I have to admit sometimes I'm really really mean, and it effects my work and life performance. I use a leveling agent. All these 7's, 14's and QP's definitely getting filled for. TF they thought. Trump 2020
No he isn't. Kevin isn't lying through his teeth scamming people. Kevin isn't encouraging you to break the law. Kevin hasn't gone bankrupt. Kevin doesn't peddle his stuff to multi level marketing scams.
@@bradenr1790 Not an insult. Say what you want about Robert Kiyosaki, "Rich Dad, Poor Dad" got millions of people tuned into the empowering mentality of becoming wealthy through financial independence and owning assets.
false. most wealth is transferred not earned. it has nothing to do with your financial literacy. if it was then everyone would be rich with all the access to free knowledge online.
@@blackfirst31 Kevin just gave us some financial education that will make us money. Everyone (especially the poor) should start a side business and keep more of their hard earned money.
Sometimes life just shows up and gives you “lemonade “. It is how you react that makes the difference. Not everyone has family support. I worked all my life. After my back surgery which left me disabled, I had to retire. Then, the home I rented got sold. The new owner just showed up. I got no notice. In desperation, I asked my brother in-law. His response to me was: “Nobody ever helped me”. Wow. I bring this up because I feel this is the way most Americans would respond today. This week I watched Requiem of the American Dream. Excellent movie about how this country got to where it is. I am glad I remember a time when we cared about each other. Well, my brother in-law passed away, and all his money goes to his spoiled kids. United We Stand. Divided We Fall. God’s peace and love to all 🌻✝️
I've had a lack of motivation for years, usually due to a comparison of myself to other people around me. Then 25 seconds of this video and I realized I already know just as much as a rich person....I've been in an invisible cage and you have just freed me.
There’s NO way someone can have an S Corp unless the so call business is making over 50k. Is more common for new businesses to start as an LLC best than eventually switch to an S Corp. According to my CPA.
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. It's called "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" and may be found here: ua-cam.com/video/ex4oF5PaHxg/v-deo.html
Wow Kevin, this is probably the most informative video I've ever watched. I'm graduating with my PhD and getting a CPA right away, I'm totally researching and developing!
Teaching is the job that has the worst debt to pay ratio out there.. people would think it’s medical but most medical jobs start at double what a principle gets paid after their tenure... messed up.
Kevin didn’t do shit for you just hire a CPA and you’re on the road to saving money and try to open a business no matter what it is even if it’s doing happy endings
OmG..thank you Kevin! I'm a small newer business owner and realize how stupid I am....never even thought about all the tax deductions this will be my first time filing taxes...now I know! My stress is a little lifted now. ..you actually made me richer in knowledge! ....soon richer in my bank account! Thank you so much!
Brenda, good job on having your own biz👍🏼. If you happen to have a friend in accounting they should have already told you this. In fact, maybe make them your 2021 accountant. If they do a good job they will do this all for you.
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. Watch it here: "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" -- ua-cam.com/video/ex4oF5PaHxg/v-deo.html
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. Watch it here: "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" -- ua-cam.com/video/ex4oF5PaHxg/v-deo.html
I have been sharing this on WSB to help out the HODLers so that they don't get screwed by the government. Thank you @meetkevin for this amazing information.
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. Watch it here: "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" -- ua-cam.com/video/ex4oF5PaHxg/v-deo.html
I’ve been wondering where you were today Kevin! Thought you might have actually taken a day off... should have known better! 🤣🤣 Thanks for being there for us everyday!! I really appreciate your updates!!
Holy shit! I love this video, a couple of light bulbs went off! I was kinda of speculating some of this stuff, but Kevin you son of a gun, you gave me the courage and the empowerment to start a business!! Thank you
Then how about all the other people that have done every single fucking thing that Kevin says but they are still fucking poor? This guy got lucky MoveOn don’t give him your money
Our side business means that we essentially never pay taxes. On the other hand, this severely reduces what we pay into SSI, so make sure you're saving for your retirement in some other way.
@@studioflamenco8412 Must be s democrat...SSI haha. Even if it still exist, and even if your reasonably vested in it, the future value of that SSI check payment is a sad life of financial scarcity. The saddest and loneliest site I've ever seen is my grandma after her husband died, other son moved, and sisters/friends all passed just a small tiny apartment, network TV, a small like $850 SSI check, and rent was still only $700 + bills...Nothing to social distract from the constant lack. Fuk that, I'm either gonna be in a homeless shelter or independently wealthy...everything in between is bondage.
@ it's definitely more work but I enjoy educating people and bring clients along. If somone wants to learn then I am cool, but if someone is telling me I'm wrong it could be annoying.
This is real Gold. Concise and clear. You’ve won me over with this video. Thanks Kevin. This is up there with rich dad material. More straight forward.
