How To Avoid Paying Taxes in 2022... Legally (DO THIS NOW)
ฝัง
- เผยแพร่เมื่อ 3 ก.ค. 2024
- I have 10 tips on how you can avoid paying taxes...legally. So, this is a really important video because not just about avoid paying taxes legally, it's about developing a new mindset that will allow you to build long-term wealth in 2022.
Tax Planning & Tax Preparation Services: bit.ly/3iC6FCI
Now in 2021, you start paying taxes the second you make over $9,875 a year as an individual. And of course, that's not enough money to take care of yourself... I mean most people make more than that with their unemployment benefits.
Anyway, who doesn't want to pay less in taxes? Let me show you how you can start preparing right now so that in 2022 you can avoid more taxes.
Video Outline on How to Avoid Paying Taxes:
Intro: (0:00)
The Golden Rule for Avoiding Taxes: (1:24)
Tip #1: (2:20)
Tip #2: (3:30)
Tip #3: (5:07)
Tip #4: (6:00)
Tip #5: (7:12)
Tip #6: (8:13)
Tip #7: (9:00)
Tip #8: (10:12)
Tip #9: (11:36)
Tip #10: (12:45)
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Book a 1-on-1 Call with Me: bit.ly/3cxbcUf
Personal TH-cam Channel: bit.ly/3eaTxSL
Invest in Real Estate Now with Fundrise: bit.ly/3diNU4D
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Disclaimer: The information provided in this video is for entertainment purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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I love this channel it’s worth millions
This comment just made my day 💯
So true!!
The more i learn the game the rich play the angrier i get at myself that i didn't know this stuff earlier in life...it's actually so simple this game....how is everybody not rich?
They don't teach this stuff 🤦🏾♂️ Hence why we are so passionate about getting this information out.
@@LYFEAccounting they really dont! Im super grateful and thankful for your philanthropy!! 🙏🏽🙏🏽
This is the most relevant and informative channel I've found. I get answers for every question and answers to ones I didn't know I had. GREAT content.
Thanks so much for this! 🙏🙏
I’m both a business owner and investor. You’ve really helped me understand my Tax Liability, especially coming up on Tax season after creating a successful business. 👌
I love this video, a must share!! Thank you!
Great work thank you 🙏🏾
Powerful stuff. Thank you neighbor.
Thank you Mr! I have been missing out for too long!
Thank you so much very informative. Building our community through knowledge 💪
Glad I discovered this channel! 💎
That piece of art at the end of the video was worth the whole watch
Thank you, for sharing. I really appreciate your time and knowledge.🙏
The most underrated channel on TH-cam! How is this channel not over a million subs yet? I love this channel!!
This was amazing!! The art blew me away!
Thank you so much for explaining so clear and thoroughly. Easier to understand than my CPA !
Glad it was helpful, John!
Great Info !!!
i'm a land investor, just found your videos, great advice. This is my first year doing this and i'm absolutely terrified about doing my taxes next year. watching your videos has definitely helped put my mind at ease, thank you!
Thanks for ALL The GAME
I didn't know many things that he is teaching us, thank you
Sean, you are amazing! Thank you.
You are too! Thanks for watching.
Thanks 🙏🏾
Great content keep up the good work
Subscribed. You are brilliant thank you.
Great content❤️
Great video
I’m only mad I did not come across this information sooner- thx!,,
Thank you! 🙏🏾
No problem 😊
Can’t believe this advice is free, thank you!!
💯
New Subscriber. Excellent presentation. Thanks for the tips.
*KEY TAKEAWAY: Delay (taxable) income
1) Become a business savant
2) Become an investor
3) Move somewhere w/ no income tax
4) Make charitable donations
5) Max retirement accts
6) Equity > pay
7) Make passive income acquiring hard assets
8) Write off passive losses
9) Take loans instead of cash
10) Acquire art
This video was awesome. I wish I heard this years before I retired. I feel hopeless now. I didn't save much being a single parent with no help. Now retired, they want to tax 20% of what little I was able to save. 😢
Great Video!!!
This is lowkey one of the most important videos on our channel. Thank you!
im really excited to find this channel thank you for this you are doing an amazing job and I am learning so much I am a small business owner and this is such a great tool for everyone to have access to may you grow and reach many more.
