MILLIONAIRE EXPLAINS: How to cut your taxes in HALF (loopholes that are 100% legal)

Рет қаралды 102,237

Күн бұрын

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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**THINGS MENTIONED IN THIS VIDEO! 👀**
💫 The Ultimate Free Guide To Investment Accounts: rosehan.com/ultimateguide?utm_...
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**BOOKS I RECOMMEND 📚**
I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)
amzn.to/2VbJ1Pt
The Little Book of Common Sense Investing (Jack Bogle's classic advice on index funds)
amzn.to/32ewzjj
InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)
amzn.to/2SLTYpn
Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)
amzn.to/2SKyklt
Rich Dad Poor Dad (#1 selling personal finance book of all time... need I say more?)
amzn.to/2SJ6vtx
Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)
amzn.to/37N2adc
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**MY FAVORITE MONEY TOOLS 🖤**
YNAB (I literally can't live without this budgeting app, so obsessed)
www.youneedabudget.com/?ref=Y...
Wise (like Venmo but for international currencies - I use this app a LOT for my life in Mexico)
wise.prf.hn/l/413jE0q
Ledger Nano S (crypto storage hardware wallet, because "Not Your Keys, Not Your Crypto"!):
amzn.to/3Ne37jy
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DISCLAIMERS & DISCLOSURES ❤
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.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Investing With Rose is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support!
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SAY HI ON SOCIAL! 👋🏼
Website: www.rosehan.com
Instagram: / itsrosehan
TikTok: / itsrosehan
Pinterest: / itsrosehan

Пікірлер: 227

@Erikkurilla01 6 ай бұрын

I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. fully retired with over $3.5million, my dividends is supplementing my retirement at the moment. started saving and investing in 2010 in growth, No regrets and financially free

@Lemariecooper 6 ай бұрын

You're really doing well for yourself, my retirement plans are going down the drain, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value

@Erikkurilla01 6 ай бұрын

Will recommend you speak with *Jenny Pamogas Canaya,* she will assist you

@jessicasquire 6 ай бұрын

thanks for sharing, hope to speak with her soon. I've known I've wanted to start investing for a few months but just haven't been brave enough to start due to the market so far this year. but its hard to bite the bullet and do it.

@patrickbrussels4454 6 ай бұрын

I recently had the pleasure of watching * Jenny Pamogas Canaya* on television, and I must say she is an exceptional speaker. However, I'm curious to know if you have experienced any financial gains while working with her?

@gebali Жыл бұрын

"FREEDOM can never be found in a paycheck." So true. People used to say "It's not what you EARN, but what you SAVE." But that doesn't ring true anymore, in a high inflation world. We should replace that saying with, "It's not what you earn, its what you INVEST in, that makes you wealthy. "

@itsrosehan Жыл бұрын

💯

@Sunwil Жыл бұрын

‼️

@Olubabdc Жыл бұрын

This video taught me a course I took at the university for 3 months in just 15 minutes! Classic !!!

@vcash1112 10 ай бұрын

You were scammed!

@siriuslot4708 Жыл бұрын

This is brilliant! What I love the most is your use of numbers to really PAINT the picture!

@CandaceSellsLA Жыл бұрын

Rose, these are great suggestions. This is the first video of yours that I’ve viewed and I def will watch more - yes, I subscribed ; - ) You shared important info that most accountants and tax preparers either do not know, or they do not share with their entrepreneurial clients. Bravo to you! Thank you and keep up the good work 🌟🌟🌟

@Papa1P3RCY Жыл бұрын

Rose! Finally another video. Thank you ☺️

@Riconald 11 ай бұрын

New Hampshire has no state income tax as well. Buying almost everything with no taxes in the state.

@rhondavlogs Жыл бұрын

So, so helpful per usual Rose. Thanks for sharing!

@tobaadesanya32 Жыл бұрын

Rose is backk!!! 🎉🤸🏾🤸🏾 I've missed you. Gonna catch up all your videos now!

@MrRikkiRocket Жыл бұрын

Great info. Please don’t give up on your lifestyle videos too - those are very interesting as well and your fans like to see what you are up to.

