10 Ways The RICH Avoid Paying Taxes (And YOU Can Too)

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Toby Mathis Esq | Tax Planning & Asset Protection

Күн бұрын

Would you like to learn more about tax strategies and talk to someone? Schedule a free consultation here: aba.link/8rx
Let's discuss 10 tax strategies that the rich use to optimize their finances and that you might want to consider for yourself.
Retirement savings aren't just about IRAs and 401(k)s. The rich often invest in defined benefit plans, allowing them to contribute significantly more-sometimes over $500,000 a year!
These strategies are about understanding and leveraging the incentives within the tax code to your advantage.
Throughout the video, I'll break down each of these strategies and more, helping you understand how you can legally reduce your tax burden and keep more of your hard-earned money.
Feel free to leave your questions and comments below. We love hearing from you and are here to help you on your financial journey.
🔔 Don't forget to subscribe for more insights on real estate investing and business strategies!
Show Notes:
0:00 Intro
2:57 Retirement Accounts
5:45 Tax Deferred Investments
8:45 Loss Harvesting
12:25 Real Estate
17:43 Charity
22:33 Trusts
25:18 Businesses
30:32 Tax-Free Bonds
32:59 Life Insurance
38:13 Tax Efficient Funds
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#richmindset #taxreduction #taxation

Пікірлер: 117

@TobyMathis Ай бұрын

If you want to dive deeper into tax strategies, schedule a free consultation with my team today. Visit: aba.link/8rx

@flsupraguy Ай бұрын

Out of all the "youtubers" out there Toby is the most genuine and educated! I LOVE your videos! Thank you for all that you do!

@mississippiapple1078 Ай бұрын

I can't believe how much he knows. It's scary

@matthewellis3004 Ай бұрын

Deep dive on oil and gas please🤝💪

@bold2013 Ай бұрын

Thanks. What are some examples of these oil and gas funds?

@Thewealthwarehousepodcast 4 күн бұрын

Whole life insurance should be the first place the money goes. Then use the cash value to buy other assets.

@thehoopscoop Ай бұрын

This is an amazing video! Sending it to my friends.

@johnnysmith4514 29 күн бұрын

As always gteat videos. Could u help out w how to set up whole life insurance. Thanks

@MrStudmuffin505 Ай бұрын

Love your videos sir. Charitable giving is something I have heard of, but not broken down to this level of detail. I hope to utilize all ten in the future

@Narxist 29 күн бұрын

Wow! This is great information. Now that I have reached a high income, I started paying close attention to the amount going out in taxes. There is so much I need to learn. I thought all whole life policies were bad, so I never took time to learn about them. I also thought bonds underperformed, so I never considered tax-free munis. Lastly, I would like to know more about donations and foundations for tax avoidance. Thanks.

@angelocean365 28 күн бұрын

Thanks Toby great info!

@epboyd 28 күн бұрын

Short SPX box spreads (with portfolio margin) is better than SBLOCs - lower interest rate, and the interest paid is a capital loss.

@KingWillSkill Ай бұрын

One of the most important videos I've ever watched.

@malcolmscoins7581 Ай бұрын

Really loving your channel but I'm 61 and have no knowledge yet just learning what to do help me please I'm about to come into a bit of cash dint want to waste it

@johnvdk Ай бұрын

Hello Toby, thank you for again a very informative video. Regarding the life insurance banking, do you have any idea how we as non American can take advantage of this (Europe)? Thanks in advance Best regards, John

@davidauton2889 28 күн бұрын

Doing a video on “tax bracket management” would be wonderful!

@TobyMathis 25 күн бұрын

I'll keep that video idea in mind. Thanks for the suggestion

@johndownes5813 9 күн бұрын

Excellent stuff!

@jamessullivan8300 24 күн бұрын

Great vid, many thanks!

@nancylewis9853 27 күн бұрын

Really enjoyed learning about many of these strategies at your Tax and Asset Protection workshop in Dallas. Looking forward to attending the next one as well. The information is invaluable!

@TobyMathis 25 күн бұрын

So happy you enjoyed the workshop! Can't wait to see you at the next one!

