How To Avoid Paying Taxes in 2022... Legally (DO THIS NOW)

Рет қаралды 66,714

Күн бұрын

I have 10 tips on how you can avoid paying taxes...legally. So, this is a really important video because not just about avoid paying taxes legally, it's about developing a new mindset that will allow you to build long-term wealth in 2022.
Tax Planning & Tax Preparation Services: bit.ly/3iC6FCI
Now in 2021, you start paying taxes the second you make over $9,875 a year as an individual. And of course, that's not enough money to take care of yourself... I mean most people make more than that with their unemployment benefits.
Anyway, who doesn't want to pay less in taxes? Let me show you how you can start preparing right now so that in 2022 you can avoid more taxes.
Video Outline on How to Avoid Paying Taxes:
Intro: (0:00)
The Golden Rule for Avoiding Taxes: (1:24)
Tip #1: (2:20)
Tip #2: (3:30)
Tip #3: (5:07)
Tip #4: (6:00)
Tip #5: (7:12)
Tip #6: (8:13)
Tip #7: (9:00)
Tip #8: (10:12)
Tip #9: (11:36)
Tip #10: (12:45)
Additional help from Sherman that will help you avoid taxes:
IRAs: • The IRA Tax Break Expl...
401s: • Solo 401K: Pros & Cons...
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More From Me
Book a 1-on-1 Call with Me: bit.ly/3cxbcUf
Personal KZfaq Channel: bit.ly/3eaTxSL
Invest in Real Estate Now with Fundrise: bit.ly/3diNU4D
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Disclaimer: The information provided in this video is for entertainment purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 155

@marier1127 3 жыл бұрын

I love this channel it’s worth millions

@LYFEAccounting 3 жыл бұрын

This comment just made my day 💯

@mulamesha1138 2 жыл бұрын

So true!!

@craigt2003 2 жыл бұрын

The more i learn the game the rich play the angrier i get at myself that i didn't know this stuff earlier in life...it's actually so simple this game....how is everybody not rich?

@LYFEAccounting 2 жыл бұрын

They don't teach this stuff 🤦🏾‍♂️ Hence why we are so passionate about getting this information out.

@Zellymackintosh 2 жыл бұрын

@@LYFEAccounting they really dont! Im super grateful and thankful for your philanthropy!! 🙏🏽🙏🏽

@samallison8118 2 жыл бұрын

This is the most relevant and informative channel I've found. I get answers for every question and answers to ones I didn't know I had. GREAT content.

@ProjectR2R 2 жыл бұрын

I’m both a business owner and investor. You’ve really helped me understand my Tax Liability, especially coming up on Tax season after creating a successful business. 👌

@johnmitchell2061 2 жыл бұрын

Thank you so much for explaining so clear and thoroughly. Easier to understand than my CPA !

@LYFEAccounting 2 жыл бұрын

Glad it was helpful, John!

@latoyajones4221 2 жыл бұрын

I love this video, a must share!! Thank you!

@perfumetherapie Жыл бұрын

Thanks so much for this! 🙏🙏

@nocarbsnation 2 жыл бұрын

The most underrated channel on KZfaq! How is this channel not over a million subs yet? I love this channel!!

@Uniquness99 2 жыл бұрын

Thank you so much very informative. Building our community through knowledge 💪

@robertprater2859 Жыл бұрын

Thank you Mr! I have been missing out for too long!

@austinnowlin1573 2 жыл бұрын

i'm a land investor, just found your videos, great advice. This is my first year doing this and i'm absolutely terrified about doing my taxes next year. watching your videos has definitely helped put my mind at ease, thank you!

@Scooterp82 2 жыл бұрын

That piece of art at the end of the video was worth the whole watch

@starrcarterfinance 2 жыл бұрын

Glad I discovered this channel! 💎

@evelyn1480 Жыл бұрын

Thank you, for sharing. I really appreciate your time and knowledge.🙏

@2015trw Жыл бұрын

This was amazing!! The art blew me away!

