5 Investments that Can Reduce Your Taxes MASSIVELY

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Күн бұрын

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Timecodes
0:00 Video Overview
0:34 Tax Deductible Investment
1:01 Rental Real Estate
5:19 Oil & Gas
8:07 Traditional 401K
9:08 Traditional IRA
9:59 Health Savings Account
11:10 Key Points
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#5Investments #ReduceYourTaxes #2024

Пікірлер: 42

@ChrisTenEyck 4 ай бұрын

Great content. As a real estate investor who also has a W2, id love to see more content on reducing the W2 taxable income.

@stevenbingham3061 4 ай бұрын

Karlton has tons of videos on this subject already. Go to his channel and use the channel level search bar to find them. Just enter in W2 and pick one that fits what you are looking for.

@Joy011 4 ай бұрын

Same would love to know

@micheal_mills 4 ай бұрын

Putting half of my Salary into my portfolio at the start of each month has always been my approach. My second approach is to hold off on selling for at least five years, but as of late, my portfolio has seen a significant fall with losses of around $65k, Please what can i do?

@donna_martins 4 ай бұрын

you need a certified financial planner straight up! personally, I invest in ETF's and also love investing in individual stocks. yes it’s riskier but am comfortable in my financial environment

@robert-1miller 4 ай бұрын

Agreed, After taking charge of my portfolio in early 2017, i stumbled into losses. Upon realizing that a change was necessary, I consulted a fiduciary advisor in 2020 and since then my $1.2m portfolio has gained 28% annually through restructuring and diversification using dividend equities, ETFs, mutual funds, and REITs.

@ilyaveysman. 4 ай бұрын

How do I reach out to a financial advisor, my portfolio has been struggling since 2022 and I’ve been holding on by the skin of my teeth.

@robert-1miller 4 ай бұрын

"NATALIE NOEL BURNS " maintains an online presence. Just make a simple search for her name online.

@ilyaveysman. 4 ай бұрын

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

@benkreger2806 4 ай бұрын

Hello Karlton! I’m a staff accountant and a top 25 firm in southeastern US. I really enjoy your videos because it’s things that I don’t always see on a day to day basis. I understand tax prep very well but I yet to discuss tax planning with clients. Appreciate your vids

@LAA2198 4 ай бұрын

This is so helpful. Thank You so much.

@okaydamian 4 ай бұрын

I’d be retiring/working much less in 5 years and curious to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $250k per year, but nothing to show for it yet.

@arlenehill4ril 4 ай бұрын

various schools of thought are out there but I think you should consider financial advisory, never can tell what the future holds

@MAnderson5 4 ай бұрын

Agreed, I'm quite lucky exposed to personal finance at an early age, started full time job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once consulted an advisor. As of today, I'm only 25% short of my $1m goal after subsequent investments.

@MAnderson5 4 ай бұрын

I take guidance from 'Karen Lynne Chess' a renowned figure in her industry with over two decades of experience. I'd suggest you research her further on the web.

@fromthebirchwood 4 ай бұрын

really glad to see this, just googled Karen Lynne Chess and was able to spot her consulting page, incredible profile! thanks for sharing..

@RoninLinx 4 ай бұрын

Outstanding video! A wealth of knowledge shared in just a few minutes. Thank you!

@mendyneiman 4 ай бұрын

Can you make a video talking about how real estate depreciation works detail by detail? Thank you 🙏

@danfinch6526 4 ай бұрын

I can't wait to hear more about ways to invest in oil and gas!

@Casey-summer 4 ай бұрын

Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?

@Gallo-firestone 4 ай бұрын

There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.

@mellon-wrigley3 4 ай бұрын

I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.

@lilyhershey1 4 ай бұрын

*@mellon-wrigley3* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

@mellon-wrigley3 4 ай бұрын

Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@louie-rose7 4 ай бұрын

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

@ScottJLetourneau 4 ай бұрын

Great tax strategies and a reminder to protect your real estate and safe assets outside of retirement plans in separate entities. Just start with a complete formation so you have long-term protection.