@strangergranger10 Жыл бұрын

I’m always looking forward on your timeless videos💯🔥✅

@lizardmilk Жыл бұрын

I’d pay $6000 a year not to live in Florida or Texas

@fauxmixedhair Жыл бұрын

Agree. It's a trade off. Property Tax is high in Texas and Homeowners insurance is high in Florida.

@IkaikaArnado Жыл бұрын

Dunno why anyone would live in those states.

@thunderstreet78 Жыл бұрын

Bingo!

@stodo1337 10 ай бұрын

That's the funny part, she literally doesn't live in texas and reaps the benefits. Just have a PO box and a couple of flights down to texas DMV will leave you with like an extra 3k in your pocket a year. That's enough capital to be proactive and continue getting yourself out of poverty

@chiselready9320 10 ай бұрын

I’m glad you don’t live here either

@marie2511 Жыл бұрын

Add Tennessee and South Carolina to the no state income tax list as well.

@GodsGunMetalBusiness Жыл бұрын

Glad I landed on this channel kudos for posting at this time. I just got out of work (NYC)

@billashby7858 Жыл бұрын

In Georgia when you reach 65 and no longer work, you don't pay state taxes, also you don't pay county property taxes!

@NQuiz52 Жыл бұрын

That's great! I live in Georgia now, but I didn't even know this. Thanks!

@jgray690 Жыл бұрын

I live in Georgia too, and it depends on what county you live in. Not every county as a senior tax exemption for property taxes.

@NQuiz52 Жыл бұрын

@@jgray690 I used to live in Dekalb county, but I left in 2018 to return last Jan. to Forsyth county. Somebody should have told me about Sundown towns from the 80s and the history of Lake Lanier. I gotta get the Fuq outta here. What county are you in?

@billashby7858 Жыл бұрын

@@jgray690 Thanks, I live in Gwinnett which does offer this tax break!

@billashby7858 Жыл бұрын

@@NQuiz52 Not all counties, check with your county tax office!

@MindfulMusicTune Жыл бұрын

Thanks Rose. Wish I learned these tricks years back.

@DaniOchannel Жыл бұрын

Thank you, Rose. Looking forward to your content pertaining to investment properties😊

@chrismendonca4522 Жыл бұрын

Thank you so much for explaining this stuff.

@Protocolx21 Жыл бұрын

No time but will watch as soon as I get home. Thanks rose

@itsrosehan Жыл бұрын

hope you enjoy!

@hankim233 Жыл бұрын

This video was soooo helpful. Thank you!!

@higherspirit1 Жыл бұрын

Wow, amazing suggestions and strategies! Thank you, I just subscribed!

@kimberlychin1996 Жыл бұрын

Thanks for this video!!

@alexandrathe120 Жыл бұрын

Definitely love these kinds of videos

@worldfoodonedish Жыл бұрын

Wow. That was a lot of very useful information in a short time. Than you Rose

@itsrosehan Жыл бұрын

You’re welcome!

@gebali Жыл бұрын

@@itsrosehan I love that you're a fast talker and pack a lot into these types of informational/educational vids. Too mamy KZfaq content creators waffle on and waste time. Sometimes just to stretch out their vid. Other times because they come from sloooow-tallllllkin' States. I like not having to play vids at 1.25x or 1.5x speed. 😉

@jj-bp3fr Жыл бұрын

@@gebali is she really a millionaire?

@joe62845 Жыл бұрын

This is great info thank you!

@vaderwashere365 Жыл бұрын

Thanks for the great video Rose! Once you have wealth, it is easy to see how criminal the tax system is. My effective tax rate when I got out of college was just under 20%. Married Filing Jointly last year, our effective tax rate was 20%, but we make 8x as much money as I did out of college. I know you don't focus on having kids in the equation, but another really good way to legally protect your wealth from taxes is setting up trusts and partnerships for your various assets.

@chijiokeonah4930 11 ай бұрын

I wish someone can explain this to me.

