💵 Do You Need a Small Business Loan? We can help you with financing at ClearValue Lending: bit.ly/3ZQcgIM 💵 FREE STOCKS: a.webull.com/i/ClearValueTax Receive FREE STOCKS (as a sign-up bonus) when you open a free account.
I retired 22 years ago at 45 and funded retirement by slow flipping houses. Working on house #4 now in Central Phoenix. Pretty cool I'm not even required to file tax forms and haven't in years. Because of low reportable income I get free healthcare, smartphone and recently home internet from Uncle Sam. Not paying taxes is cool but I've gotten about $75k worth of benefits from Uncle Same too so that's the cherry on top.
@@MC-kl5mp Cool to not believe. I did it too so I guess I'm a liar too. I did it slow flipping houses, #2 in the video. It's not even hard to do. I started back before UA-cam even existed. It's not rocket science. Retired 22 years ago at 45 doing this. Working on house #4, planning to sell 2025 and move to SE Asia. At that point I'll take SS probably at 70 and will have to go back to filing taxes again.
Brian, when you think it can't get any better, you're just getting better and better! Your honest take on economic issues, as well as foreign affairs ones, are absolutely first class! Happy New Year!
You can also use an HSA account like an IRA. There’s no penalty if you take money out when you’re 65 or older for any reason, but you’d have to pay taxes on any money not used for medical purposes.
Tax evasion exists bro just simply dont pay them i pay them and never get my fed back love that when i mess up its prison but when they mess up we cant show them gods wraith
@@clearvaluetax9382 Thanks Brian! I appreciate it! I passed REG with an 87! So I'm moving on to BEC TCP next! I'll let you know when I pass everything though! 💪
Wow, I wish I knew you two years ago! I was misinformed on capital gain on selling my home and the current one I just bought a year ago! I am learning a lot from all of your videos. God bless you for educating people like me.
I used to itemize my deductions and really cut down my tax obligation... that was until the IRS raised the standard deduction a few years ago and my deductions always come up just short now.
@@HOLDXSTEEL On the other hand the Standard Deduction is helpfully high for those with low income and those who never itemized anyways which were most filers. So I agree, thank you Trump.
For your #2 case, To my knowledge, an update to the tax code applies to properties acquired after 2009. Specifically, the 121 exclusion shrinks according to how many years you rented out the property versus treating it as your primary residence. So in your example, you only have 40% of your profit tax free. Am I missing anything?
This is my understanding as well. Only 40% of the $250k exclusion is eligible (ie $100k of the gain is tax free). Seller will have to pay long term capital gains tax on the remaining $200k of the total gain. This video really should be corrected…
First time watching any of this guys vids and subscribed immediately after...i love how this guy explains the loopholes nice and clear and gives examples for each loophole (especially useful for idiots like me) lol
Basically put the money where you can’t touch for few years to get rid of taxes. Gov is smart, trying to collect the cash flow in return they’re saying we don’t charge you on your own money.
Some of those zero tax states have crazy power blackouts and massive charges for power when it's needed most. I don't think Tennessee is in this category, but please correct me if wrong.
That was really great information. Thanks for providing this! I always love keeping more of my own money. I believe I can spend it far better than the government ever could.
Brian, I can only find married filing jointly for 0% on long term capital gains tax - max $89,250, not $120,000. Could you please share where you saw $120,000?
Hi Ryan, yes, I am including the standard deduction (as mentioned in the video). Most people would not understand "$89,250 of taxable income". So it's easier to say "if you make $120,000". I hope that helps to clarify!
My second scenario is very similar to the first one "You purchase the stocks but you do not sell them after the first year and in year two you find out you're getting a raise should you sell the stocks before you get your raise or will you still be disqualified because you will have to wait until the next year to file your taxes and at that point it will show that you're above the allowable income for the tax break." ❤ thank you in advance for your response 😊
He is, probably. Cuz federal income tax is literally 45% of all federal tax revenues, so the government will go bankrupt if he did it. Probably, if he want to destroy the USA, he will
Brian great video, but in the depreciation write off. Please note that when you sell the property you have to pay tax on all that depreciation you wrote off. Patrick
5:46 this doesn’t look right. Long term cap gains are waived for income below $89,250. In your scenario, even after standard deduction the taxable portion should be more than 13k above 89k threshold. Not 10k?
