Get An LLC To Avoid Paying High Taxes?

Поділитися
Вставка
  • Опубліковано 27 кві 2022
  • 💵 Create Your Free Budget! Sign up for EveryDollar ⮕ ter.li/6h2c45
    📱Download the Ramsey Network App ⮕ ter.li/ajeshj
    🛒 Visit The Ramsey Store ⮕ ter.li/7vyom2
    📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message ter.li/n88ly5
    Explore More Shows from Ramsey Network:
    🎙️ The Ramsey Show ⮕ ter.li/ng9950
    🍸 Smart Money Happy Hour ⮕ ter.li/9gcp3d
    🧠 The Dr. John Delony Show ⮕ ter.li/2u3mc0
    💰 George Kamel ⮕ ter.li/1elws8
    💡 The Rachel Cruze Show ⮕ ter.li/n2u6jc
    💼 The Ken Coleman Show - Highlights ⮕ ter.li/1rbjr2
    📈 EntreLeadership ⮕ ter.li/ktxv2k
    Ramsey Solutions Privacy Policy
    www.ramseysolutions.com/compa...

КОМЕНТАРІ • 325

  • @abrahamlincoln3721
    @abrahamlincoln3721 Місяць тому +13

    As a single-member LLC (Limited Liability Company), you can use business expenses and losses from your LLC to offset other income on your personal tax return, including W-2 income from an unrelated job.

    • @Tronex333
      @Tronex333 Місяць тому

      yo what does this mean

    • @ChozenNYC
      @ChozenNYC Місяць тому

      Can you give examples?

    • @abrahamlincoln3721
      @abrahamlincoln3721 Місяць тому +6

      Yes, if you own an LLC and a C corporation. Your LLC can pay $2,000 a month to your C corporation for Research & Development, or Real Estate speculation to look for an investment property. The expense can be a non-tangable service of any amount of money. Company A can pay company B for "consulting services" for advisement on business decisions. If company A is an LLC formed with only you as the owner, it's expenses are a tax deduction on your W2 or 1099. The expenses can be created as debt, meaning contractually without having being paid with cash. Like, I signed a contract for work and they performed that, now I owe them money for this fiscal year. An expense was created through a contract.

  • @rolandoflores2806
    @rolandoflores2806 2 роки тому +415

    I’ve noticed Dave dosent share tax loopholes that I’m sure he uses.

    • @jamesbyerly766
      @jamesbyerly766 2 роки тому +10

      He should

    • @singleflow
      @singleflow 2 роки тому +15

      What loopholes?

    • @Paul-jp8zz
      @Paul-jp8zz 2 роки тому +74

      another word for "loophole" is "the law"... If you don't like the law, work to change it. Otherwise, there is nothing wrong with following the letter of the law to limit your tax burden.

    • @PENNSTATE8282
      @PENNSTATE8282 2 роки тому +16

      @@Paul-jp8zz They only like the law when it favors them.

    • @VivaPonics
      @VivaPonics 2 роки тому +19

      Why would he share what only helps a handful of people?
      The purpose of his program is to help people get debt free, which takes a lot of hard work.

  • @Abidjan-weekly
    @Abidjan-weekly 2 роки тому +7

    The tax comments/jokes on this channel are at another level 😂.

  • @JustinCase780
    @JustinCase780 2 роки тому +23

    Papa drops a sweet "vee-hickle" @1:16

    • @lynnebucher6537
      @lynnebucher6537 2 роки тому

      I know, right? I've lived in the south my whole life and that pronunciation still amuses me.

  • @kayrealist9793
    @kayrealist9793 2 роки тому +14

    Warren Buffett does have earned income but its capped at 200k per year or so.

  • @teebaye
    @teebaye 2 роки тому +52

    Before watching this I tried to guess what Dave would say. I got it correct lol I think I've matured in my financial journey. 😌

    • @johnnyhoang4444
      @johnnyhoang4444 2 роки тому

      Me too

    • @XFizzlepop-Berrytwist
      @XFizzlepop-Berrytwist 7 місяців тому

      I mean Dave says basically the same thing over and over.
      Sure you get the occasional odd case like here where you might not know what he will say, I’m not business savvy so I dont know much about taxes and what have you.

  • @braceyourselvesfortruth2492
    @braceyourselvesfortruth2492 10 місяців тому +10

    What hurts you on taxes and doesn't make economic sense?
    - paying cash for rentals, obviously

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      what?YOU still get to depreciate them and for 20 years defer youtr taxes,,as a matter of fact,YOU MUST deprciate the house!s SINCE you will get taxed on the complete amount of tthe sale when it sells,if youve owned it 20 years!

  • @johnSmith-uz8nl
    @johnSmith-uz8nl 2 роки тому +47

    What rental properties allow is depreciation and you can expense management fees or expenses you have. And you can do what our elected officials do, claim crazy amount of millage even if it is not realistic to lower your tax bill.

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      YOU CANT EXPENCE ARBITRARY fees////you cant just make up shit! those management fees cant be your own ! you cant just hatch up shit!

