How to (LEGALLY) Pay $0 In Taxes | Why The Rich Don’t Pay Taxes?
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- เผยแพร่เมื่อ 25 ก.ย. 2024
- How to LEGALLY Pay No taxes - Why the rich don’t pay taxes? That has been one of the questions that many people don’t fully understand.
If the working class pays taxes, why do the rich get away without paying theirs?
Well in this video we are uncovering the different types of income and how they are taxed so you can also take advantage of them.
Here you will learn how the tax brakes the rich use to pay little taxes and some tax loopholes the rich use to completely eliminate their tax bill.
To learn how the rich legally pay no taxes, we are going to be using Robert Kyosaki’s (the author of rich dad poor dad) cashflow quadrant to explain the different types of taxes according to their income category and the tax breaks for the rich.
This raises the question, do you think the rich should pay more in taxes? Let me know in the comments section what you think.
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*Please always check with a professional before making any investments or financial decisions. These videos are for educational purposes only. No official financial advice is being given. Never listen to anyone online who tells you to not check with a professional!
I legally avoid paying takes by being Unemployed and it has been working great.
Sound strategy.. you sure showed em mate
Please show the way sifu!
Must be nice
Unlike you
Unemployment is tax federally again tax man always wins unfortunately
Why don’t the IRS just go get a job
Easier to just steal money from dum dums.
Because... they have jobs. Getting you to pay your taxes.
They are a private corporation...
By that, do you mean that the IRS should get mobster, tax evading criminal Trump for tax evading? Yes, good question! The IRS grabbed Capone but I guess they are afraid of this mobster, or maybe criminal Trump has the IRS under control as well, like the Supreme Court!
By that, do you mean that the IRS should get mobster, tax evading criminal Trump for tax evading? Yes, good question! The IRS grabbed Capone but I guess they are afraid of this mobster, or maybe criminal Trump has the IRS under control as well, like the Supreme Court!
I just learned more in this 1 video than my 16 years of school 😂😂
Exactly
Right
On god
Frrrr
Because the system is fucked
Me: gets paycheck
IRS: roses are red violets are blue half that check doesn’t belong to you
Teehee 😂😂😂
Fr. They be taking the biggest chunks. But these guys with like 20 zeroes on their check don’t have to pay?
@Anon that’s cap cus if that was true it wouldn’t be 99 vs 1 percent. They just dodging taxes. That’s just crime not being smart with money. Even if I make a good amount I’m not gonna be shoveling trillions into havens
@@princeaghedo9494 I’m
13 so I have no clue but other guy used the wrong than so I’m trusting you on this
@Kenura Medagedara then we should just raise it to 5 mill a year
If those men started a kerfuffle over tea tax, I can only imagine the heart attack they would have knowing about all these taxes
Just keep paying the taxes yourself. 😏
It wasn't about being taxed, it was about being ruled without representation.
@@CaliMeatWagon Taxation without Representation (in Parliament)
@John Failphins Yes, what this guy said.
The revolutionary war wasn't about taxes, it was being taxed without having any say in government, Britain could have probably kept the colonies if they had offered them seats in parliament early enough.
I wonder WHY they didn’t taught us this stuff in High School. Now here I am close to 30 years of age & just starting to learn this stuff.
The system is designed to make the central bankers rich. We are all slaves to the privately owned Federal Reserve.
The ignorant are easy to manipulate.
Public education is rigged for the leftist corporations.
Better than me brother , I’m a here a year after you, and 33 🤣 hope all is well!
Public schools teach you how to be a good little consumer.
Step one: start a multimillion company.
Step four: Profit?
@Karl Marx Its legal so who gives a dam
@Karl Marx is iteland tax cheap?
*Gets employed*
The Government: "Hippity hoppity, your hard work is now my property"
more like *gets employed*
put 999 on their w-4
*IRS confusion intensifies*
LMFAOOOOO
You are talking about criminal Trump and how he uses the power of the office of the president to enrich himself and place his mobsters in his swamp to undermine this country in every way, along with his treasonous Republican party and the right wing treasonous supporting media! Lock him up, lock them up, lock them all up!!!!!!!
You are talking about criminal Trump and how he uses the power of the office of the president to enrich himself and place his mobsters in his swamp to undermine this country in every way, along with his treasonous Republican party and the right wing treasonous supporting media! Lock him up, lock them up, lock them all up!!!!!!!
