The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
@@maryHenokNft I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Definitely! All of this happened in less than a year after *Gertrude Margaret Quinto* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
My father in-law was the head tax attorney for international corporations. His expertise was to help the corporation legally pay as little tax as possible. This is all true.
Well it's not like it's hard to believe. Of course it is true. Like Trump said, he pays low taxes because he is smart. It's not like the government makes any better use of tax money than any individual would. Elon Musk said the same thing. Jealous people who know they will never make as much money in their lives as some of these rich people pay in taxes in a single year just want these rich people to suffer and pay millions of taxes just so they don't get to keep all that money themselves. Inarguably, Elon Musk spends his money far far better than anything the government would waste his money on. Unfortunately, Musk is so incredibly wealthy that I think he intentionally doesn't resort to all these tax reduction strategies so that the public won't be able to criticize him as much for paying low taxes. So Musk pays billions in taxes simply because he doesn't need the money and would rather people know he is "paying his fair share." But I wish Musk didn't pay any taxes at all, because he would spend all that money productively, unlike the government who squanders every last dollar. Just imagine all the kids and baby mamas he has; he probably doesn't even have court ordered child support because he probably just lets them buy literally anything they desire, and it doesn't even dent his wallet, lol. That's some real "fuck you money" status right there, letting them buy whatever they want with his money, and no number of holes or cars or boats could ever even impact his wealth. It's incredible to think about. It's really hard to even fathom having that much money. He could buy small countries if he wanted to. Crazy. And yet Musk spends his money on improving humanity and investing in the greater good. You don't see him living the playboy lifestyle, he just stays working while everyone else spends his money. So much respect for that guy.
Legally is good. I see legally gets a bad rap when filtered through the 16th. Maybe, just maybe based on bad tax experiences with the English Monarchy and Taximent, our original Constitutional mandate was the best fork in the road.
By far the best video yet! I love when trumps political opponents complained that he uses the loop holes in the system to his advantage and he basically told them "well change it. But you won't because you use the same loop holes I do." Dude is a savage.
Just say you're a fan.. 😂 the internet makes us try and make everything sound well thought out and unemotional, when all of that stuff is human.. you're not a fan of ripping off the poor if you can get away with it under any other circumstances! His bills don't just go away, they get sent to the poors.. it would be called welfare if this happened in reverse! Why does no one say to the single mom with 6 kids, "you're a savage the way you game the system that way".. 😂 just say you're a fan bro, I promise you'll be ok
Back in the 90's Robert Kiyosaki wrote about this and until this day, there are masses of people who still don't understand the concept (which is also available to them) and call him a crook. These are mostly the same people who cannot tell the difference between earned and passive income and that's a shame.
I am an engineer for the IRS, and the bread and butter of my job is to examine research credit, cost segregation, and general business credit issues. Fascinating to watch this unfold in the news. Great job on your video! Keep up the good work!
On the Schedule E portion of his 2017 tax forms, Joe Biden reported $19,800 in “rents received,” and none in 2018, according to information reported on Sunday by Breitbart’s Wendell Husebe But when filling out a background check, Hunter Biden claimed to pay a specific $49,910 rent each month to his dad from March 2017 to February 2018. This is the same home where classified documents were recently found stacked in the garage. Biden the Younger spent about a year - during part of his drugged-out times - renting (?) Biden the Elder’s Wilmington, Del., home following his divorce from Kathleen Biden. Because Trump held out on the releasing the tax returns which any IRS agent knows is illegal for a government official to release a tax return under the criminal code. The democrats removed the road blocks. in just a matter of days under the same procedure we have hunter Biden and Joe Biden's returns. More to come So you are right this is fascinating to watch unfold. As somebody as smart as you, being an engineer, why you missed the fact this guy had nothing substantial to say? Then again I never fell for the National Psychosis
@@kimocoloma4123 Wow! I didn't know people could be convicted of tax fraud without breaking any laws? Hopefully, the government will free his Accountant.
Excellent summary of Trump's released tax returns. I do not begrudge him for using the tax code to his advantage. We all should do it. It's legal and available to all of us. We my have to use it on a much smaller scale, but it is there for us to use. Again, thanks for breaking this down for us.
Facts all we have to do is read the instructions on all the IRS forms . You can claim everything you made from your job back on your refund! Study those forms!
I don't think that is the point. The point is that all of these types of breaks are absolutely NOT available for the average tax payer. The narrative that Trump and the right likes to spout is how much of a tax burden the rich take on when we see in reality, from Trumps returns, that is absolutely NOT the case. Someone making $50,000 paid far more taxes than Trump for multiple years even though he is supposedly a billionaire. The game is rigged and this just further exposes how much it is rigged against 99% of everyone responding to these comments. The fact you think that is ok shows how much the wealthy have you all brainwashed and why they can and will continue to get away with this and much worse (we won't even talk about the shit they do on the stock market).
The problem is not legally paying as little tax as possible, the problem is illegally inflating assets to obtain loans and then illegally deflating assets for IRS tax purposes. Look at the Chrisleys, they were recently sentenced for exactly that
It's a good time to take a beat up 401k and do a Roth Conversion if your stocks are really beaten down. Then you'll only pay taxes on the much lower current prices, and your Roth will be tax free.
Precisely! Our main focus at the moment should be strategies to manipulate our current situation, many people are making millions from this down market, but information like this doesn't make the news.
Well, the top players and pros have exclusive information and data paths that are not disclosed to the public. Knowing the strategies to use during this time is one thing and having the right information to execute them successfully is another.
@@sebastianzhikov8842 The uncertainties that come with this current market are yet another reason why my daily investment decisions are guided by my investment advisor; "JILL MARIE CARROLL" as HER entire skill set is built around being long and short at the same time, using both a profit-driven strategy and removing risk as a hedge against the inevitable downtrends, coupled with proprietary insights/analysis, it is utterly impossible not to outperform. Brought in over $1.5 million in ROI, since using my investment advisor for about 2 years.
