Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as the EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
'Laurelyn Gross Pohlmeier' a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.
I believe the safest approach is to diversify investments especially under professional; guide. You can mitigate the effects of a market meltdown by diversifying their investments across different asset classes such as stocks, etfs etc It is important to seek the advice of an expert.
Review your portfolio with a professional and don't make the same mistakes again. Diversify, as in your stock portfolio, and hopefully consult a professional. The key to building wealth is long term. I learned 30 years ago that you have to keep emotions (rookie) out of your investment decisions at all cost. Now, i've made over 800k in profits from my 350k investment.
'Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
Tax code changes taught me to you can build resilience into my portfolio. Diversification is key! My set manager helped me spread my investments across different asset classes like stocks, bonds, and real estate so that a positive tax code cha age here can help minimize the impact of aa negative tax code change there adjustments.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
“Rebecca Nassar Dunne” a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.
My advisor helped me rebalance my $2M portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to their guidance, I maintained my desired asset allocation while minimizing taxes.
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.
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
@@BrandonIvan-c6e However, if you do not have access to a professional like Clementina Abate Russo, 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.
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
1.ROTH, SEP IRA, TRADITIONAL IRA 2.TRAD 401K HIGHER CONTRIBUTIONS 3. HSA can spend money on Health Care 4.DAF DONOR ADVISED FUND. 5. SMALL BUSINESS PAY TAXES AFTER DEDUCTIONS 6. REI. CAPT D DEDUCT EARNED INCOME 7. OIL AND GAS 2 HUGE TAX BENEFITS
So folks should not allow themselves to get overwhelmed by these types of investments, which is a common mistake people make, and so they never really get started on a plan that will eventually include some of these instruments that he’s talking about here in the video. So I’ve seen many people at my agency where I retired from get overwhelmed with what they should do with their money, and how should they plan for retirement, and unfortunately, the agency in the beginning, after we had a change from the old civil service, retirement, system (CSRS) to the new federal employees retirement system (FERS) didn’t do a good job of explaining the new system, so a lot of employees just gave up, and they left an awful lot of money on the table, and I’m talking billions of dollars simply left on the table, because the people did not understand how these plans actually worked. So the first thing to do is educate yourself, and to realize you don’t have to make every decision at once, and a good plan includes your spouse too, as you will be surprised, particularly men, and those who have gone through divorces or simply separated without getting a divorce can complicate their retirement picture, and the essential important things that should have been discussed way back when either didn’t get discussed or the adjust being discussed at the endgame which is way too late, but you’re going to have to discuss them at some point if you have a spouse or a significant other. So don’t do this alone, unless you have to, as obviously if you don’t have a spouse, then that’s a different story, but either way get started educating yourself and start to think about using a certified financial planner to help you develop your plan, as no one is going to do it for you, and so it’s really gonna be up to you, and a good way to get started is by asking yourself, questions about what is it that you want to achieve in your life, and how much is it gonna cost, because money is a big part of that answer, and in particular when you are nearing retirement, and based on those answers, and on your particular circumstances, you need to consider how long will you live beyond the age of retirement, which is starting at age 55, and sadly, most people, are not prepared to retire or to even answer that question, and so they’re simply not prepared to retire, because they know they don’t have enough money to do so, and so the vast majority of people who are eligible to retire, simply don’t, and so they will continue to work after retirement which is exactly what happens with most people. So are you going to, retire, meaning, are you going to retire permanently when you leave your current job or are you just going to go out and get another job? So that’s the question you need to answer, because if you want to retire permanently, meaning I’m not going to go out and look for another job, and I am not going to work for anyone ever again, and so the money question is very important here, because the question becomes will you have the money to be able to live out that dream life that you always wanted, because if your answer is no, then don’t you think you need to get started immediately putting away as much money as you can in one of these tax saving vehicles, and just as important understanding how to maximize your return on your investments, is the other part of that equation, and that has to do with your level of risk tolerance, because a lot of people simply can’t handle losses. So for those people, putting money into the stock market isn’t going to work for them, and what I have said, and I practiced this, is number 1) never invest in things you don’t understand, number 2) never invest in things that keep you up at night, because why would you wanna do that? Isn’t getting a good nights sleep, just just as important as making sure you have good nutrition, and you’re practicing distressing techniques, and getting in enough exercise, and taking care of your health, because if your health is a question now, what do you think it’s going to be when you retire? So a plan that contains more traditional investments, like fixed, income investments, we’re talking bonds, certain types of real estate investments,, utilities, etc. maybe the way for you, particularly in the beginning, and until you gain confidence that you can handle the ups, and downs, the choppiness, and the frothiness of what investing in the stock market normally entails, but whatever the mix-and-match of your investments, you happen to choose, get started by first educating yourself, and get started with a plan to achieve your long-term goal of retiring with the type of income security that will assure you that you can retire and be able to finance your lifestyle without having to depend on outside employment. Cheers 🥂
Start a single member LLC, create an eBay account or account on another selling platform, sell some used stuff you find at garage sales, thrift stores, or junk you have around the house. Make sure you have a dedicated space in your home…spare bedroom, garage, basement, storage shed; then you can take business deductions for the space used for the business, a portion of your utility bills, milage on your vehicle (used for business purposes), equipment used for the business (computer, tablet, phone, monitors, printers, TV, subscription services for the business, etc…). With all the biz deductions, my biz runs at a loss, which help lower me and my wife’s taxable income.
Yeah, you are spot on. I used the same strategy. But, my CPA told me I could only for it for 3 to 4 years before the IRS starts to audit my business. So I show a small profit.
Yeah, technically after two years of a loss the IRS can deem your “business” a hobby and you can’t claim the losses anymore if you’re audited. Just a heads up
@@TravelingLifeStyleNow You might consider shopping for new CPA however the 8829 handles "rented" vs "owned" far different. BTW: LOL Audits after 3 or 4 years?? Completely laughable. But let me ask: So what?? Unless you are making stuff up? Who cares if you are audited? CPA? Over priced Bad information.
@@idaUnchained "Technically"? Going with this? Gee. Don't let Mitt Romney and his horse business find out. Won't the tax payers intent be more relevant than losses? How long before Twitter is declared a hobby? LOL. Don't listen to me. Likely you are far more knowledge of this vital area of code.
Great ideas!!! Say, in LLC ,where do you take the home office (8829 on Sch C) Actually, if you have a Sch C with 8829, what it the benefit of the LLC? Thanks!
