Bro your podcast game is on another level this episode is amazing almost skipped this one thank god I didn’t. Between this and Jelly this has become one of my fav podcasts.
That all sounds great and something I believe we’d all like to take advantage of. My main question is: can the normal taxpayer/citizen making an average salary implement these strategies and at what point does the effort/cost outweigh the benefits?
Boombap is correct. So the short answer is no. As long as you remain a W2 employee making average wages you are screwed. You have to start that side hustle and break free.
@@elliotomanson4876 is there any kind of minimum threshold in earnings/income that would be considered a point where all of these strategies become feasible? Or can anyone who is a non-W2 taxpayer at any level in earnings begin to implement them?
God I needed this episode TY u both greatly. Gonna have to refer back alot so hopefully u get another view from me each time (not exactly sure how UA-cam works that)
Absolutely true. I think I talk about that. Most of what we do requires someone to have assets and high income. There are sections where we talk about what everyone else can do. Start a side hustle and get out of the W2 grind. Every journey starts with a first step. lol. I know that’s a stupid cliche but it’s true.
This is a common argument. Keep in mind we are not talking about taxes paid to municipalities who provide most of what you are talking about. In addition from 1776 to 1914 the US only had a federal income tax in rare instances. Usually times of war. So every citizen should ask how did the government fund everything required to lay the foundation to become the most powerful country in the world without a federal income tax? Did we not have roads? Sewers? Schools? Of course we did. All with no federal income tax. Secondly the federal government doesn’t collect enough in taxes pay for the programs it has in place. Hence the 32 trillion of debt. So ask yourself why does an entity that is able to borrow 32 Trillion need your measly tax dollars? This is all just food for thought. Thank you for listening.
Cool tips. I learned something having gone through an audit. The dude who represented me was part of the now defunct National Audit Defense Network, made up of all ex-IRS auditors. Dude worked for IRS for 44 years in nearly every dept I told him I lacked receipts for half or more of my deductions. He shrugged and said "Most people dont take deductions, thinking they need a receipt. You don't. Make a hand written log to the best of your memory. Thats all thats needed. If they dont accept, but they will, we will invoke the George M. Cohen ruling which states that if a taxpayer doesnt have a receipt because it was lost, stolen or destroyed, the IRS must take a sworn statement in place of the reciept" He went in to my audit at 9am. At 935am he called me to say "Its over. Youre getting a 188usd refund. I walked in and laid out all my credentials from my 44 years. Shes been an auditor for five years and couldnt wait to get rid of me"
You got lucky with an auditor that got intimated by an experienced ex-agent. The Cohen rule is applies mainly when you're in tax court. Field auditors are trained to go by documentation. If no documents are presented, it usually gets disallowed. Then you request appeals and ultimately tax court. Appeals and tax court is where the cohen ruling would come in to place. Facts and circumstances plays a large role on this. An agent that wouldn't have backed down would have likely made you go to appeals if you didn't have receipts lol. Hopefully you were advised to keep up with receipts and documentation going forward.
