7 Tax Loopholes Only Rich People Understand

[@MinorityMindset]

Join Market Briefs for FREE and get my daily financial newsletter: briefs.co/market/jaspreet WARNING: LOOKOUT FOR SCAMS IN THE COMMENTS! There are many fake accounts impersonating me, and there are many bots promoting fake/scam investments. I will NEVER ask you to contact me through KZbin comments, telegram, or WhatsApp. I have a checkmark next to my name and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture!

[@BobbyMucka]

I had a client utilize Section 179 and bonus depreciation to write off their Tesla Model X they use 100% for business. We then did a Roth Conversion to cover the difference in the refund. So that 130k we converted will never be taxed again. Especially since taxes are expected to rise drastically in the future.

[@Wayne3nterprises]

Only if the election gets stolen again...

[@elliottharris9015]

Amazing! Can you share more about that, like that $130k they would have owed?

[@LindaDale-z8h]

I love how you make complex topics approachable!

[@norberttodd9343]

This is how my day starts after prayer 🙏🏿 thank you and the team

[@BlockchainFx]

With inflation eating away at savings and the market being so volatile, it's tough to decide where to put your money.

[@andrey-thompson]

It's definitely tricky. You don't want to just let it sit in a savings account, losing value over time. But on the other hand, investing it all at once feels risky given the current economic climate.

[@DavidsonDonald-t2w]

Imagine putting $10k and by the end of the week you make $50k. I'm definitely with you on this.

[@Christopher-nx8hb]

If you guys are going to enter the world of investing, learning the basics of investing matters. Get yourself a financial advisor who would guide you through all these.

[@DavidsonDonald-t2w]

Spread your money across different types of investments to reduce the risks. A good financial advisor would save the stress.

[@BarbaraChavez-q2t]

Who do you think is best for a beginner?

[@ameet2975]

Nice video. But what if you don't have any business and also will not be able to do any business, only employment income?

[@Iamaamazing]

I watched a video on Lewis Howes Fb channel… finally lab leya Tuhanu… just Thank you karna c… Bahut e proud moment c k apna sardar Munda eniyan sohniyan Galla kar reha c🙏🙏🙏 I know there are a lot more but you literally made my morning😍

[@verru1998]

Bahut Ghant aaa Jaspreet pa Ji…

[@Mr.JaysonDasco]

loved this content :) thank you very much for all the effort and giving us knowledge, listening to you everyday bro. keep up the good work Godbless

[@prophetseven728]

Does the same work on Yacht? If used for Work.

[@prophetseven728]

What do you mean by the "Piece of the Meals" ?

[@bernieayala]

I like this video a lot!

[@JohnHernandezNY]

Good information brother

[@Shagbagtv]

You are very intelligent, how long have you been studying/ working as accountant??

[@social3ngin33rin]

Lololol I love that last loan thing!!! Absolutely hilarious!!!!!

[@riddhimandas4020]

Taxes always go like a bouncer over my head. It is hard to understand when you are not accustomed to such type of financial subjects.

[@Lovcavs]

Do you have a good cpa you recommend for someone who doesn't have a business that make 250k yet

[@MichaelBarton-p9w]

Use wyoming

[@gregbailer8701]

Real Estate has many tax advantages over the stock market. However...Tenants are the pin that bursts the bubble of success!

[@paulbrungardt9823]

80 % of my net worth is in rental income properties. The key to success is to buy solid middle class neighborhood, have a good manager & don't under-capitalize your properties. Do WELL, Then Do Good !

[@LouiseAaron-d1q]

Outstanding information,with world crisis,rising inflation and economic instability due to poor governance, consider digital assets as a means to attain financial freedom.

[@BakerCatnyLynn]

Building wealth indeed requires good habits, like investing in solid opportunities such as digital currencies. Having a reliable investment manager and broker is crucial for making informed decisions and managing risks effectively.It's wise to seek out certified professionals who can provide efficient management.With diligence, descipline and the right guidance, success in wealth-building becomes more achievable.

[@carsthoughts8944]

Gwagon example is bad!!! You will spend 100k plus loss in value plus loss in interest from loan . To save 20k. In taxes !!! Pay the 20k and keep the 80 k in the bank !!!!

[@davemillsap647]

If the IRS audits an I fluencer, they 100% absolutely will NOT recognize the relativity of public image as a necessary & normal business expense. Case law is clear.