@Lloyd Bernard It's a fairly simple process, my portfolio only reflects what she trades, not just some particular securities of my choice. "JILL MARIE CARROLL" has been amazing so far, she has influenced my portfolio a lot.
You have inspired me to do great things. I have since purchased real-estate, made it an STR, created an LLC, used my EIN, and am currently documenting all income and expenses for this upcoming tax season. Thank you, keep up the great work!
I’ve been watching this guy for a while! And following, I almost did not watch this video but I’m glad he kept politics out of it and actually appreciates how taxes actually work and explains it for the rest of us! 🎉bravo my friend! Good stuff! 🙏
Most videos they tell you to "Like and Subscribe", but Karlton's content is so good you're probably already subscribed, then you click Like, then watch!!! I've not been disappointed yet!!
I have watched a boat load of business tax videos, I have read all of the books, and this is the most thorough video ever made. My mind is blown. You turned this complex and headache inducing topic into something we can actually understand. Thank you for your expertise and your time. Very much appreciated.
@@quincytostonrei This is already being done.....lot If trusts set up by wealthy people Nothing new....but importance is who controls the trust what is it to do... jb
@@Cre8tiveWrEck You better have bank period this Is not for the everyday joe better be Making millions billions etc why cause Ur ACCOUNTANTS and lawyers are making 3 to 4 figured an hour.. DT IS SMART MAN BUT NOT THAT SMART ask his accountants and lawyers.,.. Jb
Thank you Karlton! You are so good at explaining tax codes. When Trump (a Republican businessman) was in office our economy flourished. Since Biden (a Democratic senator) has been in office, our economy has crumbled. What better guy to have in office than Trump that knows how to not only respect our founding documents (the constitution of the United States) but to make good use of all legal leverage to propel our nation and economy forward. Trump 2024!
Ummm no it’s 100% correct. Notice after all the hoopla over releasing his returns it was a big nothing burger? That’s bc it was. He’s a shrewd businessman like him or not it’s undeniable.
Wow! This is so freaking cool. I started my LLC in Dec 2021, through last year I hit some bumps in the road, and went back to my nursing job. I always knew entrepreneurship was my route, and this year I'm excited to go all in and not let what I don't know, change my focus. I've learned so much from you in the last 7 months. You've probably heard this, but want to reiterate, that you are appreciated. Thanks so much for all you do. Blessings to you 😎✊
Like Trump or hate him, the man knows how to take advantage of finances and business opportunities. And his mind set is always on how to do just that. This is why so many businesses, large and small, wanted him in office. He's no politician for sure, but he's a very shrewd business man. I've listened to people say, "if he's so smart, then why did he go bankrupt so many times?" I say, because filing bankruptcy for one business gave him an out and opportunity for another business. He never had to take a hit.
@@nelysvabska NOPE!! you know nothing about how business works especially in the field of construction. That's really his main function in business. He's a negotiator 1st and foremost, but also knows all things about commercial buildings. If you think his accountant handles that, then you're not very knowledgeable. His accountant handles all things taxes and right offs. Anyone who has quite a bit of experience in either field knows right away when someone knows what he's doing.
Karlton, I totally agree with you. There is little to no one talking about these things and so freely as you do. I really appreciate your videos/ service/ info. Thank you
Amazing video. Thank you. I have gone from thinking of Trump as a tax cheat to a tax genius over the years. And I want to leverage whatever I can at my own level and use my money for the causes that matter to me rather than paying taxes!
Maybe on what he claimed but what about what he DIDNT claim? You think he claimed everything totally honestl? Naw! He’s got offshore accounts & hidden $$$ for sure. Use the tips Karlton gives for sure, but don’t be fooled. DT didn’t get to where he is by being honest.
In my humble opinion, I believe that you are the best to ever do it regarding taxes on TH-cam. From the way you articulate facts and information, to how well spoken you are, and for providing us viewers with very valuable content. Thank you.🔥🔥
Geeking out is a good thing. Way to clearly explain the concepts and rules. Good job. Thanks and keep them coming. How about when depreciation period ends?
There is a tax strategy we use called the 1031-exchange. This will allow for a taxpayer to sale the existing rental asset in a certain time frame, and roll over the capital gains into a new rental purchase, while also taking on new depreciation in the newly acquired asset. Great question 👍🏾
Excellent video! The rich have been doing this forever thanks to the help of their lawyers, CPAs, and other tax / strategy professionals. You expertly show us how folks can do this as well if we're really interested. Keep up the good work!
Karlton, you are the only person I have watched that can explain taxes at length and not be boring. I can see your passion with taxes. I was also so happy you just talked facts no spin. Love your program. Retired and trying to not pay taxes I can't afford myself. Wonderful video keep it up, and thank you so much for what you do to try to help those of us who need it most.
I have never tried to understand the complexity of the US tax code. For decades t lived abroad and was still required to file US tax returns. I have always used a tax lawyer (the same one) passed every audit. Never spoke to an IRS representative. Never penalized. The tax lawyer said “ it is counter productive to speak, and if you do you will probably need a different type of lawyer” .
You’re soooo brilliant in your research and presentation. I’m so glad I found you on TH-cam. I just sent this video to my accountant. You’re highly appreciated. Looking forward to learning more and working with you team. A Big THANK YOU.
Hi Karlton I popped in on the last 30 min. of one your Tax courses last week... I find this video very intriguing. I could follow your explanations better than the National news reporters. This is also another reason why I decided to invest in myself to learn more about taxes from a source where I can grasp what's actually going on. I'm not bitter at Trump's Tax Knowlege just think it should be attainable & Available for many others like myself long before now. The major barrier is understand it! By using the Karla Dennis & Assoc. Tax Strategy is how I'm leveling the playing field and changing the game for myself. Thanks for sharing this information. You're doing a Great Work. Kristy Collins aka Kris
You said it, it’s all legal. People need to watch this man and learn instead of trying to crucify him for doing what any educated person would do with the knowledge.