Wtf goverment protects you that is why they are being paid
Some NOTES here
1. EMPLOYEE: They have very little control over their taxes. Their income depends on income from 10% to 37%. On top of this there are state taxes except few states. The only way they can lower taxes is by investing in retirement account like 401k, IRA accounts etc.
2. Self Employee: This person has more control over their taxes by showing business expenses but still they have to pay self employed tax which is 15.3% on top of federal & state taxes
3. BUSINESS: People in this category make legal entities such as corporations to host them run their businesses. Recently with new tax cut this category pay only 21% in taxes which was 35% earlier. Many companies borrow money to pay expenses, assets, or build real estate all by using their debt to offset their profit. Dividend income are not subject to tax here so you save 15% self employment tax
4. INVESTOR: Biggest tax advantage is this category. Many business people use their income to feed their long term investment this way they take advantage of both corporate tax breaks & Investor tax Breaks
As always my crazy passion is to share summaries like started doing it on my channel with PDF summaries✌
Lets become investor 💰
😵😵😵
Wow
Respect man a true bro
Thanks, man..new sub here
that's why I have my own business !
there's risk, but also profit ! and more important, control ! (even just having control is enough, don't even need that much profit as you can use debt to your advantage)
It's true about McDonald's. I went into the drive thru then came out with a piece of land from the value menu for $1.99.
@phil osophical Who are you, who is so wise in the ways of science?
“I don’t care who the IRS sends, I’m not paying taxes” -Dan
-Dan
Now in jail
@@GuyFierisShirt Police squads.
You can struggle, but for how Long?
@@gibbyace5077 they can't seize bitcoins they don't have the keys to. e-coin was the best invention, but just to be safe I have tons of iron under my basement just to be safe, iron is to heavy to be stolen (not as fast as I can make a lot of holes on you when you're stealing 2 tons hunk of my iron bar). and yes, I own the property, I'm my own landlord.
@@gibbyace5077 You must enjoy playing devil's advocate don't you? lol
Then you can go to prison with your mobster criminal and treasonous Trump and the rest of his treasonous minion mobsters!
TH-cam University...I'm a proud Alumni
my brother owned his own company and wrote almost everything off. you gotta know how to leave the right paper trail and how to categorize money properly.
They don't want you to know. The more ignorant you are the better they can control you.
@@lindam.3174 where can one find such information?
Create your own charity, donate huge sums to it, claim the donations.
The Clinton Foundation?
Yamaha NTX700 its actually a pretty common practice. Another is to create departments within the company devoted to developing green technologies that are government subsidised, or grant tax breaks, and also claim it as an operating loss. GE did this, another is what AAA does, and reclassify your company as a non profit, and write yourself a bonus with the profits so you can report no profits.
Trump foundation?
palillo2006 sure. Like i saod its a common practice, and a foundation charity is a good way to hide assets.
@@nunyabisnass1141 I know, I just said it because of the Clinton foundation response. Some people always has to bring politics into a conversation when others for the opposite party does the same thing.
I like how everyone is hating on the IRS when they're not the ones making the tax laws. This is how politicians get reelected.
were hating the irs because were the ones there taking our hard earned money from =_____=
@@cupcakez-n-razorbladez9760 they're
Just following orders, right?
IRS employees condone the fake law/theft therefore they are EVIL & GUILTY bc they can work for someone else but they don’t give a shit
Screw the lot of them!
Yup this is true!!
The best part you dont have to be rich in order to take advantage of these TAX strategies. I've flipped multiple properties and have paid 0 taxes on them, less then 10 at that!
That's right! you just need to know how to do it. Real estate has many tax advantages and anyone can take advantage of them.
The content in this video alone is so massive. I'm so glad a youtuber knows what they are talking about. Good shit
I got an even simply one: Move to a safe haven, start your business there and if you're an US citizen, Lose the citizenship as US is one of the few that will tax you where ever you live!
Lose US citizenship? Are you crazy?
@@lylemcdermott2566 If you want to keep paying taxes... Your call!!
@@lylemcdermott2566 When you're rich enough, you will be recieved by open arms by half the countries in the world. If you're really rich, they will beg for your stay, charge no taxes, or even pay to convince you to sign a citizenship.