It is true, these states don’t have income taxes; but they have higher taxes in property taxes. Tennessee don’t have regular income taxes, but it does have capital gains taxes.
The IRS keeps saying my husband owes the irs of back child support, the ‘kids’ are now 26 and for 11 years I apply for injured spouse and get nothing back for my children. I need advise on how to work around this.
Be careful with the states that do not have income taxes. They have high sales and local taxes to make up for the lack of state level taxes which is more regressive and hurts the average people more. These states gave an effective state taxes higher than California: New Hampshire, South Dakota, Tennessee, Texas, and Washington.
How about a video about the origins of the income tax & whether it’s legal or not? People say different things. What do you think? This entire industry is built on people needing to pay taxes beyond just regular sales tax. Why do people need to waste their time & money to hire tax consultants & file paperwork, when we can have a simple method of taxation such as a sales tax %. Then we ALWAYS know how much we can spend or not & can budget better.
Hi, Thank you so much, for sharing your knowledge. I have a question: I plan to move to Texas. If I sell my Rental House which I own for 30 years in California (Now worth $700,000.) and use this money to buy 2 Rental houses in Texas will this strategy Avoid me to pay Capital Gain Tax? I plan to live in 1 house and rent the other. Thank you for your advice.
Brian: How do you eliminate social security and medicare taxes if you are self-employed? Isn't it only for certain religious groups? If you can please explain. Thanks.
Is this tax free business sale to promote private equity firms buying small businesses? Which in the end results in huge corporations, owning most of the businesses in the area.
If you do real estate depreciation (say you depreciate 100k over 27.5 years) you still have to pay the tax on that when you sell it right? Say you bought for 200k and sold for 300k your capital gains would now be on 200k not 100k right? Cause you have the extra 100k of depreciation to account for in your capital gains.
There is depreciation recapture. But that’s only for a rental property. BUT with a rental property, you can get around the tax with a like-kind exchange.
#2: How do you prove you lived in the house for 2 years (non consecutively) if you own multiple properties? I’m in Texas so the homestead exemption just applies to where you lived on January 1st...
If they're going to question you, it's usually done with school district if you have kids, or electricity bills, or to a lessor extent mail during those periods.
Extra tip on the HSA. If you do have medical expenses you don’t have to pull money out of the account you can pay cash for for the bill. This will allow your account to compound further than if you pulled it out sooner. At any point in the future you can reimburse yourself the money you spent on medical bills from the HSA.
Isn't the point to use the HSA so it lowers your taxable income? I just use the extra money I have to invest in my portfolio since my HSA soesnt have the best ROI. I don't use all of my HSA every year but it does gain some interest.
💵 Do You Need a Small Business Loan?
We can help you with financing at ClearValue Lending: bit.ly/3ZQcgIM
💵 FREE STOCKS: a.webull.com/i/ClearValueTax
Receive FREE STOCKS (as a sign-up bonus) when you open a free account.
How can I have you do my business taxes? I tried searching you up on google but it has no number or website for clear value tax
@clearvaluetax9382
how would i use 160 acres in alaska "virgin land" that was granted to me to make money? got any ideas?
Step #1 straight to jail
3:58 Tax free capital gains
6:00 Roth IRA
7:00 Depreciation tax write offs
9:20 Eliminate SS and Medicare taxes
11:35 States with 0 income tax
thanks for the key points man.
Thanks for this. I retired at 39 and live off of long-term capital gains only. I pay no taxes. Love it.
Stocks?
liar
I retired 22 years ago at 45 and funded retirement by slow flipping houses. Working on house #4 now in Central Phoenix. Pretty cool I'm not even required to file tax forms and haven't in years. Because of low reportable income I get free healthcare, smartphone and recently home internet from Uncle Sam. Not paying taxes is cool but I've gotten about $75k worth of benefits from Uncle Same too so that's the cherry on top.
@@MC-kl5mp Cool to not believe. I did it too so I guess I'm a liar too. I did it slow flipping houses, #2 in the video. It's not even hard to do. I started back before UA-cam even existed. It's not rocket science. Retired 22 years ago at 45 doing this. Working on house #4, planning to sell 2025 and move to SE Asia. At that point I'll take SS probably at 70 and will have to go back to filing taxes again.