Disclosure to this: Contributing the max to IRAs and 401ks are considered tax deductions, but they do not reduce your taxes $ for $. If your tax rate is 12%, then the contributions multiplied by your tax rate are the tax savings. Also, the solo 401k is only an option for self-employed individuals or S Corp owners. W-2 employees outside of an S Corp owner or Self-employed business owner do not get this benefit.
I think that's why people still have a business and pay themselves or put kids on payroll for doing chores in addition to working more tex deductions for business owners
Yep, I have a business and still paying a high amount of taxes, thought a rental property would help this year, since I did not owe any taxes last year. So not sure how long I have to own the rental until it helps with lowering my taxes.
I’m all for investing and keeping my tax burden low. Unfortunately this doesn’t help keep more money liquid and in the pockets of people needing it. Good ideas though.
Where can I learn more about point 7 - oil and gas investments. You're right, this isn't spoken about enough, first time im hearing it to be honest. I'll look through your vids to see if theres a specific video for that. Great advice, great video. All the best!
It's not simply buying common stock. Rather, you're investing in something like a Master Limited Partnership. Yes, there are some very good tax benefits, but these can also be very tricky investments. When considering an investment, it's best to consider the RETURNS you'll make (or what you may lose) well before you weigh the tax implications. In the case of MLPs, you may lose your shirt, and you won't care whether there was a good tax benefit or not.
Somehow, I feel like a being ripped off in this country. I worked hard in my education to earn more income, and now I feel so disappointed. 50 % of my income goes to the government. it's unfair. No other country does this, only the USA. I don't mind paying taxes, but we overpay taxes. It's like being punished for working hard in this country. Thanks for the advice.
You deserve much more than 12,000 subscribers. You do a great job at providing information and articulating yourself. Thank you for helping us. Subscribed!
Ignorance is bliss. I knew about 401k and IRA of course, but the rest blew me away. Your video is so informative and straight to the point without the blah,blah,blah. I definitely subscribed and liked. Do you have a to be an investor to invest in Oil and Gas? Do you have video on how to invest in Oil and Gas or drop any links on how to do it? It would be greatly appreciated
$69,000 is an overreach for 99.9% of people. Also, 401k’s have limited investment options and higher fees. I would keep some in a taxable account. Also, 401k’s are taxable when withdrawn and will cause 85% of ss income to be taxable
The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.
Great video & helpful. Tax deduction is good. But when buying a home too much deduction enable you to qualify for a mortgage because w2 might be too low to qualify for the home
I understand deferring taxing by utilizing tax deferred accounts. However, I completely disagree with the government telling me/controlling my money until 59.5yrs and then taxing me on it. What if you want to retire at 45 or 50?
I understand this view. Some of the later examples in the video are great alternatives. I always tell my clients to determine their goals first, and then we’ll pick the best ways to package everything to reduce their taxes. With a good plan, you can do both - invest for early retirement (45-60) while putting money aside for a later retirement (60+).
@@mycpacoachI think it is important to revisit your goals frequently. Mine changed and at 50 I wish I had invested more outside of the 401k and Roth. Having nearly 8 figures in my locked up accounts is driving me crazy. I could walk away with the 300k I have in my taxed accounts. I only need 35k per year to travel and not work. I would say balance is the key. If you are disciplined you can retire much sooner than 59.5. Make sure to be wise in your taxed accounts. Taxes will get us all sooner or later. If I could change it I would go back and invest just 5% in a 401k and pile my cash into taxed accounts.
You can take out the contributions from your Roth at any time without tax or penalty. If you do a conversion (like from a 401k) into Roth you pay taxes on the amount converted. And then 5 years later you can start taking out the converted dollars without tax or penalty. (Separate 5 year clock for each conversion.) But overall I am with you. My biggest regret in 2008 was that I had very little in after-tax accounts compared to my tax advantaged accounts. I've since corrected that.
A lot of people are in for a rude surprise when they're 45-55. I moved my money from a retirement account to a taxable account so I can retire before 59.5, instead of being able to retire, but needing to wait until my money isn't held hostage anymore.
Then don't utilize tax deferred accounts. It's supposed to be a benefit for those who retire at retirement age. Not for those who stops working before that.
I am in the 12% US federal income tax bracket. I am investing in a Roth IRA and a Roth 401k for the following 3 reasons. 1) I expect tax rates will go up (12% tax rate will become the 15% tax rate again in 2026). 2) No forced RMDs currently for Roth IRA, Roth 401k starting in 2024; I will touch Roth accounts last and let the account balances to grow. 3) Distributions from Roth IRA/401k are not calculated in the taxation of Social Security benefits. Also the oil and gas investments you mentioned you have to be an accredited investor; I am not so I invest in oil company stocks and commodity ETFs.
I’ll dump the Roth 401k any retirement account with an employer is subject to fees! If you have a retirement account through a discount brokerage like Etrade, Schwab, Fidelity, you can avoid fees unless you have pick a ETF or a non- zero expense mutual fund. Also with a discount brokerage you have complete control over your retirement account funds.
@@PascalH9191 well I agree 401 K's do have fees that's why when you leave the job roll over to your IRA unless you're 55 years or older at a job when you leave because you can take rmds without penalty before 59 and a half. You need to have a tax-free bucket along with your tax will brokerage account
I'm not sure when CPAs got the reputation that they didn't know tax planning. The designation requires much more experience, education, testing, etc. than the EA.
Yeah you’re 100% backwards here. I’m a CPA, and I can tell you based on many hundreds of folks I’ve worked with over the years that CPAs>EAs almost always. Not 100% of the time, but almost. The CPA exam is significantly harder than the EA test and has significant education and experience requirements. That said, there are certainly exceptions and I’ve known a few people who simply didn’t get their CPA license because they worked for a firm for many years that didn’t require or care if they had it… and then they just got too far into their career to bother. So they got the EA just so they had some sort of designation, but were in fact a great tax professional and better than some licensed CPAs I knew. On the flip side, I can’t even count the amount of times I’ve met new clients who used an EA for a prior year tax return where there was something over the head of the EA on their tax return that got botched and we had to amend. Above all else, when you hire a CPA or EA… just make sure you’re hiring the right fit for your needs. Don’t buy a Ferrari if you only need a Camry.
