Tax specialist David Perez joins us today to discuss ways to minimize tax payments and build your own economy. His book, “Build Your Own Economy,” emphasizes the importance of retaining control over your money and making informed decisions about its usage. Working with the right tax professional, such as a proactive accountant or tax strategist, is crucial. While a tax attorney helps with IRS issues, a tax strategist focuses on navigating changing tax laws, seeking opportunities within rules and loopholes. If you’ve faced an audit, it may be time to find a new accountant or consider working with a tax strategist. Planning for taxes should be done throughout the year for best results, not just in April.
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Ryan and David also discuss how real estate investments offer benefits that other assets lack, like appreciation and tax advantages. They both agree that these outweigh cash flow considerations. Retirement accounts can also be utilized in tax planning. Invest only in what you understand to minimize risks.
If you’re starting your wealth-building journey and seeking tax-saving strategies, focus on mastering sales, marketing, and communication first. Once you have a solid foundation, you can address tax planning. Remember, if you have nothing, there’s nothing to be sued for!
Explore TaxPlanExperts.com for personalized help today!…(read more)
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As tax season rolls around, many of us dread the thought of having to pay our fair share to the government. However, did you know that there are legal ways to reduce or eliminate your tax burden altogether? This may seem unfair to some, but the truth is that the wealthy have been using these strategies for years.
One common method is to take advantage of tax deductions and credits. These are incentives offered by the government to encourage certain behaviors, such as charitable donations or investing in renewable energy. By strategically timing and allocating expenses, you can reduce your taxable income and potentially pay nothing in taxes.
Another approach is to establish a business or incorporate yourself as a sole proprietor. This allows you to deduct business expenses from your income and reduce your overall tax liability. Additionally, you may be eligible for special tax breaks that are only available to business owners.
Some may argue that these tactics are unfair and favor the rich, but it’s important to understand that they are accessible to anyone who takes the time to learn and implement them. The wealthy simply have more resources to dedicate to tax planning and may hire professionals to help them navigate the complexities of the tax code.
However, it’s also important to note that not all tax avoidance strategies are legal or ethical. Engaging in activities like hiding income or assets, underreporting income, or claiming false deductions can lead to serious legal consequences. It’s important to work with a reputable tax professional and only pursue legal tax planning strategies.
So why don’t the rich pay taxes? It’s not that they don’t pay taxes at all, but rather they can significantly reduce their tax liability through strategic planning and taking advantage of available tax incentives. It’s up to all of us to educate ourselves on these options and make informed decisions about our own financial planning.
In conclusion, paying zero taxes may seem like a dream, but it’s possible through legal and ethical means such as maximizing deductions and credits, establishing a business, and using available tax breaks. The key is to stay informed and work with professionals who can help guide you through the process.
I don't pay taxes, I keep my full check. I don't make much money but, most of us don't (average wage is like 15/h, most of us are dirt poor.)
But even if you're making 30/40 an hour, do not pay your taxes.
I firmly believe the government will not take action until we stop working with them. They are in OUR pockets. Businesses are in OUR pockets.
You're just all so weak you, pay for things you see on instagram, pay for luxuries like junk food, extra subscriptions, microtransactions, vehicles you don't need, etc etc etc,
You all fall prey to like 20 unethical business practices every day. If not more.
Just stop giving them money lol.
The rich aren't profiting off me, their profiting off the lower to upper middle class.
You guys are wealthy enough to pay absured insurances, vehicles, homes, you guys are the reason I can't go get the life changing medical treatments I could never afford.
And no. Your charities are a slap in the face, Do you actually talk to people on the streets?
Everyone laughs at charities, you feed a homeless man and he's going to tell his friends how good you felt for giving him what he gets for free every day.
I've been homeless 3 times, and no they aren't being greatful,
They see people trying to validate themselves by "giving to the less fortunate"
You make 70k a year but a 20$ meal is how you're going to change lives?
That meal isn't even enough to initiate a beneficial change at the biological level I mean, it's literal down the drain effort.
Build homeless shelters if you want to help. Help people get or qualify for jobs.
That doesn't solve the problem though.
Want to know what will really save lives?
Stop paying insurances. Stop owning a vehicle. Stop paying taxes. Don't even contact the irs.
If you all together stop paying for the fake inflation, you'll save us all on the bottom.
I have to financially keep up with what you're paying.
Let's say my car insurance is 350, (this is real) it was 300 a month but I used my tow, that I had added to my insurance plan.
Apparently using the tow, that you paid for, is enough for them to raise your premium by a massive amount,
(And it was raised within 2 weeks., by 50 dollars)
It was at that point I lost my mind. I got rid of it all. I stopped cooperating with corrupt society.
Anyways, none of you will do that. Research this: big businesses kill economies and jobs.
Small businesses act more like an engine that equalizes us all and creates more job availability.
If however, through legislation, we cripple big businesses into being more profitable as small businesses, it would take us atleast 5 years to bounce back with small businesses,
But none of you are going to do that.
So just know, everytime you see your rental and other bills, look around you, you're place is comfortably big, with lots of extra space,
Look at the bills you pay, and ask yourself "could I pay for this on 2k a month and be happy?"
Because 2k a month is the average wage across the country.
The tax guys including politicians are listening… did you guys noticed that from Crypto to other way to increase income are now scrutinized more and more?!? in the last 2 years thanks to Ytbe and people talking about Tax… regulators are acting faster then before… to avoid you and everyone else to find loopholes and decreas your tax burdens; Incredible
So this guy said philanthropic to I don’t want to pay taxes. Gtfh, it’s okay to limit ur tax liability but if u did make income pay your fair share.
Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $13,000 every single week…
Great Video
Taxation is theft
This all used to be the next level now it feels like the only way to have your head above water
VP