I’m 40 years old now and I wish I learned this kind of stuff growing up in school if I knew this stuff back in my 20’s I’d be so much better off with my kids but never too late to change for the better. Thank you so much for this video it’s definitely one of the best videos I’ve watched that explains it in layman terms keep up the great work bro loves all your work 😊
Just say it's a good video dude without the great value analogy LOL. This video is a banger tho-- guy spittin fiya @markgagnon keep this sort of content coming man, guys dropping GEMS
if someone has to explain that they mean something as a compliment then chances are it isn't going to be taken as one and they should find a better way to convey their thoughts 🤙@@FuhQ64
00:00 Intro 01:13 Dressing to impress 02:34 How do rich people avoid paying taxes? 17:56 Children don’t know about money + Taxes are rules to the game 19:58 Practical tips for lowering taxes + 401k & social security ain’t as it seems 31:46 Backdoor Roth comes to the rescue 34:51 What else can we do? Attempting to turn profit 37:34 IRS got an army but don’t be scared 39:00 Tax laws, 2017’s impact & intangible drilling costs 46:33 Pros & cons, call by section name 54:03 CPAs aren’t useless but… 56:41 Insurance companies have super powers 1:11:30 CPAs don’t understand insurance + bundle or unbundled? 1:13:22 Infinite Banking + life insurance is POWERFUL 1:18:31 Juicy tips - G Wagon, Augusta + charitable donations 1:26:55 Universities are hedge funds 1:28:37 Old Money - Rothschilds, Royal Families & low profiles 1:33:05 Early life, Mormonism, Enlisting + creating own success 1:45:26 Coming home from war + appreciation for life 1:51:20 Freedom not things makes you happy 1:55:55 Andrew Schulz’s mentorship
Yo, how do I get linked up into this haul? I’m in Maine working for LLBean 401k etc. I’m going nowhere. I’m single, I’m eager to learn. No kids, no pets. How do I just throw myself into this giant conglomerate of contacts, so I can survive? I dj’ed and produced for 20 years, it didn’t pan out. Some fault lies on my back, some on others🤷♂️. No doubt I can dj though! I did that for 10 years 10-18 hours a day. Composing, or producing, I have a lot of contacts that can turn one of my compositions into a hit, or just refine a hit that I already wrote🤷♂️ How do I just get out of this w-2 lifestyle? It’s so effing boring🤣🤣 I’m 44. I know I have to adapt, or I’ll be on the streets. My parents are old. I need a shimmer of light… a twinkle!
This is all interesting and foreign to me, I'd love to hear other experts in this field give their interpretation on some of these topics he brought up.
Freaken love this i was already somewhat knowing some of these things but man this got deep in there to understand more of it thank you very much for this
Judge Learned Hand is the most cited judge by the US Supreme Court. Judge Learned Hand stated, in the Helvering v. Gregory case, that, "Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury, there is not even a patriotic duty to increase one's taxes."
Worked on the phones to educate people about 401k’s and LISTEN TO THIS MAN ABOUT ROTH MONEY-you can take the money out tax free at a qualified time as long as you follow the rules (keep money in there for 5 years and be 59.5 when you take it out) if you pass away or become disabled you can take out tax free also😊
one of my favorite episodes ever. Hearing my hometown of Augusta mentioned in the beginning immediately made me perk up 😂 The rule was invented for people who rent their houses out for one week and get a check for like $70,000. Fucking insane
I love this channel I love your coverage but this is an insane take. Jett is not authentic I don’t know how anyone could think that. There are loads of examples where Jett shows his true character. I bet if you asked these riders in a non interview type convo they would tell you some stories about this kid
As a Californian, I wish there was a person or company that could help make sense of all this here! Past 30 years, haven't been able to find a decent CPA/Financial advisor, anyone who gave good advice. I'm open to suggestions if any... @ElliotOmanson will your company ever open an office in Los Angeles :) Loved this episode and learned a lot, but still could use the 1/1 help for my husband and I.
Our forefathers went to war for 2% taxes and we out here paying 40 50% what did really happened?😭
Eastern Europeans happened
@@JackofHardts or greed, every excuse In the book.
@@kooganh6276 oh, we were being serious? I thought this was the internet.
This is not where I parked my car . . .
@@JackofHardts Lml nah I feel you bruh. That was a funny response 🤣😂
You can't have a capitalist government and not expect it to put profit over everything 😬
This is easily becoming one of my favorite channels
Bro your podcast game is on another level this episode is amazing almost skipped this one thank god I didn’t. Between this and Jelly this has become one of my fav podcasts.
Marky Gags!! Loved this interview! Keep providing this kinda content! 💯
Thank you. Mark is an awesome curator of guests and interviewer. Glad you enjoyed it.