@@CraigK5thGen I've seen both and worked with both. The most arrogant and vicious are CPA. Ken Krantz in Fountain Valley was the first CPA to steal from me. I took course to learn from H&R block the most basic so I could survive being around these jerks. In fairness, the average working guy is unwilling to pay for services and build a better result overtime. The best EA in the business was James Harnsberger in San Diego. Other EAs (at least in CA) are usually former IRS employees. Best wishes for your season.
Enrolled Agents (EAs) are federally-licensed tax practitioners who may represent taxpayers before the IRS when it comes to collections, audits and appeals. As authorized by the Department of Treasury’s Circular 230 regulations, EAs are granted unlimited practice rights to represent taxpayers before IRS and are authorized to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled agents are the only federally-licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS. The enrolled agent profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department. Enrolled agents’ expertise in the continually changing field of taxation enables them to effectively represent taxpayers at all administrative levels within the IRS.
1. IRA contributions have to be earned income even for a child. So you can't just open up the account and fund it unless you're able to prove the child has earned it (e.g., babysitting, lemonade stand, etc. ) 2. You can't deduct contributions to your child's IRA on your taxes which is why it's recommended to open a Roth IRA since there's no upfront tax advantages to be had for opening up a Traditional IRA.
Hi There! Thanks for the great information. Can you give some specifics about oil and gas investments. Are these start up companies or etf or companies already on the stock market? Inquiring minds want to know:)
Awesome video!!! We invested in most of them and you're absolutely right :) I'm wondering if we should downgrade our health insurance to qualify for HSA. We're in our 60's and we want to ensure we have adequate health insurance.
@@hemanmccray8629 Yes true if covered by an employer plan (even if you don't participate.) Modified adjusted gross income (AGI) limit for traditional IRA contributions. For 2023, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: • More than $116,000 but less than $136,000 for a married couple filing a joint return or a qualifying surviving spouse, • More than $73,000 but less than $83,000 for a single individual or head of household, or • Less than $10,000 for a married individual filing a separate return.
At 4:49 - this sounds like a special case where one could max $69K SEP-IRA plus $7K traditional IRA for $77k tax deferred. Your Modified AGI would have to be below $73K (or $116K if married) since you're covered by a retirement plan at work.
So I’ve had a traditional, IRA from the very beginning when they were first offered back in the 80s, and it’s always been known as an individual retirement account. So what’s the source of your information?
Everyone’s been preaching investing lately as a source of passive income but with a 70 hour weekly jobs and limited knowledge of financial instruments, how can I actually stay on top of things, I see every UA-cam video saying BUY BUY! But when and how do I sell for profit at the right time?
Well all i know is that you cannot go wrong taking profit at near high. No one ever went broke taking a 10% loss. It's best if you consult with a fiduciary advisor to get informed buying & selling decisions
Aileen Gertrude Tippy is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I don't invest in any of the first 3 because if the economy slips back into the great depression of the 1940s, then all that money disappears like it was never there. So if there's a great depression then Uncle Sam gets it. If I go with options 6 & and 7, then all it takes is 1 audit and a couple of misplaced receipts, then Uncle Sam takes those "investments" away. So the only place to track your money and keep it out of Uncle Sam's hands is to give it to charity. Also, nothing against you personally, but I don't trust CPAs. Every CPA I've had has screwed me over.
@@NikeetaBhullar traditional Ira - you cannot deduct it for incomes more than $116k in 2023. Investment property expenses also have a limit on how much you can deduct
You cannot deduct a Traditional IRA contribution for a child unless your child has Earned Income. Plus the max contribution into a Traditional IRA is $6500 if you are under the age of 50 for tax year 2023.
Traditional IRA has income limits though. Like if you make over a certain amount you cant deduct traditional IRA contributions (77k+income) if you also have a 401k at work
Are you sure about that? Just read this on Fidelity. “No income limits: As long as you're working, you can keep contributing to a traditional IRA, as well as your 401(k).” Source: www.fidelity.com/retirement-ira/traditional-ira#:~:text=No%20income%20limits%3A%20As%20long,as%20your%20401(k).
@@mycpacoach so its perfectly ok to contribute, its the deductibility that may be impacted. www.irs.gov/retirement-plans/ira-deduction-limits. Contributing to it could be the beginning of a backdoor Roth IRA though! Let the gains begin
@@mycpacoach I had the same thought as @the_investor9836 when watching the video... Based on the IRS rules I've read (and a disclaimer on that fidelity link you posted), there isn't a rule preventing you from contributing to a Traditional IRA, however, the amount you're able to deduct is based on your AGI. For example, if you are married filing jointly and AGI is over $136k you can't deduct any contribution. disclaimer text from the fidelity link you posted: "For a traditional IRA, full deductibility of a 2023 contribution is available to covered individuals whose 2023 Modified Adjusted Gross Income (MAGI) is $116,000 or less (joint) and $73,000 or less (single); partial deductibility for MAGI up to $136,000 (joint) and $83,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $218,000 or less in 2023; and partial deductibility for MAGI up to $228,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income."
@@mycpacoach INCOME REQUIREMENTS None. Anyone 18 or older with earned income can contribute to a traditional IRA. However, for contributions to be tax-deductible, specific income limits apply: For a traditional IRA, full deductibility of a 2023 contribution is available to covered individuals whose 2023 Modified Adjusted Gross Income (MAGI) is $116,000 or less (joint) and $73,000 or less (single); partial deductibility for MAGI up to $136,000 (joint) and $83,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $218,000 or less in 2023; and partial deductibility for MAGI up to $228,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income.
@@mycpacoach Yes, if you or your spouse have a qualified retirement plan from your employer (i.e. 401k) then depending on your adjusted gross income, you may only be able to take a partial deduction or no deduction see: www.irs.gov/retirement-plans/ira-deduction-limits As far as I can tell, if you are a high income household and you get a 401(k) from work, there doesn't seem to be a reason not to do a backdoor roth ira, as you get no deduction benefit for the traditional IRA. I think your Fidelity link refers more to the fact that you can technically contribute to a traditional ira, doesnt say anything about being able to get deductions at all levels of income.
I’m looking for ways to use business income NOW not in retirement. How can I reduce my agi enough to pay NO taxes without putting all my profits into accounts I may never live long enough to see??