It is a 💎 mine of knowledge here, hands down..
Game changer!!!
Thank you
Love Tip #10 - Acquire Art! The last major unregulated market in the world. Boom!
When it comes to donations remember you r still out whatever you give , your only “tax savings” would be your marginal tax rate AND that’s only if your donations get you over the standard deduction which was drastically increased in 2018 . For example if I give 5000 to a 5013c and I’m single well I would only save whatever my marginal tax rate is , let’s say it’s 15% well my tax savings would be 750 , but if I don’t have enough deductions on my schedule A that get me over 12550 threshold then my tax savings would be ZERO! Plus I’m still out 5000 or 4250 if I get over the SD threshold . Not trying to discourage anyone to not to give , I think it’s important but donating money never actually saves you money 💰. You give because you want to help . Just expanding on my mans example, I think he does a great job 👏
I am a new entrepreneur in the hair business. Applied for my LLC in May ! Opening once I'm ready ready
Congrats. We wish you much success and continue watching the channel for helpful tips.
Thank you for wealth of information 💎
You are so welcome, just curious, which part did you find most helpful?
@@LYFEAccounting you're welcome..so much I had to listen twice while walking my dog. The part of buying art and donating to your own non profit caught my attention. I most definitely have to educate myself on that plus having assests/property then getting loans therefore not counted as income and the interest possibly a deduction..
Yes yes, you are definitely going to be excellent at tax planning if you keep this up
Amazing Video
Glad you enjoyed it
I wish I had discovered your channel a long time ago.
We just started 8 months ago hah, but glad to have you aboard now!!
@@LYFEAccounting Well cool!
It’s never too late
New Subscriber after this.
Awesome! Thanks for subbing
I have 3 rental properties and am starting a bookkeeping business for a couple family members who also have a business.
Sean, 8 videos in a row in. Loved tip #2, would services be applicable to profits. As in a recruiting business? Let’s say paying myself take home 25-50k, then reinvest 100-150k into my stock portfolio ? Would I be able to sell the portion of my stock portfolio same year as well?
I just started doing my own taxes last year. I realize I have so much to learn..
It gets easier, we’re hear to help!
What type of entity do you have?
You said I was awesome, you get a like.
Wow!! Great content Sean! Right when I needed it. Can I also avoid paying tax by using foreign employees and contractors? It’s an online business
Thanks so much for watching and sharing your thoughts! Contractors can reduce your taxable income thus decreasing your tax liability, so yeah you're on the right track
@@LYFEAccounting thank you 😊
Yes I am a newbie business owner just out here winging the shit out of everything! #entrepreneurlivesmatter
What about you just starting a small business How do you go about it?
We are a company!!
Of course, if you moved to the Bahamas, you will still owe US Federal taxes if your income is derived from the US. Puerto Rico has it's own taxes. There are a couple of "acts" which can reduce or eliminate capital gains taxes, but it is not "tax free". I have income from a source in Puerto Rico, and I have to pay Puerto Rican taxes, and US Federal taxes. But having a business is good advice.
Lol #9 was funny
Mind games tbh.
Good tax tips
I'm a new business owner 🙂 getting cleaned up so when these profits come in I'm successful
Sean if I sold a item and 75% of that was a profit then reinvested that 75% for the business is that 75% taxable or no? Great video as usual. Thanks
Thanks! Pretty sure that 75% would not be taxable if reinvested in the same tax year
You can actually write off passive losses agains active (W2) income. Research Real Estate Professional Status (REPs)
This is true! But that’s the rare exception.. well that with a $25k deduction if you make under a certain income level
@@LYFEAccounting yes, it’s a viable option for those who qualify. Great content Sean
Okay so I have a very important question. If you have an account that is reserved for maintenance or repairs, but you don’t spend all of the money in the account, is it still taxable at the end of the year? Basically, if I took 50% of my revenue and put it into that reinvestment account, does that count as a deduction or is that money taxable? Love the channel by the way and I’d appreciate a response I’ve been needing this answered
Usually the money is taxable for pass through entities, the only time you may get away with something like that is if you have a C-Corporation
@@LYFEAccounting so all revenue after expenses are taxed, regardless. Unless it is used to purchase equipment. Got it. Thanks
Can I invest in an index fund instead of 401k?