@@MeetKevin I love you Kevin along with graham stefan and chandler smith. But everyone is getting more wealthy. Now, I understand the wealth gap is expanding. But, the number of people living in extreme poverty has plummeted in the last 70 year, while the wealth gap has expanded. The wealth gap is bound to expand when the markets are shifting more and more to a globalist economy. Btw i love your content, it is so amazing. Keep it up!!! www.fraserinstitute.org/blogs/as-the-world-shifted-to-free-markets-poverty-rates-plummeted
Kevin, employees who pay medical premiums via payroll deductions are paying them pretax, including pre-FICA taxes, which is probably better than a standard tax deduction, since, as far as I know, taking a tax deduction doesn't allow one to deduct the FICA tax portion. An employee taking a tax deduction on health premiums is irrelevent and unnecessary (assuming the premiums are paid via payroll deductions, which I believe is the case for most employees). Also, it would probably be a good idea for someone to not go crazy with buying stuff just for the tax deduction. As you explained, the savings is based on the marginal tax rate. If in 30% tax bracket (make sure to add state income tax as well, if applicable), then you're only saving in taxes 30% of the purchase price. However, don't think you mentioned this but some (all?) business expenses have to be used solely for business purposes to write off the entire amount. If something is used 50% of the time for a business and 50% of time for personal use, you can only write off 50% of the purchase price times that 30%. I'm pretty sure that's how this works. While there are benefits of course, I "worry" you may be overstating some of these benefits, or at least some may misinterpret what you're saying and think the benefits are greater than reality. Reminds me of the often mentioned tax advantage of buying a primary residence due to writing off the property taxes and interest. The fact is most Americans are unable to even take advantage of this tax benefit, and it's even worse now since the Trump tax reform a couple of years ago with the increase of the standard deduction. I think it's less than 15% of Americans now who can even take advantage of those write-offs (by itemizing vs taking the standard deduction). And even then, the benefit being received is only in the amount that's greater than the standard deduction (since everyone can take this, no matter what).
A few general notes and cautions concerning some of these tips: 1. The rule-of-thumb for a for-profit hobby with books/record keeping is it is considered as a business by the IRS if it is profitable 3 of every 5 years. 2. Adjusting dependents on the 2020 W4 can come with complications. Instead go to line 4(b) and define the dollar amount you want to not be withheld. Then verify with your payroll administrator that they entered it correctly. 3. If you own a business, careful on the payroll / distributions mix. The IRS expects you to take a reasonable payroll. It's one of their top small business audit concerns/traps. 4. Be cognizant of when your business expenses align with business origination date and significant "milestone" dates. This is a good area to consult with a CPA prior to opening your business as it differs federally and state-to-state. 5. When purchasing a used vehicle, be sure to check your state DMV when the registration fees flatten. In my state it's about 7 years old, but it varies state-to-state.
Good points. Thank you but very few will read your comments. They are all just rosy on Kevin’s explanation. I really like meet Kevin, but he says things so flippantly, some of his audience just takes it as gold and never do their own research. Even the withholdings, if the feds dont take out enough for several years you may have to pay an estimated tax. Keep doing it and they will fine you. IMO, it is safer for them to give a bigger refund then you don’t have to worry about estimated taxes
Thank you man, keep up the good work, it will definitely pay off, love all your videos also love how colorful they are with all the stuff and lights on the back, I’m trying to buy a house for my mom. Thanks.
Kevin sometimes ignorance is or own enemy. I’m really stupid but it’s my own hard work and knowledge from people that has help me improve. Great video, you deserve everything you have.f
Kevin I just wanna say you are my absolute favorite person to watch on all the updates , your humor and sarcasm are great and it makes the crappy news a little more tolerance knowing we have your voice to say what were all thinking ! Thank you!!!
We contribute in an HRA account now and we pay our health expenses with a credit card and get reimbursed from the HRA so we can get the benefits of an HRA while earning points on our credit card. Double win!
As an immigrant, I don’t understand a lot about America. The only thing I have when I left Vietnam is ambition. Kevin is like a big brother that I’ve never had. Thank you Kevin. Hope to see you one day when I’m successful and buy you a beer
Kevin I come from a family that's has lived poor forever. I will be the first person to change that. I play this video back everyday !! I'm always tuned into your chanelle been around for 2+ years now. Hopefully one day soon I'll be able to afford the courses you offer. Sorry to get deep I just really believe in speaking something into existence
Do you think 1% of America is retarded? That equates to 3 million people. Kevin is banking on the 1% by his courses. If you think you’ll get anything valuable promise courses congratulations you’re part of that one fucking stupid ass percent
In terms of accounting, depreciation isn't just the reduction in value. It's also the allocation of the cost of the fixed asset over a set period of time. For real estate, they've decided on 20-30 years because that's the average loan period on residential buildings. So you aren't applying depreciation on your taxes because its going down in value... you're applying depreciation because you're taxed on the net income of your business, and the cost of the building goes against that.