@Foot123_- Жыл бұрын

I didn't know many things that he is teaching us, thank you

@ireholcomb3840 Жыл бұрын

I’m only mad I did not come across this information sooner- thx!,,

@perryd43 2 жыл бұрын

Powerful stuff. Thank you neighbor.

@ayurverita7733 2 жыл бұрын

*KEY TAKEAWAY: Delay (taxable) income 1) Become a business savant 2) Become an investor 3) Move somewhere w/ no income tax 4) Make charitable donations 5) Max retirement accts 6) Equity > pay 7) Make passive income acquiring hard assets 8) Write off passive losses 9) Take loans instead of cash 10) Acquire art

@isisun22 Жыл бұрын

Great work thank you 🙏🏾

@naikeelovince7774 3 жыл бұрын

Sean, you are amazing! Thank you.

@LYFEAccounting 3 жыл бұрын

You are too! Thanks for watching.

@tracydavis148 Жыл бұрын

Thanks for ALL The GAME

@larryspray6125 2 жыл бұрын

Great content keep up the good work

@frankwhipple4813 2 жыл бұрын

Great Info !!!

@yolandaochiengngare5663 Жыл бұрын

im really excited to find this channel thank you for this you are doing an amazing job and I am learning so much I am a small business owner and this is such a great tool for everyone to have access to may you grow and reach many more.

@allan.o.n2512 Жыл бұрын

It is a 💎 mine of knowledge here, hands down..

@uncle978 2 жыл бұрын

Subscribed. You are brilliant thank you.

@lacasita3697 Жыл бұрын

Thanks 🙏🏾

@annjones9809 2 жыл бұрын

This video was awesome. I wish I heard this years before I retired. I feel hopeless now. I didn't save much being a single parent with no help. Now retired, they want to tax 20% of what little I was able to save. 😢

@EE-zf1lw 2 жыл бұрын

New Subscriber. Excellent presentation. Thanks for the tips.

@thestandberrys2519 3 жыл бұрын

Can’t believe this advice is free, thank you!!

@LYFEAccounting 3 жыл бұрын

💯

@sabrinawatts2101 Жыл бұрын

Great video

@rashara81 2 жыл бұрын

Great content❤️

@angelmelendez2468 2 жыл бұрын

When it comes to donations remember you r still out whatever you give , your only “tax savings” would be your marginal tax rate AND that’s only if your donations get you over the standard deduction which was drastically increased in 2018 . For example if I give 5000 to a 5013c and I’m single well I would only save whatever my marginal tax rate is , let’s say it’s 15% well my tax savings would be 750 , but if I don’t have enough deductions on my schedule A that get me over 12550 threshold then my tax savings would be ZERO! Plus I’m still out 5000 or 4250 if I get over the SD threshold . Not trying to discourage anyone to not to give , I think it’s important but donating money never actually saves you money 💰. You give because you want to help . Just expanding on my mans example, I think he does a great job 👏

@FM-yk1yr 2 жыл бұрын

Thank you! 🙏🏾

@LYFEAccounting 2 жыл бұрын

No problem 😊

@TipsyArtist 2 жыл бұрын

Love Tip #10 - Acquire Art! The last major unregulated market in the world. Boom!

@cryptoqueen6751 2 жыл бұрын

Great Video!!!

@LYFEAccounting 2 жыл бұрын

This is lowkey one of the most important videos on our channel. Thank you!

@fadkins2618 3 жыл бұрын

Thank you for wealth of information 💎

@LYFEAccounting 3 жыл бұрын

You are so welcome, just curious, which part did you find most helpful?

@fadkins2618 3 жыл бұрын

@@LYFEAccounting you're welcome..so much I had to listen twice while walking my dog. The part of buying art and donating to your own non profit caught my attention. I most definitely have to educate myself on that plus having assests/property then getting loans therefore not counted as income and the interest possibly a deduction..

@LYFEAccounting 3 жыл бұрын

Yes yes, you are definitely going to be excellent at tax planning if you keep this up

@mulamesha1138 2 жыл бұрын

I am a new entrepreneur in the hair business. Applied for my LLC in May ! Opening once I'm ready ready

@LYFEAccounting 2 жыл бұрын

Congrats. We wish you much success and continue watching the channel for helpful tips.