How can one acquire your services?
I audited the IRS tax office once they hit the panic button!!
1031 exchange is huge! I'm going into the real estate industry and we talk about it all the time.
Its how the rich get richer!
How many properties do you have?
@@LYFEAccounting right now 0 I'm 21 but I have the knowledge I will need very soon
I have been in business for 2.5 years and I have not seen any benefits of being a business operator...... My tax preparer told me I don't qualify...
What about you don't a passive income you are just starting out in life?
Great video… can I use 401k to purchase an investment for purchasing a house
I’m an investor and do have a home based business, which I’m not making any sales at the moment. Now, the problem is, I rolled over my 401k into a Ira that they want me to pay taxes on. Is this possible? Anyone can answer this.
If I'm not a corporation can I check the exempt box my taxes withholdings from my job and pay no federal taxes?
If someone gets audited they have to provide receipts of that art piece purchase correct?
Don’t I
have a certain amount of deductions before I can claim some of these?
So can you write off a new property that you began mortgaging the same way with the section 179
I’m planning to develop chronic pain and massage therapy center in South Illinois,so please give me some information about how do I calculate my taxes!
What is the best way to pay 0 taxes on fan duel sports betting for a large win
How to receive consultation?
So after I sell it to my charity how do I make money? If my charity sells it do they pay tax?
FYI - Video starts at 2:25.
Not paying income tax as an expat is not 100% true . You will qualify for the foreign income exclusion where if you r a bonafide resident of that country or meet the physical presence test you will get up to 108,000 ( that # is not 💯 accurate, but close)excluded from you agi . If you make anything over that it will be subject to federal income tax.
Real estate broker. What are the largest expence Items for Scorps in real estate industry ?
Bump
So I buy my kids art for 62k, at the end of the year I report that I bought that art and they give me back income taxes taken?
✨222k subscribers✨
Can we hire you guys !???
lyfetaxes.com
I own a LLC
Thanks for sharing! What does your business do?
@@LYFEAccounting are funds put in a maintenance account for an LLC taxable or non-taxable?
💯👍
Are NFT's considered art?
No it's not
I refererred someone to your office today. Is there a number to speak to someone live?🙂
Thank you so much! We are actually not accepting clients at the moment, but we will again later this summer :)
@@LYFEAccounting Thanks for your timely response!!🙂
Of course :)
@@LYFEAccounting I can’t wait! I’m getting on the waiting list right away lol
💪💪🇺🇸
All yall smart an black yall 💯💯💯
👊🏾👊🏾👊🏾
🤯…🙏🙏🙏
Great example of youtube lol
I appreciate you acknowledging my effort lol
If your a consumer you are tax exempt
"4010K's" LOL anyone else catch that?
Me who lives in Hawaii💀😩 #bigtaxes
First
An incredibly feat indeed 😂
You look like juwan Howard
I don't know who that is, but he must be pretty handsome lol
@@LYFEAccounting the fab five ?? Hahahaha good stuff
Oh, I just googled him and you are right ha ha Ha
@@LYFEAccounting you definitely look better than Juwan Howard. But there is a little resemblance. Only a little.
simple,dont work or spend money
Let me ask you something...if everyone doesn't pay his fair share of taxes, how do we pay for road repairs you drive your expensive foreign cars on, pay teachers to educate your stupid kids, pay to defend the country from foreign invasions? The list is endless. Paying your fair share of taxes is moral and patriotic act.
🤔💭 You did the last video I was expecting the Chocolate 🍫 Girl in this one where is She 🤔💭❓
Haha, I think you have me and Sherman confused. But Krystal has another video coming out this week! Currently being edited
@@LYFEAccounting 😂 Yes Krystal she’s all the way up 🏖 even her name is expensive 🤣😂💰💰Krystal Chandon the drink of High End investor 🤣😂💰🤦🏼♂️🤦🏻♀️
you are absolutely hilarious man, thanks for the kind words and wit. Krystal is going to love seeing this
🇱🇷🇱🇷🇱🇷🇱🇷
If you give the money away via donation then of coarse you won’t pay taxes on that money but you also don’t have the money??? So what’s the point.
Because they donate the money to their own foundation and it goes right back in their pocket