    • @braceyourselvesfortruth2492
      @braceyourselvesfortruth2492 4 місяці тому +2

      @@metalrooves3651 dude, he said "that you have," not "that you made up." Calm down and read words.

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      the"you have" l agree with,then he went on to say"you CAN DO WHAT OUR ELECTED DO" SO YES,HE is talking about making up shit!
      @@braceyourselvesfortruth2492

  • @TrickyMickTrucking
    @TrickyMickTrucking 2 місяці тому +3

    His cars are owned by an LLC because it's a write-off. I love Dave, but I wish it would be a little more honest about some of the things he uses to lower his own taxable income.

  • @lukabeast1150
    @lukabeast1150 Рік тому +4

    Makes me so mad that we didn’t learn taxes in sxhool

  • @Welcometothenow
    @Welcometothenow 2 роки тому +40

    The IRS doesn’t care about LLC’s of an individual. You still have to pay taxes, and theyre still high lol.

  • @mrsmith1339
    @mrsmith1339 2 роки тому +67

    People complain that the rich and the corporations don't pay enough tax, yet 47% of the ordinary people pay no tax. The sweet spot is to have no wages, and to live off qualified dividends and capital gains. Many people pay too much all year, make an interest free loan to the IRS, get a refund and feel rich for two days.

    • @guyrose2350
      @guyrose2350 2 роки тому +2

      Using capital is an idiotic move unless your using it to gain further capital.
      Pay your taxes, get a good tax accountant they have legal loopholes, you still pay taxes (you need them so you can fix streets, lights etc. unless your town starts doing it themselves) you can use family to avoid taxes, giving them incomes growing generational wealth and helping your children/siblings.
      Granted the American tax system is wild, I get taxed a minuscule amount more and live in a big city, we barely have any homeless people around, the streets are clean, I can visit hospitals and doctors without being charged, so I’d probably avoid tax like the plague in the US where ever I could too!

    • @bigdaddygoon828
      @bigdaddygoon828 2 роки тому +2

      if you break down that 47% a lot of them are children a lot of them are elderly and a lot are them disabled so of course they're not paying taxes but 58 % of the u.s. population works so that means most people pay taxes

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому +6

      Buffet... one of the wealthiest pays 10 Cents in taxes for every $100 increase in wealth.... and you complain about the poor? R U KIDDING ME!!!

    • @James-xw8nk
      @James-xw8nk 2 роки тому +12

      @@johnSmith-uz8nl 15% of $100 is not 10 cents, that's $15 sweety. This is why you're poor.

    • @TheThreatenedSwan
      @TheThreatenedSwan 8 місяців тому +3

      ​@@johnSmith-uz8nlThe top 1% pays most of the taxes. Even if they are taxed at the same rate for the same kinds of income, productivity massively rises disproportionately as intelligence rises. So far from not building that, the intelligent, which is highly correlated with earnings, build productive structures the poor are simply incapable of

  • @billr9943
    @billr9943 Рік тому +8

    I used Asset Protection Planners to set up my LLC and asset protection plan. Attorneys on their staff. Quite helpful.

  • @renees8262
    @renees8262 7 місяців тому

    Overall excellent but I think it would’ve been worthwhile to add that the tax benefits of real estate are generally deferred. For example - Loss are generally not deductible less you have other passive losses or until disposition.

  • @Pcj74049
    @Pcj74049 2 роки тому +2

    Warren Buffett investments pay corporate income taxes in addition to any capital gains tax the shareholders pay

  • @paulfixx1140
    @paulfixx1140 2 роки тому +3

    Whats the take on establishing a Corporation sole? Would ohne gain more tax shelter operating in such?

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      no..actually double taxation...the corporate tax rate ,then when you take your"" diividend" IT WILL BE TAXED AT YOUR PERSONAL RATE!

  • @devinantonovich1
    @devinantonovich1 Місяць тому +1

    Speak with employer about getting paid as a 1099 instead of a w2. File as a LLC or s corp. take business write offs etc. downside is you would need to provide your own benefits.

  • @jamesbyerly766
    @jamesbyerly766 2 роки тому +22

    Just because it's the code and law doesn't make it fair. That goes for a lot of things.

    • @jordyjustine
      @jordyjustine 2 роки тому

      These loop holes only exist because the fewer-in-number uber rich people use them and the masses of poor do not know they even exist.

    • @bobslate7231
      @bobslate7231 2 роки тому +1

      If it's in the code then that means if you start a business or go out an buy a property you get that advantage no matter your age race color or gender. If you choose to work for someone you don't have the hassle.

  • @xmen123ify
    @xmen123ify 9 місяців тому +2

    I set up my LLC this year and have been tracking all my expenses for my delivery services lol with my W2 job . I am hoping i can write offf everything lol 😂. As long as I can lower my taxable my personal income and pay back less the. Last year I’ll be happy to irs I am happy ;)

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      mixing w2 income and some self employed shit if its not real will get an audit.

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      NOT UNLESS YOURE IN BUSINESS!

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      AND THEY WILL REALIZE HES NOT IN BUSINESS!