You can live in foreign country and be gone 330 days or more per year and earn up to $105,900 and pay no income tax and still be a US citizen. So you could take one trip to US every year for about a month or two trips for two weeks or whatever and pay no income tax.
You say that as if the USA are going to give you something!? Or as if the USA looks after its citizens (those that aren't rich).
I hate to break it to you homie, but looking at the USA compared to the world, the USA is a facade or fools gold!
Apart from the air you breathe everything cost money! besides bet if you the opportunity for $10k but you had to lose your citizenship, you would take the money and move to a
Latino country.
Why don’t they teach ya this in school you ask!? lack of knowledge is profitable. This is the best breakdown I’ve seen. Thank you for making this video. You did a great job!
Because they are government owned
Im not even close to the age of being allowed to get a job but im just so paranoid abt my adulthood bc school isnt rly teaching us much :/
I learned more on TH-cam then I did high school. It’s a joke 😂
Maybe if everyone paid taxes you’d be able to have a proper public education
They aren’t teaching you grammar that’s for sure
@@think3rofficial 30% base tax here, i don't have a fucking clue how money works
Watching TH-cam vids like this won’t get you there
I am self employed and I write off lots of costs and I also pay myself a salary that would merit a smaller income tax than my corporation tax. Downside is there's a lot of paper work and I have to pay an accountant around $1500 a year.
Depending on your revenue, $1,500 for a good CPA is more than worth what you can save in taxes.
Can you give me more info on how being self employed benefits you and how did you go about that route? @Don Lee
How do you pay yourself a salary?
Using your prior years data, borrow a copy of TurboTax and try doing your own return. Compare the result with that of your CPA. You might be surprised at how simple preparation of your return can be.
@@s.daniel2259 To your wife as an gift or highest salary or your kids thats how you paid yourself.
That like to dislike ratio speaks for itself
As a cpa , there are some flaws with his business dividend tax avoidance strategy. Particularly double taxation that he does not mention
geo1134 I was just thinking that I’m studying for the cpa in the next year!
new interest expense limitations also put a bit of a damper on using leverage to lower taxable income here... just saying
Also doesn't differentiate between a C corp and an S corp, which matters.
I'm planning on studying for the cpa next year, so I'm glad I was right to wonder about this.
That's a huge MIss by this vid....sounds like we'd learn much more from you since not going into the double taxation businesses endure
looks like we've learned nothing from the french revolution
So a lot of this information is from Rich dad Poor Dad by Robery Kiyosaki. However the big gis here is Real Estate, what is suggested is that you become your own real estate business and structure it that way to get all the benefits to lower your taxable income. Buying, and managing multiple property and hiring your self as a property manager in your own LLC / CORP allows you do have access to other peoples employee's / contractors which count as company employee's thus adding to the growth that you can report on your company.
Mortgage realestate at 3.6% buy a house, ffix up the house (with money down) refinance and pay off mortgage ( new loan at 2.4 % interest rate) New Equity in house to either sell to purchase bigger unit or more expensive housee and repeat. All while collecting cash flow. (1031 tax return ( avoid captail gains tax)
Doing these strategies brings your taxable income to 0% and actually makes you able to carry debt onto the next fiscal year.
To add an investment strategy is you have your own construction company in which you can leverage your debt further, and also have a subsidiary company , LLC to distance yourself from liability. this will futher allow deductions into the next previous tax year. I work with real estate developers as a project manager, so I am very familiar with the litigation side of things. along with audits.
Note Regular LLC depening on the state cause issues. I.E NYC , since the laws are very liberal and will be based out off where you're operating from, you must first have a LLC in texas, and the texas LLC must then Hire, the NYC LLC and then bill from there. In this way you are sheltered under texas state law, and are not subject to state taxes in N.Y. as a result you can net another 15% write off. I would suggest speaking to a tax Attorney on the matter as laws are subject to change. I hope I helped.
The funny thing is anyone with the will to seek the information and $100 to set up an LLC can avoid taxes. The only people bitching about taxes are the ones too stupid to have figured it out on their own.
I would be happy to pay taxes if the government understood how to budget appropriately. Everyone else has to live on a budget in order to pay their bills, why can't our "leaders" get it together.
