Hey Brian, long time watcher, I was wondering if you'd be able to consider an updated 1099 for gig workers video. I am just getting into this and would love to keep doing it, but I am completely lost with taxes, Sending love and holiday wishes❤
You can carry it over the next three years I believe. So you can claim another three grand next tax year. EDIT: According to intuit, you can do this indefinitely until your losses are used up
@@tonywong8134 So when I do my taxes, it should just automatically carry over then? Got it, thanks you. I'm down about 10k this year. Too bad it's gonna take 4 years to get all of that back.
@@Ageleo No, it does not automatically carry over. You need to do the 3000 max every year. So this year it will be 3k, 2024 it will be 3k, 2025 it will be 3k, and 2026 it will be 1k. Assuming you don't have any realized capital gains. There is an IRS form you will need to fill out when you carry it over next year.
YOU ARETHE ONE "Clear value Tax" WHO ALWAYS TELLING US THE ACCURATE INFO AND THE LATEST INEWS!!!!!! YOU DESERVED TO HAVE ALMOST TWO MILLION SUBSCRIBERS!!!!!!!!!!
I just did the end of the year expenses big time bought another major lawn mower last week to replace the older one in my fleet. 22,000 off my business income to go with the 23,000 for its sister mower we bought this spring . Add in some replacement 2 cycle equipment and I have close to 50k in new purchase write offs this year.
Hey thanks for this video and the YT algorithm for putting it in front of me. I found about $5500 I was going to have to spend in early 2024, but moved up the schedule to get the reduction to my tax liability. Best part is I have 90 payment terms from where I paid it, so I should have my tax return efiled and direct deposited by the time the payment is due. I’ll take the small win. Thanks.
I’m in such a hard spot when it comes to maximizing tax benefits. I’m single, no kids, make 170k and can’t take advantage of any tax benefits because I make too much - not even deductions for student loan interest. They already take out so much in taxes, very annoying.
You do pay taxes on Roth on the gains if you take the money out before retirement The capital losses from stock are limited to $3,000 on your personal income
thanks for sharing information. Lot of cpa wont even tell you all the things this video did. The slides and animation helped as i have adhd and would have lost focus.
Summary: #1: 0% Tax Rate on Long Term Investments #2: Tax Loss Harvesting (Capital Loss Offest) #3: Roth Conversions #4: 529 Plan (Education Investment Account) #5: HSA Contributions #6: Timing Your Expenses
I called Vanguard & did the Roth conversion. Easy to do. Then in Feb I can take the $ I owe from the Roth to pay the IRS. Isn't there change in 2025 where convert from 401K will go up in every tax bracket 2-3% so I saved in taxes by doing the Roth Conversion today.
You cannot state that Roth proceeds will never be taxed again. The government's appetite for spending (and hence taxation) is insatiable. Once it wants your money bad enough, they will simply change the rules.
YOU ARETHE ONE "Clear value Tax" WHO ALWAYS TELLING US THE ACCURATE INFO AND THE LATEST INEWS!!!!!! YOU DESERVED TO HAVE ALMOST TWO MILLION SUBSCRIBERS!!!!!!!!!!
TurboTax Free Edition: turbotax.intuit.com/personal-taxes/online/free-edition.jsp?priorityCode=6099000538
The best LEGAL way to not pay taxes to governments is...to not make ANY money at all.
In other words spend it all legally pre-tax:)
🤣🤣🤣🤣🤣😅😅
Cash only business lol
Best non legal way, act crazy and get them to send YOU money!! 😈
But then you can’t afford basic necessities.
1:17 - Sir! You are Amazing!!! You Organize your videos SO well - Incredibly clear and concise and helpful.
Thank you for all the support fgbowen!
@@clearvaluetax9382- well sir - absolutely 100% you deserve it.
This beautiful man helped me through the pandemic with so much info, and he's still banging out quality content
Brian is the real deal, thanks for sharing your knowledge with us.
Thanks!
Thank you for that super thanks Steve!
This is definition of SOLID ADVICE!!! Thanks bro people charge for this simple stuff but make it complicated
How about just delete the irs
As my father, once told me make as much money as you can, because most can’t and then worry about the taxes later
Brian🌿 Thank you for not forgetting us! We appreciate you sharing your knowledge and experience,! 🎄
You're literally my hero Brian I learn so much from you. Thank you for teaching me things we should be learning in high school
The point of school is to brainwash instead of prepare you for life
He should be an elective in High School 😎👍🏼
Hey Brian, long time watcher, I was wondering if you'd be able to consider an updated 1099 for gig workers video. I am just getting into this and would love to keep doing it, but I am completely lost with taxes, Sending love and holiday wishes❤
I agree! Brian, can you help us with more tax deductions with us self employed!