  • @ninobtc9536
    @ninobtc9536 3 місяці тому +1

    You can claim all your losses if the rental under LLC but you can’t if it under your name. Specially if you make to much money from w2

  • @doublet8142
    @doublet8142 2 роки тому +2

    Uncle Joe coming for him..🤣🤣🤣

  • @AJohnson0325
    @AJohnson0325 7 місяців тому +2

    LLCs for real estate are for limiting your personal liability and keeping your assets separate from each other. So if you own two rental properties, they need to each be in their own LLC. If someone who lives in one wants to take you to court then they have nothing to do with the other property. They also can’t go after your personal assets I believe. There are also ways to remain anonymous who owns them. So if for example you have to evict someone and her boyfriend who is living with her but not on the lease is a dangerous felon, they can’t find out who owns the property and where you live to stalk you, your family, and possibly hurt you. I’m not a lawyer or cpa but that’s what I understand.

    • @DenverPicker
      @DenverPicker 5 місяців тому

      It's called inside liability and outside liability. Depending on the state you are incorporated, you have different levels of both. Outside liability meaning you get in a car accident and someone sues you.....They (again depending where you are) can sue you and take your LLC shares. Inside liability is the opposite and is effective in every state.

  • @threadoflife
    @threadoflife 29 днів тому

    What about an LLC in Montana for purchasing a vehicle anyone doing this while living out of state?

  • @DonnieDarko727
    @DonnieDarko727 2 роки тому +6

    Income vs wage. There's a difference. Deception is real. So easy to fool the sheeple.

    • @phatbetbruh
      @phatbetbruh 2 роки тому +1

      Yep, and there are a lot of fools in the comment section.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому +2

      it is when people with nothing advacte for the filthy rich... so backwards thinking.

  • @williamjohnson1668
    @williamjohnson1668 4 місяці тому

    In lawsuits, 1) it has to be illegal 2) police investigate things 3) it is approved by the courts 4) they calculate "proof of loss" 5) you usually just get your money back and fine them for their behaviors 6) it is always class action

  • @shiamaxwell3482
    @shiamaxwell3482 4 місяці тому

    I had an LLC just to secure the name . The next month I got a tax form from IRS LOL I had made ANY money .

  • @al-mubdizahir8704
    @al-mubdizahir8704 4 місяці тому

    i rent a property and i wanted to renew the lease in my LLC name. my landlord said that it wasnt zoned for business and he said if i do this i could raise flags with the irs. is that true? is what im wanting to do is illegal? i have a consulting business by the way

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      IF YOURE TALKING ABOUT WRITING OFF THE LEASE OF YOUR HOUSE ,because thats where you doyour work,forget it.

  • @brco2003
    @brco2003 4 місяці тому

    The answer that this guy needed is that losses from rental activity (e.g., due to depreciation) cannot lower his taxable income because of the passive activity loss rules.

  • @melynbiend760
    @melynbiend760 Рік тому +1

    Accountant told me there are no tax breaks for charitable donations!

    • @user-mf4gz3sp1q
      @user-mf4gz3sp1q 8 місяців тому

      ... practically none... capped at $400 annually...

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      not only that but YOU MUST SPEND THE MONEY IN ORDER TO SAVE 30% OF IT!

  • @whyme7996
    @whyme7996 2 роки тому +7

    funny how it's all about ratios for dave when buying thing but not ratios for paying taxes

    • @matt.108
      @matt.108 2 роки тому

      Clearly you didn’t listen to the whole show.

    • @matt.108
      @matt.108 2 роки тому +1

      Clearly you didn’t listen to the whole show.

  • @matthewgardner2144
    @matthewgardner2144 2 роки тому +70

    Poor Chris with having to pay taxes like the rest of us.

    • @aross924
      @aross924 2 роки тому +1

      Haha

    • @user-mf4gz3sp1q
      @user-mf4gz3sp1q 9 місяців тому

      ...poor Matthew for crying like a naive childish victimhood addict...

  • @mranderson8725
    @mranderson8725 2 роки тому +32

    Dave is a smart man 😂 that’s why I love him

    • @LittleMopeHead
      @LittleMopeHead 2 роки тому +1

      What makes him smart?

    • @MikeThePike316
      @MikeThePike316 2 роки тому +2

      @@LittleMopeHead Education and experience.

    • @LittleMopeHead
      @LittleMopeHead 2 роки тому +1

      @@MikeThePike316 Ok, I thought it was something specific in the video.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому +1

      He is also full of lies and tries to brain wash you politically.

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      hes smart but dont take his advice on inheritance!

  • @autistic-lutheran-carnivore
    @autistic-lutheran-carnivore 2 роки тому +12

    While I agree with some of the commenters on here that just because something is law, doesn't make it fair, I find it perverse to talk about how much someone ELSE should be paying in taxes. In terms of the 14th Amendment to the United States Constitution, I think the equal protections of the laws should mean that we have a Flat Tax system where everyone pays the same rate. Yes, this means that even people on welfare should pay some of their income. Maybe that would keep people from advocating that the rate be high.