I just got my w2 today, let’s go time to get all the bread back lmao
Taxes suck!!!
As a Californian I can agree taxes suck
@@johnolivares8985 yes Sir!
That all sounds great and something I believe we’d all like to take advantage of. My main question is: can the normal taxpayer/citizen making an average salary implement these strategies and at what point does the effort/cost outweigh the benefits?
If in the US then side hustle as company is the easiest way to benefit.
Boombap is correct. So the short answer is no. As long as you remain a W2 employee making average wages you are screwed. You have to start that side hustle and break free.
@@elliotomanson4876 is there any kind of minimum threshold in earnings/income that would be considered a point where all of these strategies become feasible? Or can anyone who is a non-W2 taxpayer at any level in earnings begin to implement them?
Top 5 episode so far.
Ahhh. Thank you so much.
This was very interesting 💚
God I needed this episode TY u both greatly. Gonna have to refer back alot so hopefully u get another view from me each time (not exactly sure how UA-cam works that)
You have no idea how great it is to hear you say that. This is what it is all about.
I miss the clips channel! Do you still post clips anywhere?
Some great tips when you have some money already. Most of these only benefit when you already have money to begin with.
Absolutely true. I think I talk about that. Most of what we do requires someone to have assets and high income.
There are sections where we talk about what everyone else can do. Start a side hustle and get out of the W2 grind. Every journey starts with a first step. lol. I know that’s a stupid cliche but it’s true.
Wow
fyee🔥
Instructions unclear. Currently in a white collar prison serving 24.
😂
I’m still poor, I need a job tax man
$0 taxes? Get off my road. Stop using my sewer.
This is a common argument. Keep in mind we are not talking about taxes paid to municipalities who provide most of what you are talking about.
In addition from 1776 to 1914 the US only had a federal income tax in rare instances. Usually times of war.
So every citizen should ask how did the government fund everything required to lay the foundation to become the most powerful country in the world without a federal income tax? Did we not have roads? Sewers? Schools? Of course we did. All with no federal income tax.
Secondly the federal government doesn’t collect enough in taxes pay for the programs it has in place. Hence the 32 trillion of debt. So ask yourself why does an entity that is able to borrow 32 Trillion need your measly tax dollars?
This is all just food for thought.
Thank you for listening.
And third!
Second
Incredible job finding this guest. This is why I go to camp 🫡
Cool tips. I learned something having gone through an audit. The dude who represented me was part of the now defunct National Audit Defense Network, made up of all ex-IRS auditors. Dude worked for IRS for 44 years in nearly every dept
I told him I lacked receipts for half or more of my deductions. He shrugged and said "Most people dont take deductions, thinking they need a receipt. You don't. Make a hand written log to the best of your memory. Thats all thats needed. If they dont accept, but they will, we will invoke the George M. Cohen ruling which states that if a taxpayer doesnt have a receipt because it was lost, stolen or destroyed, the IRS must take a sworn statement in place of the reciept"
He went in to my audit at 9am. At 935am he called me to say "Its over. Youre getting a 188usd refund. I walked in and laid out all my credentials from my 44 years. Shes been an auditor for five years and couldnt wait to get rid of me"
You got lucky with an auditor that got intimated by an experienced ex-agent. The Cohen rule is applies mainly when you're in tax court. Field auditors are trained to go by documentation. If no documents are presented, it usually gets disallowed. Then you request appeals and ultimately tax court. Appeals and tax court is where the cohen ruling would come in to place. Facts and circumstances plays a large role on this. An agent that wouldn't have backed down would have likely made you go to appeals if you didn't have receipts lol.
Hopefully you were advised to keep up with receipts and documentation going forward.
@@GreenFrxgmaking much sense! Thanks 👍🏽
Never would have guessed two years ago that Mark was going to have my favorite podcast.
Me neither haha
That’s amazing. Good work Mark.