[@stevenporter863]

Get the whole thing but the government is hitting the brakes and gas at the same time. Saying there is a serious housing shortage then turning around and making homes more expensive indirectly by giving huge tax breaks and loopholes to commercial landlords.

[@shavyb.7232]

Please make a tax related video for stock market investors as well. This is great for real estate investors. TIA

[@prophetseven728]

I ll Vote for that! Finding a Stock Accountant is not easy either. And how do you protect your Stocks would be nice too.

[@Zt3v3]

At point can you justify the expenses of using an accountant and creating an LLC? What number in property equity and/or income would you suggest making that transition from sole proprietorship? Maybe net worth is a better bar to use?

[@helenaperpetuo655]

❤ Thank you

[@austinhowe8278]

It’s irresponsible to talk all about depreciation and say nothing about when you sell the asset depreciation recapture. If you ever sell all of the money that you have depreciated and written off of your taxable income, goes back onto your taxable amount for whatever year you sold in then you pay all of your taxes. It’s not free money you’re just putting it off.

[@itzhassanplayz909]

explain

[@zakerhussain5522]

In short, what you are saying is the tax code is designed to benefit the well-connected and wealthy

[@chrisservais4230]

Exactly. They benefit people that don't identify as victims and never take a chance. Nailed it!

[@fawzi6477]

Great video! Would you be able to recommend your Accountant? If someone would like some advice.

[@nman2563]

If only we spent as much energy closing these welfare for the rich loopholes as we did trying to deny welfare to the poor.

[@Venus_19786]

Does this tax saving strategy applicable for a Canadian investor in America for example in Michigan?

[@lilpoindexter]

how are you not in jail?

[@IL_Bgentyl]

We need to help the little guys. Tax exemption for primary vehicles, homes and so on. Flat tax on everything else. It’s not about making the rich pay more because they do regardless. It’s about everyone feeling like they are reasonably being taxed. A progressive tax is a joke and only punishes people for wanting more/bigger which eliminates jobs.

[@BI-11y_TheStormTrooper]

No they don't. They have too many loop holes so they don't have to.

[@GearsnCoffee]

Commenting now so the IRS knows my next bike is used for business purposes 😅

[@JurassicJerkyAmazon]

🇺🇸MEN - HAD ENOUGH ?!? 🛩️ Exit The 🇺🇸 🏍 🏌🏽‍♂️🏎 🚁🛥🍾 💃🏾💃🏾🕺🏽

[@BRBallin1]

Rich people don’t “avoid taxes”. They use the generous tax write off system provided for businesses to enable them to grow and provide value and jobs to people while limiting personal income

[@shekumorristarawallie6223]

Below!!! 😂

[@DominionAnako-bb7ry]

Rich people often have access to more resources, which can provide them with opportunities for better education, healthcare, and lifestyle choices. However, wealth doesn't automatically equate to happiness or fulfillment.

[@TheAmityShip]

Why are you here?

[@watching4410]

1st.

[@Skooozle]

I love your content but I'm not a business guy. I did help my daughter run a lemonade stand once. Would it be reasonable for J. S. LLC to accept a terrible high interest, interest only loan from you?

[@XennialGuy]

How are all those G-Wagon Bros doing today? I have a feeling the're now over $100K underwater to get that 30K.

[@onionpeeler2023]

We need to eliminate ALL loopholes, and implement a flat tax system, enough of the scam...

[@zackedwards4336]

Or you could just use the tax laws as intended. You are not very educated.

[@Skooozle]

Look at the current net worth of your elected representatives compared to their net worth before they took office and ask yourself if you honestly think that will happen in your lifetime or the lifetime of your kids or the lifetime of humanity. We are livestock to them. Sure there may be a few prize pigs and show horses that live the good life but the vast majority of us are intended to toil away the best half of our lives to produce resources for them.

[@onionpeeler2023]

@@zackedwards4336 education became the cover up to all the scammy techniques to get around the system and prosper from the loopholes, and when tax codes change every year, as well as many other laws, the average Joe's are in a huge disadvantage, btw, I would say that you are the uneducated one as you are making assumptions about me.

[@pingislife2653]

I agree. A flat tax would make it simpler for everyone. However, I bet the IRS, Turbo Tax, H&R, etc. would lobby hard to make sure that doesn't happen.

[@onionpeeler2023]

@@pingislife2653 they would, no doubt about it.

[@GerardoHernandezF87M2]

Because they created it 😂