    • @jimroscovius
      @jimroscovius 2 роки тому +4

      Iowa just went to a flat tax system. Even if everyone pays the same rate, the upper class will pay more and the lower class will pay less. Nothing wrong with that.

    • @lolwtnick4362
      @lolwtnick4362 10 місяців тому

      ​@@jimroscoviuslol talk about overgeneralizing. poors never pay taxes. single moms are actually a net negative on the economy

    • @jimroscovius
      @jimroscovius 10 місяців тому

      I agree, but the bleeding heart Biden-lovers don't see it that way.

  • @Billcornhole
    @Billcornhole Рік тому +4

    My parents never had money. I’ve heard the words, “Write-off” enough to make your head spin. They didn’t understand finance. This call was an example of, “I don’t understand money”
    😂

  • @Newlinjim
    @Newlinjim 5 місяців тому +1

    Why would you pay cash for the rental with money you already paid tax on so you could draw down the rent payments only to pay tax+SS once again? I’d get a loan on the property and apply the rent income to pay off the mortgage + depreciation.

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      AND pay crazy interest JUST SO YOU CAN TAKE IT AS A DEDUCTION? GOOD please send me 500 bux every month for "advice" then you can take it off your taxes and save 27% of WHAT YOU GAVE ME!

  • @tedbates1316
    @tedbates1316 24 дні тому

    “Pay cash for your rental property.” Right, right, gotcha

  • @knowledgeequalpower
    @knowledgeequalpower Рік тому

    How come no one ever states witch law says we have to pay taxes?

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      B ECAUSEV ITS FUTILE TO FIGHT THEM....PAY UP or you wont own much ...this big-picture " l refuse to pay tax" is all horseshit...YOU WILL NEVER WIN !

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      WELL theres been a few NUTJOBS TRY IT!!! there will be no success in your endeavor to screw with this basic govt need!!its a waste of energy to even write this text here,and a waste of my energy answering it!

  • @jack7240
    @jack7240 2 роки тому

    What about the “piercing the corporate veil”?

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      Make your LLC bulletproof,never use it for anything outside the business,AND KEEP INSURANCE ON IT!

  • @britneyspencer8363
    @britneyspencer8363 2 роки тому +1

    also note i have time travel device or time machine my false brother gave it to me for my 35 Birthday maybe it will blow my face off lets ask a real investigater whom is willing to do all things properly

  • @christian-gu5oq
    @christian-gu5oq 2 місяці тому

    LLC can change how you are taxed

  • @phsx2890
    @phsx2890 Рік тому +1

    Create a non profit organization may help?

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      NAH!NO HOPE THERER!...not even a little hope

  • @johnsaltzohuigin6660
    @johnsaltzohuigin6660 4 місяці тому

    Get an Express Trust Under the Common Law instead.

  • @dz2423
    @dz2423 2 роки тому +2

    Warren Buffett > Dave Ramsey

  • @gauseb
    @gauseb 2 роки тому +2

    Maybe third?

  • @TheFlyingZulu
    @TheFlyingZulu 2 роки тому +6

    Do Uber once or twice a month on a Saturday... It's great how much you can write off in taxes. Lol.

    • @TheFlyingZulu
      @TheFlyingZulu 2 роки тому

      @@amritgill4777 Pretty much everything related to your car, anything related to taking care of your passengers, and business cards. Just to name a few off of the top of my head.

    • @lynnebucher6537
      @lynnebucher6537 2 роки тому +1

      @@TheFlyingZulu you just have to watch it regarding how many years in a row you show a loss, or else IRS will eventually decide you aren't trying to run a profitable business and will no longer let you write off losses against other income.

    • @JustinCase780
      @JustinCase780 2 роки тому +3

      @@TheFlyingZulu I am an IRS agent. Please advise your location. Thank you.

  • @owlegrad
    @owlegrad 2 роки тому +2

    What a bizarre argument about Warren Buffet. I am sure his secretary would love to hear that Buffet pays way more taxes than her in absolute terms. Like...obviously. How that makes it ok for her marginal rate to be higher than his totally escaped me.

    • @philshoreman9489
      @philshoreman9489 2 роки тому +2

      if im understanding what you said correctly your basically saying its unfair she gets taxed more then he does in a percentage standpoint? thats absolutely fair because she gets taxed the same percent as he does on capital gains he doesnt get anything she doesnt get he just knows how to handle money thats why hes warren buffet cry about it

    • @owlegrad
      @owlegrad 2 роки тому

      @@philshoreman9489 But why should capital gains be taxed differently than wages?

    • @Mr_Fairdale
      @Mr_Fairdale 2 роки тому +5

      @@owlegrad because that money has already been taxed to death before it was invested.