@@jimmyjam5453 because the tax attorney did not declare benefits he had received. The media keeps trying to make it like Trump did something illegal. It was the tax attorney on his own personal taxes. For any other person it would have just been a fine, but because he worked for Trump they crucified him, so people like you would think Trump did something wrong
@@honeyt222 if not for trump being a former president he would have been in jail years ago. Law enforcement keeps bending over backwards not to change him... They put Michael Cohen in jail for doing Trump's ( individual 1) bidding then make up some stuff about we can't change a sitting president. Then when he's out of office they find a new reason not to change him . Then oh, statue of limitations ran out.
Well done! Most of us have no idea how business taxes work, and especially large one. When I hear folks complain about the rich not paying their fair share, I think of people like Trump who use LEGAL means to avoid taxes on a larger scale. Many don't think it through enough to realize that those "loopholes" were made legal by Congress. Thus, the root of the issue isn't the Trumps and others "avoiding" taxes, but the elected officials that put those mechanisms in place. And thanks for keeping this piece straight without politics either way - that is far too rare today!
@@troyreneestephens4354 BOTH parties passed these laws over many years. What I was pointing out is that Trump only used what was available - he stated this outright in a debate with HRC. He is by far not the only one.
I’m currently taking the course & the information is top notch. Thank you for this easy to follow info. Now I can share this with my family and not risk confusion. ❤
I’m also an EA, and I thank you for the first objective and quantitive discussion of these tax returns I have seen. I do wish you had mentioned that on his TY2020 form 1040, line 36, he paid an additional $8,000,000 in taxes to be applied to future tax debts.
Thank you Karlton! You are so right! Even if you don't like the man, you have to respect his knowledge regarding taxes. You take the meat and spit out the bones. Thanks for sharing!
Karlton, Great video. Detailed explanations from someone so knowledgeable about tax laws is encouraging to save money and reduce taxable income. Thank you so much for the video!
Great content as always! We’ve been investing in real estate for many years. I have been looking forward to someone actually explaining the strategies he used. The media is absurd making it sound like he’s a tax evader, or unsuccessful because of the “losses”. I think it would have been better to release them early on and use the opportunity to educate the public rather than trying to hide it. I know from experience that it really helps to have accountants who specialize in real estate tax to help you optimize these losses but still look good to lenders.
@@aeromtb2468 He's not, but the media makes it seem like he is because they are trying to convince people he's doing something Illegal. Now if the media, said "all billionaires, and high-network multimillionaires use the tax code to lessen their tax burden and it's all legal" Then how would they polarize us? This why democratic politicians can go on T.V. and say "we'll make the rich pay their fair share", because they know their rich donors are already using the tax codes to lessen the tax burden and it won't affect them. They get the support of average people in voting numbers because they've convinced people that all rich people are cheaters. And they get to promote that message because they get money from the rich people who they give tax write-offs.
He has used legal means to reduce his burden and I am sure that his tax team is paid well to do so, and they are paying taxes to the minimum of their legal means. These are all available to everyone you just need to have the right person working on your taxes. I honestly had no idea that there was that many ways to push and shove your cost at first I figured it was moving money into something non tax till the rates were more favorable.
Like Trump told Hillary during the debate when she asked why he pays such low taxes: Because I’m smart. If anyone doesn’t agree then change the tax codes.
@@uknowmeazdaddy384so if you run your own business, you’re saying your accountants know more about your business than you do? Trump grew up surrounded by business tycoons, he went to one of the best business schools and then headed his family business and you’re saying his accountant know more?
Thanks for a awesome lesson in tax liabilities and a scratched surface on today’s tax system. This shows how taxes are paid intelligently. I subscribed and would like to know more for my own curiosity.
A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k
The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.
@@MariusNatt in my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your fund has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing port-folio-advisor.
@@AaronTucker-th2nn The stock market is down 20% this year. Keeping my money in bank could be no good but investing is riskier, I wish to find better value deals as asset prices keep decreasing but lack the skillset, mind if I look up your advisor? I admit this is the only way for amateurs like myself
@@AshtonGrace >>Autumn really seem to know her stuff. I looked her up on the web using her full~name and found her page , read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
Why would you have 200k in savings makes no sense Your money has to be making money for you 200k and a savings account You're losing money while the bank is making a fortune on your money 🤣
Karlton! Well done! Thank you for the high level overview. I have been wondering about Trump’s taxes and how he utilized the tax laws. I’m looking forward to learning more so I can legally reduce my tax burden. 🔥🔥🔥
I’m thoroughly intrigued. (I’m a tax accountant/CPA) Trump’s returns just show what it means to be a business owner/business entity who/that strategizes and plans in alignment with the internal rev. code and treasury regs.
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Very informative! I always like the content. I'm also now hyperaware of how deficient american school systems are...They don't teach even MINIMUM finance, and kids have NO idea how to manage and spend money especially if parents aren't teaching...
Thank you so much for this video. You are absolutely right that no one is talking about this. I've been looking and looking for this type of detail everywhere, barring looking at the actual tax code. And you explain this SO. WELL. I look forward to future content!!
It's not that he understands the US tax codes. It 's the financial advisers he has that knows the tax codes from different countries. Companies like Ey , PwC etc know the tax codes and loopholes that a company or a individual can use to pay less tax. Then you have lawyers in different countries that know how to explain to a individual or a company how to use the laws in their country for a beter outcome in regards to paying less tax and also how to shield from priying eyes in a person or company affairs. We have private wealth management advisers that can do the one stop shop service for high net worth people and companies. And let us not forget about the offshore spectrum. Depending on a persons financial standing certain things are available to them. Here is a someting that's in the bible >>> Proverbs 10:15 - The rich man's wealth is his fortress; The ruin of the poor is their poverty. ( By the way the last part of this scripture has to do with a persons mindset ).