People who are over looking this will not understand I know you’re telling the truth I’ve been watching Rich Dad poor dad radio I wish I knew this years ago I’ve been making over 90 grand a year for almost 6 years and still couldn’t grow it because I was think too middle class
As a CPA I tend to agree with most of the items mentioned. My clients and I go over these “tax strategies” every year. One wouldn’t believe how simple write offs become when you have your own business “side hustle”. Pet expenses become deductions. Pocket chihuahuas become “guard dogs” to protect inventory at your place of business, which in most cases is your residence. Car leases are a good write off as well. Not to mention company reimbursements for such items as meals for working late. If you rent and apartment a percentage could also be a write off including utilities. Vacations become write offs simply by holding a board meeting in say Hawaii (all legal, even though the board is comprised of a husband and wife who are shareholders and officers of the company). Your imagination is the limit if you structure the business accurately.
this video is getting taken down by youtube, kevin has exposed too much of their secrets. this is priceless information, and this video will reach 500,000 before the end of this year.
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. Watch it here: "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" -- ua-cam.com/video/ex4oF5PaHxg/v-deo.html
Most of these loopholes aren't "them" screwing over the 99%. They're just tricks that educated and rich people (not necessarily 1% folks either) use to avoid being screwed. What is actually screwing the 99% are payroll taxes, other income taxes, and not being aware of these tips and tricks that they really should be using.
Not really.... taxes are necessary to have things like infrastructure paid for, fire depts, and help those who fall on hard times. Whether or not government is spending it appropriately is another debate. How the rich screw everyone over is through tax loopholes and hiding their fair share to a society/community.
@Mark Sesum maybe.... but according to a study in 2018 in Berkeley. The top 20% earners in the country paid an effective 23% in taxes. Heck, didnt buffet admit to paying less than most of his own employees?
@@johnwren3965 Was that study only looking at federal income tax? Because I'd be willing to bet that they're paying than that when you consider state income and other income taxes (e.g. FICA, which is ~15% by itself and very much a consideration for the bottom 99%, especially the bottom 85%, with most of their income being subject to FICA taxes). My own tax rate is close to 20% despite better optimizing than most, and I'm not quite top 20% for household income. But that's federal income, state income, and my share of the FICA taxes (I'm not self employed, so it's only ~7.5% instead of ~15% directly from me).
Hey Kevin, this is so true. lol. I wished you wouldnt have given the secret away LOL, just kidding. I started a business last year and realized of the great benefits of owning a business, specially when you can write off so many things that help out your business. I just turned down a job that would pay me “more” money, but would more than likely give me less time to focus on my side business, and that’s the issue with so many people these days. People are just so focused on choosing a job over another job because it pays them more money, but do not include the extra time they could have by having a job that pays less, but gives them more freedom with their time inside of the equation. They take everything at face value, and do not consider the great value of time and investments.
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. It's called "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" and may be found here: ua-cam.com/video/ex4oF5PaHxg/v-deo.html
![How to Retire in 7 Years Starting w/ $100 [The Rule of 200]](http://i.ytimg.com/vi/8iJ5CdgqXUw/mqdefault.jpg)
My swimming pool is a $90,000 medical expense. Chiropractor told me it would help with my back
This is GOLD
I‘ll try that one 😂 I‘m deducting 2k every year from my taxes because I need a special diet because of food intolerances.
I have to admit sometimes I'm really really mean, and it effects my work and life performance. I use a leveling agent. All these 7's, 14's and QP's definitely getting filled for. TF they thought. Trump 2020
It really does help.
Wow. Keeping THIS one in mind for the future lol!
Kevin is the new 'Rich Dad, Poor Dad' for a generation on UA-cam
Robert Kiyosaki has a channel on YT.
No he isn't.
Kevin isn't lying through his teeth scamming people.
Kevin isn't encouraging you to break the law.
Kevin hasn't gone bankrupt.
Kevin doesn't peddle his stuff to multi level marketing scams.
I thought this was an insult lol.. Still not sure
Kevin is the new scam artist
@@bradenr1790 Not an insult. Say what you want about Robert Kiyosaki, "Rich Dad, Poor Dad" got millions of people tuned into the empowering mentality of becoming wealthy through financial independence and owning assets.
People get screwed because they don’t have any financial education. Real financial education.
false. most wealth is transferred not earned. it has nothing to do with your financial literacy. if it was then everyone would be rich with all the access to free knowledge online.