@TheNorthsider615 29 күн бұрын

i heard of loss harvest but can you do a deep dive into that?

@TobyMathis 28 күн бұрын

I'll definitely consider recording this topic in an upcoming video!

@CheapGodiva 23 күн бұрын

This information is so very useful. I wasn't aware that the dividends were taxed at a lower rate. I thought it was 40% for dividend taxation. I had already intended to use the depreciation of real estate once i start buying., I'll have to find some way to officially show up in the lower bracket to benefit from the dividend 23%.

@leroyjenkins5584 Ай бұрын

I will tell you... I love your content big time. Long term fan. I hate number 3. I always feel like a loser no matter what. Ive failed at number 7 so many times but I need it. Number 8 is no good in my state. Number 4 I need more doors. I still have to write a bunch of covered calls and puts to make it. I really want to be more tax efficient though

@gracewalsh4908 Ай бұрын

👍 love all your videos! 🇺🇸 Happy independece day!

@mississippiapple1078 Ай бұрын

Never heard of oil gas... what is that??

@daleybrennan9867 Ай бұрын

I am a big fan of your videos. Thank you, Toby.

@TobyMathis 28 күн бұрын

Glad you like them!

@kaneboy664 27 күн бұрын

I appreciate your great ideas and content. Looking forward to becoming a client someday. Bravo.

@DavidParent3044 28 күн бұрын

Do you think a General Contractor qualifies as a real estate professional ?

@batterynow 26 күн бұрын

Great advise and ideas. most of them are new to me. Thank you

@TobyMathis 25 күн бұрын

Glad it was helpful!

@RaadYacu 29 күн бұрын

Interested in knowing more about Loss Harvesting and Real Estate protection for multi unit owner. Great video

@TobyMathis 28 күн бұрын

Feel free to reach out to my team to learn more about real estate asset protection. aba.link/8rx

@kristenreitzel6788 23 күн бұрын

I'm blown away with your knowledge! I have been benge watching you, and I feel so empowered. I'm beyond upset that I have t found you sooner, like when my parents' estate was being handled. I feel like I was screwed over big time with how it was set up and dispersed. Also on how to move forward with what I did receive, maybe I wouldn't be in the mess I'm in now. Thanks to you I've heard of most of the 10 you listed, a d eager to learn more !

@luckytofu9617 29 күн бұрын

Which KZfaq channel is the Toby in Canada?

@julienaudet9782 24 күн бұрын

I would like to learn more about donating real estate to charity that I own........

@TobyMathis 24 күн бұрын

You should definitely reach out to my team about this. Visit aba.link/8rx

@rcruz401 26 күн бұрын

I do fund mt PUA's in my whole life with money from my C Corp that i take out and put into my Heloc.( I do use credit cards for business expenses) That heloc i use to pay business real estate taxes and insurance. I then turn around and take policy loans and loan it to the business so it can pay off credit cards. The business then pays me back the loans on a monthly basis with the same interest as the credit cards would charge. Is this method beneficial?

@junedu2252 17 күн бұрын

Very useful information! Retirement accounts like defined benefit plans is the topic that I would like to know more about.

@TobyMathis 17 күн бұрын

I'm glad you found the video helpful. Retirement planning is so important.

@AJ-qz7xo 28 күн бұрын

Can you do a mix tax strategy with real estate and a trading account under the same LLC. Or RE and Private lending interest income

@TobyMathis 28 күн бұрын

I would recommend setting up a free consultation to talk about some strategies and how they apply to your unique situation. Sign up here aba.link/8rx

@willmallory9085 Ай бұрын

Excellent topic! $$$

@ricric8348 Ай бұрын

I'm retired how to get around paying tax on interest income? Thanks sold home waiting to buy when market dips.

@melissaleak7241 Ай бұрын

❤Love You Toby!❤❤❤❤❤Knowledge is Power Freedom and Quality of Liberty & Life!

@Scuba-D 22 күн бұрын

Knowledge isnt crap if you cant apply it to the real world💯

@sethmiller5414 Ай бұрын

good content

@CheapGodiva 13 күн бұрын

The oil and gas interest in news to me

@ElLeNoir..ELconomics Ай бұрын

What up Coach Toby!!