You my friend, are doing the Lord's work!!! Informing the masses on complex subject matter to create better understanding. I will be following for sure!!!
damn, you need to make videos to teach kids too (it will help the future equity), then we need to force schools to teach kids this too (at least they'd learn one thing useful via you!). We need to get this info out and talk about it, and how to stop the tax code fromonly helping the uber rich.
I would like to see a video addressing how a school teacher might be able to structure their situation to even come close to getting the same tax obligation (by percentage) My point is that this kind of thing isn't available to everyone; And the rules are made by those that benefit from them. Though any structuring a common person can do would be useful
We live in the United States of pretend I thought those documents are supposed to be secret. There is no legal requirement that he has to release it to become president. Especially now that he's not president. But that's okay because we're all going to see what's coming and it's not going to be pretty. I hope everyone's ready.
@TCALABRESE03 you are defending a billionaire? He paid more money to china. We never want to give our freedom to a person who will see us out to another country. Again, this conversation is crazy. Like how you not think About that.
@RykersFist they show to make sure scums like Trump don't sell our country to other countries! Its not that hard to comprehend or understand why its important.
Just found your channel. As a small business owner your channel is invaluable. Thank you for your knowledge and keeping your videos factual and avoiding option and politics.
Excellent information. Admiration for how well understood and properly applied the tax code was used. Now, this is what I’m trying to learn understand, instead of working two three jobs and paying back all I earned from the third job…. Plus half the second one….
MY BROTHER YOU ARE THE TRUTH! I HAVEN'T HEARD ANYONE GIVE IT UP THE WAY YOU DO! YOU HAVE HELPED ME SO MUCH ON MY PERSONAL ENTREPRENEURSHIP JOURNEY, I FEEL LIKE I OWE YOU MY ACKNOWLEDGEMENT AND SO MUCH MORE. THANK YOU!💪🏾💯
I say you are a great teacher with simple concise methods explaining a few aspects of tax codes. Your enthusiasm sparks interest with rewards based on facts therefore taking fears to the trash bin! Short detailed instruction is the benefit of your diligent hard work. Details.... great job!
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
@@maryHenokNft I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Definitely! All of this happened in less than a year after *Gertrude Margaret Quinto* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
My father in-law was the head tax attorney for international corporations. His expertise was to help the corporation legally pay as little tax as possible. This is all true.
Well it's not like it's hard to believe. Of course it is true. Like Trump said, he pays low taxes because he is smart. It's not like the government makes any better use of tax money than any individual would. Elon Musk said the same thing. Jealous people who know they will never make as much money in their lives as some of these rich people pay in taxes in a single year just want these rich people to suffer and pay millions of taxes just so they don't get to keep all that money themselves. Inarguably, Elon Musk spends his money far far better than anything the government would waste his money on. Unfortunately, Musk is so incredibly wealthy that I think he intentionally doesn't resort to all these tax reduction strategies so that the public won't be able to criticize him as much for paying low taxes. So Musk pays billions in taxes simply because he doesn't need the money and would rather people know he is "paying his fair share." But I wish Musk didn't pay any taxes at all, because he would spend all that money productively, unlike the government who squanders every last dollar. Just imagine all the kids and baby mamas he has; he probably doesn't even have court ordered child support because he probably just lets them buy literally anything they desire, and it doesn't even dent his wallet, lol. That's some real "fuck you money" status right there, letting them buy whatever they want with his money, and no number of holes or cars or boats could ever even impact his wealth. It's incredible to think about. It's really hard to even fathom having that much money. He could buy small countries if he wanted to. Crazy. And yet Musk spends his money on improving humanity and investing in the greater good. You don't see him living the playboy lifestyle, he just stays working while everyone else spends his money. So much respect for that guy.
That's the word legally
Legally is good. I see legally gets a bad rap when filtered through the 16th. Maybe, just maybe based on bad tax experiences with the English Monarchy and Taximent, our original Constitutional mandate was the best fork in the road.
Thats the goal of all taxpayers. No one is telling themselves they want to pay more taxes
By far the best video yet! I love when trumps political opponents complained that he uses the loop holes in the system to his advantage and he basically told them "well change it. But you won't because you use the same loop holes I do." Dude is a savage.
dude i fell on the floor screaming when he read Hillary Clinton her rights. omg
Facts lol. Trump is business savvy and we benefited from his time in office in my opinion.
Love him. And I’m a Native Hispanic New Yorker. Dumbocrats try so hard to say he’s a racist, he’s this, he’s that but they’re all haters.
They can't fault him. He told them how and what and where.
Just say you're a fan.. 😂 the internet makes us try and make everything sound well thought out and unemotional, when all of that stuff is human.. you're not a fan of ripping off the poor if you can get away with it under any other circumstances! His bills don't just go away, they get sent to the poors.. it would be called welfare if this happened in reverse!
Why does no one say to the single mom with 6 kids, "you're a savage the way you game the system that way".. 😂 just say you're a fan bro, I promise you'll be ok
It’s nice to see people who knows how money works talked about money 👍🏽. We need business people in DC to run the country not career politicians 🤦🏾♂️
Back in the 90's Robert Kiyosaki wrote about this and until this day, there are masses of people who still don't understand the concept (which is also available to them) and call him a crook. These are mostly the same people who cannot tell the difference between earned and passive income and that's a shame.
I am an engineer for the IRS, and the bread and butter of my job is to examine research credit, cost segregation, and general business credit issues. Fascinating to watch this unfold in the news. Great job on your video! Keep up the good work!
Is it safe if cost seg is 20- 30% of property sale price
I wonder why Trump’s organization was recently convicted of tax fraud?
