Tax Reduction Strategies For High Income Individuals in 2021

[@christinem7156]

It's rare that I find a new channel that I love so much that I have to watch EVERY vIdeo....but today is my lucky day!

[@funnygasim1281]

Honestly this video is probably the first one I came across that explained things instead of just saying random vague info, thank you!

[@F_A_Maroon]

Bro. your videos get me so excited. I'm studying trust structures/strategies and this video puts things together for me. Good to see quality information on KZbin. Good job, Sir. Please keep it up.

[@silasgyimah301]

You are the man. I’m have been asking these questions and haven’t gotten any good response until today. I get the same blaa blaa you highlighted. You are a life saver. Great job

[@holylabs]

This dude is so awesome! Finally an channel i don’t have to speed up. He is already at 1.5. Gets straight to the point as well. Awesome find for me!

[@wardwalker30]

Opened my eyes to ways to combat taxes as I drop out of qualified widower status. Single tax rate really sucks.

[@tiffanywhite4076]

This right here Karlton?!!!! ALL LIFE CHANGING nuggets! Thank you!!!

[@nysteelhorse]

My wife and I have built small but not insignificant investment and real estate portfolios. She is still a W2 earner. This video has been the most informative I've seen yet. I'm working with another content provider's organization and even they have not given me the true understanding of these strategies you've provided. This video alone has solidified my strategy for how to proceed with my estate planning! I'm about to watch it again! Thank you, this was outstanding!

[@sarynhatcher3183]

This was your best video you have made! Impressive teaching. Thats it! I am becoming an EA.

[@zeenr6292]

man youre videos are very helpful and eye opening, iv been looking for someone like you for a while and almost lost hope so thank you

[@anonymous6594]

Would you do a separate video on tax reduction strategies using trusts and foundations?

[@mel20993]

Wow! Such great information. I need to research CRTs...very interested!!!

[@sheenabautista5112]

Hey thank you for this knowledge you share. This year we had to pay and just went on with and bow I'm looking for ways to avoid paying taxes.

[@Steve-holm]

This is literally what I’ve been stressing over, thank you so much

[@chrisg7227]

You’re on another level, love your videos

[@Jahguaar]

I am committed to self-development & thriving.

[@MelodicMoments411]

Nice information… could you make a video regarding applying this strategy to high 1040 income earners vs high w2 earners?

[@ankaimen]

MIND BLOWN. ty for these tips

[@ramirocastano7444]

Wow, I own some SF rentals and I did not know about the difference in having short term rentals in terms of losses. Great information, I need to look more into this.

[@christiethompson3347]

He dropping gems! Great video. Thanks for sharing.

[@icecold5746]

So many awesome tax strategies discussed in this video. As always, Karlton is full of knowledge. I like the philanthropic option. If you pay believe in paying tithes to a church, this can be your charitable donation. 😇 Thanks for this golden nugget Karlton!

[@alisonw6449]

You explain things so clearly. Excellent and thank you.

[@locomidget35]

You my friend a very sharp! This is an awesome video!

[@naikeelovince7774]

Karlton, I am speechless! You are awesome!

[@tinawalker5335]

It’s insane how much I learn watching these. I definitely owe you money KD but I can’t book a consultation through your link 😢

[@vishadpatel]

So much information in such a short video. Thank you!!!

[@raymondfefee5921]

Karlton, thanks for the very inciteful information! It feels great to have the financial problems I'm dealing with now versus when I was becoming a man! I do have a question, where would you recommend setting up the PFF since I'm more a c charitable person? I will definitely schedule an appointment to discuss our personal situation with you in detail! Thanks for all you do and keep up the great work!!! First of All, Servants of All, We Shall Transcend All!!!

[@jamesbumpas6411]

Thanks for sharing these strategies typically reserved for millionaires. Our time is now!

[@guidosasson1141]

I strongly recommend you to see what the guys at Valur are building regarding charitable remainder trusts :)

[@Gio23Deloney]

The PFF is the best route to go.

[@mamadelta5608]

Best explained!!! Thanks!

[@gerardmorris6191]

Very thorough presentation! Thank you!

[@miclarry]

Liked. Commented. Subscribed!

