7 Ways To (LEGALLY) Avoid Taxes | Tax Loopholes Of The Rich

[@TheBetterMenProject]

Explore your creativity and get 2 free months of Skillshare Premium here: ​skl.sh/thebettermenproject6

[@MrRemix-rm8ny]

What do you use to make your videos so good

[@jms6605]

I have an LLC can that help me with taxes or is an S Corp the way to go.

[@leonoracalilung4159]

P,

[@torotoro2023]

qqa!a1å1

[@jmar385]

@@jms6605 S Corp.

[@nebulanesian369]

In actuality, these aren't loopholes. This is just the way the tax code is written. Easiest way to make more money is learning the tax code and using it to your advantage.

[@TheBetterMenProject]

That’s right

[@SYKDaRula]

Thanks for the advice 🤟🏾❤️

[@anthonysalas5019]

Which one for california?

[@idanofek168]

@Sally Hillal it doesn't. It creates monopolies by giving an advantage to big companies who can afford workers who can help them crack the 70,000 page code. I believe we should simplify our tax system and abolish the corporate tax.

[@timdillon4876]

Imagine how much money the govt could get if they fix taxloop holes for only the super rich, that along with better Management of the budget and we could easily afford universal healthcare or programs to offer cheap mortgages, small business loans, stimulus and debt elimination grants. Americans would have so much more money to spend back into the economy and this country could start turning around. But itll never happen, the rich the status quo and the powers that be will use their lobbying and connections to never allow that to happen.

[@osse1n]

- Expensive paintings - Charity organisations - Buying property

[@timmy101able]

How do expensive paintings save you taxes?

[@cia9288]

@@timmy101able because there is no such thing as tax on art. In other words all art is non-taxable.

[@bebdaumon3948]

@@timmy101able they don't really. What they're doing is deferring it. Meaning you can buy expensive paintings and hold on to it. Once you sell it you're taxed on that amount if you don't use that money to buy something similar meaning if you sell art you need to buy art within the same year you sold it.. So, you would sell it at a time where you're not making as much money or if the tax rates are lowered at a given time. This would save you money meaning you would pay less in tax. It's subject to capital gains tax. 1031 exchanges is what the IRS calls it. It's a like kind exchange. Meaning if you buy an apartment building and sold it and if the sale is in the same year. You can use that money to buy another apartment complex to avoid paying capital gains tax. If you don't buy that apartment within the same year of the sale you will be paying that capital gains tax. However, I think trump took this off the books and is no longer part of the tax code. I know he fussed about it but not sure if it went thru. I think he took it out for tax year 2020.

[@Lifestarterpack]

America is the land of opportunity. Everybody can become a taxpayer.

[@robhingston]

Yes and Americans have to pay taxes if their work overseas, No other country does that

[@Simon-je7ko]

😂😁🤣😅

[@massbda]

You need to check your facts. Bermuda is not and never been a tax havens. You have Google that information. Any government that has a Tax of Exchange agreement with Bermuda can request information tax information on any of their citizens working or living in Bermuda.

[@TIK1MONSTER]

@@robhingston South Africa has foreign income tax. 47%

[@kikin310]

@@TIK1MONSTER and that is why they will go down

[@julz_7773]

Fun fact: the USA is one of a few countries that has a citizen based tax system, meaning that say if a US citizen moved to another country for life, cutting all ties, bank accounts, assets/income and never returned they still have to file federal tax returns and pay some taxes annually. The only escape is to renounce citizenship, truly awful system

[@enilee3161]

This is NOT true ... i lived out of the country for 5 years, came back home, filed and got a refund

[@ddillard143]

@@enilee3161 that is because you paid taxes in the country you lived in. If you lived in a country that didn't tax you, the United States with a tax you just for being a citizen even though you didn't use their infrastructure

[@robertlamoa7757]

@@ddillard143 how if you're in a different country?

[@ddillard143]

@@robertlamoa7757 the United States has a citizen tax. No matter where you live in the country you have to pay taxes on your income. There is an exemption of $107,000 per year. That goes up every year due to inflation. Anything after that and you get taxed. But you get a credit if you pay taxes in another country

[@DOC8052]

The same goes for any citizen in the Netherlands.

[@mixedbagclips2511]

5 IRS agents disliked this video

[@oddixgames6704]

1:35 - Correction - they haven't found those loopholes, they've DESIGNED them.

