5 Investments That Will Reduce Your Taxes INSTANTLY
ฝัง
- เผยแพร่เมื่อ 7 มิ.ย. 2024
- Learn how to reduce your taxes with a FREE consultation. 👉 aba.link/ly8
In this exclusive video, we're diving deep into the top five investments that not only reduce your taxes but also offer the potential for tax-free income and growth. 💸
Learn about investments that generate income without triggering any tax liabilities, whether it's tax-preferred or completely tax-free.
From real estate investments that offer depreciation deductions to other lucrative strategies, you'll gain invaluable insights into optimizing your investment portfolio for maximum tax efficiency.
And speaking of real estate, it's my personal favorite for reducing taxes, and I'll explain why it's such a powerful tool for tax savings. From short-term rentals to depreciation deductions, you'll learn how real estate can be a game-changer for your tax strategy.
🔔 Don't forget to subscribe for more insights on real estate investing and business strategies!
Show Notes:
0:00 Intro
2:35 Real Estate
7:57 Oil and Gas
10:59 Traditional Retirement - IRA, 401(k)
16:21 Charities and 501(c)(3)
21:25 Health Savings Account (HSA)
24:36 Final Tips
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
aba.link/subscribe
~~~~
FREE TAX & ASSET PROTECTION WORKSHOP
Register for an upcoming workshop today if you want to protect your business and personal assets from snoopy lawyers and creditors. Save Your Seat: aba.link/92697c
TAX TUESDAY LIVE
Join us every other Tax Tuesday, where you can have your tax questions answered live by our experts entirely FREE. Register Now 👉 aba.link/lor
OTHER ANDERSON ADVISOR EVENTS
Learn a rich selection of subjects like tax and asset protection, business, investing, and more. Our partners, attorneys, and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
aba.link/tobyevents
~~~~
FINANCIAL PLANNING & TAX RESOURCES
📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 aba.link/IIWbook
Order Your Copy of ”Tax-Wise Business Ownership" and find greater success by taking advantage of tax laws for your business. Here 👉 aba.link/tobyshop
Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 aba.link/tobyaba
~~~~
FOLLOW US:
Instagram: aba.link/instagram
Facebook: aba.link/facebook
Twitter: aba.link/twitter
LinkedIn: aba.link/linkedin
TikTok: / tobymathisesq
~~~~
CONTACT US
Phone: 800.706.4741
Email: info@andersonadvisors.com
Fax: 702.664.0545
ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
---------------------------------------------------------------------------------------------------------
WARNING: I will NEVER ask you to contact me through TH-cam comments, telegram, or WhatsApp. I have a checkmark next to my name, and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture.
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#investments #taxtips #taxes #realestateinvesting
Schedule a free consultation to learn advanced tax strategies today! Sign up here 👉 aba.link/ly8
Love the content, Toby!
Facts. If I learned anything from my finance degree, it is to minimize those expenses and maximize revenue. Thanks for sharing.
Great topic, thanks!
Glad you liked it!
Keep them coming. Thank you
I appreciate your support =)
Great info Toby! After all the current tax deduction, if there's leftovers, do they get carried to next year for deduction? Thanks!
Great video, thanks!
That was an awesome event last week!
Glad you made it out!
Can uou have access to all that money and use it for personal use when you put it in the Roth or charity?
Toby. In the start of your video, is that Linsmore Islay or Speyside in the background?
Useful content, thank you for taking the time to compile, organize, film, edit and post this information!
Glad you enjoyed it!
Can you do a deeper dive on the Oil and Gas? For example go over the K1 form and explain to us how exactly to reduce out taxes?
Thank you for your suggestion! I'll definitely consider making a video on that topic.
Perfectly said as always
Thank you for watching!
Great informational video. Very detailed with plenty of examples. TAP
Glad it was helpful! Sign up for our next Tax & Asset Protection Workshop here: aba.link/92697c
Thanks for an informative video! What about buying a vehicle under an llc with the earnings made?
