7 unique ways to cut your tax bill down! It’s tax season and while you hopefully made some great gains this year, that also means your tax bill is higher! By the end of this video you’ll understand where you’re getting taxed and how to get that bill in half or even get it down to zero!
TIMESTAMPS
00:00 – Intro
00:06 – Relocate
01:41 – Hold investments longer
03:00 – Conversions when market is down
04:48 – Crypto calculations
06:25 – Business expenses
08:20 – Tax-loss harvesting
09:48 – Real estate
12:47 – Retirement
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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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YNAB (I literally can’t live without this budgeting app, so obsessed)
Wise (like Venmo but for international currencies – I use this app a LOT for my life in Mexico)
High-Yield Savings Accounts (don’t settle for 0% when you can get 3%+ on your savings)
Ledger Nano S (crypto storage hardware wallet, because “Not Your Keys, Not Your Crypto”!):
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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.
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As Benjamin Franklin once famously said, “In this world, nothing can be said to be certain, except death and taxes.” But what if I told you there are legal ways to cut your taxes in half? That’s right, you could be paying half of what you’re currently paying in taxes each year.
It may seem too good to be true, but it’s not. The key lies in understanding and utilizing tax deductions and credits that are available to you. According to a millionaire, there are certain loopholes that can be used to legally reduce your tax bill.
Firstly, one of the most effective ways to reduce your tax liability is by taking advantage of tax deductions. Tax deductions reduce your taxable income, thereby reducing the amount of taxes you owe. There are several tax deductions available, including those for medical expenses, charitable donations, and mortgage interest.
However, if you really want to cut your taxes in half, you should consider investing in real estate. Real estate investors are eligible for some of the most significant tax deductions available. For instance, you can deduct mortgage interest, property taxes, repairs, and even the cost of hiring a property manager. Moreover, if you’ve owned a property for more than a year, you can defer your taxes on any gains by doing a 1031 tax-free exchange.
Another way to reduce your tax bill is by maximizing your retirement contributions. Contributions made to traditional IRAs, 401(k) plans, or other qualified retirement plans are tax-deductible. For instance, if you contribute $10,000 to your 401(k), you’ll reduce your taxable income by $10,000, thereby reducing your tax bill.
Additionally, you should consider setting up a business to take advantage of the many tax benefits available to business owners. Business owners can deduct all the expenses incurred in running the business, including office rent, salaries paid to employees, and even travel expenses.
Finally, you should be mindful of the timing of your expenses. By deferring certain expenses to the next year, you can reduce your tax liability for the current year. Similarly, by accelerating certain expenses, such as paying next year’s property taxes before the end of this year, you can reduce your tax bill for the current year.
In conclusion, reducing your tax bill by half is possible by taking advantage of the many tax deductions, credits, and other benefits available to taxpayers. Be sure to consult with a financial planner, accountant, or tax attorney to ensure that you’re taking advantage of all the tax benefits available to you. By doing so, you’ll reduce your tax bill and keep more money in your pocket.
I don't trust her
Tennessee has no income tax
10:25 Deprecation
You forgot to mention Tennessee
XRP?
New Hampshire also has no state income tax.
I wonder if Rose has ever paid property taxes and insurance in Florida. Wildly expensive. More than the income tax states charge. A lot more.
Good tips but most apply to US only… I'm in Canada so most dont apply
You forgot Tennesse and New Hampshire, NO State Income tax.
Yay! Thank you so much for this amazing video!
I am a teacher and claim zero deductions all year – but I had to pay more than $12K this month in back taxes. I don't understand how this is possible. I'm not earning that much, even when I total my teaching pay with my passive income sources – but my total tax for 2022 was in excess of $68K.
Awesome info. I especially like the strategic conversion to Roth!
Hey Rose, I could use some advice. I’m a 24 year old guy and I’ve been debating about joining the Airforce to give myself a financial boost and “new start” with being independent, however in February of this year I got my LLC for content creation via YouTube, Twitch and other streaming platforms mainly for gaming and content creators promotion services also publishing e books.
My question for you is do you think I should join the Airforce which has been something that has been on my mind for years or do you think I should endure the struggle. I want to move out of parents place by the summer (my birthday) but I can’t really afford to buy a house at the moment & I don’t like the idea of an apartment since I’ll never own the apartment I rent career wise I’m elevating I’m looking to get a remote I.T job and travel to places I’ve fallen in love with afar such as Mexico, Panama and Argentina all somewhat close to the states.
I’m passionate about writing, content creation & IT/Cyber security I’m just so torn and burnt out I work two part time jobs and I’m a full time student doing my online cyber degree I plan on leaving one of my part time jobs so I can focus more of my business operations and consistently upload on my YouTube channel.
Some think that joining the Airforce would put a strain on my business especially with active duty but with the national guard/reserves it’s a 6 year commitment part time but the pay isn’t good at all, for the experience I’d rather go active due to the face the Airforce offers a program called palace chase which allows one to join under a 4 year contract for 2 years active and then 2 years reserves.
Others think waiting to get my degree and joining as an officer is better which I agree but I don’t want to wait the year and change for me to finish my degree. I wish to get a remote job and travel and be my own boss, but you’re feedback will help greatly.
I want to end this by saying
Thanks for being here because you really make a difference, you really bring me and I’m sure many others faith ❤ Millionaire by 30 is my goal and I will achieve that!
Hi Rose, thanks for your valuable tips. I’ve always wanted to move my legal address to Oregon from my current state NY. What is my first thing that I need to do and how do I get virtual an address in Oregon?
If you live in Mexico City but filing with an address in Texas while working remotely, you’re hugely overpaying. If you just stay in another country for a year and file as a foreign resident, you can take the foreign earned income exclusion and pay no tax on the first $100k, even working remotely for US clients. Digital nomad + foreign earned income exclusion is one of the greatest tax loopholes to ever exist.
Can I start a youtube business? What if I never hit 1000 subscribers? I always wanted to buy cameras and deduct my internet bill. It will all be losses lol
This video was soooo helpful. Thank you!!
I’m a doctor , investor and future entrepreneur relocated from India. Found you 10 minutes ago, knew the content as legit , no idea of ur background , subscribed and watched more , absolutely loving it
Definitely love these kinds of videos
Great video
This is brilliant! What I love the most is your use of numbers to really PAINT the picture!
Two questions: 1)for a Roth conversion do you have to pay a tax penalty if you’re not 59 1/2 years old?
2) if I sold say SCHD for a loss but bought HDV would that be a wash sale?
Is this a money channel?
I learned a ton from this video. Are you still trading options for extra cash flow?
Great video! Thanks. BTW, your IG seems to be down/broken link
In Canada they just came out with an insane new account called the FHSA (First Home Savings Account), and I'm curious to see how people exploit it. It's a tax-advantaged account that is deducted from your income, AND it's tax free so you pay 0 tax when withdrawing the funds. The caveat is that 1) You must have not owned a home in the past 5 years to open one, and 2) It must be used on a property that you "intend to be your primary residence" for at least year from the withdrawal date. I'm sure people will find a way to exploit this to effectively get their first piece of real estate tax-free. It's a stupidly powerful account and I'm surprised it even exists haha
Hi Rose, love your videos! If you're open to ideas, can you please make a logistical tips & tricks video for Americans looking to become digital nomads or move aboard? For instance, I've heard some US banks don't accept virtual addresses, and not having a US-based bank account could potentially affect your credit score. Thanks!
South Dakota. Lol
So you brought California to Texas. Typical cali folk, take and change but not give and assimilate.
How do you like Mexico City? I'm in Medellin Colombia. Gringoland…lol