A Roth IRA will allow your investments to grow tax-free, which can be very beneficial. It does not, however, provide you with a tax deduction upon making your contribution. More info: ua-cam.com/video/sr1FkwhczIQ/v-deo.html&pp=ygUfMTAgdGF4IGZyZWUgaW52ZXN0bWVudHMgc2hlcm1hbg%3D%3D
✊I'm fortunate I made a productive decisions about my finances that changed my life forever, I'm a single parent living in Bn Italy, bought my first house in last month and hoping to retired next year at 52 if things keep going smoothly for me
We are not giving it to Uncle Sam. We are giving it to the federal reserve whom are not the federal government. Think of it this way, your paying for the government's credit card that they can spend how they feel.
A lot of those were the tried-and-true basics. Was hoping for some investments that were not taxable like VMSXX/Vanguard Municipal Money Market Fund; VWALX/Vanguard High-Yield Tax-Exempt Fund Admiral Shares
This video focuses on tax deductible investments. I did a separate video for “tax free investments”. You can view here: ua-cam.com/video/sr1FkwhczIQ/v-deo.htmlsi=PO4m7zVDOz1A4rp1
There is one factual mistake in this video. You CANNOT use your HSA to pay for your gym membership. I wish that this was the case but in the eyes of the IRS this is a big "no-no".
It was mentioned there are limits for these investments. That is a huge deal if you're making some bread. You won't be able to use many of these if you're a high income earner.
Why people in Kentucky don't owe taxes. Walt Disney recently used the fact they are owned by the Crown to keep from paying taxes. Well so is Kentucky. Kentucky became part of the Indian Reserve of the Trans Appalachian land acquired by Britian. Established by the Royal proclamation of 1763. The Iroquois claim to much of the state was purchased by Britian in the Treaty of Fort Stanwix 1768. If Disney doesn't owe then neither do we.
my 22 year old only has the 401k profit sharing option. wonder if he can take the form to h.r. and do a traditional roth ira? i already set him up a roth ira. his fsa minimum to put in is $12 a month. annoying. he's only 22.
He should be able to do both, contribute to his Roth IRA and the 401K through his employer. His individual roth shouldn’t interfere with his 401k at all
The type of investments the video references is investments into private oil & gas companies, which will then issue you tax forms (as a partner) with applicable tax losses.
Wow--This guy is both amazing & a genius @ decomplicating tax strategies!
❤
Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as the EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
'Laurelyn Gross Pohlmeier' a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.
I believe the safest approach is to diversify investments especially under professional; guide. You can mitigate the effects of a market meltdown by diversifying their investments across different asset classes such as stocks, etfs etc It is important to seek the advice of an expert.
Review your portfolio with a professional and don't make the same mistakes again. Diversify, as in your stock portfolio, and hopefully consult a professional. The key to building wealth is long term. I learned 30 years ago that you have to keep emotions (rookie) out of your investment decisions at all cost. Now, i've made over 800k in profits from my 350k investment.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
'Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
Tax code changes taught me to you can build resilience into my portfolio. Diversification is key! My set manager helped me spread my investments across different asset classes like stocks, bonds, and real estate so that a positive tax code cha age here can help minimize the impact of aa negative tax code change there adjustments.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
“Rebecca Nassar Dunne” a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I am looking for tax efficient way to rebalance my $800k portfolio without triggering capital gains tax. what asset location strategies should i use?
The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.
My advisor helped me rebalance my $2M portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to their guidance, I maintained my desired asset allocation while minimizing taxes.
Hey friend, can I work with your Fiduciary?
Yeah, she is Jennifer Leigh Hickman, look her up. Anyone is free to contact her.
Searched the web and saw her profile and accreditations, someone with great experience I must say, thanks!
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.
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
@@BrandonIvan-c6e However, if you do not have access to a professional like Clementina Abate Russo, 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.
@@Lourd-Bab Oh please I’d love that. Thanks!
@@BrandonIvan-c6e Clementina Abate Russo is her name
Lookup with her name on the webpage.
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
Since meeting Expert Charlotte , I now agree that with an expert managing your portfolio, the rate of profit is high, with less risk.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
1.ROTH, SEP IRA, TRADITIONAL IRA 2.TRAD 401K HIGHER CONTRIBUTIONS 3. HSA can spend money on Health Care 4.DAF DONOR ADVISED FUND. 5. SMALL BUSINESS PAY TAXES AFTER DEDUCTIONS 6. REI. CAPT D DEDUCT EARNED INCOME 7. OIL AND GAS 2 HUGE TAX BENEFITS
Thank you 💛
🙏
SEP IRA are for poor people lol
So folks should not allow themselves to get overwhelmed by these types of investments, which is a common mistake people make, and so they never really get started on a plan that will eventually include some of these instruments that he’s talking about here in the video.
So I’ve seen many people at my agency where I retired from get overwhelmed with what they should do with their money, and how should they plan for retirement, and unfortunately, the agency in the beginning, after we had a change from the old civil service, retirement, system (CSRS) to the new federal employees retirement system (FERS) didn’t do a good job of explaining the new system, so a lot of employees just gave up, and they left an awful lot of money on the table, and I’m talking billions of dollars simply left on the table, because the people did not understand how these plans actually worked.
So the first thing to do is educate yourself, and to realize you don’t have to make every decision at once, and a good plan includes your spouse too, as you will be surprised, particularly men, and those who have gone through divorces or simply separated without getting a divorce can complicate their retirement picture, and the essential important things that should have been discussed way back when either didn’t get discussed or the adjust being discussed at the endgame which is way too late, but you’re going to have to discuss them at some point if you have a spouse or a significant other.
So don’t do this alone, unless you have to, as obviously if you don’t have a spouse, then that’s a different story, but either way get started educating yourself and start to think about using a certified financial planner to help you develop your plan, as no one is going to do it for you, and so it’s really gonna be up to you, and a good way to get started is by asking yourself, questions about what is it that you want to achieve in your life, and how much is it gonna cost, because money is a big part of that answer, and in particular when you are nearing retirement, and based on those answers, and on your particular circumstances, you need to consider how long will you live beyond the age of retirement, which is starting at age 55, and sadly, most people, are not prepared to retire or to even answer that question, and so they’re simply not prepared to retire, because they know they don’t have enough money to do so, and so the vast majority of people who are eligible to retire, simply don’t, and so they will continue to work after retirement which is exactly what happens with most people.
So are you going to, retire, meaning, are you going to retire permanently when you leave your current job or are you just going to go out and get another job?