Glad you found the video helpful! Great questions, I'd recommend setting up a consultation with my team for a complete breakdown of buying a vehicle under an LLC. aba.link/ly8
Great insights, but does this commonly apply to any country or only in the United States?
How could I learn about oil and gas investments??
Loved the show. TAP
Glad you enjoyed the video. Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c
Can you recommend a syndicator for oil and gas investments?
CRE of course. Thanks i look forward to work with you in the near future
Waiting for the category Gold.
Thank you for your great videos. Thanks for caring about others and helping us protect our harder earned money !
I appreciate your support and I'm glad you find the videos helpful!
Thank you! A new subscriber here.
Thanks for subbing!
What is the best way to research and find legitimate "oil & gas" investments?
Good shop. TAP for next workshop
Sign up for the next Workshop here: aba.link/92697c
Thanks a lot!
You're welcome!
College savings account is another but will only check the last two boxes…and must be used for educational expenses. Most can be transferred to next of kin ( another added benefit).
Great information. TAP
Glad it was helpful! Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c
Is there any way I can do an HSA if I have Tricare? I'm full time Army National Guard so no high deductible plan.
Absolutely awesome info. Thank you so much. Quick question- do you offer help with tax planning? TAP for the additional information.
Glad you enjoyed the video. Yes, my team offers tax planning assistance! Sign up for the next TAP event here: aba.link/92697c
Or you can schedule a consultation here: aba.link/ly8
I wished Toby would do a video on the tax advantages of subject to the mortgage acquisitions, which he has never done ☑️ I have watched all his videos since 2018 🙏💔💵🇺🇸
So, and oil field/well is definitely riskier. You said you rec'd a K-1 with a $150K LOSS--can you write that off against cap gains?
Wow great lesson.
Glad you enjoyed it
@@TobyMathis Thanks , in this day and age people have no excuse not to build wealth for themselves when all these goldmine information are readily available for free. Hundred years ago, only the wealthy had this knowledge over the masses.
Isn't there an age limit to starting an HSA?
What is a DB did I miss it?
Defined Benefit plan.
Basically a pension.
I am your most devoted student. If I left my work, deposited (rolled) my roth ira into a traditional roth (new account at my fraternal organization) and they took the interest (from my roth) and created a new traditional ira for that money separately, did they make an error (now I pay tax in interest earned by my roth ira in the future here)? I want to understand NOT paying tax on the monies earned by the roth. Forgive me if this is confusing. I am new and will sign up for future events. You’re rockin it!
I appreciate your kind words and your commitment to learning more about your finances. Keep up the great work!
Oil and gas? Very first time hearing this
Coach Toby!! Good day
It means a lot to have your support.
My favorite is real estate merged with 501c3 and affordable housing
Toby, Is there an investment that can be owned by an estate trust, and pay dividends to a beneficiary?
Meaning, lets say my family trust puts money into ETF or something, then that pays out monthly to an account of my choosing.
Lets say I can put 10M into it, and it pays out say 5k a month forever. Is there something like that?
Ofc that 10M would get larger over time and pay out more+/-. but is there something like this to invest in to keep passive flow for hundreds of generations to come?
A well designed cash value whole life policy can do that.
It's a touchy subject but check out some early cash value info TH-cam.
TAP. Thank you!
Sign up for the next workshop here: aba.link/92697c
I have a few questions. Can I take income I make from wholesaling & wholetailing real estate, & invest most of it into a new Ecommerce brand (other than what I pay myself), to pay little to no taxes? I know I'd be able to take that money & invest in properties to avoid taxes, but I'm not trying to do that quite yet & I'd rather invest that money into my brand. Is there a way to set that up or any loopholes that I'd get similar results? Let's say I make $600k from closing deals, pay myself $100k & put the rest into my Ecommerce brand. I still plan on buying properties later on, but my main focus is to keep wholesaling/wholetailing & launch my brand before, or by the end of the tax year. Is there a way to not have to pay taxes this way? Hopefully this makes sense. Thanks!