@vaderwashere365 11 ай бұрын

@@chijiokeonah4930 a tax lawyer plus your tax CPA usually figure out the best options for you after meeting with you a couple times. it only makes sense if you are planning on leaving above the Estate tax of $13M. If you have a couple investment properties in cities, or other wealth, and are not near retirement, then it may make sense. Something to do with your kids that can be an immediate tax savings is setting up custodial brokerage accounts for trading stock under their name. The parents basically control the account, but the kid pays the taxes on realized gains (you don't have to sell if you don't want the tax implications). You can give a gift to each kid up to $15K single or $30K couple, before a gift tax hits. Then when the kid hits 18, they have a bunch of wealth to start with and/or you can make an agreement where they start gifting funds back to you and they pay a lower capital gains rate than you would.

@greg5892 7 ай бұрын

She’s WAY overstating how much taxes are in this video.

@user-jx7bn1tj4c 9 ай бұрын

Great quick video to provide information on how to approach cutting one's taxes !!! We are looking into these presently and it is good to hear the guidelines so well presented can lead to substantial tax savings in retirement. :)

@martingreenberg870 Жыл бұрын

Real estate warning. Not only should you deduct the depreciation. You MUST write off the depreciation. Otherwise when you sell a rental property the IRS will assume you wrote the depreciation off and you will pay tax on the depreciation you didn’t use. The depreciation you write off lowers your cost basis. Thus when you sell you pay tax on the depreciation. This is called recapture. One way around this is a 1031 exchange. Basically you roll the profit of the rental property into a new property and start depreciating it anew. When you die (Ouch) your heirs receive the property at the stepped up basis. Your heirs don’t pay taxes on the profit you didn’t pay taxes on. The rich get richer. Mask On Nurse Marty (Ret)

@katdunleavey Жыл бұрын

Great info at warp speed!

@janv1310 Жыл бұрын

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!

@itsrosehan Жыл бұрын

Interesting idea!!! Will totally do an upcoming video about that, thanks for the suggestion!

@aaronpwong 10 ай бұрын

Rose, these are all great suggestions and ways to reduce your taxes. I've used several of these and have been able to gain financial freedom through them. While the concept of diversifying your income is a smart way to cut taxes, be cautious about generalizing the information too much. In 2023, in order to pay 35% taxes on $100k of income, you'd actually need to be making $331,250 (single) or $562,500 (married filing jointly). With tax brackets, the math is not so simple. With that being said, the concept you bring up does hold true, but it's very important to run the numbers properly for your individual situation to know how best to diversify your income to bring down the taxes. Great content!

@greg5892 7 ай бұрын

Yes, I was also like wtf about the tax brackets thing.

@jonqn07 Жыл бұрын

Lots of great ideas! Thanks!

@raysabor3413 Жыл бұрын

Thank You for this information, your Awesome

@verb0ze Жыл бұрын

Awesome info. I especially like the strategic conversion to Roth!

@lisaeshunwilson14 Жыл бұрын

Yay! Thank you so much for this amazing video!

@itsrosehan Жыл бұрын

Glad you liked it!

@IceCold_Carter Жыл бұрын

Great info, as a traveler myself I needed this. taxes are my kriptonite 😢

@DaVincyi Жыл бұрын

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?

@tonireed4308 Жыл бұрын

Outstanding content Rose!!! Thank you for sharing your knowledge, you are such a Sweetheart :)

@stephg6926 Жыл бұрын

Do you have any recommendations for how to find a CPA?

@sarazohar4923 Жыл бұрын

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

@wdeemarwdeemar8739 Жыл бұрын

Don’t what’s app that number it’s a scam. Rose doesn’t what’s app.

@grandmasterb7398 4 ай бұрын

Smart. When i was doing my crypto cap gains tax in 2018 I did the LIFO method Rose mentions at 4:49. Saved my life.

@raouledesir3595 Жыл бұрын

Good info

@jayala21 Жыл бұрын

Gracias for this 🤙🏽

@JohnSmith-ps7hf Жыл бұрын

You cannot use a virtual mailbox address as your physical address is because you may be required to show proof of address for various legal and government requirements, including your driver's license, taxes, insurance, and when opening a business bank account.