Set aside 30% of your 1099 income for taxes! Pay taxes quarterly also to avoid interest penalties from the IRS.
Just open up an LLC and run all of your income through the LLC
Happy Monday Brian!!! Have a great day!🌺☀️
Thank you and I wish you a great day as well!
Protect this guy with all costs! We all need Brian!
I'm a tax accountant, and I come to you, Brian, for my goodies :D thank you!!!
I love this new format. Thanks!
Just made my 529 savings plan. Thanks Brian! I appreciate your hardwork!
Congrats Genesis 0 Tech!
Excellent breakdown of tax savings options. Well done.
This is actually really good advice. Good refresher for people too. Great video.
The video is very informative, well made, and easy to follow for anyone.
I really appreciate your channel and the valuable insights you provide on various govt situations that personally helped me to stay ahead..❤
Just check the “exempt” box when filling out your w-4 🤷🏻♂️😉
Yeah but don't you have to pay that back when you file?
@ I wouldn’t know. That time of my life, I just never filed 🤷🏻♂️
Tax loss harvesting has a limit. It was 3k in 2021.
Lost about 20k, but was only able to deduct 3k. The limit might be a bit higher now.
You can carry it over the next three years I believe. So you can claim another three grand next tax year.
EDIT: According to intuit, you can do this indefinitely until your losses are used up
Do you need to do anything special to carry over the losses forward?
@@Ageleo No. Also, see the edit. You can do this until your losses are used up.
@@tonywong8134
So when I do my taxes, it should just automatically carry over then?
Got it, thanks you. I'm down about 10k this year. Too bad it's gonna take 4 years to get all of that back.
@@Ageleo No, it does not automatically carry over. You need to do the 3000 max every year. So this year it will be 3k, 2024 it will be 3k, 2025 it will be 3k, and 2026 it will be 1k. Assuming you don't have any realized capital gains. There is an IRS form you will need to fill out when you carry it over next year.
Thank you for sharing your knowledge Brian. I am truly grateful to you. 👍🙏
Thank you for your videos.
We knew brian had money in the family 😢 he just using his higher education skills to do right by the people❤
Keep up the great content, very much appreciated Brian!
Thank you Brian love ur videos.
Brian I absolutely lovvveeee this channel! Thank you for sharing all of your knowledge and wisdom with us. May GOD continue to BLESS you for this!
Great video, thanks! You’re reminding me to purchase things I need for my small business NOW.
YOU ARETHE ONE "Clear value Tax" WHO ALWAYS TELLING US THE ACCURATE INFO AND THE LATEST INEWS!!!!!! YOU DESERVED TO HAVE ALMOST TWO MILLION SUBSCRIBERS!!!!!!!!!!
We need a flat tax. Right now the tax laws are insane.
Don't forget about the new energy credits
I love your videos, so glad I came across them. Thank you so much for the knowledge.
Hey Brian, nice to see you again
It’s always great to see you!
I definitely loved getting this information today as it refreshed my memory on some things that I do not use but have friends that do.
You explain things so well! Thank you so much for all the info!
I just did the end of the year expenses big time bought another major lawn mower last week to replace the older one in my fleet. 22,000 off my business income to go with the 23,000 for its sister mower we bought this spring . Add in some replacement 2 cycle equipment and I have close to 50k in new purchase write offs this year.
These videos are always appreciated. Thank you for all you do!
Thank you Brian for your great advice!
That's why we love you so much Brian! Thanks for all the reminders for us!
Thank you Brian! I learn alot from you and i Appreciate all your videos.
This conent is invaluable!
Hey thanks for this video and the YT algorithm for putting it in front of me.
I found about $5500 I was going to have to spend in early 2024, but moved up the schedule to get the reduction to my tax liability.
Best part is I have 90 payment terms from where I paid it, so I should have my tax return efiled and direct deposited by the time the payment is due.
I’ll take the small win.
Thanks.
How much do you make, where you need to spend 5k to actually pay less? Genuinely curious
Great job for the ones don't know about this help is always needed and your good at that
Thank you very much Brian for taking the time and making this very important video.
Thank you. Merry Christmas and happy new year. 🎉🍷
This channel is fantastic
Crystal clear
Thank you for sharing useful information
Thanks for the video! I really like the new illustrations you’re adding too.
