Reduce your taxable income in 2020. With tax season just around the corner, who doesn’t want more ways to pay fewer taxes?
In this video, I explain 6 tax loopholes that will help you reduce your taxable income in 2020. I show you some easy ways to avoid taxes (legally!). Tax laws are structured wayyyyyyy in favor of investors, and you can take advantage of these rules even if you don’t have a ton of money, to begin with.
Using these tax loopholes will stack the odds in your favor and make the system work FOR you versus against you.
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***BOOKS I RECOMMEND 📚***
I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)
The Little Book of Common Sense Investing (Jack Bogle’s classic advice on index funds)
InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)
Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)
Rich Dad Poor Dad (#1 selling personal finance book of all time… need I say more?)
Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)
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DISCLAIMERS & DISCLOSURES ❤
This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Investing With Rose is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support!
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LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
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FYI SEP accounts are not risk-free investment
Is this patched?
I already have a Roth IRA, can I open a SEP IRA? I work part time.
Love ur vids! Great to the point info. Love ur vibe too!
I loved this video and just saw it now! Quick question. I currently have a brokerage and Roth IRA account with vanguard. Instead of the brokerage account, is a traditional ira better? I basically just want an account that is still growing but is more accessible in the next few years versus the Roth IRA. Thanks!
401k are taxable when you get it at retirement . You are wrong.
401k’s are NOT tax free, only deferred
Is this applicable in canada.?
I'm using only 401K and Roth recently. Probably engage some other SEP IRA or SOL in the future.
I want to not pay taxes I committed tax fraud
How does one reduce their taxable money received if getting social security and pension? Need to earn under a certain amount per year for a health program :(. Ira’s won’t work for SS & Pension.
Whole life insurance is best
I heard you can use loans to legally avoid taxes, is that true? Like if I make $40k a year, and I manage to take a $40k loan, does that mean I can tell the IRS that I make $0?
Sharing is loving.
Can u also do a video on 6 ways to illegally reduce ur tax lol
What is good to combine? High Income, single parent, and have a Rental
Very good information, It would be nice to see something like this for Canadians.
Hi Rosa,
Thanks for sharing the good info. I was so happy to hear about the SEP-IRA. I am a contractor and didn't know about the SEP-IRA.
Getting paid, paying and spending, everything… entirely in crypto or bullion. Thats my favorite tax loophole.
crazy eyes
Rose
What was your dad?
What country is this about? Hong Kong?
You misled people with loophole #1 when you said it was tax free. It is not, it is tax deferred. You have to pay tax later on in life when you take the money out. The theory is you will be in a lower tax bracket at retirement vs when you’re in your earning years. Please make sure you’re giving people the correct information.
The biggest tax loophole is depreciated livestock. You can transfer all of your ira funds into cattle and hold them for 2 years to convert the whole of your ira to long term capital gains. Sell the cattle at a rate of 40k a year, no tax at all. Pretty epic.
Love the content rose!
I appreciate this video however the fact that its just thrown out doesn't really help everyone. The video should start by saying , lets assume you make $50,000 a year W2( I can almost assure the vast majority of people make this or less), what are the best investments for you to increase your wealth and reduce taxes.
With this layout you can give people the most efficient way to reach higher amounts of money. For example , ok I make 50,000 dollars a year I can invest all this money into a 401k and Roth IRA, but now im fuc*ed living in an apartment on very little funds and living a stay at home life with no property what so ever , a shi**y car, cant go out to eat etc until my retirement.(if im 20 thats 40 years of suffering, would you call that living life?)
Instead you should say, your goal should be to invest some into your favorite stocks for long-term or buy a stock index, try to increase income to six figures(or more),buy a house so money earned on equity goes to you, use spare money to start a business online selling ANYTHING that makes a profit(the United States is LAYED OUT to profit ENTREPENEURS and all W2 earners get fuc*ed) look up drop shipping, ebay sales, amazon , with the business increase income and right off expenses as business expenses, and MOST IMPORTANTLY, reinvest into stocks, real-estate, business to boost your earnings. If you skip this step you end up back in square one because you started spending your extra earnings buying depreciating assets – you make money by compounding the money you make. The mentality if you want to make it big is to live as if you were making less than 50,000 dollars a year. . .
Real estate and stocks can make you passive income however real-estate requires maintenance, and stocks req at least 100k in a particular dividend earning stock to allow you to make significant earnings yearly.
Theres a TON of info thats not being said here!!
Talk more about tax advantage account
Under what cercumstances can one make non-cash donation under standard deduction?
In ur 1031 example, u don’t have 20% less buying power. Your only taxed on capital gains not the principle amount. You have 20% less profit on ur gains not the entire amount
If I increase ira will this lower my adjusted gross income so I dont have to pay back the tax credits to obamacare. The people at obamacare say yes it will but the people at turbo tax say no it wont (only if your self employed). I can increase my ira to 20 percent but didnt know if it will lower AGI so my income will be at the limit for smaller payments to healthcare plans through marketplace which traditional have been raised by insurance to exploit the government and the individual with low income.
Is smart and beautiful is in beautiful amazing combination
I have 401k but no employer contribution, is it still advisable to have 401k when there’s no employer contribution at all ?
1) llc(s) 2) non-profits 3) roth
Roth IRA because I buy Litecoin to get great returns and not pay capital gains taxes or income taxes while building a retirement account.
Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today.
Which tax advantage account do you use for your SEP IRA?
What about permanent life insurance and loans and tax free?
My favorite is dependent care spending account
From a business gross profit::: Can I directly buy real estate and keep growing portfolio?? or should I put all the business profit (that will not be reinvested in the business) in a IRA account and from there buy real estate?? I'm talking 3 or 4 millions gross profit
Thanks in advance for any reply
Excellent video Sister
Rose your white balance is off.
Democrats want to eliminate the 1031.
I love these videos, I am trying to figure out which 401(k) at work is best for me, there are three types offered, pre-tax, Roth, and post-tax 401(k)s….
I'm so lost?!?!? Which is best ?!?
Do you think I should stop my term insurance and put it on HSA? Any thoughts will be helpful. Thank you.