Tax Reduction Strategies For High Income Individuals in 2021

[@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

[@funnygasim1281]

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

[@wardwalker30]

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

[@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!

[@pearlivory3483]

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

[@rodneylegend1804]

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

[@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!

[@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!

[@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.

[@anonymous6594]

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

[@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

[@christiethompson3347]

He dropping gems! Great video. Thanks for sharing.

[@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!!!

[@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.

[@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?

[@willoa9685]

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

[@comingtofull-ageinchrist6736]

this explains why Trump donated his salary as president for 4 years to research foundations and other charities. It gave him a break on his other incomes, or at least that's what I think. I would think when you are a billionaire that would make sense to give over 400K a year to research and other charities to get these kind of deductions.

[@jtowensbyiii6018]

He made millions on his own tax changes, it was to benefit the rich 100%

[@comingtofull-ageinchrist6736]

@@jtowensbyiii6018 You don't know that, and whatever changes Trump made, I know it benefitted my paycheck and my tax return was more than double what I ever received, so I don't want to hear all the horse crap!

[@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

[@muradjoraevich3352]

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

[@tiffanywhite4076]

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

[@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

[@MelodicMoments411]

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

[@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

[@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.

[@ph3733]

That’s just half of the truth. Yes, you can get a tax deduction for the contributions but how do you get the money out of a private foundation? That’s the tricky part and the IRS doesn’t make it easy to play funny games. At the end you avoided the initial tax but gave almost all the money away. Maybe even more as you have to pay people like you and lawyers to setup and run these foundations.

[@derrikferguson3219]

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

[@mel20993]

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

[@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.

[@GrippysocksCC]

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.

[@alisonw6449]

You explain things so clearly. Excellent and thank you.

[@alexbradbury5967]

A round of applaud for the great analysis and breakdown of personal perspective. I woke up to the sad news by FTX. The market circumstances are driving me insane, my portfolio has lost almost $18500 this month alone, my earnings are tanking, and I can't see how my retirement will go smoothly when I can't even increase my stagnating reserve. I wonder whether those who lived through the 2008 crash had it

[@chrisg7227]

You’re on another level, love your videos

[@mccoyji]

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

[@sarynhatcher3183]

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

[@Steve-holm]

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

[@jamesbumpas6411]

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

[@machinedm3talbrains693]

It’s insanely hard to find a CPA where I live let alone get one to answer the phone or call you back. Absolute joke

[@latinomanz69]

DO THESE WORK FOR SOMEONE WHO MAKES 120K ON W2?

[@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

[@ILoveKoreanBBQ2023]

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

[@danshd.9316]

Awesome thanks i love it very honest and thorough!

[@ochicoloto3524]

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

[@3WadeNumber1Fan]

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

[@miclarry]

Liked. Commented. Subscribed!

[@locomidget35]

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

[@rfborden4854]

Can I use a pff to buy groceries? Lol large family, 40k per year.

[@JotaPe131]

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

[@swagymom]

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

[@robertflannagan6093]

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

[@darnellanderson462]

Pure jewelry Fam!, thx

[@MMCCENTURY1stofmygeneration]

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

[@harmony3279]

This was absolutely amazing!

[@seaguls9974]

Amazing KD! Highly useful.

[@gerardmorris6191]

Very thorough presentation! Thank you!

[@Woodflooralchemist]

How well does this translate to a small business owner?

[@lortunder]

Nice! thanks, Karlton!

[@JRUCOPILOT]

Should you do a PFF or CRT if you make less than $500K?

[@nancee9101]

Yes, if you're at highest tax bracket (currently @ 37%)

[@MrJoeCaffeine]

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

[@appliancerepairbymel2734]

Appreciate you, Karlton!

[@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

[@rbailou]

great explanation bro

[@ankaimen]

MIND BLOWN. ty for these tips

[@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🙏🏻

[@LakeCeo3]

Thank you for the insight.

[@TheJebell01]

Great info Karlton!! Thank you!!

[@coolwater5407]

Great video. 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!

[@aaronanderson3027]

I'm a truck driver with rentals. Single (at the moment). Property management company manages my rentals. How could I become designated as a real estate professional? Could I aquire a realtor license?

[@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?

[@mamadelta5608]

Best explained!!! Thanks!

[@trump2024-s8o]

so, depreciation it useless unless I make 50k a year. I have huge doubts that I am able to buy rental property earning 50k a year.

[@kennethpace9887]

It makes me nauseous that the foul politicians in DC actually believe that my hard earned paycheck belongs to them to send overseas foe their pet projects...

[@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.

[@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 .

[@dataguru7342]

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

[@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 😢

[@rplaisime]

Love love this channel.

[@guidosasson1141]

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

[@JayPatel-iu7pl]

Thanks you are great!!

[@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.

[@eg2701]

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

[@reneestenbjorn]

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

[@SomeGuy-cw9rw]

This gentleman strikes me as a short person. I know. That's totally irrelevant to the topic being discussed. It was just something that popped into my head. He's short. Yep. Probably like 5'6". :)

[@josephinebardot8403]

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

[@Rabiecakes]

This is the real stuff....

[@asdfg9995]

no wonder those NBA plays all have family foundations.

[@JotaPe131]

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

[@mindrenewal7657]

Can you combine personal business with unrelated compangy earnings

[@djeddie2006]

Can I just setup a consultation with you please? I fall under all your recommendations.

[@andrejerry2778]

Great job!

[@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?

[@j.garcia4058]

Amazing info! Thanks

[@Leveluptotrain]

Bro your Godly.

[@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?

[@carrandoholmesii9710]

What about paying/investing into IUL's?

[@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)?

[@innerscorecard9433]

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

[@Jahguaar]

I am committed to self-development & thriving.