I really liked the illustrations. Very visual for me. Thank u for this video.
Brian is for the people
Happy Holidays, Brian! Thank you for your wonderful advice. I always used the pre tax commuter benefit and fsa to reduce taxes.
I’m in such a hard spot when it comes to maximizing tax benefits. I’m single, no kids, make 170k and can’t take advantage of any tax benefits because I make too much - not even deductions for student loan interest. They already take out so much in taxes, very annoying.
Extremely annoying. And I am personally sick of it.
I’ve thought of that too. However maximizing on tax deductions doesn’t nearly come close to the liability costs of having children.
Def max out your 401K or retirement plan. Got mine at 25% of gross now given it is pre-tax. Better then giving that money to U Sam
Don’t complain. Most people would love to be making $170k.
Same here and this is not enough to live in NY😢
more of these tax shelter vids please, thanks for the good stuff
Merry Christmas!!🎄🎁🙏🏻
Thank you for providing so much info.
Wesley Snipes gave me some good advice years ago. I'm sticking with that. This seems sketchy.
😂😂😂😂 however, you going to be in jail in no time 😅
Lol 😂
Biden also
Martha Stewart is my go to
😂
Good afternoon Brian what you got for me today, BROTHER!
BRIAN THE PODCAST🦁 LION (the Walter Cronkite of podcasts 🏆)
Very clear and crisp. Awesome video
Awesome helpful n informative vid. Especially ur step by step explainations. Kudos. Anticipating ur next one. Peace
This chanel is the bomb!👍👍👍
14:29 - Oh-yeah. I Subbed!!
Blessings to-ya.
Good video 👍
You do pay taxes on Roth on the gains if you take the money out before retirement
The capital losses from stock are limited to $3,000 on your personal income
thanks for sharing information. Lot of cpa wont even tell you all the things this video did. The slides and animation helped as i have adhd and would have lost focus.
Excellent advise thank you for sharing your knowledge with us Brian
This definitely doesn’t include me I don’t even make enough to invest
Thanks Brian!
Happy Monday!
Breaks for the little guy (as applicable) 👍🏼
Love the slides. Very useful. If you can do slides with your future videos too that would be great! Thank you for all that you do!
12:00 People still use checks to pay on things where I work.
Some vendors want a check to avoid the transaction fee.
My Hero 🙏🏼
Thanks for all your insight
Thank you so much for the info. Greatly appreciated ❤❤❤❤❤
Wow, five star content. Thank you so much.
I remember before no tax on crypto because the SEC keeping going back and forth with crypto rules
Thanks, Brian, very helpful!
Summary:
#1: 0% Tax Rate on Long Term Investments
#2: Tax Loss Harvesting (Capital Loss Offest)
#3: Roth Conversions
#4: 529 Plan (Education Investment Account)
#5: HSA Contributions
#6: Timing Your Expenses
Brian is the best
I called Vanguard & did the Roth conversion. Easy to do. Then in Feb I can take the $ I owe from the Roth to pay the IRS. Isn't there change in 2025 where convert from 401K will go up in every tax bracket 2-3% so I saved in taxes by doing the Roth Conversion today.
Thanks again Brian! Very informative. :)
Check with car/ house insurance company. Mine comes out of my check, pre-tax.
The wash sale rule can be avoided when you sell and buy etfs that track the same pool of stocks
Thanks again! Always saving us money!
Thank you for the tips.
You cannot state that Roth proceeds will never be taxed again. The government's appetite for spending (and hence taxation) is insatiable. Once it wants your money bad enough, they will simply change the rules.
I’ve never heard of the the long term investment that’s zero taxes. Everything is always taxed on capital gains.
I’m glad this video brought it to your attention then!
It’s so great video… I was looking for…
Taxes are really headaches every year for us. Thank you ❤
But Welfare Queen Israel needs your billions.
YOU ARETHE ONE "Clear value Tax" WHO ALWAYS TELLING US THE ACCURATE INFO AND THE LATEST INEWS!!!!!! YOU DESERVED TO HAVE ALMOST TWO MILLION SUBSCRIBERS!!!!!!!!!!
I like this format..thanks
Thanks for this education
Roth conversions are taxed as ordinary income......
Happy Christmas 🎄
Brian, you really missed out on the other advantages with an HSA. They are truly the best tax advantage account out there.
Thak you for this ma!
Thank you, always good information.
Great information Brian! 💴Thank you for sharing 😇🙋🏻♀️👍🏼
Thanks for the content.
This is real game. Thank you Brian.
This is great information, thanks!