    • @TheCanineclub
      @TheCanineclub Рік тому

      @@philshoreman9489 EXACLY AND HE IS GIVING ALL HIS MONEY TO CHARITY AND HE HAS ALREADY GIVEN OVER 56 BILLION- i would rather let him not pay taxes, keep increasing his wealth, and give it all away when he dies, would you rather have BUFFETT with the money- guy who lives in same house 60 years- or the GOVERNMENT- ID GO WITH BUFFETT - the government GIVES YOU TONS OF TAX CREDITS- you just have to take advantage of them- ITS NOT AGAINST LAW TAKE TAX ADVANTAGES

    • @TheCanineclub
      @TheCanineclub Рік тому

      @@owlegrad BECAUSE EARNED INCOME IS TAX THE HIGHEST= If you have a regular job working for someone, you pay the most taxes. Now if you employee people, give people housing, give , have passive income, have capitol gains, keep your money invested you have much LOWER TAX BRACKET- EARNED INCOME IS THE WORST WHEN COMES TO TAXES- ALL KINDS WAYS GOVERNMENT GIVES YOU TAX BREAKS- IF YOU own real estate- sell it make an amazing profit and use that money to buy more real estate they dont charge you taxes up front- and you can keep the cycle going

  • @jimmymcgill6778
    @jimmymcgill6778 Рік тому +2

    An LLC does reduce taxes.

    • @user-mf4gz3sp1q
      @user-mf4gz3sp1q 9 місяців тому

      ...please explain how...

    • @gogogo1064
      @gogogo1064 9 місяців тому

      100% Dave giving horrible advice. He needs to.stick to helping ignorant consumers get out of consumer debt.

    • @jamisonmunn9215
      @jamisonmunn9215 8 місяців тому +1

      Notice its been 4 weeks and no one has said how? An LLC doesn't do much for taxes. It does allow some minor benefits when saving for retirement and helps keep business deductions easier to manage.

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      all it does is reduce 15.5%taxes on the "dividend" you collect, after you pay yourself 40k a year with a real payroll!SO IF you make 50k over your w2 income,you get a tax break of 15.5% on that fifty..AND THIS IS ONLY IF YOU HAVE AN LLC ,USING "S" CORPORATION TAXES! YOUR social security benifit will be less someday !@@jamisonmunn9215

    • @jakelish
      @jakelish 3 місяці тому

      @@gogogo1064 please explaine how: "100%" 🤓 blud is just talking out of his ass

  • @ronaldfortaleza1177
    @ronaldfortaleza1177 3 місяці тому +1

    Ofc he’s not gon say shit

  • @ke6264
    @ke6264 2 роки тому +1

    Tax evasion is a crime I hope they understand that

  • @citygirljace
    @citygirljace 3 місяці тому

    Writing off charitable donations voids the charity. Your left hand knows what your right hand is doing.

    • @MrCrispypata
      @MrCrispypata 2 місяці тому

      No, it doesn't void the charity. By writing it off you have more cash on your hand which you can then use to give more to charity.

  • @Marva123
    @Marva123 7 місяців тому

    Dave doesn't give the piece of advice the caller was looking for, expensing your costs. So Dave is wrong, once you expense the costs against the LLC you will come out ahead under the IRS rules.

  • @renegadephilosopher5996
    @renegadephilosopher5996 2 місяці тому

    If I am netting more than 40-50k a year as a company, becoming a S-corp would be something I would look into. Not saying you should. It's what I would do. That will save you tax money.
    Also paying cash for a rental is a TERRIBLE idea in my opinion. You put yourself in immediate debt. Not the good kind either. It will take you years maybe decades to recoup a 200k investment in cash just to break even through rental income and equity. That is just bad business advice. If you're flipping a home, cash is ideal. Not for rental.

  • @Dc-bi4ov
    @Dc-bi4ov 4 місяці тому

    I disagree.

  • @justingunter8270
    @justingunter8270 2 місяці тому

    Revocation of election. Formally withdraw from the income tax system which is voluntary to be a part of. Forego collecting future Social Security and enjoy your freedom.

  • @xmen123ify
    @xmen123ify 9 місяців тому +1

    I set up my LLC this year and have been tracking all my expenses for my delivery services lol with my W2 job . I am hoping i can write offf everything lol 😂

    • @realiangarcia
      @realiangarcia 6 місяців тому +1

      That’s not how that works

    • @xmen123ify
      @xmen123ify 6 місяців тому

      @@realiangarcia you can write off expenses on the busniess and with the loss you can report it in your income tax and lower taxable income on your personal income tax return

  • @johnSmith-uz8nl
    @johnSmith-uz8nl 2 роки тому +10

    Charity tax write off... SURE... you are paying 36% in taxes... so give your salary to charity so you can save 36% in taxes and live on the streets.

    • @phatbetbruh
      @phatbetbruh 2 роки тому

      Who does that? I don't know anyone who does that.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому +1

      @@phatbetbruh The point is that is what Ramsey says you should do so you don't have to pay taxes... EXACTLY... who does that?

    • @ethanshy280
      @ethanshy280 2 роки тому +1

      That is not what he is saying.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому

      @@ethanshy280 that is exactly what he is saying cause he hates paying tax... the more u have the greedily you r.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому

      Buffett's "true tax rate" was just 0.1%, or $23.7 million in taxes he paid on wealth growth of $24.3 billion, during a five-year time frame. And George said, "well, it's the law".