[@TheBetterMenProject]

👆🏻

[@dinamiteurdinamiteur2324]

True

[@duncancoetzee5792]

Reporter: "Why don't you pay taxes"? Donald Trump: "Because I am not stupid". "Success leaves clues."

[@voicification]

Ehh. It’s not that simple. Tax theft and tax avoidance are two different things. First one is not OK and the second is OK. This video talks about the second!

[@Godloveszaza]

@@voicification first one is OK it depends on how you look at things such as how corrupt and garbage the us system is.

[@whoisjohngalt11]

He IS stupid, but he's smart enough to hire really good lawyers and accountants.

[@5zerobeats]

@@voicification isn't tax avoidance also illegal for US Citizens? For example if they use loop holes such as opening an offshore account?

[@errolm8313]

Simply owning a business or simply buying a home does not guarantee low taxes, one must PROVIDE jobs or PROVIDE housing to reduce taxes

[@TheBetterMenProject]

👆🏻

[@garrettmoise1003]

Great video as usual👊. The best part? Anyone can implement these strategies as long you have financial education to have a better for yourself and family.

[@Josh-sh6sq]

Thanks so much. I’m only a teen but I have a different perspective to business wealth now.

[@skyzifero8548]

Damn dude. A lot of work went into making this video. Excellent research and presentation!

[@TheBetterMenProject]

Thank you! I do my best to provide the best information 👍🏻 Appreciate the comment brother!

[@bekirhadzic4936]

I have the knowledge guys, Now I just need a multi million dollar corporation

[@TheBetterMenProject]

It’s time to build it!

[@alfs3]

beyond excellent video on how to avoid the greed that is government!

[@matthewk1878]

I’m actually blown away by how much good information was in this video, most videos like this are just fluff

[@nicholasharper3296]

This was a truly excellent video.

[@LuisGonzalez-qp1tp]

Yeah i bet it helped you a lot with your million dollar a year job

[@dayvonkillebrew9535]

This good for an American but not the super wealthy its one way to get tax breaks for decades like foreigners beening born from america

[@davollb]

Except for the “Bahamas” while showing the map of the British Isles. Yeah small fact but made me lose attention and trust

[@ChaceBonanno]

Many of these tax benefits for corporations are incentives for entrepreneurs. It's not necessarily the ideal plan for everyone to go and try to start their own business just for the sake of the tax benefits.

[@dongt8725]

Overall great video! I do want to point out that your Apple example (5) was a bit off. What happened was that Apple Bermuda owned the patents and intellectual properties (IP) of the company and licensed the IP to Apple Ireland. Also, you mentioned that you can do this with a shell company with no employees which is false, you actually need to prove you have substantial operations in the county to even try to use this method. Additionally, This happened years ago and is no longer possible because it is extremely harder to pull this off now due to the new regulations. I feel this should’ve been mentioned on the video since people may think this is still going on without knowing Apple got fined a whopping €13 billion from the EU relating to this tax scheme. You could’ve pulled this off in 2015 or before but not anymore.

[@michaelmurphy7177]

My granddaughter said after graduating high school next week she wants to go into business I was a enrtrepreneur and my wife is a retired CPA I think we can help her. Guess what if she will work she will be rich.

[@johnybravo5667]

I didn't get the role of the shell company in the Netherlands. What would they need it?

[@voicification]

What a clear crisp video and truly informative! Excellent work.

[@TheBetterMenProject]

Thank you! We have more coming soon!

[@blessedgumbo5043]

Amazing bro!!

[@angelwolf2360]

You: avoids taxes legally Government: "let's Willam B Cooper his ass."

[@Br4uli096]

A really good video. 👌🏼

[@TheBetterMenProject]

Thank you!

[@ethanh6097]

#1 reason why you should NOT turn your sole proprietorship or LLC into a corporation: You will end up with a double taxation, income is taxed at the corporate level and also one more at the personal level.

[@bryanf9472]

He also said thats why most corporate owners file their expenses as business expenses, not personal, to avoid the double taxation.

[@chrisjustus5446]

THANKS FOR THE SHOW

[@Milly5288]

Love this!!!

[@Intellistan]

Good stuff.

[@TheBetterMenProject]

Thank you 🙏🏻

[@MoneyRegard]

Fantastic video. It was to the point and simple to understand. People save millions if not billions in taxes through the listed methods.

[@lizetteramirez2108]

What books or classes can I take to learn this?