Totally agree
@@blackfirst31 Kevin just gave us some financial education that will make us money. Everyone (especially the poor) should start a side business and keep more of their hard earned money.
@@blackfirst31 most wealth is gone by the 3rd generation due to lack of financial education.
Sometimes life just shows up and gives you “lemonade “. It is how you react that makes the difference. Not everyone has family support. I worked all my life. After my back surgery which left me disabled, I had to retire. Then, the home I rented got sold. The new owner just showed up. I got no notice. In desperation, I asked my brother in-law. His response to me was: “Nobody ever helped me”. Wow. I bring this up because I feel this is the way most Americans would respond today. This week I watched Requiem of the American Dream. Excellent movie about how this country got to where it is. I am glad I remember a time when we cared about each other. Well, my brother in-law passed away, and all his money goes to his spoiled kids. United We Stand. Divided We Fall. God’s peace and love to all 🌻✝️
Kevin, you a real nigga. I appreciate you bro. This is alot of things not taught in the black community.
I've had a lack of motivation for years, usually due to a comparison of myself to other people around me. Then 25 seconds of this video and I realized I already know just as much as a rich person....I've been in an invisible cage and you have just freed me.
I've had an S-Corp since I was 18 and most of my expenses are business expenses... it's so easy to play the game when you learn how to!!!
Teach us
Hi angelica, lets says if were business partners by paper does that mean i can do the same as well? 😝
There’s NO way someone can have an S Corp unless the so call business is making over 50k. Is more common for new businesses to start as an LLC best than eventually switch to an S Corp. According to my CPA.
@@kaylae3661 I had an S Corps that didn’t make 50k a year
Could you start a s-corp on etsy? Even as a poker player i could deduct health insurance and have a sep.
AAAAND THAT IS WHY YOU DID A VIDEO WHEN YOU WERE IN THE MIDDLE OF THE OCEAN ON "VACATION".. GENIUS!!!
Rich people teach their children these things. Poor people don't know these things in the first place to be able to teach their children.
Choices
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. It's called "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" and may be found here: ua-cam.com/video/ex4oF5PaHxg/v-deo.html
Every poor person IN AMERICA HAS HEARD OF GOOGLE....INFO ISNT HIDING IN THE RICH OERSON SECTION ON GOOGLE...
@@azjjgij58065 I agree you can't paint tax code with a broad brush........
@@joerice4390 some people use youtube for research and self-improvement. others use youtube for music, cat, and conspiracy videos
Wow Kevin, this is probably the most informative video I've ever watched. I'm graduating with my PhD and getting a CPA right away, I'm totally researching and developing!
I have been following @meetkevin since 2018 or so...Man how my life changed since then! Thank you!
So many damn loop holes that teachers do not teach cause they are poor themselves. Thanks Kevin!!
EXACTLY
Teaching is the job that has the worst debt to pay ratio out there.. people would think it’s medical but most medical jobs start at double what a principle gets paid after their tenure... messed up.
This is why I give my sons teacher a 150.00 check every year for Christmas for their help.
💯
Kevin didn’t do shit for you just hire a CPA and you’re on the road to saving money and try to open a business no matter what it is even if it’s doing happy endings
Hey Kevin, I just wanted to say thank you, for all the energy and effort you put into your videos. Please keep it up
I don’t know why UA-cam Recomended this for me but I’m freaking glad they did! Watched every minute, liked and subscribed. Very resourceful video.
Had to pause this video half way through cus you really weren't capping about this video being super value packed. Admirable. Thanks a lot!!
Great video! So much good information! It boils down to is: "not a POOR problem, but a mindset problem!!"
No! Knowledge = Money
Not mindset. Education.
Exactly!! I've been doing this for the last 4 years
💯
Remember, regardless of what you do you still need money to make money.
OmG..thank you Kevin! I'm a small newer business owner and realize how stupid I am....never even thought about all the tax deductions this will be my first time filing taxes...now I know! My stress is a little lifted now. ..you actually made me richer in knowledge! ....soon richer in my bank account! Thank you so much!
Brenda, good job on having your own biz👍🏼. If you happen to have a friend in accounting they should have already told you this. In fact, maybe make them your 2021 accountant. If they do a good job they will do this all for you.
Also, check out Celsius network to start earning higher interest in your savings
@@toblerusseta thank you!
Until I started a small business (pre-covid) I had no idea about any of this. This information is so valuable.
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. Watch it here: "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" -- ua-cam.com/video/ex4oF5PaHxg/v-deo.html
I can’t even explain the value I get from your content Kevin. I’m so inspired to help people the way you do.