On the Schedule E portion of his 2017 tax forms, Joe Biden reported $19,800 in “rents received,” and none in 2018, according to information reported on Sunday by Breitbart’s Wendell Husebe
But when filling out a background check, Hunter Biden claimed to pay a specific $49,910 rent each month to his dad from March 2017 to February 2018. This is the same home where classified documents were recently found stacked in the garage. Biden the Younger spent about a year - during part of his drugged-out times - renting (?) Biden the Elder’s Wilmington, Del., home following his divorce from Kathleen Biden.
Because Trump held out on the releasing the tax returns which any IRS agent knows is illegal for a government official to release a tax return under the criminal code. The democrats removed the road blocks. in just a matter of days under the same procedure we have hunter Biden and Joe Biden's returns. More to come
So you are right this is fascinating to watch unfold. As somebody as smart as you, being an engineer, why you missed the fact this guy had nothing substantial to say?
Then again I never fell for the National Psychosis
Obviously he did not break any tax laws otherwise the IRS would have audited his tax returns.
@@kimocoloma4123 Wow! I didn't know people could be convicted of tax fraud without breaking any laws? Hopefully, the government will free his Accountant.
Excellent summary of Trump's released tax returns. I do not begrudge him for using the tax code to his advantage. We all should do it. It's legal and available to all of us. We my have to use it on a much smaller scale, but it is there for us to use. Again, thanks for breaking this down for us.
Facts all we have to do is read the instructions on all the IRS forms . You can claim everything you made from your job back on your refund! Study those forms!
I don't think that is the point. The point is that all of these types of breaks are absolutely NOT available for the average tax payer. The narrative that Trump and the right likes to spout is how much of a tax burden the rich take on when we see in reality, from Trumps returns, that is absolutely NOT the case. Someone making $50,000 paid far more taxes than Trump for multiple years even though he is supposedly a billionaire. The game is rigged and this just further exposes how much it is rigged against 99% of everyone responding to these comments. The fact you think that is ok shows how much the wealthy have you all brainwashed and why they can and will continue to get away with this and much worse (we won't even talk about the shit they do on the stock market).
The problem is not legally paying as little tax as possible, the problem is illegally inflating assets to obtain loans and then illegally deflating assets for IRS tax purposes.
Look at the Chrisleys, they were recently sentenced for exactly that
I'm glad you said it ... because I was. To be fair, that tactic was not in the scope of the video topic
It's a good time to take a beat up 401k and do a Roth Conversion if your stocks are really beaten down. Then you'll only pay taxes on the much lower current prices, and your Roth will be tax free.
Precisely! Our main focus at the moment should be strategies to manipulate our current situation, many people are making millions from this down market, but information like this doesn't make the news.
Well, the top players and pros have exclusive information and data paths that are not disclosed to the public. Knowing the strategies to use during this time is one thing and having the right information to execute them successfully is another.
@@sebastianzhikov8842 The uncertainties that come with this current market are yet another reason why my daily investment decisions are guided by my investment advisor; "JILL MARIE CARROLL" as HER entire skill set is built around being long and short at the same time, using both a profit-driven strategy and removing risk as a hedge against the inevitable downtrends, coupled with proprietary insights/analysis, it is utterly impossible not to outperform. Brought in over $1.5 million in ROI, since using my investment advisor for about 2 years.
@Lloyd Bernard It's a fairly simple process, my portfolio only reflects what she trades, not just some particular securities of my choice. "JILL MARIE CARROLL" has been amazing so far, she has influenced my portfolio a lot.
Thank you for your dedication to inform the public regarding the tax system! We are forever grateful!!!
Thanks for the the info on how to make a dollar in America
He should shut down the abc boys.
You have inspired me to do great things. I have since purchased real-estate, made it an STR, created an LLC, used my EIN, and am currently documenting all income and expenses for this upcoming tax season. Thank you, keep up the great work!
Congratulations
Wow. 😃 I want to that. I don't know what an STR is though. 😄
Me too!
I’ve been watching this guy for a while! And following, I almost did not watch this video but I’m glad he kept politics out of it and actually appreciates how taxes actually work and explains it for the rest of us! 🎉bravo my friend! Good stuff! 🙏
Most videos they tell you to "Like and Subscribe", but Karlton's content is so good you're probably already subscribed, then you click Like, then watch!!! I've not been disappointed yet!!
But he doesn't count Trump exspences he has lots of exspences
I'm glad you explained this. Most w2 employees had 0 knowledge of your information.
I have watched a boat load of business tax videos, I have read all of the books, and this is the most thorough video ever made. My mind is blown. You turned this complex and headache inducing topic into something we can actually understand. Thank you for your expertise and your time. Very much appreciated.
This man is a genius
I knew he is doing all this legally and my question was why can’t we on W2 also leverage on those strategies 😮
What he is explaining is that W-2 employees can use these strategies as well. You will need to get a tax strategist to help you through the process
Pay a tax ATTY acct $1,000 per hour
You might get the same results might I said...
JB.ok
Own a trust that owns businesses
@@quincytostonrei
This is already being done.....lot
If trusts set up by wealthy people
Nothing new....but importance is who controls the trust what is it to do...
jb
@@Cre8tiveWrEck
You better have bank period this
Is not for the everyday joe better be
Making millions billions etc why cause
Ur ACCOUNTANTS and lawyers are making 3 to 4 figured an hour..
DT IS SMART MAN BUT NOT THAT SMART ask his accountants and lawyers.,..
Jb
My three favorite channels: Karlton Dennis, Stock Brotha, & Richard Fain. Make my week complete!
brian kim is awesome!
Thank you Karlton! You are so good at explaining tax codes. When Trump (a Republican businessman) was in office our economy flourished. Since Biden (a Democratic senator) has been in office, our economy has crumbled. What better guy to have in office than Trump that knows how to not only respect our founding documents (the constitution of the United States) but to make good use of all legal leverage to propel our nation and economy forward. Trump 2024!