@amynurss1375 3 жыл бұрын

I wish I had discovered your channel a long time ago.

@LYFEAccounting 3 жыл бұрын

We just started 8 months ago hah, but glad to have you aboard now!!

@amynurss1375 3 жыл бұрын

@@LYFEAccounting Well cool!

@11nica5 3 жыл бұрын

It’s never too late

@emmanuellondono1661 2 жыл бұрын

Sean, 8 videos in a row in. Loved tip #2, would services be applicable to profits. As in a recruiting business? Let’s say paying myself take home 25-50k, then reinvest 100-150k into my stock portfolio ? Would I be able to sell the portion of my stock portfolio same year as well?

@jjna8844 2 жыл бұрын

Thank you

@shayrich7783 2 жыл бұрын

Game changer!!!

@cryptoqueen6751 2 жыл бұрын

Amazing Video

@LYFEAccounting 2 жыл бұрын

Glad you enjoyed it

@massdisruption3437 2 жыл бұрын

New Subscriber after this.

@LYFEAccounting 2 жыл бұрын

Awesome! Thanks for subbing

@StephRenee812 2 жыл бұрын

I just started doing my own taxes last year. I realize I have so much to learn..

@LYFEAccounting 2 жыл бұрын

It gets easier, we’re hear to help!

@LYFEAccounting 2 жыл бұрын

What type of entity do you have?

@Scooterp82 2 жыл бұрын

I have 3 rental properties and am starting a bookkeeping business for a couple family members who also have a business.

@thesower6577 3 жыл бұрын

Wow!! Great content Sean! Right when I needed it. Can I also avoid paying tax by using foreign employees and contractors? It’s an online business

@LYFEAccounting 3 жыл бұрын

Thanks so much for watching and sharing your thoughts! Contractors can reduce your taxable income thus decreasing your tax liability, so yeah you're on the right track

@thesower6577 3 жыл бұрын

@@LYFEAccounting thank you 😊

@astral-mal2006 2 жыл бұрын

You said I was awesome, you get a like.

@jorgemercado7505 2 жыл бұрын

Yes I am a newbie business owner just out here winging the shit out of everything! #entrepreneurlivesmatter

@catherineheart3436 2 жыл бұрын

Lol #9 was funny

@strongjohn7078 3 жыл бұрын

Sean if I sold a item and 75% of that was a profit then reinvested that 75% for the business is that 75% taxable or no? Great video as usual. Thanks

@LYFEAccounting 3 жыл бұрын

Thanks! Pretty sure that 75% would not be taxable if reinvested in the same tax year

@meepmeep8622 2 жыл бұрын

If someone gets audited they have to provide receipts of that art piece purchase correct?

@brianrichards7006 2 жыл бұрын

Of course, if you moved to the Bahamas, you will still owe US Federal taxes if your income is derived from the US. Puerto Rico has it's own taxes. There are a couple of "acts" which can reduce or eliminate capital gains taxes, but it is not "tax free". I have income from a source in Puerto Rico, and I have to pay Puerto Rican taxes, and US Federal taxes. But having a business is good advice.

@keephiscommandmentsandlive9860 2 жыл бұрын

If I'm not a corporation can I check the exempt box my taxes withholdings from my job and pay no federal taxes?

@ashishrawal112 Жыл бұрын

I’m planning to develop chronic pain and massage therapy center in South Illinois,so please give me some information about how do I calculate my taxes!

@DitNg516 Ай бұрын

Good tax tips

@DanFoutsBeard14 2 жыл бұрын

Don’t I have a certain amount of deductions before I can claim some of these?

@huriniume4739 2 жыл бұрын

Mind games tbh.

@northernpatriot9078 Жыл бұрын

I audited the IRS tax office once they hit the panic button!!