So that’s the question you need to answer, because if you want to retire permanently, meaning I’m not going to go out and look for another job, and I am not going to work for anyone ever again, and so the money question is very important here, because the question becomes will you have the money to be able to live out that dream life that you always wanted, because if your answer is no, then don’t you think you need to get started immediately putting away as much money as you can in one of these tax saving vehicles, and just as important understanding how to maximize your return on your investments, is the other part of that equation, and that has to do with your level of risk tolerance, because a lot of people simply can’t handle losses.
So for those people, putting money into the stock market isn’t going to work for them, and what I have said, and I practiced this, is number 1) never invest in things you don’t understand, number 2) never invest in things that keep you up at night, because why would you wanna do that? Isn’t getting a good nights sleep, just just as important as making sure you have good nutrition, and you’re practicing distressing techniques, and getting in enough exercise, and taking care of your health, because if your health is a question now, what do you think it’s going to be when you retire?
So a plan that contains more traditional investments, like fixed, income investments, we’re talking bonds, certain types of real estate investments,, utilities, etc. maybe the way for you, particularly in the beginning, and until you gain confidence that you can handle the ups, and downs, the choppiness, and the frothiness of what investing in the stock market normally entails, but whatever the mix-and-match of your investments, you happen to choose, get started by first educating yourself, and get started with a plan to achieve your long-term goal of retiring with the type of income security that will assure you that you can retire and be able to finance your lifestyle without having to depend on outside employment. Cheers 🥂
Start a single member LLC, create an eBay account or account on another selling platform, sell some used stuff you find at garage sales, thrift stores, or junk you have around the house. Make sure you have a dedicated space in your home…spare bedroom, garage, basement, storage shed; then you can take business deductions for the space used for the business, a portion of your utility bills, milage on your vehicle (used for business purposes), equipment used for the business (computer, tablet, phone, monitors, printers, TV, subscription services for the business, etc…). With all the biz deductions, my biz runs at a loss, which help lower me and my wife’s taxable income.
Yeah, you are spot on. I used the same strategy. But, my CPA told me I could only for it for 3 to 4 years before the IRS starts to audit my business. So I show a small profit.
Yeah, technically after two years of a loss the IRS can deem your “business” a hobby and you can’t claim the losses anymore if you’re audited. Just a heads up
@@TravelingLifeStyleNow You might consider shopping for new CPA however the 8829 handles "rented" vs "owned" far different. BTW: LOL Audits after 3 or 4 years?? Completely laughable. But let me ask: So what?? Unless you are making stuff up? Who cares if you are audited? CPA? Over priced Bad information.
@@idaUnchained "Technically"? Going with this? Gee. Don't let Mitt Romney and his horse business find out. Won't the tax payers intent be more relevant than losses? How long before Twitter is declared a hobby? LOL. Don't listen to me. Likely you are far more knowledge of this vital area of code.
Great ideas!!! Say, in LLC ,where do you take the home office (8829 on Sch C) Actually, if you have a Sch C with 8829, what it the benefit of the LLC? Thanks!
A lot of gems shared in this video, thank you. Clear explanation with good visuals. Wish you continued success.
Thank you, Stanley!
Love that your marked the topics with time stamps. This is second to your great advice ❤❤❤
Thank you!
@@mycpacoach hello does cooking oil count ? What about cosmetic oils ?
Disclosure to this: Contributing the max to IRAs and 401ks are considered tax deductions, but they do not reduce your taxes $ for $. If your tax rate is 12%, then the contributions multiplied by your tax rate are the tax savings. Also, the solo 401k is only an option for self-employed individuals or S Corp owners. W-2 employees outside of an S Corp owner or Self-employed business owner do not get this benefit.
I think that's why people still have a business and pay themselves or put kids on payroll for doing chores in addition to working more tex deductions for business owners
Yep, I have a business and still paying a high amount of taxes, thought a rental property would help this year, since I did not owe any taxes last year. So not sure how long I have to own the rental until it helps with lowering my taxes.
I’m all for investing and keeping my tax burden low. Unfortunately this doesn’t help keep more money liquid and in the pockets of people needing it. Good ideas though.
Where can I learn more about point 7 - oil and gas investments. You're right, this isn't spoken about enough, first time im hearing it to be honest. I'll look through your vids to see if theres a specific video for that. Great advice, great video. All the best!
I just published a video to further explain this. Let me know what you think here: ua-cam.com/video/DdbQQmeSQjE/v-deo.html
When investing in an oil or gas company does one just buy common stock on an exchange or are there more specific requirements?
It's not simply buying common stock. Rather, you're investing in something like a Master Limited Partnership. Yes, there are some very good tax benefits, but these can also be very tricky investments. When considering an investment, it's best to consider the RETURNS you'll make (or what you may lose) well before you weigh the tax implications. In the case of MLPs, you may lose your shirt, and you won't care whether there was a good tax benefit or not.
@@ezmaassvery good info here thank you
This video fire and well produced. We gotta get u more followers!! Sending this to my ppl.
I appreciate it Anthony! It's a grind.
IRA stands for: Individual Retirement Arrangements. See IRS 2023 Publication 17 page 78.
Great video bro!
Thanks bro 🙏🏽
Somehow, I feel like a being ripped off in this country. I worked hard in my education to earn more income, and now I feel so disappointed. 50 % of my income goes to the government. it's unfair. No other country does this, only the USA. I don't mind paying taxes, but we overpay taxes. It's like being punished for working hard in this country. Thanks for the advice.
Totally agree 👍
Awesome breakdown, love the on-screen visuals. Subscribed!
You deserve much more than 12,000 subscribers. You do a great job at providing information and articulating yourself. Thank you for helping us.
Subscribed!
Thank you!
I agree! I just found this channel and subscribed!!
Subscribed
Great comment. Halfway thru the vid and subscribing now!
Ignorance is bliss. I knew about 401k and IRA of course, but the rest blew me away. Your video is so informative and straight to the point without the blah,blah,blah. I definitely subscribed and liked.
Do you have a to be an investor to invest in Oil and Gas? Do you have video on how to invest in Oil and Gas or drop any links on how to do it? It would be greatly appreciated
$69,000 is an overreach for 99.9% of people. Also, 401k’s have limited investment options and higher fees. I would keep some in a taxable account. Also, 401k’s are taxable when withdrawn and will cause 85% of ss income to be taxable
Awesome, educational,unique way of simply informing someone. Great video will apply it
Glad you found it helpful
How do i invest into oil and gas ? Are you referring buying stocks ? Thank you so much
I just published a video to further explain this. Let me know what you think here: ua-cam.com/video/DdbQQmeSQjE/v-deo.html
The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.