[@MrAstringf]

Awesome content. Got the wheels turning. Thank you! I wonder what the cost is to hire the team of CPAs to provide the means for accomplishing this level of sophistication. I guess it has to be cheaper than paying the tax, but I wonder how much do save from paying the professionals rather than the taxes.

[@Fan-zx1lz]

An excellent logical question.

[@KennyAce]

Learn how to do it yourself

[@hanochegyes6117]

Great video, I would be happy to watch a similar video that is useful for regular people who earn five figures

[@dcmsuccess]

I live in a condo and one of my neighbors has registered his condo as an LLC. How did he do that? What’s the benefit?

[@TheBetterMenProject]

Not sure how that would be done, I’ll take a look at that

[@dcmsuccess]

The Better Men Project thanks!

[@Takkization]

Limited Liability Corp basically acts as it's own entity in the event of a lawsuit. Hypothetically, if he rents his condo in the future, or has a guest over, and someone, either a tenant or guest, injures themselves, they might try to sue. If it's in an LLC, they can only sue for the assets/funds owned by the LLC. This means that if he has other assets, like investments or other realestate outside of his LLC, they cannot be taken from him.

[@dcmsuccess]

Dillon LaFond thanks for a great explanation!

[@the_shadow_healer]

Sounds like he is using the condo as either office space or an asset of the LLC. He probably bought the condo through his LLC. I use to work for a small real estate developer in DC and I had a chance to review a lot of his legal/tax documents. He put all his houses/rental properties in his LLC's name. His income to the gubment was under 60k. Remember according to the gubment a C-corp is considered a living entity in the tax code, I believe but I could be wrong. I think that's he avoids paying taxes by keeping his personal income low when I know for sure his businesses/properties generate over 7 figures a year.

[@blgdinger3]

How is a bank loan a stock option? Your concept at 8:10 doesn't make sense to me

[@Raymo93-LBZ]

Thank you for your informative video. Liked, subbed, and commented. 😁

[@TheBetterMenProject]

Awesome! Welcome to the family. We have many more videos coming 👌🏻

[@raviyadvendra7875]

Great video

[@aniljoseph5092]

Social security tax is capped at 138k wage limit, so that’s not accurate tax amount at 0:39 mark.

[@nikki.khristmas.british]

This is good information if you are rich and wealthy but what about the working class/poor and middle class Americans...How do we legally avoid taxes?...I guess our taxes pay for the 1% and the corporations taxes...

[@Allen-eq5uf]

I would do all of these things, and hopefully will someday.

[@christopheryoung2368]

Love the process.

[@TheBetterMenProject]

👆🏻👌🏻

[@felipeguimaraes1359]

Great video!!

[@stevenwpf1]

Omg you packed a lot of information in this short video! Nice

[@route2115]

Thank you for making this video.

[@karl11154]

This was fantastic!

[@mohammedabdulmumini648]

Hey i have watching your channel for a while and have been impressed and encourage you to keep it up. i was wondering if you could tell me which books to read to expand my knowledge. thank you

[@peterbrown5524]

Does this work in Canada?

[@zacharydance7822]

Thank you for the great information!

[@369jwillow]

Thanks man, good info as always

[@justthoughts8872]

Wow...this was jammed packed with golden nuggets everywhere. I'm just gonna have to call this a masterclass. There I said it.

[@yournewdigitalbusiness]

So does this US company have to own this offshore company to save taxes? If so, how do you do that?

[@akfin4763]

Don't the executives also get options to buy the stocks at a lower price to give them a reason to get the stock to go higher?

[@TheBetterMenProject]

Yes 👆🏻

[@MaxEgoThePrince]

Helpful.

[@ashxbash1001]

Wow, this is sooo much info😩😩. So, you can pay little to zero taxes only if you're a cooperation or self employed?

[@TheBetterMenProject]

Not at all! Make sure to check out our newest video. We go over how to anyone can reduce their taxes. Even as an employee

[@ashxbash1001]

@@TheBetterMenProject OK, will do. Thank you!

[@MrAmisto]

You can make a private corporation, make it a charity , spiritual society, or benevolent society. Also remember you can now write things off, like expenses, to balance any profits you make. So you can end up making no income on paper. You know what I mean? =)

[@diegod7936]

Can u please explain more? I’m young and starting to learn about this so the more detail the better!

[@emmanuelsurf]

Very good video!

[@ChipAlum]

A few things you missed in this video...for #1 you didn't account for Sec. 199A in the sole proprietor vs corp scenario. In #2 you didn't account for BEAT tax on that $80M or fully explain the tax impact when that $80M comes back to the US.