@lilosama146 3 жыл бұрын

Okay so I have a very important question. If you have an account that is reserved for maintenance or repairs, but you don’t spend all of the money in the account, is it still taxable at the end of the year? Basically, if I took 50% of my revenue and put it into that reinvestment account, does that count as a deduction or is that money taxable? Love the channel by the way and I’d appreciate a response I’ve been needing this answered

@LYFEAccounting 3 жыл бұрын

Usually the money is taxable for pass through entities, the only time you may get away with something like that is if you have a C-Corporation

@lilosama146 3 жыл бұрын

@@LYFEAccounting so all revenue after expenses are taxed, regardless. Unless it is used to purchase equipment. Got it. Thanks

@holdenmitrtrionevlogs8361 2 жыл бұрын

Can I invest in an index fund instead of 401k?

@anthonywalker5038 2 жыл бұрын

How can one acquire your services?

@josheba9591 2 жыл бұрын

So can you write off a new property that you began mortgaging the same way with the section 179

@equitydirectiveunited 2 жыл бұрын

We are a company!!

@glendajohnson3580 2 жыл бұрын

What about you just starting a small business How do you go about it?

@11nica5 3 жыл бұрын

You can actually write off passive losses agains active (W2) income. Research Real Estate Professional Status (REPs)

@LYFEAccounting 3 жыл бұрын

This is true! But that’s the rare exception.. well that with a $25k deduction if you make under a certain income level

@11nica5 3 жыл бұрын

@@LYFEAccounting yes, it’s a viable option for those who qualify. Great content Sean

@ACCOMPLISHEDSHEIS 3 жыл бұрын

I’m an investor and do have a home based business, which I’m not making any sales at the moment. Now, the problem is, I rolled over my 401k into a Ira that they want me to pay taxes on. Is this possible? Anyone can answer this.

@chairladydavis123 2 жыл бұрын

Great video… can I use 401k to purchase an investment for purchasing a house

@nathancaveney8215 2 жыл бұрын

1031 exchange is huge! I'm going into the real estate industry and we talk about it all the time.

@LYFEAccounting 2 жыл бұрын

Its how the rich get richer!

@LYFEAccounting 2 жыл бұрын

How many properties do you have?

@nathancaveney8215 2 жыл бұрын

@@LYFEAccounting right now 0 I'm 21 but I have the knowledge I will need very soon

@16bitPRNTZ 2 жыл бұрын

I'm a new business owner 🙂 getting cleaned up so when these profits come in I'm successful

@cazimim3375 2 жыл бұрын

What is the best way to pay 0 taxes on fan duel sports betting for a large win

@jonnyboy4774 Жыл бұрын

So after I sell it to my charity how do I make money? If my charity sells it do they pay tax?

@chairladydavis123 2 жыл бұрын

How to receive consultation?

@youthfulvajayjay4498 Жыл бұрын

I have been in business for 2.5 years and I have not seen any benefits of being a business operator...... My tax preparer told me I don't qualify...

@glendajohnson3580 2 жыл бұрын

What about you don't a passive income you are just starting out in life?

@solutionmaciastrucking621 2 жыл бұрын

💯👍

@WeNeedASavior 2 жыл бұрын

FYI - Video starts at 2:25.

@naturallyeccentric05 2 жыл бұрын

✨222k subscribers✨

@t-town9790 3 жыл бұрын

I refererred someone to your office today. Is there a number to speak to someone live?🙂

@LYFEAccounting 3 жыл бұрын

Thank you so much! We are actually not accepting clients at the moment, but we will again later this summer :)

@t-town9790 3 жыл бұрын

@@LYFEAccounting Thanks for your timely response!!🙂

@LYFEAccounting 3 жыл бұрын

Of course :)

@thesower6577 3 жыл бұрын

@@LYFEAccounting I can’t wait! I’m getting on the waiting list right away lol

@jasonk305 Жыл бұрын

💪💪🇺🇸

@angelmelendez2468 2 жыл бұрын

Not paying income tax as an expat is not 100% true . You will qualify for the foreign income exclusion where if you r a bonafide resident of that country or meet the physical presence test you will get up to 108,000 ( that # is not 💯 accurate, but close)excluded from you agi . If you make anything over that it will be subject to federal income tax.