Great video & helpful. Tax deduction is good. But when buying a home too much deduction enable you to qualify for a mortgage because w2 might be too low to qualify for the home
I didn't know many of the stuff presented here. Definitely a new channel to keep watching.
I understand deferring taxing by utilizing tax deferred accounts. However, I completely disagree with the government telling me/controlling my money until 59.5yrs and then taxing me on it. What if you want to retire at 45 or 50?
I understand this view. Some of the later examples in the video are great alternatives. I always tell my clients to determine their goals first, and then we’ll pick the best ways to package everything to reduce their taxes. With a good plan, you can do both - invest for early retirement (45-60) while putting money aside for a later retirement (60+).
@@mycpacoachI think it is important to revisit your goals frequently. Mine changed and at 50 I wish I had invested more outside of the 401k and Roth. Having nearly 8 figures in my locked up accounts is driving me crazy. I could walk away with the 300k I have in my taxed accounts. I only need 35k per year to travel and not work.
I would say balance is the key. If you are disciplined you can retire much sooner than 59.5. Make sure to be wise in your taxed accounts. Taxes will get us all sooner or later. If I could change it I would go back and invest just 5% in a 401k and pile my cash into taxed accounts.
You can take out the contributions from your Roth at any time without tax or penalty. If you do a conversion (like from a 401k) into Roth you pay taxes on the amount converted. And then 5 years later you can start taking out the converted dollars without tax or penalty. (Separate 5 year clock for each conversion.)
But overall I am with you. My biggest regret in 2008 was that I had very little in after-tax accounts compared to my tax advantaged accounts. I've since corrected that.
A lot of people are in for a rude surprise when they're 45-55. I moved my money from a retirement account to a taxable account so I can retire before 59.5, instead of being able to retire, but needing to wait until my money isn't held hostage anymore.
Then don't utilize tax deferred accounts. It's supposed to be a benefit for those who retire at retirement age. Not for those who stops working before that.
Are there similar tax advantages to investing in Electric/Solar/Green instead of Oil & Gas?
I am in the 12% US federal income tax bracket. I am investing in a Roth IRA and a Roth 401k for the following 3 reasons. 1) I expect tax rates will go up (12% tax rate will become the 15% tax rate again in 2026). 2) No forced RMDs currently for Roth IRA, Roth 401k starting in 2024; I will touch Roth accounts last and let the account balances to grow. 3) Distributions from Roth IRA/401k are not calculated in the taxation of Social Security benefits. Also the oil and gas investments you mentioned you have to be an accredited investor; I am not so I invest in oil company stocks and commodity ETFs.
Nice, I 100% agree with this for someone in your tax bracket.
Thanks for the game
Thanks that good to know. I have a Life Event to resolve but Gas and Commodity ETF,s along with a Good set of RIETs will stabilize you.
I’ll dump the Roth 401k any retirement account with an employer is subject to fees! If you have a retirement account through a discount brokerage like Etrade, Schwab, Fidelity, you can avoid fees unless you have pick a ETF or a non- zero expense mutual fund. Also with a discount brokerage you have complete control over your retirement account funds.
@@PascalH9191 well I agree 401 K's do have fees that's why when you leave the job roll over to your IRA unless you're 55 years or older at a job when you leave because you can take rmds without penalty before 59 and a half. You need to have a tax-free bucket along with your tax will brokerage account
Now this man right here knows what he’s talking about. I mean he’s giving us the business
That’s really interesting considering the fact that a CPA doesn’t usually know all this kind of stuff, it’s usually a EA
I'm not sure when CPAs got the reputation that they didn't know tax planning. The designation requires much more experience, education, testing, etc. than the EA.
@@mycpacoach LOL. So you engage on generally using EA vs CPA? Okay. I would go for results but your channel.
Yeah you’re 100% backwards here. I’m a CPA, and I can tell you based on many hundreds of folks I’ve worked with over the years that CPAs>EAs almost always. Not 100% of the time, but almost. The CPA exam is significantly harder than the EA test and has significant education and experience requirements. That said, there are certainly exceptions and I’ve known a few people who simply didn’t get their CPA license because they worked for a firm for many years that didn’t require or care if they had it… and then they just got too far into their career to bother. So they got the EA just so they had some sort of designation, but were in fact a great tax professional and better than some licensed CPAs I knew. On the flip side, I can’t even count the amount of times I’ve met new clients who used an EA for a prior year tax return where there was something over the head of the EA on their tax return that got botched and we had to amend. Above all else, when you hire a CPA or EA… just make sure you’re hiring the right fit for your needs. Don’t buy a Ferrari if you only need a Camry.
@@CraigK5thGen I've seen both and worked with both. The most arrogant and vicious are CPA. Ken Krantz in Fountain Valley was the first CPA to steal from me. I took course to learn from H&R block the most basic so I could survive being around these jerks. In fairness, the average working guy is unwilling to pay for services and build a better result overtime. The best EA in the business was James Harnsberger in San Diego. Other EAs (at least in CA) are usually former IRS employees. Best wishes for your season.
Enrolled Agents (EAs) are federally-licensed tax practitioners who may represent taxpayers before the IRS when it comes to collections, audits and appeals. As authorized by the Department of Treasury’s Circular 230 regulations, EAs are granted unlimited practice rights to represent taxpayers before IRS and are authorized to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled agents are the only federally-licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS. The enrolled agent profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department. Enrolled agents’ expertise in the continually changing field of taxation enables them to effectively represent taxpayers at all administrative levels within the IRS.
Side note, you need earned income if you want to contribute to an Ira or Roth.
1. IRA contributions have to be earned income even for a child. So you can't just open up the account and fund it unless you're able to prove the child has earned it (e.g., babysitting, lemonade stand, etc. )
2. You can't deduct contributions to your child's IRA on your taxes which is why it's recommended to open a Roth IRA since there's no upfront tax advantages to be had for opening up a Traditional IRA.