[@markmyjak7739]

I'm very thankful for the 199A. It gets added right on top of your standard deduction. I get it because I own REIT stocks.

[@cottondai]

Awesome video. Thank you so much.

[@arsala175]

Although I'm from other side of the world and we are quite different but still can u suggest some books where one can gain these type of knowledge.

[@christopheryoung2368]

Let debt work for you, is a good book.

[@arsala175]

@@christopheryoung2368 thanks

[@1tzy.b1tzy]

How does one become a corporation?

[@georgedavis6123]

Vending massage chair has a low startup, you don’t need to stock or fill in the machine to make profit. You just have to put it in a high traffic area like mall, hospitals and airports.

[@willnorman2659]

How much do you usually pay to rent the space ?

[@wolfecom7403]

You REALLY can learn anything on youtube

[@TheBetterMenProject]

KZbin is amazing!

[@SHEFWILLY]

Facts 📠

[@DreamFirms]

Informative video!

[@dougyshl]

This video is really good!

[@TheBetterMenProject]

Thank you 🙏🏻

[@dougyshl]

@@TheBetterMenProject DEFINITELY SUBBED!!

[@mariohostios]

Outstanding. Subbed

[@TheBetterMenProject]

Welcome to the family!

[@marcosbeni5875]

You don't even have to deal with these complicated schemes to save in taxes. If you are self-employed (Forms 1099), you can deduct nearly everything. For example, let's say you are an independent app developer, and you are in love with the latest flashy $1,000 smartphone that just came out. You can buy it for yourself, and then claim that those $1,000 were a business expense. You need a smartphone for your business to develop apps after all, do you not? Now, if you earn a wage (Form W-2), then you're pretty much screwed. There's not much you can do to save in taxes, outside of making contributions to retirement accounts, FSAs, and HSAs. I know this because I earn both kinds of income and do my own taxes every year, and the flexibility I have with one type of income vs the other is staggering.

[@PassiveIncomeTom]

*If you haven't found a way to lower your tax bill, you're doing something wrong.* 😉

[@jameyelprice5786]

If you're not giving the game, you're doing something wrong.

[@socalmedia3352]

Can someone tell me the source on where did he find the tax bracket for 46% with no business and 37% with business?

[@Jorn-sy6ho]

Even apple should pay their fair share in taxes! Hopefully we will see some acknowledgement of the damages they have done to society by avoiding paying taxes.

[@marcgardner9865]

Finding ways to pay less taxes to a government that is inefficient, doesn't care about cost or quality, and imposes obligations on its people without their consent, should be a top priority.

[@tarawally65]

You the man bro! Great video ! It’s funny how at the end I felt like I had powers from the knowledge given as soon as you said it

[@TheBetterMenProject]

That’s great man, keep in mind to always work with a good CPA to fully take advantage of the tax laws

[@1TalldrinkH2O]

This is an excellent video and explains alot. I will probably watch it several more times so I can absorb the learning because it is very different than the way I was raised. (-:

[@agapiosagapiou]

You present it like is a but thing. You don't legally avoid taxes but you pay your share differently. This is the correct way of thinking. Rich people are not paying lot not because they find a secret way but because they are already paid differently with donations and other contributions to the society.

[@tusharprasad2734]

Starts at 4:14

[@ernieallen9067]

Before he said on top of the amount i already owe, I felt soooo smart

[@TheCreatures94]

Hi, Great video, Can you make a video with someone that earns 50.000 $ a year? How can he avoid taxes? What he needs to do to pay less taxes?

[@graciegordon6552]

Hi! Obviously I’m not the better men project but I figured I could help you out. The tax laws vary based on your personal situation. Do you have kids? There’s a tax credit for that. Do you own a home/pay mortgage interest? You can deduct that. Do you think your income in retirement will be less than it is now? You can contribute to a traditional IRA which temporarily lower your tax liability. Alternatively, if you think you’ll be earning more in retirement than you do now, consider contributing to a roth IRA. This will save you on taxes in the future. If in doubt (and have some extra cash), why not do both? If you live in a state with state income taxes you can also deduct some of that from your federal tax liability. One more thing, you can save on taxes if you’re married - though that’s not a great reason to get hitched. These are just a few things to get started but researching the tax code is something that can save you quite a bit of money in the long run. If you have some extra money (or ever get to a point where you do) consider hiring a CPA. A good one can basically pay for themselves in the tax money they save you. Hope this helps.