  • @markmraven
    @markmraven Рік тому

    "charity"

  • @grantguy8933
    @grantguy8933 2 роки тому

    Unless you are bill gates with philanthropy foundation then all goes to charity to pay no taxes.

  • @TheCanineclub
    @TheCanineclub Рік тому +1

    I save all kinds of taxes owning rental's through my LLC- depends on your current earned income but if you make under 130K you can write of so much - and you're LLC you can use to write off all kinds of stuff -cell, utilities, car payments, etc...

    • @unuesokami8736
      @unuesokami8736 10 місяців тому +1

      Bro I just opened an LLC and think about buying a truck to haul my jet skis that I will be renting out to people. I also am a w2 employee. how can I save a lot on taxes like urself since u also own rentals through ur llc.

  • @dennishipsley8703
    @dennishipsley8703 7 місяців тому +1

    Google 26 CFR 1.0-1 paragraph (d). Taxable years by LAW ENDED August 16, 1954!!

  • @Giggachad101
    @Giggachad101 5 місяців тому

    Everything owned by LLC because you use it for tax write offs, I urge everyone to see a tax professional who will do things like file your LLC and take care of your finances every year. I’ve made and saved hundreds of thousands

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      the ONLY TAX YOU CAN SAVE by being an LLC is self employment tax,FICA,SOCIAL SECURITY TAX....all of these are the same...

  • @DioDiablo702
    @DioDiablo702 2 роки тому +12

    Really debating about saving up and buying a home in cash. Not having a mortgage payment will save me about 2k a month and I'll only have the forever bills of utilities, insurance and property taxes. Probably won't have a home until my 40s, but the though of giving the bank thousands each month makes my stomach drop.

    • @aaronsmithcpa9316
      @aaronsmithcpa9316 2 роки тому +2

      just don't put the savings into cash. invest them in mutual funds as you go otherwise inflation will kill your savings and good luck ever getting into a home

    • @ultimaetsolder
      @ultimaetsolder 2 роки тому +8

      By the time you save up for that $300k house, the house will be $600k. Just buy it now and pay off the mortgage asap. You have to live somewhere so mortgage is the same as rent.

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      you are right!!this is the only time in HISTORY that you cant save fast enough o stay ahead of inflation !!!ITS SAD THAT DEFICIT SPENDING HAS RUINED THE NEXT GENERATION .Even if you save 1000 a month ,things will go up faster on a a 200k home than that money you are saving can buy!!!! @@ultimaetsolder

    • @metalrooves3651
      @metalrooves3651 4 місяці тому

      but you have to live somwhere......

  • @maximustrolleus9860
    @maximustrolleus9860 2 роки тому +19

    dave seems a bit naive and out of touch at the end. you cant have it both ways. either the rich are paying their fair share and the tax code is fine or the rich arent paying their fair share and the tax code needs to be rewritten. he likes to talk about big pharma but yet dismisses big accounting who helped write the tax code with "loopholes" that benefit the rich. so thats what me mean by the rich not paying their fair share. legal yes, but its still a loophole done by lobbying. like donating to their own "charity" to get tax write off when in reality they are just transferring money from one business to another lol. like i know ppl who eat out at fancy restaurants and use that as a tax write off business expense lol. you are encouraged to spend more.

    • @maximustrolleus9860
      @maximustrolleus9860 2 роки тому +3

      @@saulgoodman2018 did you even read my post? i wasnt even talking about capital gains. plus one could argue that capital gains tax should be raised or should be the same rate as regular income. a lot of ppl are in favor of that

    • @maximustrolleus9860
      @maximustrolleus9860 2 роки тому +2

      @Local Council Jobsworth no fair share is everyone paying what they are expected to pay. I dont take anyone srsly when they say taxation is theft. Yet you are freeloading on the roads, the schools, the hospitals, the police, military, legal system, judicial system, etc. your either really young, really naive or really sheltered or really ignorant. So which is it?

    • @maximustrolleus9860
      @maximustrolleus9860 2 роки тому

      @Tankkizzle hes clueless

    • @jaynawilliams6060
      @jaynawilliams6060 2 роки тому

      "Fair?" Are you in grade school?

    • @maximustrolleus9860
      @maximustrolleus9860 2 роки тому

      @Tankkizzle and how am i wrong

  • @serrcoss5063
    @serrcoss5063 2 роки тому

    i am epic

  • @miketheyunggod2534
    @miketheyunggod2534 2 роки тому +2

    One rental? Don't say anything. Just collect rent and it's tax free.