That's wrong
Having a felon with a history of crime run the country sounds like a risk the country isn't a business
Ummm no it’s 100% correct. Notice after all the hoopla over releasing his returns it was a big nothing burger? That’s bc it was. He’s a shrewd businessman like him or not it’s undeniable.
You are my guy, Karlton! As a new business owner, I need ALL of the help i can get!
Wow! This is so freaking cool. I started my LLC in Dec 2021, through last year I hit some bumps in the road, and went back to my nursing job. I always knew entrepreneurship was my route, and this year I'm excited to go all in and not let what I don't know, change my focus. I've learned so much from you in the last 7 months. You've probably heard this, but want to reiterate, that you are appreciated. Thanks so much for all you do. Blessings to you 😎✊
Like Trump or hate him, the man knows how to take advantage of finances and business opportunities. And his mind set is always on how to do just that. This is why so many businesses, large and small, wanted him in office. He's no politician for sure, but he's a very shrewd business man. I've listened to people say, "if he's so smart, then why did he go bankrupt so many times?" I say, because filing bankruptcy for one business gave him an out and opportunity for another business. He never had to take a hit.
He doesnt do it himself, its his accountant.
@@nelysvabska NOPE!! you know nothing about how business works especially in the field of construction. That's really his main function in business. He's a negotiator 1st and foremost, but also knows all things about commercial buildings. If you think his accountant handles that, then you're not very knowledgeable. His accountant handles all things taxes and right offs. Anyone who has quite a bit of experience in either field knows right away when someone knows what he's doing.
👍👍👍 don't hate the man, hate the game. 👏👏👏
So, let me know when you get ahold of Nancy Pelosi and her husbands tax returns .
Shoutout to Trump for knowing how to play the game and hiring the competent CPA's and attorneys to get the job done efficiently.
His CPA firm resigned and stated that none of their prior work for Trump could be relied on.
@@leebobrowske6763 damn, I didn't know that. Thanks for the info.
I appreciate that fact you took the time out to explain all this.
Nice job bro! Keep it up!
Karlton, I totally agree with you. There is little to no one talking about these things and so freely as you do. I really appreciate your videos/ service/ info. Thank you
Amazing video. Thank you. I have gone from thinking of Trump as a tax cheat to a tax genius over the years. And I want to leverage whatever I can at my own level and use my money for the causes that matter to me rather than paying taxes!
“I know the tax code better than anyone that’s ever run”. He didn’t lie at all 🤣🤣
I agree!! 45 used the tax code to his advantage & I’m doing the same!!
Thanks for sharing 💯
Maybe on what he claimed but what about what he DIDNT claim? You think he claimed everything totally honestl? Naw! He’s got offshore accounts & hidden $$$ for sure. Use the tips Karlton gives for sure, but don’t be fooled. DT didn’t get to where he is by being honest.
In my humble opinion, I believe that you are the best to ever do it regarding taxes on TH-cam. From the way you articulate facts and information, to how well spoken you are, and for providing us viewers with very valuable content. Thank you.🔥🔥
Geeking out is a good thing. Way to clearly explain the concepts and rules. Good job. Thanks and keep them coming. How about when depreciation period ends?
There is a tax strategy we use called the 1031-exchange. This will allow for a taxpayer to sale the existing rental asset in a certain time frame, and roll over the capital gains into a new rental purchase, while also taking on new depreciation in the newly acquired asset. Great question 👍🏾
This man went Hard for US!! thank you Karlton!
Excellent video! The rich have been doing this forever thanks to the help of their lawyers, CPAs, and other tax / strategy professionals. You expertly show us how folks can do this as well if we're really interested. Keep up the good work!
Karlton, you are the only person I have watched that can explain taxes at length and not be boring. I can see your passion with taxes. I was also so happy you just talked facts no spin. Love your program. Retired and trying to not pay taxes I can't afford myself. Wonderful video keep it up, and thank you so much for what you do to try to help those of us who need it most.
Karlton, you and Trump are an inspiration.
I have never tried to understand the complexity of the US tax code. For decades t lived abroad and was still required to file US tax returns. I have always used a tax lawyer (the same one) passed every audit. Never spoke to an IRS representative. Never penalized. The tax lawyer said “ it is counter productive to speak, and if you do you will probably need a different type of lawyer” .
Dope content! Let the data speak for itself. Personal feelings are irrelevant when it comes to utilizing LEGAL strategies.
Amen bro
You’re soooo brilliant in your research and presentation. I’m so glad I found you on TH-cam. I just sent this video to my accountant. You’re highly appreciated. Looking forward to learning more and working with you team.
A Big THANK YOU.
Thank you David for sharing my video. I look forward to assisting you with your tax planning this upcoming year. Cheers!
Extremely informative. Very articulate and very well presented. I like you! Appreciate you kindly as a business owner.
Hi Karlton
I popped in on the last 30 min. of one your Tax courses last week... I find this video very intriguing. I could follow your explanations better than the National news reporters. This is also another reason why I decided to invest in myself to learn more about taxes from a source where I can grasp what's actually going on. I'm not bitter at Trump's Tax Knowlege just think it should be attainable & Available for many others like myself long before now. The major barrier is understand it! By using the Karla Dennis & Assoc. Tax Strategy is how I'm leveling the playing field and changing the game for myself. Thanks for sharing this information. You're doing a Great Work. Kristy Collins aka Kris
You said it, it’s all legal. People need to watch this man and learn instead of trying to crucify him for doing what any educated person would do with the knowledge.
Why is trump's tax attorney going to jail?
@@jimmyjam5453 because the tax attorney did not declare benefits he had received. The media keeps trying to make it like Trump did something illegal. It was the tax attorney on his own personal taxes. For any other person it would have just been a fine, but because he worked for Trump they crucified him, so people like you would think Trump did something wrong
@@honeyt222 and why did the Trump organization just get found guilty of all charges????