Thank you for sharing your question! It's awesome to see your ambition in both real estate and Ecommerce. I'd highly recommend you sign up for a free strategy session so we can provide an answer that is unique to your situation. You can sign up by visiting: aba.link/ly8
yes, I like ... ❣
Had to pay 10K plus taxes due to my income, but I will definitely use these tips.
Only 10k? I paid 40k in taxes last year because of my income, I've already paid 10k in taxes this year alone
@@CrazyDrunkAsianMonkey 10K still a lot. 40K just more. Someone is paying 1 mil. What I took from the video is just make wise investments in order to offset these taxes.
Depreciation when you sell the house needs to be recovered at the sale at 25%. If you're in a tax bracket that's less than that when you're taking the depreciation, then you lose out because now you have to pay back at a 25% rate.
If you want to sell your property and get the money to use yourself you need to deal with recovery. You spoke about 1031 exchanging until you die and stepping up the cost basis to your heirs. If you actually want the money for yourself, you will have to deal with all the depreciation recovery
I am always confused by the appreciation of property. Does it depend on the time that the owner has owned it or does it go by the age of the property? For instance, if we have a write-off period of 17 years for taxes, and the building is sold, would the clock reset for the new buyer?
Yes - it does. It always depends on the basis and when the asset is put into service. For example, if I added a roof to a property, that new asset is depreciated over its useful life (ie 27.5 years for a residential property). It does not matter when I purchased the property. Hope this helps.
A rental property today? What if your tenants refuse to pay? What if the squaters take over?
Easy fix = Housing Choice Voucher tenants. Guaranteed rents.
Hello I have a question of the HSA how can I contact you?
Hi Ricardo, you can reach out to my team for a free consultation if you'd like to discuss HSA concerns. Visit aba.link/ly8
Thank you i 61
Hey, you really believe that you can excape from the tax systems?
It's pay now or pay later.
Can a person still utilize the benefits of an HSA if they are not itemizing deductions?
I recommend setting up a free consultation to discuss some strategies and how they apply to your unique situation. Sign up here: aba.link/ly8
Please do a video on Oil and Gas Wells. If you have suggestions for firms to invest with please let us know
Thank you for the suggestion!
Learn how to use the IRS tax code to your advantage and keep more of what you earn during this free webinar. aba.link/25v
"TAP",, 👍 💯
Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c
roth is my fave
Roth is definitely a great choice
What about over funding life insurance , doesn’t that grow tax free?
Pretty sure HSA only works if you have a high deductible health insurance, correct? In Oregon, cheapest Bronze level policy was nearly $800 per month with a $7000 deductible and it covered very little and was just for me (no health issues at all). Too bad there are no HSA's for healthy people who just want to save for future health funds. I am looking sooooo forward to the Roth-SEP when they get that figured out.
What if you’re on Medicare does the HSA make sense?
If paying taxes
Can’t contribute to one when you’re on medicare
Joeystabile is correct.
DB?
Defined benefit plan. Especially if are older and have a high salary, you can deduct a lot
Hello,
Investment in making more to pay debt it good but, bit risky, I have, " I can't save money" drama Australia have steady inflation, expensive money flying life, you must pay the cost of expenses payment:s.
Thanks
Amali
Australia
As much as I love you and your channel, I am slowly realizing this is for wealthy investors and I am not one of those. Just a regular guy making less than 100K a year.. so not much to learn. Yes, yes, I know...I m an idiot for not making 100 K. Oh well, that is life.
Simplest way for you is a Roth IRA, grows and withdraws tax free.
Pair that with more traditional 401K (or 457 plan for gov employees). That way when you are older some can come put tax free (Roth) and some (401K) can save you taxes now.
It’s not for wealthy investors!
Always live below your means, invest in tax deferred and tax free methods; even $25/check ads up over time. Increase your investments every time you get a raise. Pay yourself first. Reinvest earnings. Be a homeowner. Eventually: Buy Real Estate for investments, great long term tax benefits. Reinvest and diversify in stocks, bonds/CDs, RE/Assets, cash (for future buying opportunities). For stocks simply buy low cost index funds that mirror the Dow/S&P/Nasdaq.