@LW0625 4 ай бұрын

Hi Karton, Cost segregation only can use on short term rental, how do we use depreciation in the long term rental? I thought Passive loss can’t offset high income W2 but I learned now it can’t. So what’s my benefit to own long term rental property besides appreciation. Thanks!

@carmenc3067 4 ай бұрын

OIL & GAS INVESTMENT IS ONLY FOR ACCREDITED INVESTORS WITH CERTAIN INCOME / NET WORTH. FOR ORDINARY PEOPLE WITH W2, THERE IS NO TAX BENEFIT EVEN IF WE INVEST IN OIL & GAS MUTUAL FUNDS.

@Allenballen88 4 ай бұрын

What are your thoughts about small businesses utilizing life insurance section 162 to save in taxes? Like executive Bonus plans, key man, etc

@beverlynelson1015 4 ай бұрын

I thought you couldn’t deduct depreciation if your w2 income was over a certain amount?

@stevenluna6063 4 ай бұрын

Let’s say i make under 40k a year right now, could I still take advantage of your program or is there nothing I can really do ?

@jbranche8024 4 ай бұрын

Real Estate may have tax benefits but you have to factor in unless you do a 1031 Exchange you pay taxes on a lumped together larger profit sum. Stocks, ETF's I can control the profits taken each year so I'm not pushed into high tax brackets. Buyers cost, selling cost, vacancy rates, no control if in HOA and maintenance fees increase dramatically(Florida), property insurance increases, homeowners insurance increases, compared to just investing in long term quality ETF's. Older house and neighborhood gentrification. Also about deductions I punched in the tax software and I was getting 21% reduction from the deduction amount. So $1000 deduction is only reducing your taxes paid by $210 not $1000.

@davidsoofunny 4 ай бұрын

Heyyyy karltonnn bigg fann i would love to give finacial advice from you maybe on a zoom call or some wayyy

@R-FighterR-po8hj 4 ай бұрын

Bro good videos! Your thoughts about CHILIZ? Analysts suggesting a price target of 2 dollar. Sounds like a good buy. Your thoughts?

@als2329 2 ай бұрын

Would love to invest in oil and gas but how do i find a company that offers this that i can trust? Everyone talks about what a great investment it is but no one has any companies to invest in. Crazy

@rosaliemacrae7355 4 ай бұрын

Can ANYONE tell or show me the best way to organize my paperwork to give to the book keeper / CPA to do the taxes???

@LW0625 4 ай бұрын

Can I have HSA account if I have employer-sponsored medical insurance with no premium?

@changethematrix 3 ай бұрын

I had an HSA and I have to say that these accounts are very NOT worth it. They want to hold on to your money and they refuse to reimburse you or allow you to pay for qualifying medical cost. I have chronic back and neck issues from 3 car accidents I have been in in my life (none of them my fault). HSAs will only allow you to go to an acupuncturist or chiropractor up to 5 times a year. They are also supposed to cover massages for neck and back pain and they don't. They say they will cover and then they don't. Any of you out there that have back and neck issues know that you generally go to these kinds of doctors at least once or twice a months. That's 12 to 14 times a year that the HSA should reimburse you or allow you to use YOUR money that is in YOUR account. But they don't. They hold on to your money and they make money off your money. You would be better off to start up an HSA company and make that money off conning people out of their money. DON"T ever get an HSA! The tax write off is not worth it.

@Barrybadrinath287 4 ай бұрын

Oil & Gas? Yes everyone making $50k a year should get into oil & gas investing. I’m sure Karlton will help you with the 100 page K-1 you receive along with multiple state reporting requirements. Just focus on getting your employee match, open a Roth IRA and with any extra funds maybe buy a duplex or invest in a taxable brokerage. No one gets rich from not paying tax.