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. Watch it here: "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" -- ua-cam.com/video/ex4oF5PaHxg/v-deo.html
I have been sharing this on WSB to help out the HODLers so that they don't get screwed by the government. Thank you @meetkevin for this amazing information.
The amount of value via information, and a few witticisms for entertainment's sake, have made this my favorite UA-cam channel. Thanks Kevin!
KEVIN KEVIN KEVIN WOW This has got to be by far the best video I have ever seen on you tube.
Dude watching this again.
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. Watch it here: "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" -- ua-cam.com/video/ex4oF5PaHxg/v-deo.html
Don't get screwed (and verify anything you learned in here yourself, it's just my opinion which could be wrong: #DontSueMeBro).
I been trying to buy a home it’s been so hard ( live in Los Angeles) 🤦🏾♀️
@Nancy Pelosi can we pls have stimulus Nancy?
@@alanaherbert6037 go outside of LA, try in Riverside. it is a little easier out here
@@UlexiteTVStoneLexite yeah thats what I been thinking. Its hard I was born and raised out here.
I’ve been wondering where you were today Kevin! Thought you might have actually taken a day off... should have known better! 🤣🤣 Thanks for being there for us everyday!! I really appreciate your updates!!
Kevin will have a million subs by December 28th. Mark it down.
Can we buy options for that?
Id buy a call on that
I dunno, that sounds pretty aggressive. I’m gonna play it safe and say December 29th.
This really helped me see a new perspective. Thank you!
T:h:a:n:k:s f:o:r w:a:t:c:h:i:n:g:!
T:e:x:t: m:e o:n W:h:a:t:s:a:p:p➡️+1:2:2:5 7:2:6:6:4:1:2
I :h:a:v:e s:o:m:e:t:h:i:n:g p:r:o:f:i:t:a:b:l:e f:o:r y:o:u.!
+1:2:2:5: 7:2:6:6:4:1:2
⬆️
W:h:a:t:s:A:p:p m:e I :h:a:v:e s:o:m:e:t:h:i:n:g p:r:o:f:i:t:a:b:l:e f:o:r y:o:u ..!!!
KEVIN I LEARNED A LOT AND IM ADDICTED TO WATCH YOUR VIDEO!! GODBLESS YOU MAN
Holy shit! I love this video, a couple of light bulbs went off! I was kinda of speculating some of this stuff, but Kevin you son of a gun, you gave me the courage and the empowerment to start a business!! Thank you
Kevin definitely deserve 1M subscribers! 🔥 Thanks for Kevin for sharing this
If I had Meet Kevin UA-cam years ago I would be retired by now. No excuses for ignorance these days. Kevs giving you pearls here kids.
Then how about all the other people that have done every single fucking thing that Kevin says but they are still fucking poor? This guy got lucky MoveOn don’t give him your money
Facts
@@y-strap how did he get lucky? Made a ton of money as a realtor then buying real estate now as a content creator....dude grinds hard
Great video I’ve been doing this for several years. Everyone should have a side hustle.
Good video! Need more content like this on my feed
Our side business means that we essentially never pay taxes. On the other hand, this severely reduces what we pay into SSI, so make sure you're saving for your retirement in some other way.
Bold of you to assume that social security will still exist in 30 years.
@@KraveChocolate Even more bold that anyone in January 2020 assumed they knew what their income would be six months later.
@@studioflamenco8412 Must be s democrat...SSI haha. Even if it still exist, and even if your reasonably vested in it, the future value of that SSI check payment is a sad life of financial scarcity. The saddest and loneliest site I've ever seen is my grandma after her husband died, other son moved, and sisters/friends all passed just a small tiny apartment, network TV, a small like $850 SSI check, and rent was still only $700 + bills...Nothing to social distract from the constant lack. Fuk that, I'm either gonna be in a homeless shelter or independently wealthy...everything in between is bondage.
I’m 18, I’m thankful for you making this video .
Summary: Get a rich person’s CPA
Doesn't have to be a rich person's CPA just get a hustler!
Get Trumps CPA*
@ that is what a lot of my client conversations sound like
@ it's definitely more work but I enjoy educating people and bring clients along. If somone wants to learn then I am cool, but if someone is telling me I'm wrong it could be annoying.
@@larrythetaxguy2381 where are you and will you be my cpa...
This is real Gold. Concise and clear. You’ve won me over with this video. Thanks Kevin. This is up there with rich dad material. More straight forward.
Kevin, the real estate piece on tenant paying off debt is honest advise. Appreciate your channel
You can just read Tax Free Wealth- Tom wheelwright. Has everything in there.
Essential workers have been getting screwed since the beginning of this
Always do sadly
It's a feature. If everyone was rich no one would do essential menial jobs.
@@h4gg497 False dilemma fallacy
"Essential" to keeping wealthy businesses going.
