7 Tax Strategies the Wealthy Use to Keep More Income!

Ever wondered how the wealthy manage to keep more of their income? Dive into this video as we unravel 7 powerful tax strategies that can significantly reduce your tax burden and pay less taxes.
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Whether it's leveraging tax-advantaged retirement accounts, optimizing charitable donations, or timing income and deductions, these strategies are designed to work in your favor. However, with the ever-evolving tax landscape, it's crucial to consult with professionals. Ensuring you're compliant while maximizing benefits is key.
🔑 Key Insight: "Your approach to savings can make or break your tax strategy." - 11:23
Explore the potential of real estate investments, the benefits of writing off vehicles, and more. We'll guide you on harnessing deductions and credits tailored to your financial scenario.
Prepare to revolutionize your tax strategy and enjoy significant savings year after year.
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Video Breakdown:
0:00 Intro
2:07 Cost Segregation & Bonus Depreciation
6:08 Employing Kids for Tax Benefits
11:20 Leveraging Life Insurance
15:46 Stock Market Strategies
17:19 Maximizing Personal Residence Deductions
18:53 Incorporation Benefits
21:49 Outro
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FREE TAX & ASSET PROTECTION WORKSHOP
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FINANCIAL PLANNING & RESOURCES
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For financial strategies, podcasts, articles, and details on upcoming workshops, visit aba.link/clintaba
Here’s a little about me and my book Asset Protection for Real Estate Investors
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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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.
#clintcoons #taxstrategies #taxsaving

[@Glow0110]

Can you make a video showing the Subject To process? I understand it, but I don't know exactly what to do once I have found the seller. What paperwork needs to be done and what does that process look like? Thanks as always Clint!

[@ClintCoons]

Have you watched these videos: kzbin.info/www/bejne/epzKqGmwn7eNitk kzbin.info/www/bejne/Zpm2doWdj9SngK8

[@mcbiolife9446]

Hi Clint, your videos are great! If we have a structure similar to those you often recommend (i.e., in-state LLC's for each rental property and Property Management LLC, all owned by a Wyoming LLC Holding Company), can each LLC form agreements with each other to yield even more tax savings? For example, can the Holding Company own a vehicle and/or all of the tools necessary to maintain the properties and then lease them out to the in-state Property Management LLC to save on taxes (e.g., if the Holding Company is taxed at a lower rate than the PM LLC)? Is anything like this possible? Or any other types of agreements between the LLC's that could lead to tax savings? Maybe potential video if there are several things that can be done??

[@nicglau8803]

For classifying the boat as a personal residence, does that impact what you can do with the home that you live in (aka the 250-500k tax exemption on your primary home) and can you rent out your boat and your house (and count each as a primary residence)?

[@ClintCoons]

You can only have one primary residence and yes you can periodically rent it out but you must reside in the property.

[@jamesrobertsrealestateinve2675]

Clint, great content! What company to you recommend for cost seg? Thank you

[@ClintCoons]

Cost seg authority

[@slushere]

Do the life insurance policy loan rates comparable to mortgage rates, or are they lower?

[@ClintCoons]

Typically lower

[@junior6303]

Can you explain how the C-Corp works when your 401k has 90% ownership, while the individual owns 10%. I thought that an individual and his 401k can't own a company? Isn't that a prohibited transaction?

[@ClintCoons]

It is not prohibited if you set it up as I described. It is referred to as a ROBS transaction.

[@elmasduro77]

When hiring children and paying them $13050, do the llc needs to issue a 1099? If yes, then they will need to file a 1040 income rax. Please explain

[@michaelmazzucco]

Don't you give up 20% QBI deduction by cost seg/bonus? I'd imagine the strategy makes sense if your planning to buy and hold and plan to pass property down as inheritance.

[@ClintCoons]

Yes it does reduce your QBI

[@alohahawai]

Great video. Can you hire your children in an llc I have with my husband(multimember llc)? Thankyou

[@ClintCoons]

Yes and no. It depends on the tax status of the LLC.

[@nicglau8803]

For strategy #1, I thought you could only depreciate real estate income off of w-2 income only if your spouse qualifies as a real estate professional.

[@ClintCoons]

Yes or you use the short term rental loophole.

[@nicglau8803]

@@ClintCoons : Thank you for answering both of my questions.

[@idwdt]

Can you elaborate what is short term rental loophole @ClintCoons@@nicglau8803

[@user-xs6ng1gh2z]

Love this kind of content BUT...the initial RE example is rather deceiving. Yes, there are amazing tax deductions available to RE investors, but the example you gave isn't possible unless you qualify as REPS -OR- leverage the STR "Loophole", neither of which are mentioned. As described, it sounds like RE depreciation (bonus or otherwise) will offset earned income (W2) which is NOT allowable (and if it *is* I'd love to understand how).

[@ClintCoons]

That is correct

[@lautburns4829]

You guys are awesome! You are the Lawyer’s I’ll use for my LLC and Land trust. I have your number.