I’m 40 years old now and I wish I learned this kind of stuff growing up in school if I knew this stuff back in my 20’s I’d be so much better off with my kids but never too late to change for the better. Thank you so much for this video it’s definitely one of the best videos I’ve watched that explains it in layman terms keep up the great work bro loves all your work 😊
This only applies to America
Camp Gagnon is Great Value JRE, and I mean that as a compliment. Loving the diversity of guests and the value each interview brings
Just say it's a good video dude without the great value analogy LOL. This video is a banger tho-- guy spittin fiya @markgagnon keep this sort of content coming man, guys dropping GEMS
@@Tybolt1 nah I'll stand by it. Its behind no pay wall
if someone has to explain that they mean something as a compliment then chances are it isn't going to be taken as one and they should find a better way to convey their thoughts 🤙@@FuhQ64
@@FuhQ64 you are a great value commentor
@@Tybolt1 that's the nicest thing I've heard all day
00:00 Intro
01:13 Dressing to impress
02:34 How do rich people avoid paying taxes?
17:56 Children don’t know about money + Taxes are rules to the game
19:58 Practical tips for lowering taxes + 401k & social security ain’t as it seems
31:46 Backdoor Roth comes to the rescue
34:51 What else can we do? Attempting to turn profit
37:34 IRS got an army but don’t be scared
39:00 Tax laws, 2017’s impact & intangible drilling costs
46:33 Pros & cons, call by section name
54:03 CPAs aren’t useless but…
56:41 Insurance companies have super powers
1:11:30 CPAs don’t understand insurance + bundle or unbundled?
1:13:22 Infinite Banking + life insurance is POWERFUL
1:18:31 Juicy tips - G Wagon, Augusta + charitable donations
1:26:55 Universities are hedge funds
1:28:37 Old Money - Rothschilds, Royal Families & low profiles
1:33:05 Early life, Mormonism, Enlisting + creating own success
1:45:26 Coming home from war + appreciation for life
1:51:20 Freedom not things makes you happy
1:55:55 Andrew Schulz’s mentorship
The timing of this podcast couldn’t have been better for me! “Nobody knows the rules to the game and they don’t want to play” I felt that.
Glad to hear. Thank you.
Yo, how do I get linked up into this haul? I’m in Maine working for LLBean 401k etc. I’m going nowhere. I’m single, I’m eager to learn. No kids, no pets. How do I just throw myself into this giant conglomerate of contacts, so I can survive? I dj’ed and produced for 20 years, it didn’t pan out. Some fault lies on my back, some on others🤷♂️. No doubt I can dj though! I did that for 10 years 10-18 hours a day. Composing, or producing, I have a lot of contacts that can turn one of my compositions into a hit, or just refine a hit that I already wrote🤷♂️
How do I just get out of this w-2 lifestyle? It’s so effing boring🤣🤣 I’m 44. I know I have to adapt, or I’ll be on the streets. My parents are old. I need a shimmer of light… a twinkle!
This is all interesting and foreign to me, I'd love to hear other experts in this field give their interpretation on some of these topics he brought up.
I'm from Ethiopia 🇪🇹 this tax codes mean nothing to me but I learned a lot . Best camp ever 👏
Frick the IRS all my rich homies hate the IRS
No they hate you and other poor people
You will actually find the super rich to be very normal people.
I needed this podcast more than you know.
It was amazing and I'm grateful for it.
Thank you gentlemen.
Thank you so much. I love sharing and helping wherever I can.
Camp Gagnon is rocking and rolling.. I got to watch this video again and take notes.
Mark is the best. Great interviewer. Glad you enjoyed the content.
Most informative podcast of 2024.
Thank you so much. Glad to be able to share. And thankful to Mark for providing the platform.
Probably calling OWLFI to do my taxes this year not even kidding. Sold.
Love it. Thank you.
My dude… now is the time to leave The Flagrant. TRUST.