Hi There! Thanks for the great information. Can you give some specifics about oil and gas investments. Are these start up companies or etf or companies already on the stock market? Inquiring minds want to know:)
I just published a video to further explain this. Let me know what you think here: ua-cam.com/video/DdbQQmeSQjE/v-deo.html
Please do a video on taxes after retirement.
Sure. Will add to queue
do not do any of these things if you are trying to buy a house
I have learned so much, thank you!
Awesome video!!! We invested in most of them and you're absolutely right :) I'm wondering if we should downgrade our health insurance to qualify for HSA. We're in our 60's and we want to ensure we have adequate health insurance.
finally someone that explains it that I can understand. 😀
where is the video for the busyness deduction?
how do you invest in oil and gas?
can't seem to figure that out also
I just published a video to further explain this. Let me know what you think here: ua-cam.com/video/DdbQQmeSQjE/v-deo.html
Why does no one ever talk about that IRA contribution are only deductible if you make below 75k.
not true
@@hemanmccray8629 Yes true if covered by an employer plan (even if you don't participate.)
Modified adjusted gross income (AGI) limit
for traditional IRA contributions. For 2023, if
you are covered by a retirement plan at work,
your deduction for contributions to a traditional
IRA is reduced (phased out) if your modified
AGI is:
• More than $116,000 but less than
$136,000 for a married couple filing a joint
return or a qualifying surviving spouse,
• More than $73,000 but less than $83,000
for a single individual or head of household,
or
• Less than $10,000 for a married individual
filing a separate return.
At 4:49 - this sounds like a special case where one could max $69K SEP-IRA plus $7K traditional IRA for $77k tax deferred. Your Modified AGI would have to be below $73K (or $116K if married) since you're covered by a retirement plan at work.
Isn’t this $76K?
IRA does not stand for Individual Retirement Account. It’s Individual Retirement Arrangement
So I’ve had a traditional, IRA from the very beginning when they were first offered back in the 80s, and it’s always been known as an individual retirement account. So what’s the source of your information?
www.irs.gov/forms-pubs/about-publication-590-a#:~:text=Publication%20590%2DA%20discusses%20contributions,setting%20aside%20money%20for%20retirement.
Hi Uber or Rideshare is considered small business?
I'd say yes if they pay you with a 1099.
Yess
Thank you for this
Thanks Sherman for this helpful informative video I got huge value from it keep the gems coming
I am happy to hear that. Thank you for commenting and watching. Glad you found it valuable.
What do you think about Index Funds like an IUL?
Very interesting video. I'll be looking into some of your others.
Thank you for the Iinfo Sir.
You're very welcome
Everyone’s been preaching investing lately as a source of passive income but with a 70 hour weekly jobs and limited knowledge of financial instruments, how can I actually stay on top of things, I see every UA-cam video saying BUY BUY! But when and how do I sell for profit at the right time?
I also think everyone needs a Margin of Safety in their portfolios and just remember, It's time in the market versus timing the market.
Well all i know is that you cannot go wrong taking profit at near high. No one ever went broke taking a 10% loss. It's best if you consult with a fiduciary advisor to get informed buying & selling decisions
I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
Aileen Gertrude Tippy is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I have Roth IRA investing account for the retirement!
I don't invest in any of the first 3 because if the economy slips back into the great depression of the 1940s, then all that money disappears like it was never there. So if there's a great depression then Uncle Sam gets it. If I go with options 6 & and 7, then all it takes is 1 audit and a couple of misplaced receipts, then Uncle Sam takes those "investments" away. So the only place to track your money and keep it out of Uncle Sam's hands is to give it to charity.
Also, nothing against you personally, but I don't trust CPAs. Every CPA I've had has screwed me over.
There’s so much you have skipped. All the tax deductions have an income limit beyond which you cannot claim these deductions
Can you explain which are they?
@@NikeetaBhullar traditional Ira - you cannot deduct it for incomes more than $116k in 2023.
Investment property expenses also have a limit on how much you can deduct
Hi regarding oil and gas,do i need to be an investor?owner or a consumer? Pls enlighten me bec it’s my first time to hear these. Thank you
I just published a video to further explain this. Let me know what you think here: ua-cam.com/video/DdbQQmeSQjE/v-deo.html
Good work, 1 thing to mention is that if you are 50 or over, you can also do $7500 catch up contributions on your 401k for year 2023.
Regards,
YKM
You cannot deduct a Traditional IRA contribution for a child unless your child has Earned Income. Plus the max contribution into a Traditional IRA is $6500 if you are under the age of 50 for tax year 2023.
5,6 and 7 are new to me!
Traditional IRA has income limits though. Like if you make over a certain amount you cant deduct traditional IRA contributions (77k+income) if you also have a 401k at work
Are you sure about that? Just read this on Fidelity. “No income limits: As long as you're working, you can keep contributing to a traditional IRA, as well as your 401(k).” Source: www.fidelity.com/retirement-ira/traditional-ira#:~:text=No%20income%20limits%3A%20As%20long,as%20your%20401(k).
@@mycpacoach so its perfectly ok to contribute, its the deductibility that may be impacted. www.irs.gov/retirement-plans/ira-deduction-limits. Contributing to it could be the beginning of a backdoor Roth IRA though! Let the gains begin
@@mycpacoach I had the same thought as @the_investor9836 when watching the video... Based on the IRS rules I've read (and a disclaimer on that fidelity link you posted), there isn't a rule preventing you from contributing to a Traditional IRA, however, the amount you're able to deduct is based on your AGI. For example, if you are married filing jointly and AGI is over $136k you can't deduct any contribution.
disclaimer text from the fidelity link you posted:
"For a traditional IRA, full deductibility of a 2023 contribution is available to covered individuals whose 2023 Modified Adjusted Gross Income (MAGI) is $116,000 or less (joint) and $73,000 or less (single); partial deductibility for MAGI up to $136,000 (joint) and $83,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $218,000 or less in 2023; and partial deductibility for MAGI up to $228,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income."
@@mycpacoach
INCOME REQUIREMENTS
None. Anyone 18 or older with earned income can contribute to a traditional IRA. However, for contributions to be tax-deductible, specific income limits apply:
For a traditional IRA, full deductibility of a 2023 contribution is available to covered individuals whose 2023 Modified Adjusted Gross Income (MAGI) is $116,000 or less (joint) and $73,000 or less (single); partial deductibility for MAGI up to $136,000 (joint) and $83,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $218,000 or less in 2023; and partial deductibility for MAGI up to $228,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income.