@@Wealthforthe99Percent Why conplain about it? The opportunities are there it's up to people yo take advabtage of them.
This is so true. A lot of greed in this world. Rich get richer, poor get poorer. Keep talking truth Kevin!
That's statistically not true
@@shanesonn What statistics? It looks like the wealth gap is expanding
That isn't greed to want to keep what you make or earn.
@@MeetKevin I love you Kevin along with graham stefan and chandler smith. But everyone is getting more wealthy. Now, I understand the wealth gap is expanding. But, the number of people living in extreme poverty has plummeted in the last 70 year, while the wealth gap has expanded. The wealth gap is bound to expand when the markets are shifting more and more to a globalist economy. Btw i love your content, it is so amazing. Keep it up!!!
www.fraserinstitute.org/blogs/as-the-world-shifted-to-free-markets-poverty-rates-plummeted
www.fraserinstitute.org/blogs/as-the-world-shifted-to-free-markets-poverty-rates-plummeted
Truly appreciate all the great information you have. Thanks.
How can someone give this video a thumbs down. I am in your real estate course. Thank Kevin
Kevin, employees who pay medical premiums via payroll deductions are paying them pretax, including pre-FICA taxes, which is probably better than a standard tax deduction, since, as far as I know, taking a tax deduction doesn't allow one to deduct the FICA tax portion. An employee taking a tax deduction on health premiums is irrelevent and unnecessary (assuming the premiums are paid via payroll deductions, which I believe is the case for most employees).
Also, it would probably be a good idea for someone to not go crazy with buying stuff just for the tax deduction. As you explained, the savings is based on the marginal tax rate. If in 30% tax bracket (make sure to add state income tax as well, if applicable), then you're only saving in taxes 30% of the purchase price. However, don't think you mentioned this but some (all?) business expenses have to be used solely for business purposes to write off the entire amount. If something is used 50% of the time for a business and 50% of time for personal use, you can only write off 50% of the purchase price times that 30%. I'm pretty sure that's how this works. While there are benefits of course, I "worry" you may be overstating some of these benefits, or at least some may misinterpret what you're saying and think the benefits are greater than reality.
Reminds me of the often mentioned tax advantage of buying a primary residence due to writing off the property taxes and interest. The fact is most Americans are unable to even take advantage of this tax benefit, and it's even worse now since the Trump tax reform a couple of years ago with the increase of the standard deduction. I think it's less than 15% of Americans now who can even take advantage of those write-offs (by itemizing vs taking the standard deduction). And even then, the benefit being received is only in the amount that's greater than the standard deduction (since everyone can take this, no matter what).
Yeah I think he missed the whole 100% part!
This is the best comment on the video. My residence has never been more than my deduction.
"Don't do anything illegal" is what I learned from this video :p
It's a good start.
Meaning don’t do anything illegal unless it’s a legal tax deduction
@@sasuke1243 Right the title could be “How to straddle the grey zone of business finance ”
💯🤣
I wish I could like this video a million times!!!! Thank you man!
A few general notes and cautions concerning some of these tips:
1. The rule-of-thumb for a for-profit hobby with books/record keeping is it is considered as a business by the IRS if it is profitable 3 of every 5 years.
2. Adjusting dependents on the 2020 W4 can come with complications. Instead go to line 4(b) and define the dollar amount you want to not be withheld. Then verify with your payroll administrator that they entered it correctly.
3. If you own a business, careful on the payroll / distributions mix. The IRS expects you to take a reasonable payroll. It's one of their top small business audit concerns/traps.
4. Be cognizant of when your business expenses align with business origination date and significant "milestone" dates. This is a good area to consult with a CPA prior to opening your business as it differs federally and state-to-state.
5. When purchasing a used vehicle, be sure to check your state DMV when the registration fees flatten. In my state it's about 7 years old, but it varies state-to-state.
Good points. Thank you but very few will read your comments. They are all just rosy on Kevin’s explanation. I really like meet Kevin, but he says things so flippantly, some of his audience just takes it as gold and never do their own research.
Even the withholdings, if the feds dont take out enough for several years you may have to pay an estimated tax. Keep doing it and they will fine you. IMO, it is safer for them to give a bigger refund then you don’t have to worry about estimated taxes
the help you just gave my family and i in this video has so much value. Continued blessing Kevin so glad i subscribed.
He uses his own tricks in his videos. He went on a cruise and made a video in a pool so he can probably write it off as a business expense! Genius!
Kevin this was monumental. My light bulb went all the way on
This advice added almost $3500 to my refund, thank you so much!!!
Thank you man, keep up the good work, it will definitely pay off, love all your videos also love how colorful they are with all the stuff and lights on the back, I’m trying to buy a house for my mom. Thanks.