Freaken love this i was already somewhat knowing some of these things but man this got deep in there to understand more of it thank you very much for this
Don’t take advice from a financial planner who is being sued for back taxes.
Judge Learned Hand is the most cited judge by the US Supreme Court.
Judge Learned Hand stated, in the Helvering v. Gregory case, that, "Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury, there is not even a patriotic duty to increase one's taxes."
First minute got ME!!!
Served with O in the Army. He's one of the nicest people you'd ever meet.
Ahhh you’re so sweet Cody. And right back at you.
It’s not worth it, that life is for them, not for me. I’m happy with the little I have, which is a whole lot to ME.
How coincidental, I'm in the middle of my income tax account class rn! Cheers Mark! Fantastic content
Awesome. Glad you enjoyed it.
Third I watched this video ..👌💯💯💯great guest Camp 🤙
One of the best podcasts our rn mark. U even motivated me to start making content again. I will be on here on day.
This is some fire ass info!! Good job bruh bruh
Glad you enjoyed it
Worked on the phones to educate people about 401k’s and LISTEN TO THIS MAN ABOUT ROTH MONEY-you can take the money out tax free at a qualified time as long as you follow the rules (keep money in there for 5 years and be 59.5 when you take it out) if you pass away or become disabled you can take out tax free also😊
Thank you.
What an incredible guest ! Thanks for the free game, Mark and Elliot
Thank you so much. It’s always great to hear feedback from people that found it to be of value.
This pod is way better than Rogen
I wager tiny hats don't want you to hear this information. This is great stuff.
😂 tiny hats
one of the most informative podcast and people I have listened to, to date. Nice!
Thank you so much. Glad you enjoyed it.
Super high quality pod
Mark does an amazing job.
Glad I clicked on this podcast, lots of gold.
Thank you so much. Love hearing that you enjoyed it.
Prince Williams plural 😂
Mans dropping insane knowledge
Thank you so much.
Marc! This was amazing bro!! Thank you !
Thank you. Love hearing that.
one of my favorite episodes ever. Hearing my hometown of Augusta mentioned in the beginning immediately made me perk up 😂 The rule was invented for people who rent their houses out for one week and get a check for like $70,000. Fucking insane
Thank you💎
So very welcome.
This was great. Love this podcast!
Thank you. Mark is an amazing host.
now this is some helpful content lmao thank you
Thank you for listening.
Go chiefs!!
This is why trust fund babies are always the richest
Lex's video uploaded at the same time this one did, Lex already has 30k Likes, this vid has 60 right now lol
This is such a great podcast. Never judge a book by its cover i guess
OMG!! 😆
1:05:00 definitely need numbers on screen *for episodes like these
Camp Gagnon becoming one of my fav podcasts!!!
Ig the trust fund hired his daughter she’s getting a w2 lol
Is that true? Is your daughter getting a w2 or 1099?
In the example cited the daughter would receive a small portion of her compensation via a W2.
I love this channel I love your coverage but this is an insane take.
Jett is not authentic I don’t know how anyone could think that. There are loads of examples where Jett shows his true character. I bet if you asked these riders in a non interview type convo they would tell you some stories about this kid
Who is Jett?
No wonder Johnson county has so many wealthy people
Lmao. I see you’re familiar with my neck of the woods.
Love this podcast. Best hair in the game
Grateful for this one, it was amazing
the offset from a w2 to sole p. is real!!!!!!
Welp just quit my job
Woo woo. Get some.
This foo just like me
Taxes? Never heard of her.
First
What are we talking about again
Unsubscribe
Why is that?
As a Californian, I wish there was a person or company that could help make sense of all this here! Past 30 years, haven't been able to find a decent CPA/Financial advisor, anyone who gave good advice. I'm open to suggestions if any... @ElliotOmanson will your company ever open an office in Los Angeles :) Loved this episode and learned a lot, but still could use the 1/1 help for my husband and I.