@@mycpacoach Yes, if you or your spouse have a qualified retirement plan from your employer (i.e. 401k) then depending on your adjusted gross income, you may only be able to take a partial deduction or no deduction see: www.irs.gov/retirement-plans/ira-deduction-limits
As far as I can tell, if you are a high income household and you get a 401(k) from work, there doesn't seem to be a reason not to do a backdoor roth ira, as you get no deduction benefit for the traditional IRA. I think your Fidelity link refers more to the fact that you can technically contribute to a traditional ira, doesnt say anything about being able to get deductions at all levels of income.
I am already retired. I have a portfolio with stocks . How can you help me organize my portfolio to securely maximize it?
Have you seen this?
ua-cam.com/video/CWQOP1g2o_o/v-deo.html
I’m looking for ways to use business income NOW not in retirement. How can I reduce my agi enough to pay NO taxes without putting all my profits into accounts I may never live long enough to see??
You’ll have to spend your profits (deductions) or invest your profits (back into business, real estate, or other tax deductible investments).
Investing in oil and gas, it definitely needs more details on this. It was very vague.
I just published a video to further explain this. Let me know what you think here: ua-cam.com/video/DdbQQmeSQjE/v-deo.html
Would a Roth IRA also help with taxes? Or it is just the traditional IRA?
A Roth IRA will allow your investments to grow tax-free, which can be very beneficial. It does not, however, provide you with a tax deduction upon making your contribution. More info: ua-cam.com/video/sr1FkwhczIQ/v-deo.html&pp=ygUfMTAgdGF4IGZyZWUgaW52ZXN0bWVudHMgc2hlcm1hbg%3D%3D
✊I'm fortunate I made a productive decisions about my finances that changed my life forever, I'm a single parent living in Bn Italy, bought my first house in last month and hoping to retired next year at 52 if things keep going smoothly for me
I'm going to vote with my shoes and move abroad so sick of the USA tax system.
We are not giving it to Uncle Sam. We are giving it to the federal reserve whom are not the federal government.
Think of it this way, your paying for the government's credit card that they can spend how they feel.
0:38 how do you get 23.7m of 125m is .1% or any of those figures on the right
Now you save in 401k but later due to inflation you will be paying more tax in future.
Maybe, maybe not depending on your tax bracket. Check this out ua-cam.com/video/MApR4CIoZPY/v-deo.html&pp=ygUXcm90aCB2cyB0cmFkaXRpb25hbCBpcmE%3D
Very valuable thank you for sharing
Future you will wish you had a Roth IRA. You make more at 60 than 25. Higher tax bracket.
Sometimes. Sometimes not.
New subscriber! Thanks for the info!
Number 8. NICER Interdiction Living Trust Permission Ledger.
AABB is going to mlt faces with massive returns 2024.. incoming
A lot of those were the tried-and-true basics. Was hoping for some investments that were not taxable like VMSXX/Vanguard Municipal Money Market Fund; VWALX/Vanguard High-Yield Tax-Exempt Fund Admiral Shares
This video focuses on tax deductible investments. I did a separate video for “tax free investments”. You can view here: ua-cam.com/video/sr1FkwhczIQ/v-deo.htmlsi=PO4m7zVDOz1A4rp1
@@mycpacoachThanks much for the follow up and letting me know. I'll check out that video and some more of yours.
I want in to the oil and gas investments. Do you have video for that?
Yes, I just published a video to further explain this. Let me know what you think here: ua-cam.com/video/DdbQQmeSQjE/v-deo.html
We pay tithe to our church can we open a donor account add weekly our tithe in it and then at the end of year take it out and do at it to our church
From my understanding, one cannot do deductions for IRA if your income is over a certain level. Is this correct?
True. There is a threshold like most times
This applies if you are covered by an employer plan.
Start a small business and deduct expenses. 💯
Nice work. Appreciate the info
There is one factual mistake in this video. You CANNOT use your HSA to pay for your gym membership. I wish that this was the case but in the eyes of the IRS this is a big "no-no".
You can with a doctor's note.
I have a small business and still paying a high amount of taxes 😢
Are you taking advantage of these? ua-cam.com/video/cephBVusUS4/v-deo.htmlsi=sQJw0EffRNO7vALO
Great Video, and thanks for the info !!!!
It was mentioned there are limits for these investments. That is a huge deal if you're making some bread. You won't be able to use many of these if you're a high income earner.
Why people in Kentucky don't owe taxes. Walt Disney recently used the fact they are owned by the Crown to keep from paying taxes. Well so is Kentucky. Kentucky became part of the Indian Reserve of the Trans Appalachian land acquired by Britian. Established by the Royal proclamation of 1763. The Iroquois claim to much of the state was purchased by Britian in the Treaty of Fort Stanwix 1768. If Disney doesn't owe then neither do we.
THANK YOU SO MUCH!!!!!!! your information just helped me on somethings in my own business
You are very welcome. There is much more valuable content on our channel, especially if you own a business.
Can you make these deductions even if you have very high income?
Well, how we gonna survive if we are putting large sums in these investments/ tax free accounts. Dont we need disposable income for these things?
Survival comes before everything.
my 22 year old only has the 401k profit sharing option. wonder if he can take the form to h.r. and do a traditional roth ira? i already set him up a roth ira. his fsa minimum to put in is $12 a month. annoying. he's only 22.
He should be able to do both, contribute to his Roth IRA and the 401K through his employer. His individual roth shouldn’t interfere with his 401k at all
@@mycpacoach crappy TDF with 0.06% every $1000.00😳. No match since profit sharing.
Hi,can this be applied to a college student who's under 24.
Age is not relevant.
Great video thanks !!
IRA and Roth IRA are same right?
A Roth is a type of an IRA. The 2 types are Traditional (pretax) and Roth (aftertax) IRAs.
If all the drug dealers knew this info they could provide from full time drug dealer to part time drug dealer status lol.
Good info thanks!
IRA contribution is not tax deductible for high-income persons.
Hi, Get you be on Medicare or medicaid?
Nice video, keep up the good work! Had to double check it wasn’t a 100k sub account I wasn’t aware of.
Thank you! It's a grind.
Wait what? Invest in gas and oil companies for a write off? On what line of the credit 1040???
The type of investments the video references is investments into private oil & gas companies, which will then issue you tax forms (as a partner) with applicable tax losses.