Best video I’ve ever seen about wealth. Nice work
Omg I didn't know anything about any of this. Thanks for teaching this.
THIS IS THE BEST VIDEO YOU’VE EVER MADE! YOU FINALLY GOT ME! I’M BUYING YOUR COURSES! 😂
I've been doing this for years, glad I found this, you did miss a few though
Thank you Kevin for that information
Kevin provides more value than anyone else on UA-cam.
This is a great time to talk about these things as you have a different audience during these stimulus updates. Props to you my man.
Definitely gonna save this video for future reference, very useful!
Geez it feels like I just took the Red pill from the matrix.
Lee Prado Take the red pill of reality and success or the blue pill of socialism and victim hood. It’s your choice
@@Inquiring exactly
Very good presentation Kevin! Your enthusiasm is infectious.
Kevin sometimes ignorance is or own enemy. I’m really stupid but it’s my own hard work and knowledge from people that has help me improve. Great video, you deserve everything you have.f
I used to be a outside sales rep. And deduct 51 cents per mile on my personal car for business expense. That was hugh tax deduction.
I'm not pissed im impressed!! $70,000 for hair im learning so much.
You are truly THEE hardest working guy on UA-cam. I’d be surprised if you sleep 😂😂. Love you man!
It makes it easy when there are so many retard subscribing and listening to his bullshit
@@y-strap couldn’t agree more
Kevin I just wanna say you are my absolute favorite person to watch on all the updates , your humor and sarcasm are great and it makes the crappy news a little more tolerance knowing we have your voice to say what were all thinking ! Thank you!!!
Thanks. I needed to be reminded of a lit of these items. You reminded me to renew my S-Corp registration. Thanks!
We contribute in an HRA account now and we pay our health expenses with a credit card and get reimbursed from the HRA so we can get the benefits of an HRA while earning points on our credit card. Double win!
Thanks to people like kevin I stopped using debit cards and got cash back credit cards. So awesome having money back for just paying bills on time
@@JD-yx7be Major KEY!
I feel like I could watch this video 10 times and learn something each time.
Instead write it down. Watch it only once
Good shit
As an immigrant, I don’t understand a lot about America. The only thing I have when I left Vietnam is ambition. Kevin is like a big brother that I’ve never had.
Thank you Kevin. Hope to see you one day when I’m successful and buy you a beer
I'm a dutch immigrant. I understand the struggle man. I'm stuck in two worlds and it really shows you a new breath of life.
I love your transparency here and plain talk! Thank you!
Kevin I come from a family that's has lived poor forever. I will be the first person to change that. I play this video back everyday !! I'm always tuned into your chanelle been around for 2+ years now. Hopefully one day soon I'll be able to afford the courses you offer. Sorry to get deep I just really believe in speaking something into existence
Run for President Kevin! I truly believe you could do anything. You’re the real hero of the people ✊
Bruh, your page is so helpful.
If this video doesn't make everyone want to buy your courses Kevin I dont know what will.
Do you think 1% of America is retarded? That equates to 3 million people. Kevin is banking on the 1% by his courses. If you think you’ll get anything valuable promise courses congratulations you’re part of that one fucking stupid ass percent
Kyle, agreed! This video is valuable!!!
Thanks for sharing this info Kev!
Appreciate you and your TRUTH so much! Thank you for being there.
Hobby vs. Business.
Damn. That’s a fine line, but a very important one.
wow, Kevin’s point about fraud vs write offs actually did piss me off lmao
That Tesla cybertruck as a business expense is sounding a lot better right now
Yes! Open some kind of service where you drive around in your cyber truck it'll turn into a write off!
@@Pantera972 I like it ! A YT channel that challenges to use the Cyber Truck like any standard pick up truck, film and post each one= EZ
Bought my Model 3 as company car. Sold it to persona, when I bought the Model Y. That’s how you deduct expanses
In terms of accounting, depreciation isn't just the reduction in value. It's also the allocation of the cost of the fixed asset over a set period of time. For real estate, they've decided on 20-30 years because that's the average loan period on residential buildings. So you aren't applying depreciation on your taxes because its going down in value... you're applying depreciation because you're taxed on the net income of your business, and the cost of the building goes against that.
So much GREAT information! Thank you!
The IRS rewards entrepreneurship for those wanting to do business and I agree, it rewards the rich.
All facts no printer!
It rewards them because they took the risk. Higher risk, higher reward. The 99% don't want to take the risk.
@@John.Doe-OG I have taken some risks and have done good. No complaints here.