@FreeToBe_Me Жыл бұрын

There are ppl who use these location addresses for their CDL.

@bryansproles2879 Жыл бұрын

I've literally been thinking about doing this, and wasn't sure how legal it was 😅 I have some amount of an inheritance that I'm planning to sell (which is automatically considered long-term gains, as I learned from researching it), and I was planning to increase my contribution into my 457b by a pretty significant amount, which hopefully would put my AGI under the $41k limit to get a 0% capital gains tax rate, and not owe any money on the stock I sold...is this doable? 😁

@dillonle4034 Жыл бұрын

Can you do a video on option washsale?

@davidstotelmyre Жыл бұрын

Rose, you deserve a better microphone. Thank you for your educational content

@meyo_lin Жыл бұрын

Nice intro Rose. Will you staying at Mexico city much more after you buy your new hourse?

@DavidSmith-lp5tz Жыл бұрын

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?

@Emilyghe Жыл бұрын

Learned something! Being the first time investor

@billharris3090 Жыл бұрын

Thank you

@sachikojt Жыл бұрын

Getting a good accountant is key! I deduct their fee as a business expense ;) Thank you Rose for sharing all this information!

@smartanajones4u 10 ай бұрын

Wow! Never heard that one about taking out a mortgage on your rental property. I own two properties free and clear. Just before i sell, I never thought to take out a loan on them. Just genius!

@restfulplace3273 Жыл бұрын

Advertising your use of this loophole does seem wise. Good luck keeping it working.

@messysnacks Жыл бұрын

Hey Rose, I think a lapel mic would be good for your audio. Otherwise, I love your suggestions for such an inept investor like myself.

@pavelonthefire Жыл бұрын

Rose, you are an expiration. :)

@sukanyaiyer8776 Жыл бұрын

I wish you had released the video earlier so I would have known this when I was actually filing my taxes 😭

@ron9665 Жыл бұрын

2:40 Sell when you have low income.... Are you talking about AGI? As I am living off of proceeds from a rental house sale from a previous tax year, I am placing an amount equal to 53% of my gross into a pre-tax 457b this year. This looks to drive my AGI down into the negative area. With charitable giving and Standard Deductions, I am projecting an AGI of about -6,500 for T.Y. 2023. If the conversions look at the AGI then I can't think of a better year to do it. Assuming that I'm on track, are there limits or special timing to having a in-kind conversion done? I make less than $60k gross and don't think any of the limits that I've read about should affect me. Do I need to wait until I file my 2023 return before converting a portion to ROTH?

@fabiola925 Жыл бұрын

Can the depreciation and other real estate deductions be used on international investment property too?

@itsrosehan Жыл бұрын

Interesting question… not sure tbh!

@mikedennis6979 Жыл бұрын

Small Biz write-off's are key

@BlueDawnEnduro Жыл бұрын

Cost basis tracking and sell choices are not exclusive to crypto. I think its broker specific. Its been available as long as I've been investing (and I'm a boomer) for traditional stocks, bonds, mutual funds at both Fidelity and Vanguard. And Fidelity even has a "tax sensitive" tracking method so you don't have to worry about it.

@JBoy340a Жыл бұрын

Does getting mail in a state really allow you to claim domicile there? It would be nice since we have a home in one of the tax free states and pay for electricity, property taxes, lawn service, etc.

@like_traveling_up_a_river Жыл бұрын

Which virtual mailbox service do you use and have you been happy with the service? I'm going to go nomad for a while and need an address in my employer's state. Thanks!

@itsrosehan Жыл бұрын

I use Escapees RV Service but I believe they’re only in Texas!

@babyjebus Жыл бұрын

How much is Mexican tax percentage?

@LDD143 Жыл бұрын

Thank you Rose. I love every video of yours. Keep continue making them.

@theraddadinvestor1000 Жыл бұрын

TN has no income tax as well, right?