[@Ardley101]

Makes sense to me. Thanks! Not there yet but good to know.

[@danshd.9316]

Awesome thanks i love it very honest and thorough!

[@cindyhardi]

this is pure gold, thank you for sharing!!

[@pf4773]

Hi, Karlton: You have great energy and are charismatic. My concern is that I don't see any educational background or financially-related licenses listed in your "ABOUT" section, such as CFP, CPA, or a license as an attorney or security 7. Would you mind posting this,? or simply explain that you are self-educated.

[@pearlivory3483]

Let’s not forget there’s a phase out for the traditional IRA if you want a deduction

[@seaguls9974]

Amazing KD! Highly useful.

[@TheJebell01]

Great info Karlton!! Thank you!!

[@lilant9995]

I ain’t going to lie karlton this is like good to me in 2022🥇

[@3WadeNumber1Fan]

The analysis on the CRT is off a bit. The deduction is limited to the contribution less the PV of the annuity.

[@Khaled-wl9fk]

Traditional IRA doesn’t Lowe your tax bill if you make 500k. You meant IRA then convert to Roth IRA to protect the growth from taxation.

[@Rahzay]

This was exactly what I was looking for. Recently hit a significant 6 figure mark with a recent promotion and Jesus… losing so much money. PFF is golden .

[@kenesa]

Do you have or can you make a video for someone who is retired (medically from the military), and they win the lottery/ sweepstakes?

[@MrJoeCaffeine]

I appreciate YOU sooooooooooo much, Karlton!!!!!!

[@appliancerepairbymel2734]

Appreciate you, Karlton!

[@Freedomridingcompany]

Great video. I'm not certain that I understand the "Real Estate Professional" concept. I have two Commercial Strip Centers and no "Short Term" Tenants. How do you set up a seven day or less real estate business? Thanks

[@gabriellaluzpm]

What’s the meaning of: you have control over the foundation? Can I send money to my parents in another country? It’s for medical expenses.

[@LakeCeo3]

Thank you for the insight.

[@Kris-nf3fu]

Awesome video! Currently running 3 Airbnbs short term rentals. But currently forced to shut down 2 from the landlord change of ownership. Does that mean the rental income is now a loss for the rest of the year? Can I now deduct that from my w2 nurse wages?

[@prettyladynyc4967]

No,because u don’t own the property. That’s the Tax loophole. This guy is AMAZING ❤️❤️❤️🍹

[@jtowensbyiii6018]

Landlord gets the deductions not you

[@MarcioDec73]

you speak to us for real .... no shenanigans !!!

[@lortunder]

Nice! thanks, Karlton!

[@rplaisime]

Love love this channel.

[@kenpowell3557]

Great job 🎉

[@willoa9685]

If you have a property management company, but make decisions, how do you capitalize on additional deductions?

[@derrikferguson3219]

Cool video. What threshold would you consider makes one a “high income” earner? $500,000?

[@mccoyji]

Depreciation not that good for high incone w2... It goes into bucket for later. Kinda sucks.

[@JayPatel-iu7pl]

Thanks you are great!!

[@coolwater5407]

Great video. Thank you!

[@robertflannagan6093]

If your high income the ira and roth irs doesnt allow you to contribute if your over an certain amount

[@thapowerexchange]

this dude is NAILS

[@rbailou]

great explanation bro

[@WinnersOnlyInc]

I love this video! CRT💯💪 Hey Karlton could I have ur video editor video I need a good one?!

[@reneestenbjorn]

Great video! One ?: can other family members contribute to the PFF and get a deduction? thanks for the great work.

[@SOOJ1NSOU]

SUPER helpful content.

[@AhmedMakkiyah]

Why I didn't see your video before :( I love what you shared and it's been insightful 😃Thanks KZbin Algorithms for the money saving suggestions ChaChing🙏🏻

[@andrejerry2778]

Great job!

[@ILoveKoreanBBQ2023]

My 308(b) is down almost 5%. Froze it. All my extra money is going to tsla.

[@michaelsmith5463]

QUESTION: KD: I've heard some ppl espouse renting rooms of their investment home by the week. Would this still qualify as a short term rental if the renter continues to stay week to week to week?