Because all the power was and is still in the average everyday citizen...but everyone turned gay
Because you keep voting for millionaire senators and representatives who are literally bribed by super pacs to keep you poor.
You have to remember our "leaders" are not spending their money, they're spending ours.
Lydia I would be happy to but our government is shit! Huge parts of our taxes are going to other countries and useless wars! our education system is shit, we don’t take care of veterans and homeless everywhere
Same! Especially the idea of property tax, paying for something you own, fvcking stupid! 😒
Man, you explained and summarised Robert's book in 10 minutes. Thank You.
I have read it already and you explained it very well.
Thank you! Glad to hear that
Can someone teel me whats the name of the book? I couldn't find it
@@joaocintra5574 Rich Dad Poor Dad
@@iphantomancerxd ty
The fastest way not to pay tax then is to be a business owner or an investor real fast.
Or be a church
@@nelfmo910 😂😂
So to "add insult to injury" - when you have to manage your own money for your own living, the government forces you to manage for their sake as well, based off your living management.
This video is the best thing I have ever watched on TH-cam ......no cap.
Glad you enjoyed it brother!
They should call it criminal taxes
Great job!! Education will set us free...and make us wealthy!
You only pay taxes once a year as an employee. The money that is deducted from your paycheck is called withholdings and not taxes.
as an entrepreneur it actually makes me depressed and unmotivated seeing so much hard earned money just gone.
EDIT: AND THERES STILL A POT HOLE UP THE ROAD FROM ME.
Say the hole is so big kids can fall in
wouldnt it be nice if theyd fix the holes lol
They told me it's for the bridges damn a bridge lasts 30 40 years lol
I feel you bro
You think they dont collect enough of tax payers money?
You know how much $ people make that work for the government??
100k a year is not uncommon.
This is the only video where I understand exactly what was going on for the entire duration. Thank you!
Thats great! Happy to hear that Arin
This single video….. 10 minutes long….. has taught me more than every single HOUR in school!
I have spent hundreds, thousands of hours in school yet they never taught me anything that can help me in the real world. Thanks
According to the government, It's not our money. Any money an employee makes is something the government allows out of morals (Christian or otherwise). This is why the IRS pundits roll their eyes when you present them with any argument or plea. Taxation isn't theft because it is not your money. But there is no written law requiring any individual to pay income taxes. And yet, you can go to jail for Tax evasion. This entire system is morally bankrupt and backwards, and we're stupid enough to keep going along with it, even though if we shed our individualism and work with one another, we have all the power. The IRS is essentially King George III.
I love Robert Kiyosaki's books.
If anyone actually figure out what politicians and govt officials do with our tax money they wouldn't pay taxes too
When i find a way to make bread they come forcing me to give half & a quarter of the bread I sweated to make, when there’s nothing in my fridge they never check up on me 😂
If everyone just stops paying taxes, what are they gonna do?? But there needs to be a lot of people who start at the same time to motivate everyone else
The person who starts this motivation will be killed and will keep the rest of them in check. Basically the government is not going to allow that and is saying "you are going to PAY your taxes"
This one video just taught me more then the other 20 videos I’ve watched about the same topic🤦🏾🤣
I liked the detailed explanations, Thank you! 😎👍🏻👍🏻
Great overview. However, I noted that in this digital age, commercial real estate dropped considerably and lots were vacant.
About 40% of all tax revenue come from the 1%.... 97% of all tax revenues come from the top 50% of all income earners. If anyone needs to pay their fair share its the bottom 50%...
It should be common sense that with taxes that are based on income - like...it's literally called the INCOME tax, that the people with most of the income will pay most of the taxes. I'm not sure why you seem so perplexed by this.
@@willoughbykrenzteinburg And they do! I'm not perplexed. The video makes it sound like they don't for some reason. Greedy bastards wanting to take even more money from the people that pay the most smh...
@@chesterg.791 The bottom 50% do pay their fair share.
@@willoughbykrenzteinburg Listen, I'm just saying that this video title is some class warfare bs.
@@willoughbykrenzteinburg In sweden, most of the taxes collected is from the middleclass so "fair share" is rather subjective unless your a proponent of the flat tax... and I'm not saying that I am.
Yes finally a video that has answered my question that has plagued me for ages. Thank you for this awesome video.
Was looking for the illegal one but this works aswell!!!