@ampersignia Жыл бұрын

I would've really appreciated this video 2 weeks ago especially the house depreciation info and selling my loser stocks that have gone down 90% in value, because I think I could've used it. Next year, please repost it early.

@dougpeterson9705 Жыл бұрын

Rose, what inspired you to live in Meixico?. . . what is the main attraction in Mexico City?.... I must say your videos are insightful and informative.

@mrsnulch Жыл бұрын

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

@itsrosehan Жыл бұрын

Wow!! That’s incredible… hope the US offers something like that soon too

@greg5892 7 ай бұрын

Considering that the housing situation is even worse up north than it is in the states, it’s sad that real estate investors might be able to exploit something meant for first time home buyers.

@mrsnulch 7 ай бұрын

I have not doubt the investors will. Although to be optimistic, it would be very difficult for investors to use an FHSA since they'd have to somehow find a way to prove that this will be their first primary residence. It might happen sometimes, but by and large I think the FHSA benefits normal home buyers more than investors.@@greg5892

@bradleymaravalli2851 Жыл бұрын

New Hampshire also has no state income tax.

@asinglewomanontheloose5590 Жыл бұрын

I am self-employed and opened a SEP account. You didn't mention that or perhaps it goes by another name.

@jasonreviews Жыл бұрын

At this rate starting a farm is more valuable. LOLs. You can't tax my vegetables haha!

@donnabursey1457 Жыл бұрын

New Hampshire is also a no income tax or sales tax state.

@michaellatta Жыл бұрын

Depreciation is limited to revenue earned, so not helpful in the case where real estate investment is based on appreciation.

@Inzane81 Жыл бұрын

Also no income tax in Tennessee!

@alexdoe6338 Жыл бұрын

Great video! Thanks. BTW, your IG seems to be down/broken link

@itsrosehan Жыл бұрын

My handle is @itsrosehan?? Sorry maybe my link in description was pasted wrong

@alexdoe6338 Жыл бұрын

@@itsrosehan Orale muchacha. I don't even have IG, but had to point it out. Your handle in the reply works! Thanks again for the video. A few weeks too late for '23 but def good for '24

@jeffkia808 Жыл бұрын

if I sell a stock at a loss in your example I can't claim the full $5000 at a loss, I can only claim $3000 for let's say 2023? Isn't $3000 the cap?

@dillonle4034 Жыл бұрын

I don’t have any retire account. Which one would you recommended?

@caliland29 Жыл бұрын

Roth IRA as long as you receive a paycheck. All your earnings are tax free. And you can withdraw your contributions (e.g. sell your stocks to equal your contributions) in an emergency. You also have control on what type of securities you want. I personally love high yield dividend investing.

@leslievalenciano-lopez8887 Жыл бұрын

@@caliland29 can you share what you’re investing in. I have no clue how to choose one. My retirement through my employer is chosen by the year I retire.

@j4yd34d5 Жыл бұрын

The most effective loophole is to dodge the IRS and flee to Mexico like Rose 😁

@Nonduality Жыл бұрын

American citizens must file taxes with the IRS regardless of where they live. That's why many give up their U.S. citizenship.

@annicks7385 Жыл бұрын

@@Nonduality and pay taxes in both places most times.

@kylejohnson-vx8eq Жыл бұрын

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 KZfaq, 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 KZfaq 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!

@EuriOh Жыл бұрын

I know you didn’t ask me but I was drawn to give my opinion. If I were you I would drop out of school and continue with what your interested in and pursue gaining capitol from those skills. You sound like a very capable person with lots of potential and drive. Focus on stacking that cash while investing, the sooner you start, the better.

@EuriOh Жыл бұрын

Give yourself the time you need to gain enough momentum. Since you are living with your parents (I’m in the same boat as you at age 27), you’ll be able to invest a lot more since you’re hopefully saving on rent. You’ll get there. Keep up the grind. You got this. Good luck.