[@colewildenhus7207]

U can only deduct medical and dental what’s above 7.5% of your AGI So if 7.5% of ur AGI is $5000 and ur medical amounts paid is $5000 there’s nothing to deduct

[@frontrowtennis]

Thank you for the great information. Is there anything that can be done for 2021 taxes regarding a PFF or CRT or even real estate if it is already 2022?

[@SIRafiq]

You go bro!

[@vikb2251]

Is there any income limit for Traditional IRA deduction? Thought we can’t deduct if AGI is >140k. Btw, I learned so much watching your videos and I hope one day I’ll get a chance to meet you.

[@EricSnellmanJava]

Ya most convert it to a Roth right after. Assuming they don't have other tradional ira balances

[@nancee9101]

Correct, can't deduct traditional contributions if your MAGI is over the phase out limit. Hence, you'd have a non-deductible contribution...and that's why many people do the backdoor Roth ira anyway since now they're only able to focus that contribition on tax-free growth & distribution.

[@Aijemcire99]

@Nancy Bui Is it true that the backdoor Roth option has gone by the wayside due to recent changes? This is what I heard when I inquired about a backdoor Roth recently.

[@nancee9101]

@@Aijemcire99 nothing has changed. Backdoor Roth is still a strategy many use

[@PRLcafe]

Brilliant guy, ty

[@dataguru7342]

You don't get tax savings from a traditional IRA if you make 500k per year.

[@clarsen07]

Mans is the goat 🐐 that’s it

[@WinnersOnlyInc]

Also how long is the scheduled one on one phone call? If we schedule one?

[@warmpapi]

You’re videos and others have been extremely helpful. Are you building a network of CPAs that would help for Real Estate Professionals or short term rental investors? Purchased an investment property in 2022 and will be looking for a short term rental in 2023 to help w2 offset and transition to retirement.

[@ochicoloto3524]

Your videos are so great but the music in the background is unnecessary. We can't focus

[@CompletedReview]

But are the tax savings worth the additional effort/capital needed to start and maintain these strategies (managing a trust, running a real estate business)?

[@rodneylegend1804]

For PFF can you donate 5% to your own 501 (C)?

[@Rabiecakes]

This is the real stuff....

[@Mostafizur_rahman188]

401K - Everyone suggests to max out one’s 401k. But don’t we eventually have to pay the tax on it later in life when One might not have the energy/capability to earn. Also we don’t know how much tax one might have to pay at that time, it could be higher than what one would have paid today.

[@swagymom]

So can I add a PFF as part of my 501c 3 non profit?

[@Woodflooralchemist]

How well does this translate to a small business owner?

[@carrandoholmesii9710]

What about paying/investing into IUL's?

[@demetriusbruno5828]

Thank You Sir !

[@Grippysockss]

my estimate crypto/stock portfolio will be 1m+ can i use a pff for that? i plan to help pay my family members

[@mxtv1258]

I have a very similar question. My W-2 salary is about $100k but I have made about 640k in gain from stock investments, nothing sold yet, can I do the PFF too? I have maxed everything else out.

[@tantradossantos4501]

Thank you.

[@mindrenewal7657]

Can you combine personal business with unrelated compangy earnings

[@katiebrandt7953]

if i sell my property now but no property to roll it over to as of yet, how long do i have to avoid capital gain tax?

[@michaellee8682]

Subscribed!

[@darnellanderson462]

Pure jewelry Fam!, thx

[@muradjoraevich3352]

IRA(401k + Roth IRA) total contribution is $6000. I made this mistake thinking I have extra $6000 Roth IRA not including my 401k

[@innerscorecard9433]

can you do both 401k (max ded) and IRA? I thought you coud one or the other

[@ochicoloto3524]

What happens to the money in the PFF?

[@eg2701]

Could I set up a PFF and a CRT and set myself up for 60% taxable income?

[@wompol7117]

i wil be head of my private family foundation and also of a 501c3 organization. How can i minimize taxes with itemization, real estate, any medical expenses (health insurance??), etc. - 9 figures

[@MMCCENTURY1stofmygeneration]

Can the annuity left over go to a family or childs charity when you die ?

[@mindrenewal7657]

What about renting to yourself?