The knowledge in this video was more impactful than my four years of high school
People who are over looking this will not understand I know you’re telling the truth I’ve been watching Rich Dad poor dad radio I wish I knew this years ago I’ve been making over 90 grand a year for almost 6 years and still couldn’t grow it because I was think too middle class
As a CPA I tend to agree with most of the items mentioned. My clients and I go over these “tax strategies” every year. One wouldn’t believe how simple write offs become when you have your own business “side hustle”. Pet expenses become deductions. Pocket chihuahuas become “guard dogs” to protect inventory at your place of business, which in most cases is your residence.
Car leases are a good write off as well. Not to mention company reimbursements for such items as meals for working late. If you rent and apartment a percentage could also be a write off including utilities.
Vacations become write offs simply by holding a board meeting in say Hawaii (all legal, even though the board is comprised of a husband and wife who are shareholders and officers of the company).
Your imagination is the limit if you structure the business accurately.
Where can I find more info I need to do this asap. Thank you for to you're tips and encouragement to seek this out .
Best video I have ever watched!!!! Thank you Kevin!!!!
If you and your wife are incorporated, then that trip to Hawaii could be a corporate team building retreat.
Instructions unclear. Now I need to know how to write off lawyer expenses lol
this video is getting taken down by youtube, kevin has exposed too much of their secrets. this is priceless information, and this video will reach 500,000 before the end of this year.
Nice job helping educate people!
Whoa! Kevin. I love all of your videos but this one takes the cake. I want to learn more about defined benefit plans
The American dream is really just “tax write off for everybody!”
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. Watch it here: "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" -- ua-cam.com/video/ex4oF5PaHxg/v-deo.html
It's called the American "Dream" for a reason: you have to be asleep to believe in it.
@@SolyomSzava not true. Elon musk Steve Jobs graham stephan
@@azjjgij58065 so the poor get screwed even more
Most of these loopholes aren't "them" screwing over the 99%. They're just tricks that educated and rich people (not necessarily 1% folks either) use to avoid being screwed.
What is actually screwing the 99% are payroll taxes, other income taxes, and not being aware of these tips and tricks that they really should be using.
Not just the one percent like you said. Kevin used an example of someone making 50k/year
Not really.... taxes are necessary to have things like infrastructure paid for, fire depts, and help those who fall on hard times. Whether or not government is spending it appropriately is another debate. How the rich screw everyone over is through tax loopholes and hiding their fair share to a society/community.
@Mark Sesum maybe.... but according to a study in 2018 in Berkeley. The top 20% earners in the country paid an effective 23% in taxes. Heck, didnt buffet admit to paying less than most of his own employees?
@@johnwren3965 Was that study only looking at federal income tax? Because I'd be willing to bet that they're paying than that when you consider state income and other income taxes (e.g. FICA, which is ~15% by itself and very much a consideration for the bottom 99%, especially the bottom 85%, with most of their income being subject to FICA taxes).
My own tax rate is close to 20% despite better optimizing than most, and I'm not quite top 20% for household income. But that's federal income, state income, and my share of the FICA taxes (I'm not self employed, so it's only ~7.5% instead of ~15% directly from me).
@@johnwren3965 Taxation is theft. “Taxation is necessary” is the saddest thing I’ve ever heard.
Kevin put on a suit today... must be doing something important lol
😂
He's got PJs under that top coat
Yea getting ready to shave that head...lol
Great video! Thank you Kevin! You are awesome!!
One of the best videos you have ever made ! MINDSET !
Hey Kevin, this is so true. lol. I wished you wouldnt have given the secret away LOL, just kidding. I started a business last year and realized of the great benefits of owning a business, specially when you can write off so many things that help out your business. I just turned down a job that would pay me “more” money, but would more than likely give me less time to focus on my side business, and that’s the issue with so many people these days. People are just so focused on choosing a job over another job because it pays them more money, but do not include the extra time they could have by having a job that pays less, but gives them more freedom with their time inside of the equation. They take everything at face value, and do not consider the great value of time and investments.
2:41 not so fast... three years of loses makes your business a hobby so you have to be careful.
so tesla was losing money like10+ years till it was profitable was it just Elons hobby ?:D
You missed the point .....
Couldn’t one just close the “failing” business and “rebrand” with a new business keeping all the old clients?
Kevin: I just spend 15 hours....
Us: where TF does kevin have that kinda time?!?
He does this for a living
I'm a CPA who specializes in taxes and I made a video response outlining all of the questionable, dangerous, and misleading tax misinformation spread by Meet Kevin in this video which may cause huge problems for taxpayers who rely on the information provided without knowing the facts. It's called "A CPA Reacts To TERRIBLE Tax Advice -- Meet Kevin (Part 1 of 3)" and may be found here: ua-cam.com/video/ex4oF5PaHxg/v-deo.html
Thanks for this video Kevin! Definitely going to take advantage of this!
You are really working the line in this video !