@@waterbug1135 liar
Brian, when you think it can't get any better, you're just getting better and better! Your honest take on economic issues, as well as foreign affairs ones, are absolutely first class! Happy New Year!
Wow love this new format, the Text makes it so easy to follow along, thank you!
Thank you for that feedback and all the support Mike!
This is UA-cam gold. Crisp and informative as usual. Thank you!
you always bring so much value man. I greatly appreciate all your tax information that you are giving for free, you're killing it man.
It's my pleasure and I'm happy to share! Thank you for all the support becraftcorey!
This youtube channel shouldbe thoroughly studied and analyzed in every school. Been watching fir 2+years.
Thank you for all the support ampm8210! I appreciate it so much!
You can also use an HSA account like an IRA. There’s no penalty if you take money out when you’re 65 or older for any reason, but you’d have to pay taxes on any money not used for medical purposes.
Smart😉😉
“This video is not for billionaires”
Me: *checks pocket* “okay im good”
You’ve definitely become one of my favorite channels! 🤙
Thank you Simon for all the support!
you're one of the no bullshit channels. Very cool, I would like to learn more about 529 Plans if you get the chance, thank you
How about pay no taxes if you make less than 150k
This video should help👍🏻
Exactly!
Tax evasion exists bro just simply dont pay them i pay them and never get my fed back love that when i mess up its prison but when they mess up we cant show them gods wraith
Great idea
Max 401k, max HSA, make 3 kids being married and zero on income tax in non income tax state
Another one for any US citizen living abroad and earning income abroad is the FEIE, which excludes $126k per person working from federal income taxes.
My Father was an Accountant. He would be very proud of you.
Thank you for those kind words Rick. I appreciate the support so much!
Thanks for the info Brian! I'm studying for the CPA exam and everything you're saying is true and accurate and actually works! 💪
Best wishes on the CPA exam Fast Rambo! I'm rooting for you! Let me know how it goes!
@@clearvaluetax9382 Thanks Brian! I appreciate it! I passed REG with an 87! So I'm moving on to BEC TCP next! I'll let you know when I pass everything though! 💪
Wow, I wish I knew you two years ago! I was misinformed on capital gain on selling my home and the current one I just bought a year ago! I am learning a lot from all of your videos. God bless you for educating people like me.
Quick and concise information that's direct and extremely informative. I love this channel.
I appreciate that and thank you for all the support!
Thanks Brian for providing us with such valuable information !
Happy New Year Brian! Thank you for all your hard work. It is appreciated.
Happy New Year Terriann!
Happy Tuesday day Brian!!! Have a splendid day! Happy New Year!🎉☀️🌺
Happy New Year Rose Bloom!
I used to itemize my deductions and really cut down my tax obligation... that was until the IRS raised the standard deduction a few years ago and my deductions always come up just short now.
You may be happy on 1/1/26.
@@HOLDXSTEEL On the other hand the Standard Deduction is helpfully high for those with low income and those who never itemized anyways which were most filers. So I agree, thank you Trump.
I'm confused... Are you complaining that your taxes are easier to do now? And you're still getting the same deduction or better for less work
Yes,and that does not really encourage persons to donate to worthwhile causes,which is sad.
For your #2 case, To my knowledge, an update to the tax code applies to properties acquired after 2009. Specifically, the 121 exclusion shrinks according to how many years you rented out the property versus treating it as your primary residence. So in your example, you only have 40% of your profit tax free. Am I missing anything?
This is my understanding as well. Only 40% of the $250k exclusion is eligible (ie $100k of the gain is tax free). Seller will have to pay long term capital gains tax on the remaining $200k of the total gain. This video really should be corrected…
Thank you for all your hard work and top notch information !
Saludos desde Utah .
Te deseo un feliz año nuevo Rocio!
First time watching any of this guys vids and subscribed immediately after...i love how this guy explains the loopholes nice and clear and gives examples for each loophole (especially useful for idiots like me) lol
This is gold🔥please keep em coming. Thank you 🙏
Thank you for all the support yassinelam!
Basically put the money where you can’t touch for few years to get rid of taxes. Gov is smart, trying to collect the cash flow in return they’re saying we don’t charge you on your own money.
How about abolish the irs already 😑
The best way to avoid taxes is to make no money
Can you talk more about the new 8300 irs form? I’m confused about it and I really appreciate how you explain things. Thanks for the info
Some of those zero tax states have crazy power blackouts and massive charges for power when it's needed most. I don't think Tennessee is in this category, but please correct me if wrong.
