it allows me to access these funds through borrowing, without incurring taxes. While there is a fee associated with borrowing, it is significantly lower than the potential tax burden I might face in the future. WARNING: please ignore people who say Whole Life is a scam, it MUST be designed properly for HIGH CASH VALUE ACCUMULATION with a Mutual insurance company, if you decide to get one, do not get the the standard policy, work with a specialist who knows how to design these policies.
Can u do my taxes from texas?
I could do your taxes from anywhere in the world where there is an internet connection.
What I think you’re asking is could I help someone in TX who may be in a different state than I am located in. The answer is yes.
@@NaviMarajCPA will check out your website for the contact info
Thank you for the explanation. Please do my company taxes, please do CPA n accounting services, not sure how to reach out to you. I know you have enough clients n you are very busy, please n pretty please.. do my company taxes. Fingers crossed for your reply.
Great. Now who wants to give me a small loan of a $1,000,000 ?
I know a guy 😉
1. A lot of the wealth billionaires have does indeed go untaxed, but they all rank the highest in taxes paid.
2. You should've titled this video "How to leave your heirs with ticking tax bomb"
3. Leveraging is inherently dangerous and I'm going to guess 95% of people watching this video would be better off if they never heard of the word. Using your example, leveraging 1MM to borrow 500k could nearly wipe someone out overnight if there's a market downturn.