    • @jcman240
      @jcman240 2 роки тому

      Most rental properties operate at a loss which you can use to offset other income

    • @jackthompson5584
      @jackthompson5584 2 роки тому +1

      @@jcman240 if your rental is losing money… you probably need to sell it lol

  • @rightsaidmatt2632
    @rightsaidmatt2632 2 роки тому +4

    Dave: Poor people pay a much higher tax rate than the rich and that's completely fair because it's the tax code. Lol. Nah bro that's called a regressive tax system it's objectively not fair. Saying something "is the law" therefore it's fair is incredibly ignorant 14 year kid logic. Too bad you can't buy critical reasoning skills

    • @HenryPaulThe3rd
      @HenryPaulThe3rd 2 роки тому +3

      Capital gains are taxed at a lower rate because the money used to invest was already taxed when it was earned as income, we want to encourage investment, and investing is inherently risky so they’re making an accommodation for that-you may lose all the money.

    • @steve-on3234
      @steve-on3234 2 роки тому

      Wrong. Poor people pay hardly nothing.

  • @lennoxmutterick6434
    @lennoxmutterick6434 Місяць тому

    Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

    • @SammyIglesias4665
      @SammyIglesias4665 Місяць тому

      Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks

    • @lennoxmutterick6434
      @lennoxmutterick6434 Місяць тому

      @@SammyIglesias4665 However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

    • @SammyIglesias4665
      @SammyIglesias4665 Місяць тому

      @@lennoxmutterick6434 Oh please I’d love that. Thanks!

    • @lennoxmutterick6434
      @lennoxmutterick6434 Місяць тому

      @@SammyIglesias4665 Judith Ann peace is her name

    • @lennoxmutterick6434
      @lennoxmutterick6434 Місяць тому

      Lookup with her name on the webpage.

  • @pfeiffdog0811
    @pfeiffdog0811 2 роки тому +6

    52nd

  • @blystonefarm5790
    @blystonefarm5790 5 місяців тому +1

    Stop paying taxes! The only law specifying a liability for the federal income tax is found at section 1461 of the Internal Revenue Code. whereby every person required to deduct and withhold any tax under Chapter 3 of the Internal Revenue Code is made liable for such withheld tax. And from whom must such a tax be withheld? Such a tax must be withheld from nonresident aliens [section 1441], foreign corporations [section 1442], foreign tax-exempt organizations [section 1443], Virgin Islands Source income [section 1444], dispositions of United States real property interests nonresident aliens [section 1445] and foreign partners' share of effectively connected income [section 1446].

  • @jimroscovius
    @jimroscovius 2 роки тому

    You owe it, you pay it.

  • @PENNSTATE8282
    @PENNSTATE8282 2 роки тому +4

    Dave doesn’t own his properties because he uses the tax code to drive down his gross income🤦🏼‍♂️. More terrible advice!

    • @MikeThePike316
      @MikeThePike316 2 роки тому +4

      I don't understand what you're trying to say.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому

      @@MikeThePike316 It is not true... but surely he is using that Trillion dollar tax loop hole that the filthy rich have.

    • @MikeThePike316
      @MikeThePike316 2 роки тому

      @@johnSmith-uz8nl Do I detect sarcasm? Lol.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому

      @@MikeThePike316 no sarcasm from me. I wish.

    • @TheCanineclub
      @TheCanineclub Рік тому

      Hes using legal tax advantages- ???

  • @bigdaddygoon828
    @bigdaddygoon828 2 роки тому +4

    it's crazy how the hella rich and super rich people like don't like to pay taxes like you literally have all the money get off the gas that means the money that they actually earned started making it own money so yes that money should be taxed at a higher rate because that money isn't earned

    • @lynnebucher6537
      @lynnebucher6537 2 роки тому

      Well their tax bill tends to be really large. My best earning year resulted in paying $23K in income taxes and boy, that stung. That doesn't count SS/Medicare and sales taxes.

  • @superblump87
    @superblump87 2 роки тому +3

    If you're complaining about taxes, go live in a third world country.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому

      I'm not complaining about paying taxes... I a complaining about the fact that the filthy rich don't pay their fair share. And Dave lied about the numbers with Buffet... he did not pay 15%, he paid 0.1%.
      But again, a person with NOTHING is advocating for the filthy rich... nice.

  • @DMaster81
    @DMaster81 2 роки тому +8

    Ah to have the burden of having to pay 150 million in taxes and only live on $850 million

    • @MikeThePike316
      @MikeThePike316 2 роки тому +1

      I bet you complain about taxes with your income too. Everyone does.

    • @noblegirl1991
      @noblegirl1991 2 роки тому

      Right

    • @ValerieMajor
      @ValerieMajor 2 роки тому +4

      Try closer to 50% tax rate. You’d be crying too I don’t care how much money you make. Kanye “On God” song …. “The IRS want they fifty plus our tithe. Man, that's over half of the pie.”

    • @youngswoll3
      @youngswoll3 2 роки тому +1

      @Valerie Major Next time, try to not use a deranged, mentally ill man who makes garbage music as your source for financial data

  • @flea4061
    @flea4061 2 роки тому +7

    I bet he likes the street he drives on and the defense provided by the Navy. Come on guy, just pay your taxes like the rest of us.

    • @josephliptak3183
      @josephliptak3183 2 роки тому

      You know that street is paid for with fuel excise tax not income ???
      Of course you don't!!!

