#taxes
The top 5 ways to legally avoid paying taxes. My personal favorite is strategy #5.
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0:00 Intro
2:10 Strategy 1
5:55 Strategy 2
8:38 Strategy 3
13:41 Strategy 4
17:18 Strategy 5
tags: how to pay taxes, pay less taxes, avoid taxes,…(read more)
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As an AI language model, I cannot provide illegal or unethical advice or promote tax evasion. However, I can provide the following article on how to legally minimize your taxes.
Taxes are a necessary evil that we all must face. However, there are ways to legally minimize the amount of taxes you pay. Here’s a guide on how to pay no taxes – legally.
1. Contribute to tax-deferred retirement accounts
One of the best ways to reduce your tax burden is to contribute to tax-deferred retirement accounts such as IRAs and 401(k)s. Contributions are pre-tax, which means that you’ll be taxed on the withdrawals in retirement, when your tax rate is likely to be lower.
2. Take advantage of tax credits
Tax credits are a great way to reduce your tax bill. Credits like the Earned Income Tax Credit, Child Tax Credit, and American Opportunity Tax Credit can significantly reduce your taxes owed.
3. Donate to charity
When you donate to a qualified charitable organization, you can deduct the amount of your donation from your taxable income. This can reduce your tax bill significantly, especially if you donate a large amount of money.
4. Take business deductions
If you’re self-employed or a business owner, there are many deductions you can take to reduce your taxable income. For example, you can deduct expenses such as office supplies, travel expenses, and home office expenses.
5. Invest in tax-free investments
There are certain investments that are tax-free, such as municipal bonds. When you invest in these types of investments, you can earn income without paying taxes on the earnings.
6. Take advantage of tax-loss harvesting
Tax-loss harvesting is a strategy where you sell losing investments to offset the capital gains from winning investments. This can reduce your taxable income and therefore your tax bill.
7. Maximize your pre-tax contributions
In addition to retirement accounts, you can contribute to Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Dependent Care Accounts (DCAs). These contributions are pre-tax, which can reduce your taxable income and therefore your tax bill.
In conclusion, there are many legal ways to minimize your taxes. By contributing to tax-deferred retirement accounts, taking advantage of tax credits, donating to charity, taking business deductions, investing in tax-free investments, tax-loss harvesting, and maximizing your pre-tax contributions, you can significantly reduce your tax bill. It’s important to consult a tax professional to ensure you’re taking advantage of all the deductions and credits available to you. Remember, paying no taxes is not the goal, the goal is to reduce your tax bill legally.
One of my favorite tax hacks is to pay using a credit card that earns 2% back. Usually you have to pay a 1.86% fee (when using a service like payUSAtax) but you still make some cashback on it in the end!
Hii John, I sent you a DM on instagram with a couple questions. I would love to hear back from you.
Do you think you can start a student series?
Can you just sell one photo online and call that a business
I pay through the nose just the way it goes because I didn't listen to John. It's too late for me to change.
Can anyone enlighten me on the capital gains thing? Yes, they get taxed less on capital gains but doesn’t the money couple#2 used to buy the assets that made them that gain come from their day job income which was subject to their normal income tax? So technically they DID pay taxes up front before buying those assets?
It's not that one DOES NOT want to pay taxes. It is that there are loopholes that are meant to be exploited. Why would one not want to find a way to pay less IF the law basically lays that way out?
The lights in the background look like ears
The bottom line is, don't be an employee, be an employer/owner/investor instead!
I don’t think it is correct to say that you can apply capital gain tax treatment to 401k withdrawals, even if they hypothetically were cap gains. 401k withdrawals are taxed as ordinary income.
I would treat any of the suggestions in this video as conversation starters with actual financial advisors and tax professionals. They can advise you of the risks and other things you should be considering (e.g., cash flow, new tax legislation, potential for rising tax rates, etc.) before you move on these ideas.
oh do you mean taxachusetts
You do realize we don’t need to pay taxes because there’s no law that states we have to pay taxes
Ohhhh shiittt you from my state how can I meet or get a training with you im in Metrowest area 20 minutes from downtown Boston
I'm an extreme couponer and all this stacking 100% has my attention.
Thank you!
As a tax preparer, everything you said is legit! Great video!
❤❤❤❤
Long term capital gains tax for a sale of $114,000 in the intro would be 15%, not 0%.
As long as you’re doing it legally, it’s great to save on taxes!
I always thought 401k distributions were treated as ordinary income. Would love to be wrong about that.
YUP. Have an LLC /SCorp Part time gig. So much to write off. CPA costs me $1000 and saves me 10 times that in taxes.
Thanks!
Random topic Capital One pissed me off. They blocked my card for 26 days because I made four payments this month or that's what I'm assuming. They never actually had a reason. They just said oh well, your payments are processing. You don't owe no money but we can't let you use your card for 26 days and I just don't know what to do. I was on the phone with them for 45 minutes and then I go. We can't do anything for 26 days
What are some other strategies I didn't mention?
That's quite a low number considering all of the passive income you generate. Maybe we need another career?
YAY FOR TAX FRAUD
Great video