High-quality presentation! Thank you!
Thank you for the feedback and support Neal!
That was really great information. Thanks for providing this! I always love keeping more of my own money. I believe I can spend it far better than the government ever could.
Brian, I can only find married filing jointly for 0% on long term capital gains tax - max $89,250, not $120,000. Could you please share where you saw $120,000?
Need to include the standard deduction for married filing joint (which is about $30k).
Hi Ryan, yes, I am including the standard deduction (as mentioned in the video). Most people would not understand "$89,250 of taxable income". So it's easier to say "if you make $120,000". I hope that helps to clarify!
This video is very interesting and helpful. I am going to investigate more about the ways to pay less taxes. Thank you so much.😊
We love you, Brian!
Thank you for all the love and support, I wish you a Happy New Year!
thanks man, may have been the best 15 minutes I spent all year
Can you please cover more details on the side hustle part? Thank you!
My second scenario is very similar to the first one "You purchase the stocks but you do not sell them after the first year and in year two you find out you're getting a raise should you sell the stocks before you get your raise or will you still be disqualified because you will have to wait until the next year to file your taxes and at that point it will show that you're above the allowable income for the tax break."
❤ thank you in advance for your response 😊
Thanks for the great value. S corp doesn't qualify for section 1202?
No, C Corp only
Excellent information. Thanks so much ! 👍🏽
Thank you for all the support Tony!
Income tax-less states have other costs that skyrocket. Look at Claremont NH and property tax. Houses are hella cheap, it you pay 2-3x tax.
Effective January 1, 2022, Washington now has new capital gains tax of 7% tax on an individual’s long-term capital gains. Thanks to Dems and Jay.
wow very interesting information explained very smoothly.. thank you, you are the best ❤
Always appreciate your videos and info, brother. thank you.
I would like to know if Trump is blowing smoke about removing Federal income Tax.
He is, probably. Cuz federal income tax is literally 45% of all federal tax revenues, so the government will go bankrupt if he did it.
Probably, if he want to destroy the USA, he will
Brian great video, but in the depreciation write off. Please note that when you sell the property you have to pay tax on all that depreciation you wrote off. Patrick
Hi Patrick, that’s correct but that’s typically avoided with the like-kind exchange though.
How to get HSA if I have already health insurance through work and covering for the whole family. Can I get HSA on top of it?
Pure gold. Thank you!
happy new year Brian from a fellow Chicagoan, thanks for all the content (i noticed your close to that 2m sub mark too, keep going)
It’s been a warm winter here in Chicago!
Very well put. Clear & to the point! 👏
5:46 this doesn’t look right. Long term cap gains are waived for income below $89,250. In your scenario, even after standard deduction the taxable portion should be more than 13k above 89k threshold. Not 10k?
Thank you Brian! Taxation is theft and thank you so much for finding legal ways to avoid the extortion.
This is one greatest video from you and with all good diagrams
Yes, I was excited to post this one because of the visual assistance.
Any advice for people just starting their own business/side hustle?
I definitely need to make a video on this!
Great video and loved the format!
Thank you for the feedback and support Kayla!
Thank you for your valuable information. You are the best!!
It is true, these states don’t have income taxes; but they have higher taxes in property taxes. Tennessee don’t have regular income taxes, but it does have capital gains taxes.
Greag video. Please kindly share the knowledge on the new crypto tax law that started Jan 1st of 10k and above dollars
Ty you're the best.
Thank you for your videos.
Thank you for all the support K Defense!
Can you take advantage of the Section 1202 Gain Exclusion as an S-corp?
Unfortunately no. That will not qualify.
The IRS keeps saying my husband owes the irs of back child support, the ‘kids’ are now 26 and for 11 years I apply for injured spouse and get nothing back for my children. I need advise on how to work around this.
Thank you so much for this information. You are clear, speak in lay terms and make complicated issues easier to understand. I am following you.
Happy New Year 2024, Brian! Hope itʻs a prosperous one for you. Stay healthy! 😎
Happy New Year La Reina!
Great tips! .✅✅✅✅✅
HAPPY NEW YEAR, BROTHER !😮
BRIAN THE PODCAST🦁 LION (the Walter Cronkite of podcasts )🏆
Happy New Year Stephen!
