How to legally avoid taxes 101. Becoming rich is not about how much you make, but how much you keep. Here's how to keep more. Enjoy!
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Taxes are our biggest expense, so cutting costs here may benefit you hugely. Tax concepts apply in most countries, so bring these ideas to your advisor to see how they apply for you. Even teachers can claim educator's expense but having an LLC (e.g, a side-hustle) allows you to claim back more, e.g., deductions, transport, meals, home-office expense.
Max out tax-advantaged investment accounts and take advantage of employer matches before contributing to taxable investment accounts; early access may matter but there are exceptions like borrowing from your retirement account without penalty as a down-payment for your principle residence. If you think you'll pay more taxes later, entertain the idea of Roth versions of retirement accounts. If you're a higher income earner, there are backdoor (unlimited income threshold) and mega (higher contribution limits) investment accounts you may access. Business investment accounts not only allow you invest some of the business cash but also avail of investment tax credit opportunities. A high-deductible health plan suits some as it allows investing in a Health Savings Account, where pre-tax income can grow tax free provided withdrawals go toward healthcare expenses. Ask your advisor about tax loss harvesting to see if it may work for you.
For sellers of real estate, the 1031 Exchange program is the ultimate in tax break deferral, while deductions and depreciation can benefit real estate owners who buy either to hold or to rent. Last, unrealized capital gains is typically not taxed and you may access these gains by borrowing against your equity tax-free as collateral to finance spending.
00:00 Intro
01:24 TS1: Tax Advantages of Your Own Business
03:02 TS2: Educator Expenses
04:04 TS3: Tax Advantaged Investing Accounts
07:02 TS4: Mega Tax Advantaged Investing Accounts
07:57 TS5: Business Investment Account
08:08 TS6: Health Savings Account
10:06 TS7: Tax Loss Harvesting
10:41 TS8: 1031 Exchange
12:18 TS9: Real Estate Deductions
13:28 TS10: Real Estate Depreciation
14:19 TS11: Unrealized Capital Gains
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LEGAL DISCLAIMER
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