@TobyMathis Ай бұрын

Welcome back =)

@DavidLua-w2o 24 күн бұрын

I would like to know more about setting up your own charities and combining that with a management company to manage all of my family affairs and future businesses.

@TobyMathis 24 күн бұрын

I would recommend setting up a free consultation to talk about some strategies. Sign up here: aba.link/8rx

@zoeystone8780 12 күн бұрын

please deep dive in Loss Harvesting for traders/investors ( short-term/long term) of various kinds of assets such as forex currencies, index futures, stocks, crypto, etc...can short term traders ( day traders, swing traders) also take advantage of Loss Harvesting?

@Joseph-ux8xg 25 күн бұрын

Thank you Toby for this truly valuable information. What if you build single family rentals from the ground up. Is it better to sell or keep?

@TobyMathis 3 күн бұрын

Deciding whether to sell or keep single-family rentals involves considering several factors. If the real estate market is performing well, selling could offer a favorable return. On the other hand, if you expect property values to increase, retaining the properties might be more advantageous in the long run. Properties that provide consistent rental income and are manageable can generate ongoing cash flow and appreciate over time. Selling could lead to capital gains taxes, whereas keeping the properties allows you to take advantage of depreciation and other tax benefits. Reflect on your investment strategy and financial goals: if you’re seeking short-term profits, selling might be the better option. If your focus is on long-term wealth accumulation, holding onto the properties could be more in line with your objectives. Ultimately, it’s about weighing immediate financial needs against long-term investment goals.

@Joseph-ux8xg 2 күн бұрын

@@TobyMathisthank you sir!!!

@keithmachado-pp6fv 11 күн бұрын

Some states have Estate tax at much lower limits. MA is brutal.

@zoeystone8780 12 күн бұрын

Please deep dive in Charities: can a day trader be an employee of his/her own charity, but as charitable work do day trading or long term investing for his/her own charity, while truly giving the proceeds to various churches or other good causes like veterans, single moms, recovery centers?

@TobyMathis 11 күн бұрын

Stay tuned! I'll have a video released this Friday about charities.

@CookingwithZee 24 күн бұрын

OMG I love this video!!!

@TobyMathis 24 күн бұрын

Your support means the world to me, thank you

@zoeystone8780 12 күн бұрын

thank you for this free education. it's really true that in the information age, ignorance is a choice. This information can help "the poor" become wealthy too; we have no more excuses if we don't act on such knowledge. Thank you again!

@justandegeneffe8456 29 күн бұрын

Awesome content

@TobyMathis 28 күн бұрын

Thank you so much for your kind words!

@brucehill334 11 күн бұрын

Thank you very much Toby. What you’re doing is GREAT. We hope having more helpful people like you Toby. We thank you.

@TobyMathis 10 күн бұрын

I appreciate the support

@keithmachado-pp6fv 11 күн бұрын

Outstanding stuff. I have had a brokerage account for over 40 years and never paid $1 in capital gains (I do have some dividends reinvested) and I harvest losses every year. It will be the last money I touch after SS, pension and IRA so my heirs will get a step up in basis.

@TobyMathis 10 күн бұрын

It's great to hear how you've managed your investments so wisely.

@NellySP 24 күн бұрын

@Toby - Hi. I had heard of all of these strategies but I was able to learn a little more on Loss Harvesting and Tax Free Bonds. I love your content and my favorite strategy that I am working really hard a this moment is to build a Real Estate portfolio.

@TobyMathis 23 күн бұрын

Glad it was helpful!

@ASHLEYRIGOSU 10 күн бұрын

All you have to do is pass away 😂😂

@keithmachado-pp6fv 11 күн бұрын

Important on trusts to get the right assets into the trust but have other assets properly titled to avoid probate. My parents had a trust and the house and other assets were in trust but IRA’s go by beneficiary designation and my mom had my dad as primary and my sister and I as contingent but dad never claimed the account so when he passed it went to his estate and we had to go to probate even with the trust. He passed in 2020 at height of the pandemic and no courts were open. I did the research and filed for probate myself without a lawyer.