Educate yourself on tax laws, power of compounding interest and time value of money.
Watch “the assent of money”.
Buy used when poss, avoid “keeping up with the Joneses”. Hold assets a long time (generally). Don’t buy new cars, but them a couple years old for about 1/2 price, keep them 10+ years and repeat as needed.
Cook, and eat at home, don’t eat out very often (crazy expensive). Brown bag your lunch.
Cancel cable tv, don’t buy a new iPhone every other year, keep it 5-6 years until you have to upgrade.
Get out of and stay out of credit card/consumer debt. Of you can’t pay off the CC every month, stop spending on anything non-essential. Remember pay yourself first and eventually Credit cards will pay YOU 1-1.5% (cash-back Cards & you carry no balance so you pay no interest, means YOU make money on the credit cards).
Just a few examples how to win at the financial game of life.
But seriously, start investing and saving Now for your retirement. Compounding Interest (over time) is the 8th Wonder of the world!!
@@AscDrewwhaaaaaa???
@@user-py7wp6nw9h
If you are employed and your employer supports these ,then they're your best available options:
1. 401K match. Get it, its free money
2. HSA plan
3. Roth IRA
4. Back to 401K is you still have money left over to contribute
I have five rental properties that I personally manage. I want to know more idea how I will engage my adult children to work and get the tax benefits.
You're permitted to deduct your child's wages as a business expense, provided that their compensation is reasonable and their role is essential to business operations. If your child is 18 or older, and your business operates as a sole proprietorship or a partnership, your child's earnings could be liable for Social Security and Medicare taxes. However, if your child is under 21, their work isn't subject to FUTA taxes. In cases where the business is a corporation, estate, or partnership (excluding situations where every partner is the child's parent), you're obligated to withhold Social Security, Medicare, and FUTA taxes, regardless of the child's age.
TAP
Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c
HSA usually has income limits / parameters.
False
HSA has _contribution_ limits, not income limits. Not quite the same thing.
How do I get into your world? I file taxes online for friends and do anything that I can find for money to help our future. I am a hardworking mom of 5. I want them to live and not have to take care of me when I retire. Change our family tree. I have always been told I should do taxes or accounting. I need someone to show me the right way.
Take a tax course at your local community college. Work on a degree to be an accountant.
Study to be a licensed financial advisor (tests only doesn’t require a degree, crazy huh!?).
I admire your attitude and with your spirit directed into your studies you can accomplish much. There are quite a few online universities that would offer accounting courses that you can take right from home. That's a lot easier to do with kids than to have to go to class every night.
What if the property value doesn’t go down? You can’t deduct depreciation?
Also, the IDC loss… is it real loss? If you actually lose 40k why is not paying taxes on that good for you?
These are important questions that require a more detailed discussion to address fully. To ensure we can provide you with the most accurate and personalized advice for your situation, I recommend scheduling a free strategy session with my team. Sign up here: aba.link/ly8
You depreciate (deduct on taxes) the value of the asset you placed into service over the useful life of the asset. In the case of residential real estate that is generally over 27.5 years. You don’t depreciate the land value (only the improvements ie the structure/house). So if you buy a rental for $375K and the land is worth $100K (not depreciated) you would depreciate the $275K value of the improvements over the course of 27.5 years. $275,000 / 27.5 = $10,000 per year to write off on your taxes, just on the depreciation alone. So if you had $12K income/year, after all other expenses (mortgage interest, maintenance, management, insurance etc), you would then deduct the $10K depreciation which means you only pay taxes on a mere $2K of income for that property but you Actually Netted $12K. Just an example that the video author could have advised, but didn’t.
@@AscDrew that’s a great explanation, thank you for that! I’m still confused why you get to claim the house depreciates when the home actually goes up in value. I guess it’s a way to account for new roof / painting, and other wear and tear. But can you also deduct those improvements as business expenses, so it feels like double dipping. If that’s how it just is then yes what a great write off.