😂
The UK is pretty similar but I believe you can't do the Property sell and buy tactic instead you can claim expenses of adding fittings to the property and can claim it back as a Business expense, Plus it adds value to your Assets (Building).
Also you claim on all Purchases from your Suppliers to reduce your VAT Bill over here, and depending on your business (if you buy VaT Rated Goods but you sell them without any Tax on them), the Government pays the Business any VAT lost from purchases.
the MacDonald example was shocking to me! I think that's how they did with Wework too right? Wework pays rent to the corrupt CEO who buys properties with investor money...
You actually explained it better than Robert Kiyosaki. Good job.
Thanks brother, appreciate the compliment 😊
Is that a Kiosaki reference? The ine about McDonald's "cash flow" of course it is the man capitalists love
Thanks for the information I am learning a lot I don't really wanna be an employee when I grow up I had read Robert Kiyosaki books and I love learning about real business Knowledged I really recommend to people to read rich dad poor dad.
Sooo you need to be ultra rich to avoid taxes but if the money comes from regular work or capital gains, you still get taxed heavily.
So instead you need to earn money from investments and write off taxes as investments and expenses. Going corporate you can get various large tax breaks! Getting more money through debt also works! Property loop hole also works!
Thank you 😊 so much I learned a lot.
Now I can skip school right into college. math, history and some other subjects are useless info we know we gonna forget and we have Siri,Google, even Alexa for that
For self employed, your calculation is not exactly true - you left out the 2017 20% DPAD deduction, which substantially decreases tax liability. But great video!
They said federal taxes, not state taxes. . . federal = the country, state taxes can't be avoided that easily.
Delimon007 Exactly, as a business owner there are many ways to escape federal/corporate income tax through legal loopholes. Unfortunately state taxes are hard to dodge. I hate paying taxes because the people who manage our tax money are all crooks. Better to keep it for your family by any means.
Thanks TH-cam algorithm for bringing me here
we need to all just stop paying taxes. if they arrest some of us, others have to step in and help them. our founding father fought over a 3% tax on tea, tea! not even an income tax but TEA! what the hell are we doing.
people are cowards.
@@zephyrr108well said. Everyone complains about our government and there is even a right to abolish or reform a bad government but people only actually do shit on the internet and not where it matters.
THANK YOU SOO MUCH. It really helped me out
This a really fancy way of saying Taxation is Theft
I tried this, and now I'm in Guantánamo, good video
Awesome video now I have a much better understanding of how I can avoid taxes 😉
I don't want to pay taxes. IRS: You don't want oxygen too? We can make that happen.
For those interested. If you are a high enough income person you can go to Puerto Rico and be exempt from US federal income tax under act 20/22. You have to move your business operations to Puerto Rico though. Corp rate under act 20 is 4%! So you don't have to play games with trying to spend your money "on your business".
watch?v=6Hs8ET9muAY
Can you do this from the UK?and how much is high enough income? Thanks
@@Incognito-by3jt Anyone in the world can do it... even Puerto Ricans. You have to pay to play though, I think it's $20K per year. It's Act 60 now.
You do need to also live in Puerto Rico... If you have any trouble legally immigrating to America, just fly to Mexico and wander North.
You a dope commentator man ! I was tuned in to every word you said!
Happy to hear that!
2:18 really?
in my country is the opposite way, if you earn 1 more, you literally earn less money, it stupid.
anyway, being an employee is the worst decision ever
8:30 0% tax plan discussed, save yourself 8.5 minutes. Get invested in assets, make gains below $38600 or reinvest gains in property. Any income above expenses and tax free allowances will be taxed.
Some people never take the IRA out and leave it to family when they pass with no tax. Hint would you rather have family access it later or pay tax on it.
we need to consider the Social Security Tax, Medicare Tax and SUI/SDI tax.
Watching this as I just paid a grip in taxes, yet again. :(
you definitely read rich dad poor dad. I like your video because his books are very vague and do not give specifics, just concepts. which i understand is great for a beginner.
Do you know any books/other sources that are more for the WHAT, instead of simple concepts?
Who ok'd any of this shit, did we have a world meeting where each one of us agreed to be taxed period.🤔
Because one day a ton of people realized there are things everyone uses, like roads, that need to be paid for, but no one owns them, so everyone agreed to throw in some money to fund certain services and benefits for the public to use. This includes libraries, roads, etc.
