Hey everyone and welcome to our new video. Have you ever wondered how to cheat taxes legally, the best way to grow your wealth, or how to use a life insurance policy while alive? Maybe you wanted to know how big companies avoid taxes or how to grow your money quickly and safely. Do you want to know how to convert your IRA or 401k to a Roth? If you’ve ever considered this, it actually might be a very good decision. I will try to explain how you can go about it, the tax due, the tax code, and how you can cheat IRS with it. Today, I impose a question on you – what if there was a way to convert to a Roth and then with a specific investment potentially eliminate the taxes due, and then get tax-free income from the Roth?

In this video, I will back up the tax code and explain to you how you can, just like in video games, beat the game with the IRS. Depreciation, retirement plans, life insurance, municipal bonds, we will mention them all. Conservation easements, production credits, and environmentally friendly type equipment. Billionaires like Jeff Bezos and Elon Musk understand the cheat codes, and they don’t cheat on their taxes, they use the IRS codes to avoid taxes. If you understand the cheat codes, you don’t have to actually cheat on your taxes.

There is also a segment about life insurance and life insurance policy. I mention it often in my videos because it is a great tool and a way to grow your wealth faster and avoid some taxes. You’ll need to understand that every investment will get better if you fund it from your life insurance policy. It’s one of the safest places to store your capital, it’s private and it’s an easy asset to leverage into other assets. Leveraging is also a big thing and I talk about it also very often.

The endgame here is clear: one dollar doing the work of two, three, four, five dollars. Growing your wealth using strategies that I touch upon in this, and in many of my other videos. You’ll start to see and understand why traditional financial planning is just not working. Tax calculators are just not working for you anymore. If you want a tax planner who helps you legally avoid taxes, to help build your wealth and income tax-free or at the very least tax advantage, you are in the right place.

Thanks for watching, and if you’d like to know more about all of this, feel free to reach out!

Dan Thompson with Wise Money Tools.
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I have been involved in financial planning for over 36 years. I started out as a high-volume stockbroker. After working with millions of dollars I decided there had to be another way for people to earn money in the market without all the risky ups and downs that leave you where you started, or worse. After reading a ton of books I came across a book on the Infinite Banking Concept and it completely changed my life and the way I view investments.
Now I focus on building wealth using a tool we developed by leveraging life insurance.
This way we can get:
Double Digit returns
Keep your money safe
Keep your money liquid
Create substantial passive income
Leave a legacy for your family
And do it all Tax-Free!

I post videos regularly so if you have any questions or comments feel free to email them to…

dan at wisemoneytools dot com
00:00 Introduction
01:07 The Tax Code And Tax Cheat Codes
03:08 A Closer Look At The Conversion
06:09 Life Insurance Policy
06:56 Conclusion…(read more)

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Offsetting Roth IRA Taxes – Get Tax-Free Income From Roth IRA

One of the most significant advantages of a Roth IRA is its tax-free income feature. Unlike traditional IRAs or 401(k) plans, a Roth IRA allows individuals to contribute after-tax dollars, which then grow tax-free and can be withdrawn tax-free in retirement. However, if you want to maximize the benefits of a Roth IRA, it’s essential to consider ways to offset any potential taxes that may arise. By implementing a few strategies, you can ensure that you enjoy the utmost tax efficiency with your Roth IRA.

1. Convert Traditional IRA funds into a Roth IRA:
If you have funds in a traditional IRA, you can consider converting them into a Roth IRA. Converting a traditional IRA to a Roth IRA requires paying taxes on the converted amount in the year of conversion. While this can result in a tax bill upfront, it allows you to benefit from tax-free growth and withdrawals in the future. By strategically timing your conversions in years when you have lower income or can offset the conversion tax with deductions, you can minimize your overall tax liability.

2. Manage Roth IRA investment allocations:
Another way to offset Roth IRA taxes is by managing your investment allocations carefully. Investments within a Roth IRA can generate different types of income, such as interest, dividends, or capital gains. By focusing on investments with lower taxable income components, such as growth stocks that do not pay dividends, you can reduce your tax liability. Additionally, consider keeping higher-yielding investments, such as bond funds or REITs, in tax-advantaged accounts like traditional IRAs or 401(k) plans instead.

3. Utilize tax-loss harvesting:
Tax-loss harvesting is a strategy that involves selling investments at a loss to offset capital gains. While this might seem counterintuitive in a Roth IRA, since gains are already tax-free, it can help offset taxes on non-qualified withdrawals. By utilizing tax-loss harvesting within your Roth IRA, you can create a tax-efficient mixture of gains and losses, ensuring that you maximize tax-free income while minimizing taxes on non-qualified withdrawals.

4. Plan non-qualified withdrawals:
Although the primary goal of a Roth IRA is to withdraw funds tax-free in retirement, there may be instances when you need to make non-qualified withdrawals before the age of 59 ½. In such cases, it’s important to plan these withdrawals strategically to avoid or minimize taxes and penalties. Non-qualified withdrawals from a Roth IRA would typically be subject to taxes and penalties on the earnings portion, but not on the contributed principal. By carefully assessing your financial needs and considering the timing and amount of non-qualified withdrawals, you can minimize any potential tax implications.

In conclusion, maximizing the benefits of a Roth IRA involves careful planning and strategic decision-making. By considering strategies such as converting traditional IRA funds into a Roth IRA, managing investment allocations, utilizing tax-loss harvesting, and planning non-qualified withdrawals, you can offset Roth IRA taxes and ensure that you enjoy tax-free income in retirement. Consulting with a financial advisor or tax professional can help you develop a personalized strategy tailored to your specific circumstances, ensuring that you make the most of your Roth IRA’s tax-free benefits.