@@honeyt222 if not for trump being a former president he would have been in jail years ago. Law enforcement keeps bending over backwards not to change him... They put Michael Cohen in jail for doing Trump's ( individual 1) bidding then make up some stuff about we can't change a sitting president. Then when he's out of office they find a new reason not to change him . Then oh, statue of limitations ran out.
Which educated people ? Nor the one that went to college?
Thank you for starting your channel. This is great info!
Well done! Most of us have no idea how business taxes work, and especially large one. When I hear folks complain about the rich not paying their fair share, I think of people like Trump who use LEGAL means to avoid taxes on a larger scale. Many don't think it through enough to realize that those "loopholes" were made legal by Congress. Thus, the root of the issue isn't the Trumps and others "avoiding" taxes, but the elected officials that put those mechanisms in place. And thanks for keeping this piece straight without politics either way - that is far too rare today!
Nailed the response right here.
Trump is only looking out for Trump.
@@troyreneestephens4354 BOTH parties passed these laws over many years. What I was pointing out is that Trump only used what was available - he stated this outright in a debate with HRC. He is by far not the only one.
CRAZY!!!! I need to figure this legal stuff out on how to pay the least amount of taxes. Karlton, I need you as my account!
You’re an excellent teacher. Thank you for making these videos
I’m currently taking the course & the information is top notch. Thank you for this easy to follow info. Now I can share this with my family and not risk confusion. ❤
I’m also an EA, and I thank you for the first objective and quantitive discussion of these tax returns I have seen. I do wish you had mentioned that on his TY2020 form 1040, line 36, he paid an additional $8,000,000 in taxes to be applied to future tax debts.
I am becoming addicted to listening and learning from your videos!! Thank you so much for sharing your knowledge.
Whoa… this was a lot… but also SUPER informative all at the same time!thank you Carlton ❤
Thank you Karlton! You are so right! Even if you don't like the man, you have to respect his knowledge regarding taxes. You take the meat and spit out the bones. Thanks for sharing!
Absolute 🔥🔥🔥🔥🔥. Thank you for sharing Karlton! Amazing breakdown. You truly know your stuff 💯🙏
Karlton, Great video. Detailed explanations from someone so knowledgeable about tax laws is encouraging to save money and reduce taxable income. Thank you so much for the video!
Great content as always! We’ve been investing in real estate for many years. I have been looking forward to someone actually explaining the strategies he used. The media is absurd making it sound like he’s a tax evader, or unsuccessful because of the “losses”. I think it would have been better to release them early on and use the opportunity to educate the public rather than trying to hide it. I know from experience that it really helps to have accountants who specialize in real estate tax to help you optimize these losses but still look good to lenders.
he is not the only one who is using these tools to lower their tax burden.
@@aeromtb2468 He's not, but the media makes it seem like he is because they are trying to convince people he's doing something Illegal. Now if the media, said "all billionaires, and high-network multimillionaires use the tax code to lessen their tax burden and it's all legal"
Then how would they polarize us?
This why democratic politicians can go on T.V. and say "we'll make the rich pay their fair share", because they know their rich donors are already using the tax codes to lessen the tax burden and it won't affect them.
They get the support of average people in voting numbers because they've convinced people that all rich people are cheaters. And they get to promote that message because they get money from the rich people who they give tax write-offs.
Great job. Excellent presentation.
He has used legal means to reduce his burden and I am sure that his tax team is paid well to do so, and they are paying taxes to the minimum of their legal means. These are all available to everyone you just need to have the right person working on your taxes. I honestly had no idea that there was that many ways to push and shove your cost at first I figured it was moving money into something non tax till the rates were more favorable.
Great info for your business, even better for your clients!
I have a consultation (Feb)!
I want Karlton on that call.
Like Trump told Hillary during the debate when she asked why he pays such low taxes: Because I’m smart.
If anyone doesn’t agree then change the tax codes.
I beg to differ, his accountants are smart…
@@uknowmeazdaddy384so if you run your own business, you’re saying your accountants know more about your business than you do? Trump grew up surrounded by business tycoons, he went to one of the best business schools and then headed his family business and you’re saying his accountant know more?
Thanks for a awesome lesson in tax liabilities and a scratched surface on today’s tax system. This shows how taxes are paid intelligently. I subscribed and would like to know more for my own curiosity.
A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k
The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.
@@MariusNatt in my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your fund has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing port-folio-advisor.
@@AaronTucker-th2nn The stock market is down 20% this year. Keeping my money in bank could be no good but investing is riskier, I wish to find better value deals as asset prices keep decreasing but lack the skillset, mind if I look up your advisor? I admit this is the only way for amateurs like myself
@@AshtonGrace >>Autumn really seem to know her stuff. I looked her up on the web using her full~name and found her page , read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
Why would you have 200k in savings makes no sense Your money has to be making money for you 200k and a savings account You're losing money while the bank is making a fortune on your money 🤣
Karlton! Well done! Thank you for the high level overview. I have been wondering about Trump’s taxes and how he utilized the tax laws. I’m looking forward to learning more so I can legally reduce my tax burden. 🔥🔥🔥
Thank you for taking the time to share. We appreciate you nerding out so that we can benefit in knowledge.
Y’all both smart asl bro I will get there soon 😂😂😂 good content bro!!!!
You are a genius, en very generous to share your knowledge with the public
This is a sign of what they plan to do to all of us. No privacy no assumption of innocence
1: I promise to release tax return
2. I'm being audited!!!!
3. Presidential harassment
4. No audits existed ....
I’m thoroughly intrigued. (I’m a tax accountant/CPA) Trump’s returns just show what it means to be a business owner/business entity who/that strategizes and plans in alignment with the internal rev. code and treasury regs.