I love you brother, you are doing the lords work. thank you for your service
Be careful with the states that do not have income taxes. They have high sales and local taxes to make up for the lack of state level taxes which is more regressive and hurts the average people more.
These states gave an effective state taxes higher than California: New Hampshire, South Dakota, Tennessee, Texas, and Washington.
Thank you! I like that you were straight to the point and I learned so much from this short video Great information!
Great Tips, Thanks as always for the info.
How about a video about the origins of the income tax & whether it’s legal or not? People say different things. What do you think?
This entire industry is built on people needing to pay taxes beyond just regular sales tax.
Why do people need to waste their time & money to hire tax consultants & file paperwork, when we can have a simple method of taxation such as a sales tax %. Then we ALWAYS know how much we can spend or not & can budget better.
Hello Brian Kim how are you doing today sir I'm good 😊, Happy 😊 new 🆕 year 🎊.
Happy New Year Adam!
Love all the information thanks Brian
Thank you for all the support Rolando!
Thank you for your very valuable information. I appreciate 🙏 you
Great video, as always! Thank you!
Crystal clear !Thanks
Excellent! Thank you.
😉 “legally”
JK, appreciate all your advice that’s worth more than gold. Happy New Year 🎉
Happy New Year Joseph!
Will you make a more detailed tutorial on making these write offs on the side hustles?
Yes, I would love to make that video soon!
Bro these visual illustrations are unreal!
Hi, Thank you so much, for sharing your knowledge. I have a question: I plan to move to Texas. If I sell my Rental House which I own for 30 years in California (Now worth $700,000.) and use this money to buy 2 Rental houses in Texas will this strategy Avoid me to pay Capital Gain Tax? I plan to live in 1 house and rent the other. Thank you for your advice.
Brian: How do you eliminate social security and medicare taxes if you are self-employed? Isn't it only for certain religious groups? If you can please explain. Thanks.
Is this tax free business sale to promote private equity firms buying small businesses? Which in the end results in huge corporations, owning most of the businesses in the area.
You are surely an expert. 💯👍
Thank you for this.
Very informative , thank you Brian
Thank you for all the support Shan!
Great info as as always👍
Thank you for that feedback and all the support FreeSoul! I appreciate it very much!
@@clearvaluetax9382 😄
Brain can you please do video about Franchise and Excise tax? I live in TN there is state income but there is F&E Tax.
Great info but for 529 Plans you have to invest it in mutual funds and nothing else.
Awesome video! I didn’t know about some of these. Texas has no state income tax, but where they will get you is the property tax 😂
Property taxes have changed in Texas. 2023
Florida represent!
Thank you Brian for this helpful information.
I appreciate the support! Thank you so much!
Thanks Brian 😊 😊
Thank you so much for sharing your knowledge ❤
APPRECIATE THE KNOWLEDGE ❗❗❗
Thank you Brian.
If you do real estate depreciation (say you depreciate 100k over 27.5 years) you still have to pay the tax on that when you sell it right? Say you bought for 200k and sold for 300k your capital gains would now be on 200k not 100k right? Cause you have the extra 100k of depreciation to account for in your capital gains.
There is depreciation recapture. But that’s only for a rental property. BUT with a rental property, you can get around the tax with a like-kind exchange.
#2: How do you prove you lived in the house for 2 years (non consecutively) if you own multiple properties?
I’m in Texas so the homestead exemption just applies to where you lived on January 1st...
If they're going to question you, it's usually done with school district if you have kids, or electricity bills, or to a lessor extent mail during those periods.
@@clearvaluetax9382 Thank you very much.
Extra tip on the HSA. If you do have medical expenses you don’t have to pull money out of the account you can pay cash for for the bill. This will allow your account to compound further than if you pulled it out sooner. At any point in the future you can reimburse yourself the money you spent on medical bills from the HSA.
Later on when you sold your investment you can refund your previous medical bills that you paid with cash.
Don't forget the receipts though, you'll need it when you're reimbursing yourself
Isn't the point to use the HSA so it lowers your taxable income? I just use the extra money I have to invest in my portfolio since my HSA soesnt have the best ROI. I don't use all of my HSA every year but it does gain some interest.
Even if the bill went to collections?
@@torrytucker8246no you had to have been paying it. You cannot reimburse on items that have not been paid obviously.