@korbaisblessed2562 Жыл бұрын

So I buy my kids art for 62k, at the end of the year I report that I bought that art and they give me back income taxes taken?

@danielluperon1336 3 жыл бұрын

I own a LLC

@LYFEAccounting 3 жыл бұрын

Thanks for sharing! What does your business do?

@lilosama146 3 жыл бұрын

@@LYFEAccounting are funds put in a maintenance account for an LLC taxable or non-taxable?

@nicolemanners8604 2 жыл бұрын

Real estate broker. What are the largest expence Items for Scorps in real estate industry ?

@phillipejanvier1710 2 жыл бұрын

Bump

@xavierx1583 2 жыл бұрын

Can we hire you guys !???

@LYFEAccounting 2 жыл бұрын

lyfetaxes.com

@MuhammadAmin-rv5kx 3 жыл бұрын

Great example of youtube lol

@LYFEAccounting 3 жыл бұрын

I appreciate you acknowledging my effort lol

@bornagain6665 2 жыл бұрын

All yall smart an black yall 💯💯💯

@LYFEAccounting 2 жыл бұрын

👊🏾👊🏾👊🏾

@perfumetherapie Жыл бұрын

🤯…🙏🙏🙏

@itstocaraya 2 жыл бұрын

Are NFT's considered art?

@LYFEAccounting 2 жыл бұрын

No it's not

@JonuhOfficial Жыл бұрын

Me who lives in Hawaii💀😩 #bigtaxes

@davidsherman6398 2 жыл бұрын

"4010K's" LOL anyone else catch that?

@marvelouss719 2 жыл бұрын

Let me ask you something...if everyone doesn't pay his fair share of taxes, how do we pay for road repairs you drive your expensive foreign cars on, pay teachers to educate your stupid kids, pay to defend the country from foreign invasions? The list is endless. Paying your fair share of taxes is moral and patriotic act.

@marman6224 2 жыл бұрын

If your a consumer you are tax exempt

@shroomsopenminds3623 3 жыл бұрын

You look like juwan Howard

@LYFEAccounting 3 жыл бұрын

I don't know who that is, but he must be pretty handsome lol

@shroomsopenminds3623 3 жыл бұрын

@@LYFEAccounting the fab five ?? Hahahaha good stuff

@LYFEAccounting 3 жыл бұрын

Oh, I just googled him and you are right ha ha Ha

@SoulVibr8tion 2 жыл бұрын

@@LYFEAccounting you definitely look better than Juwan Howard. But there is a little resemblance. Only a little.

@sashwini31 3 жыл бұрын

First

@LYFEAccounting 3 жыл бұрын

An incredibly feat indeed 😂

@KOKOFINANZAS 3 жыл бұрын

🤔💭 You did the last video I was expecting the Chocolate 🍫 Girl in this one where is She 🤔💭❓

@LYFEAccounting 3 жыл бұрын

Haha, I think you have me and Sherman confused. But Krystal has another video coming out this week! Currently being edited

@KOKOFINANZAS 3 жыл бұрын

@@LYFEAccounting 😂 Yes Krystal she’s all the way up 🏖 even her name is expensive 🤣😂💰💰Krystal Chandon the drink of High End investor 🤣😂💰🤦🏼‍♂️🤦🏻‍♀️

@LYFEAccounting 3 жыл бұрын

you are absolutely hilarious man, thanks for the kind words and wit. Krystal is going to love seeing this

@odyssey814 Жыл бұрын

simple,dont work or spend money

@chrisbrooks4885 Жыл бұрын

If you give the money away via donation then of coarse you won’t pay taxes on that money but you also don’t have the money??? So what’s the point.

@alejandrovazquez486 Жыл бұрын

Because they donate the money to their own foundation and it goes right back in their pocket

@FranciscoCarcamo-ux7jb 8 ай бұрын

🇱🇷🇱🇷🇱🇷🇱🇷