With Roth IRA, the money you are contributing has already been taxed. At any time for any reason, you can withdraw your contributions tax-free and penalty-free. Additionally, any earnings on investments can also be withdrawn tax-free and penalty-free, Not sure how much to contribute, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio.
For the average person, the strategies are fairly demanding. In actuality, most professionals who have the necessary abilities and knowledge to complete such occupations do so successfully.
Fascinating, wonderfully explained
The Government and the IRS implemented for themselves and it has backfired... LOL
Wow!!! This is the Best Tax Presentation I Have Ever Seen!! You are Really Good!! Thank you👍👍
Very informative! I always like the content. I'm also now hyperaware of how deficient american school systems are...They don't teach even MINIMUM finance, and kids have NO idea how to manage and spend money especially if parents aren't teaching...
Thanks Karlton for another EXCELLENT Video!
Trump for President! 🤗
Thank you so much for this video. You are absolutely right that no one is talking about this. I've been looking and looking for this type of detail everywhere, barring looking at the actual tax code. And you explain this SO. WELL. I look forward to future content!!
It's not that he understands the US tax codes. It 's the financial advisers he has that knows the tax codes from different countries. Companies like Ey , PwC etc know the tax codes and loopholes that a company or a individual can use to pay less tax. Then you have lawyers in different countries that know how to explain to a individual or a company how to use the laws in their country for a beter outcome in regards to paying less tax and also how to shield from priying eyes in a person or company affairs. We have private wealth management advisers that can do the one stop shop service for high net worth people and companies. And let us not forget about the offshore spectrum. Depending on a persons financial standing certain things are available to them. Here is a someting that's in the bible >>> Proverbs 10:15 - The rich man's wealth is his fortress; The ruin of the poor is their poverty. ( By the way the last part of this scripture has to do with a persons mindset ).
You my friend, are doing the Lord's work!!! Informing the masses on complex subject matter to create better understanding. I will be following for sure!!!
damn, you need to make videos to teach kids too (it will help the future equity), then we need to force schools to teach kids this too (at least they'd learn one thing useful via you!). We need to get this info out and talk about it, and how to stop the tax code fromonly helping the uber rich.
I would like to see a video addressing how a school teacher might be able to structure their situation to even come close to getting the same tax obligation (by percentage)
My point is that this kind of thing isn't available to everyone; And the rules are made by those that benefit from them.
Though any structuring a common person can do would be useful
We live in the United States of pretend I thought those documents are supposed to be secret. There is no legal requirement that he has to release it to become president. Especially now that he's not president. But that's okay because we're all going to see what's coming and it's not going to be pretty. I hope everyone's ready.
You playing or you this crazy?
@@RayBoomBoomRoom it’s real talk. Guessing you love big all inclusive government in your pocket just a little more.
@TCALABRESE03 you are defending a billionaire? He paid more money to china. We never want to give our freedom to a person who will see us out to another country. Again, this conversation is crazy. Like how you not think About that.
@@RayBoomBoomRoom please show me the requirement for President has to release his taxes. It doesn't exist
@RykersFist they show to make sure scums like Trump don't sell our country to other countries! Its not that hard to comprehend or understand why its important.
Great explanation!! U make it easier to digest and understand what seems to be complicated jargons I never could understand. Thank you!
You sir are a true scholar and gentleman. My personal finance thanks you!
THIS IS ONE OF THE BEST VIDEOS I'VE SEEN YOU/ANYONE DO ON THIS......WE NEED MORE....
Glad a pro is talking about this. So many people just don’t understand the tax rules. Richard Kirosaki has a good video on this topic.
Thank you so much for all the information you share!!! I'm always captivated when you speak. Wow! Be blessed
Just found your channel. As a small business owner your channel is invaluable. Thank you for your knowledge and keeping your videos factual and avoiding option and politics.
I’m a W2 & 1099 combined tax payer & NOW i need to get to business on my taxes!!!
You should be teaching. You are very thorough and easy to listen to.
You are a genius you better than all those on TV talking about taxes you break it down to the teeth..
Excellent information. Admiration for how well understood and properly applied the tax code was used. Now, this is what I’m trying to learn understand, instead of working two three jobs and paying back all I earned from the third job…. Plus half the second one….
MY BROTHER YOU ARE THE TRUTH! I HAVEN'T HEARD ANYONE GIVE IT UP THE WAY YOU DO! YOU HAVE HELPED ME SO MUCH ON MY PERSONAL ENTREPRENEURSHIP JOURNEY, I FEEL LIKE I OWE YOU MY ACKNOWLEDGEMENT AND SO MUCH MORE.
THANK YOU!💪🏾💯
This young man is very knowledgeable. Best wishes to him.
Good for him and people who can get around the bullcrap
As a business owner. Appreciate you dropping gemz. Now that I’m bringing money I’m planning on buying properties. Good looking out!!!
Thank you so much. This is the first time taxes was explained to me and I understood what you were explaining.
This is sooo good. Thanks for doing this much needed channel🙏🏾
I say you are a great teacher with simple concise methods explaining a few aspects of tax codes. Your enthusiasm sparks interest with rewards based on facts therefore taking fears to the trash bin! Short detailed instruction is the benefit of your diligent hard work. Details.... great job!
You are concise, and to the point, thank you for your expertise and for your patience.
Karlton took me to school, with a notebook i need more food like this. Thank you for breaking it down the best you could, i appreciate this
Very smart man
Who in their right mind would pay this corrupt government anymore than they have to?
Could you make a video on how his Father avoided taxes? Is there a video on that topic? Btw nice video, very informative!
I am so impressed by you will continue to listen and learn
Very good keep doing what you're doing. I do not blame anyone for legally doing what you can do to offset your taxes.
Certified BEAST MODE! Phenomenal job, good sir!
Karlton here from Colombia, love your videos.... different tax laws, but similar advantages.... greats work and education! Thanks!!