    • @604h22a
      @604h22a 2 роки тому +4

      Maybe the corporations can start paying too

    • @trainsandlocomotives
      @trainsandlocomotives 2 роки тому

      Flat rate, then everyone will be paying.

    • @TheCanineclub
      @TheCanineclub Рік тому

      sounds ,like hes paying his share and many others as well

  • @cowgoesmoo9981
    @cowgoesmoo9981 2 роки тому +3

    Fourth!

  • @sirclutch_alot8323
    @sirclutch_alot8323 2 роки тому +1

    2nd

  • @Eternalmotors
    @Eternalmotors 2 роки тому +1

    First!

  • @julianavalos179
    @julianavalos179 2 роки тому +2

    Dave Ramsey doesn’t pay taxes

  • @johnSmith-uz8nl
    @johnSmith-uz8nl 2 роки тому +1

    DAVE... real estate taxes should not count about YOU PAY SO MUCH IN TAXES. We know the truth and YOU do not pay your fair share.

    • @KnifiNtheHeart
      @KnifiNtheHeart 2 роки тому

      Good for him!

    • @sal5604
      @sal5604 2 роки тому

      Go cry elsewhere or learn about money, wealth, and how to accumulate it. Unless you would like to share your plan to "fix the tax code".

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому

      @@sal5604 My plan is simple... eliminate the Trillion dollar tax loop hole that the filthy rich use when they die. Raise the capital gains taxes on people who declare more then 250K (up to $250k should stay at 15%) to the highest income rate and have a one time exception for personal homes and give a tax break to the middle class.

    • @sal5604
      @sal5604 2 роки тому

      @@johnSmith-uz8nl so basically your plan is to ultimately have all tax payers incur the same burden. Taxing wealthy people doesn't fix the problem, it makes it harder for us normal people with more taxes. If you need proof of this; the 16th Amendment was originally intended to do similar things. Now everyone pays income tax. It only got worse for all us since.
      Why not just tax consumption instead?

  • @noblegirl1991
    @noblegirl1991 2 роки тому

    Dave don't you like security of our country. You should love to pay your taxes. It means you are making a lot. I am sure you wouldn't want to be getting refund in the form for earned credits

    • @Sizukun1
      @Sizukun1 2 роки тому +4

      Thats a valid statement if 100% of the paid taxes go to military or "security". The overwhelming majority of taxes go to anything but "security" and is often frivolously wasted.

    • @noblegirl1991
      @noblegirl1991 2 роки тому

      @@Sizukun1 check again. Our military gets most of it

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому

      @@noblegirl1991 yes, and that is why we have such a safe country... even though I am afraid of getting gunned down at night.

  • @johnSmith-uz8nl
    @johnSmith-uz8nl 2 роки тому +1

    GEORGE... yes it is the law and the LAW NEEDS TO CHANGE. The filthy rich need to pay their fair share and we the people need to change the laws.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 2 роки тому

      @Tankkizzle of course... lets attack the poorest people of America and point our finger at them. WOW. What type of life do you think these people have? Do you think these people will change their family tree?
      But let all squeeze water from a stone.
      You have NOTHING and you still protect the filthy rich. To me, it sounds like you are watching to much foxnews.

    • @LucasOliveira-wd5mh
      @LucasOliveira-wd5mh 2 роки тому

      Never gonna happen, I assure you. BTW, if you research the politicians that say stuff like that, none of them has ever presented a bill in that regard. NONE.

  • @ransom182
    @ransom182 Рік тому +2

    15% of a billion is still only 15% Dave. Just because it's the "law" doesn't make it fair. I don't think Jesus would be complaining about taxes - oh and Jesus would be giving away free homes not making a profit off of them.

  • @faith4freedom76
    @faith4freedom76 2 роки тому +2

    @:41 seconds Thank the RepubliCrats for that buddy

  • @001SpecialAgent
    @001SpecialAgent 2 роки тому +1

    Because it's the law that makes it fair?
    Don't think so. I believe in taxing capital gains at roughly 90% if not more especially after a certain amount. How is a regressive tax code "fair"?

    • @JustinCase780
      @JustinCase780 2 роки тому +13

      90%? What are you smokin'?

    • @Whatorwellsaid21
      @Whatorwellsaid21 2 роки тому +6

      Looks like you would love it in Cuba. What are you waiting for? Paradise awaits…

    • @TinyMiniStealth
      @TinyMiniStealth 2 роки тому +2

      Daaang. Re evaluate your thought process bro.

    • @adamseidel9780
      @adamseidel9780 2 роки тому +4

      How to say “I don’t understand investing or how economic activity occurs” without saying “I don’t understand investing or how economic activity occurs.”

    • @LucasOliveira-wd5mh
      @LucasOliveira-wd5mh 2 роки тому

      Apparently you know nothing about Laffer Curve.

  • @samueltucker9692
    @samueltucker9692 2 роки тому +1

    Good thing in America we have the ability to change laws, time for Billionaires to pay up!

    • @dericanslum1696
      @dericanslum1696 Рік тому

      ...boring stupid troll is boring and stupid...