@@user-dz1zj9xr3sgenerally you depreciate a business asset over it’s useful life. Basically over that time you will have to maintain it or after 27.5 years do major overhaul (in theory). In reality yes you will have to have additional maintenance expenses. Basically it’s a tax Deferral since by taking depression on the property it is lowering your “cost basis” for that asset. So, if you sold it for say $500K after 27.5 years of depression your remaining cost basis is only the land at $100K, so at that point you would be paying takes on $400K of gains vs $125K of gains had you not taken the depreciation over the last 27.5 years. Think of it as that: tax Deferment.
But you are not forced to sell it after 27.5 years, and if you choose to, you can do a 1031 exchange into a higher value property ($1+ higher) and guess what, they you get to depreciate that New property all over again, so you can keep the deferral going even longer!
But think of how much taxes you would save over that 27.5 years, reinvested that additional savings would continue to compound, etc. If you have multiple properties the tax benefits compound further.
Also if, later in life, you can leave the property as an inheritance to your kids and they get a Stepped Up cost basis equal to the value of the property when they inherited it. So if your basis was $375K and you depreciated it down to just the land value of $100K, then years later you pass away and the property is now worth $750K they get to depreciate that $750K (minus land value) over another 27.5 years.
So if the land was now worth $200K they depreciate $550K over 27.5 years = $20K/year ($1666/mo) of depreciation to offset the rental income. So it gives them reduced taxes on the income that asset would produce for them. Starts to create generational wealth.
Very interested in learning how to move my HSA to my Roth ? May I please get the details on how to accomplish this? I’m 68 yo. Ty. Phil
Hello, I would recommend setting up a free consultation with my team to get started. aba.link/ly8
You can't.
You can, however move a traditional 401k or IRA to Roth.
But at 68, that's not advisable.
Tap
Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c
TAPS
Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c
I Have a health issue I’m a make appointment to come down
Taxes
I plan to mass produce affordable tiny off grid homes with almost free land
Thank you for sharing your vision!
TAP
Please send me info/link. I LOOOVE to learn & your videos are SUPER informative! Thanks!!
Are you accepting new clients? I’m self employed & need to find a smart tax advisor like yourself❤
Glad you enjoyed the video! Sign up for the next workshop here and ask about our Platinum membership. aba.link/92697c
real estate is starting to become a real big problem in many states .....cross that one off the list
For now.
Eventually he will be correct again.
First
I feel like I am in middle school
Bitcoin is the new asset of all assets
Facts
Find something to flip. You’re welcome.
Isnt 401k max $23k for 2024? Is that 69k combined employee/employer? That’d be what? 150% match? 😂
tap
Register for the next work shop here: aba.link/92697c
Too bad all that depreciation comes back to bite us as recapture. And it comes back as ordinary income. Also if you want to avoid the capital gains through the 1031, you become permanently trapped as a landlord for the rest of your life, or you suffer a massive tax bomb.
This is misleading advice because it’s not “tax free” it’s “tax deferred”. Shame on you.
Tap please
You can sign up here: aba.link/92697c
TAP
You can register for the next Tax & Asset Protection Workshop here: aba.link/92697c
Tap
Sign up for our next Tax & Asset Protection Workshop here: aba.link/92697c
TAP
Reserve your seat for our upcoming Tax & Asset Protection Workshop now at: aba.link/92697c
TAP
Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c
TAP
Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c
TAP
Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c
TAP
Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c
TAP
You can register to my next Tax & Asset Protection Workshop here: aba.link/92697c
TAP
Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c
TAP
Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c
TAP
Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c
TAP
Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c
TAP
Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c
TAP
Secure your spot for our upcoming Tax and Asset Protection Workshop! Click the link to reserve your spot now: aba.link/92697c
TAP
You can register for the next Tax & Asset Protection Workshop here: aba.link/92697c
TAP
Sign up for our next Tax & Asset Protection Workshop here: aba.link/92697c
TAP
Sign up for the next workshop here: aba.link/92697c
TAP
Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c