[@TheCreatures94]

Gracie Gordon top man, thanks

[@lolwtnick4362]

put it all in savings and get back to work peon.

[@samho9318]

@@lolwtnick4362 Bank doesn't pay much in interest, plus you have to pay tax on it. Do your DD and invest in safe stocks will have a much better objective IMHO, take care and good luck.

[@giovannidicapo6213]

AWESOME VIDEO DUDE!!!!

[@TheBetterMenProject]

Thanks man !

[@myyoutubechannel2858]

8:18 I don't think it's correct. I don't think you can hand over the stock options permanently to the bank, and get tax-free money in return. The IRS isn't stupid. This will count as a sale of shares to the bank or some such thing. This video is interesting, and has good information, but has some mistakes too.

[@xeniawilson7167]

How do you know this stuff where can I learn this type of stuff to become more familiar

[@christianbanks7458]

Xia Amour KZbin! 🤫

[@hubconsult-invoicewithourr7330]

To optimise your CT, you might be interested in :

[@greengasto1283]

Nice

[@lemickey2835]

I’m definitely not gonna use this to not pay taxes

[@user-ec2kd8sz3t]

0:02 The precedent for Intel isn't a person. It was N M Electronics founded on July 18, 1968.

[@dreamleaf6784]

If you earn less then the standard deduction, you will pay very little taxes over all. That's what I did when I was working

[@petar5688]

Can we avoid capital gain taxes if we don't invest in real estate?

[@warlockman-ri2jr]

The only problem I see with this is the way that you're calculating taxes owed on $1000000 just because the highest tax bracket is 42% doesn't mean that you'll pay 42%. The effective tax rate is calculated much much differently to top it off we have a marginal tax system that gets incrementally more expensive the more money you make

[@willof4tune]

Bruh! I was all there and focused up til @8:02-@8:13

[@sean7258]

Wow, the Bahamas sure does look like Ireland and the UK

[@davesmith9082]

The most frustrating thing is knowing that income tax is collected based on the financial needs of the war. Yes income taxes started out as a war effort and it proved to be profitable so income tax stayed while the war passed Question is is it legal to collect income tax? I don't believe it's legal but it's difficult to fight the law makers.

[@cboy-ou2hr]

Thank u for this informative video

[@TheBetterMenProject]

Happy to help 👍🏻

[@henrylopez7721]

Great video. Opinion here, but if you left the video thinking these millionaires are evil rather than the government is evil, you missed the point of the data.

[@KurtHokage]

There should be no loopholes. The 468k tax on 1 million dollars is still some people's lifetime earnings....

[@realhardpolitics-com5124]

Actually it is more than 46%, remember everything you buy have taxes too. So figure that the 50% you need deduct an additional 7% approximately on everything you buy also.

[@TheBetterMenProject]

Very true 👆🏻

[@jwillis989]

"All of the assets" in GRATs do not pass tax free to the beneficiaries. Only the appreciation of assets above a certain rate of return passes tax free. The rate of return is distributed to the grantor. The IRS, in the last decade, has increased the minimum term of GRATs (making it more difficult to be sure an asset will significantly appreciate) and rate of return.

[@timflex3752]

So lets say the dislikes are IRS

[@23e445]

Wow mind blowing!!!!

[@TheBetterMenProject]

Crazy right?

[@MapAtlass]

If I would earn a million dollars in Iceland, I would pay 490,000 in taxes😒

[@TheBetterMenProject]

Wow, that’s a big piece of your earnings.

[@MapAtlass]

@@TheBetterMenProject Yeah tell me about it.

[@Daniel-mq3nf]

@@MapAtlass Move to the USA 😃

[@MapAtlass]

@@Daniel-mq3nf If only I could...😔

[@DanielPronych]

@@Daniel-mq3nf Maybe move the corporation to the USA and stay whereever? Might be an option if everything is done legally and properly? Am I missing something?

[@dterik]

As Jesus would say render to caesar what is ceasers and render to God what is God. If you belong to the Lord this wont be a worry for you. Your Father in heaven is rich He owns everything.

[@FahimMalikOfficial]

Can you do a UK version please 👀

[@johnhumphrey9953]

because, under federal law, most people are not required to pay federal income taxes.

[@San_Deep2501]

Jeff Bezos: *quietly takes notes*

[@bryanf9472]

He's the King of Tax Loopholes