@magentasunshine7811 29 күн бұрын

I had no idea I could ask Vanguard for a margin loan! Thank you!

@TobyMathis 28 күн бұрын

Happy to help!

@malcolmscoins7581 Ай бұрын

So what are tax deferred assets

@TobyMathis 28 күн бұрын

Hey, you should check out this blog to get a better understanding. andersonadvisors.com/tax-free-vs-tax-deferred-tax-planning/

@georgekraus9357 Ай бұрын

1031 Exchange is the most commonly used by the ultra rich ...

@TobyMathis 28 күн бұрын

The 1031 Exchange can be a powerful tool for real estate investors.

@RealK2024 24 күн бұрын

Who are those tax harvesting loss companies? I'm interested in that option.

@malcolmscoins7581 Ай бұрын

Toby how much does it cost to have your help in all this

@TobyMathis 28 күн бұрын

I would recommend setting up a free consultation with my team. aba.link/8rx

@ericzuniga8495 26 күн бұрын

I'm a little fish ($500K in liquid assets). I make $120K and hope to sell a $1M house and retire in 1 year. I will probably take $800K from the house sale. My question is, "Which of these 10 make the most sense for me"? Which ones have the best benefit / cost ratio given my situation? Great video as always - keep 'em coming.

@randylord5315 15 күн бұрын

If we make less than 50k/yr and have a LT Capital Gain of $2mil, do we owe any tax on the profits?

@TobyMathis 13 күн бұрын

Yes - the long term gain is included in the calculation of the tax bracket. Depending on whether you are married filing jointly, a portion of the gain will be taxed at 0%, 15% or 20%. This can be offset, of course, by capital losses or ordinary losses.

@robertg1556 22 күн бұрын

I don't get it. Bought a house for 90K, worth 315K and assumed it was paid off when you donated it and got a 120K write off. What happened to the other 95K?

@xaldath4265 9 күн бұрын

I'm pretty sure that was the tax savings in his example, not the write-off amount.

@sondersrn8061 Ай бұрын

8 😁

@irinapoova555 19 күн бұрын

Could yu make detailed video on living trust please

@TobyMathis 18 күн бұрын

Check out this video: kzfaq.info/get/bejne/htiJmciT2qreaHU.html

@1zcott 13 күн бұрын

"Let's dive in" please stop this

@willmallory9085 Ай бұрын

6:31 Unless you open a Roth Crypto IRA. 😊$$$

@user-lh9zp5my3h 27 күн бұрын

I’m wealthy and haven’t paid a penny in taxes thanks to all that Trump & the Congressional Republicans have done to support us. We should all agree with Trump that the middle class should always pick up the bill in helping the poor and supporting us wealthy folks not pay taxes. Thank Republicans in helping me get richer and richer everyday, by handing the bill only to the middle class. ❤ Love these tax loopholes the Trump & Republicans created for us wealthy folk. 😂

@nataliepapolis 10 күн бұрын

So who is paying taxes of which schools are built of which roads are built....oh right the poor smuck working for a wage and the taxes are sucked up by the government automatically, but the rich that use people to build their business and pay them a stipend get all the breaks, wow,

@candeffect 23 күн бұрын

President Trump. 2024.

@docwells5058 26 күн бұрын

You just said Obama and not former President Obama. Put some respect on his title

@docwells5058 26 күн бұрын

Stop calling him President Trump. He is the former President 😂

@mrsterling5306 26 күн бұрын

Once someone has ascended to that title, they retain it till their death.

@docwells5058 26 күн бұрын

@mrsterling5306 I agree, but he should've said former President Trump. Yet, in the same video, he only says Obama and not President or former President

@mrsterling5306 26 күн бұрын

Uh oh, I think I see where you’re going. I’m going to listen more closely to notice Toby’s personal views.

@docwells5058 26 күн бұрын

@mrsterling5306 To say it once could be a slip up but he did it twice. So I'm like ok, what's up?

@rcruz401 26 күн бұрын

Are you listening to this for business advice or political advice? I don't take relationship advice from Trump. People need to learn how to compartmentalize information and brush the rest off their shoulders.