However, not everyone agrees with what the taxes are being used for, or satisfied with the service that they receive. For example, someone could be upset that their tax dollars ended up paying for Planned Parenthood or a horrible road repair that didn’t do much.
At the end of the day, the money isn’t stagnent. It’s going somewhere. But people are upset because tax money is being controlled by people, and sometimes these people can be untrustworthy.
Overall, taxation wasn’t a bad idea in theory, but terribly executed.
😅😅😅
So what I'm hearing is taxes benefit self employed/business owners
Brilliant, well explained concept on taxation.
Thank you 😊
Great video bud your tax videos are so informative
This just proves how much the government doesn't need.
With this much Tax, Obviously The Rich Find a Way Around.
Very very informative indeed. Thank you for the quick and informative video. Now time to read a book that goes more in depth
I.R.S. is watching this 🤣
In your example of 42k employee, very few people at that rate pay fed tax, they pay fica taxes and state taxes and get most fed withholding back as a refund, even more than you paid if you have kids and/or mortgage interest write off, homestead credit, it goea on and on. In general terms, only single people without dependants and the top 20 percent of earners truly pay any fed gov taxes...
Long story short... Cash only business. No records 😆
You're amazing!! I'm actually finding this really entertaining, often times people are put off by the idea of doing taxes, but the more I learn about potential tax cuts the more I start loving the idea of doing my own taxes.
Read rich dad poor dad my friend
Long time no see from this ytuber
Happy to see you back here 👌🏻
tax is temporary, swag is forever
Life changing 👆🏻
I am the 4th person to watch this and I love it! This is what I was asking for. Thank you!
It was a great video to make! Thank you for asking for this one ☝🏻
By using debt to pay for assets, you are avoiding paying taxes but instead you are paying interest for the debt, correct? For example interest on a mortgage to lay for a home?
me after seeing the title: Tax evasion time
Hahaha 😂
I am learning so much from watching your videos. Thank you so much for sharing this amazing source of information. This one is quite helpful.
Move to Puerto Rico! Act.20 & 22
That right, I have a few friends who already moved to PR for the tax advantages
We're a long ways from "ask not what your country can do for you, ask what you can do for your country".
I think principle (not only mortgage interest) of the primary house should be tax deductible. whether the house is paid in cash or a mortgage. All money paid to pay off a home should be tax deductible because it's essentially a required expense, like food. It would benefit everyone, especially middle class.
Instructions unclear, I am being hunted by IRS
😂
im 12 years old and im starting to stress about taxes lol
Haha don’t, you have some time until you have to worry about taxes.
Don't stress my friend. Just focus on what you love doing and enjoy life right now.
@@TheBetterMenProject I am 18.
I’ve worked as an expat in Bahrain and UAE and it’s always tax exempt!
This is how rich and humble these countries are!
USA is behind from Middle East
Don't have time to watch it but this is what Buffet does
Yo, lemme borrow $100 million
Buffet has 100mm cash and 100mm debt
End of year coming up, oh snap I owe you $100mm!
How about take $100mm worth of my stock?
This puts Buffet at 100mm in cash with 100mm in less stock
Other people would of sold the stock for 100mm and paid taxes on it, but because Buffet was paying off a loan, he doesn't get taxed at all
True, a common way to legally avoid being taxed is by using your shares as "collateral" for a loan.
why someone takes shares when they know they will get taxed?
@@a.yashwanth even I have the same doubt? Or this can only be done with the ones who are not aware of such things?😅
The employer does not share the tax burden with the employee.
The employer already calculates the burden and offsets that burden by paying less to the employee.
Taxes always paid by the employees and consumers, because THAT'S WHERE THE REAL MONEY IS.
Why we are not taught about this in schools ?
This law is government so...You have to self taught to get updated. Law doesn't need to be taught, If school and life doesnt exposed law awareness to u...Most of us just dont pay attention to everything
Where I live , if the system doesn't recognize any income(self employed or somn than doesn't require an atm or bank) you simply don't get taxed...
Interesting, where do you live ?
@@TheBetterMenProject Uruguay..
isnt this straight from rich dad poor dad?
It’s a combination between rich dad poor dad, the Cashflow quadrant and The information the IRS provides to the public.