@stephanieharries7746 Жыл бұрын

Well it's someone who's actually in the service I think you have some good thought patterns there and what to do you know boot camp is going to be rough but you know you'll have more flexibility as an enlisted person in the military and you'll get to kind of Do Your Own Thing more but personally I think the officers it's it's one thing to be an officer I wasn't an officer but it seems to me like there's a lot more stringent requirements for an officer than there is for enlisted plus she's not probably unless she was in the military not going to be able to answer that military side of the house questions but I don't regret joining and I did go in when I was 34 which is like the last one of the last parts of the time you can join and I'm grateful I went in at that time so I don't know your age but just you know I like your thought patterns I think you probably are officer of high-ranking Officer material and I wish you the best

@stanleycary1916 Жыл бұрын

Tennessee has no income tax

@jelisann4484 Жыл бұрын

We don't have o oay income tax in Texas?? Wow I live in Texas and I didn't even know this..thanks for the info

@MonkKFBR Жыл бұрын

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.

@jayare6804 Жыл бұрын

I hear ya, but $6000 is worth living in and supporting a state that doesn't treat me like a second-class citizen.

@sethdunn96 Жыл бұрын

How are you treated like a 2nd class citizen in a no state income tax state???

@TooMuchGainz Жыл бұрын

Enjoy paying that $6000 then bud

@alyssonhartmann8061 Жыл бұрын

Funny, that’s why I moved to Texas from Commiefornia!😂

@jayare6804 Жыл бұрын

@@alyssonhartmann8061 Enjoy!

@jayare6804 Жыл бұрын

@@TooMuchGainz I do. I enjoy paved roads, emergency services, public schools, etc. 🙄

@user-ku5vm5jb1h 10 ай бұрын

But what about those of us on w2? No business. We can’t write off stuff. So only option is put more in 401k?

@hermes6587 Жыл бұрын

You did not mention New Hampshire which has no income and also no sales taxes

@jeannettedrown7687 Жыл бұрын

I learned a ton from this video. Are you still trading options for extra cash flow?

@itsrosehan Жыл бұрын

I am! Always at least a few covered calls and cash secured puts on at all times

@jeannettedrown7687 Жыл бұрын

@@itsrosehan May I ask - what do you sell covered calls and cash secured puts on?

@shamitbrahma767 Жыл бұрын

Does it include the property you live in? Can you take depreciation on this?

@vjc4502 Жыл бұрын

Applies to rental property, not primary or 2nd residence

@shamitbrahma767 Жыл бұрын

@@vjc4502 Thanks! Another question - can I deduct business losses from previous year in my taxes this year?

@vjc4502 Жыл бұрын

@@shamitbrahma767 If you have a carry forward you may be able to.

@scottwebster5203 Жыл бұрын

You forgot Tennesse and New Hampshire, NO State Income tax.

@scalelabs Жыл бұрын

Nice Video! It would be helpful if you can use a mic, even a $30 mic would increase your video quality tremendously.

@HughJass-jv2lt Жыл бұрын

🤣

@garyl4007 Жыл бұрын

Ummm.....TN has no state income tax as well, also no taxes on dividend income, and super low property tax

@EndlessTravels Жыл бұрын

Such a wild subject I see all the time in social media the rich need to pay their fair share blah blah But when we get to this point we do what we can to pay as less as we can Its a funny cycle to see But 100% small business write offs are a big one, my travel channel i write off what ever i possibly can. It's insane i haven't been in America for almost 10 years long term yet i am FORCED to pay high number of taxes

@netnomad47 Жыл бұрын

U.S.A is the only country in the world that forces its citizens to pay taxes even though they don't live in the U.S or even make U.S money. That's why you should look into getting citizenship from a different country

@thomassanfrancisco5850 Жыл бұрын

I lived in Las Vegas but left my heart in San Francisco. Poor but happy.

@zzanatos2001 Жыл бұрын

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.

@lifejuggler3437 Жыл бұрын

From what you are describing, you might have reported your passive income as a self-employed income which generated self-employment tax of 15.3% in addition to your income tax. I’d review line 23 of your form 1040.

@sct4040 Жыл бұрын

My income tax rate is 12%, that translates to $1190 in state tax. This mean it’s not worth relocating and selling my low cost home/apartment. State tax is no big deal.