Reducing your tax liability is a smart financial move. It's all about strategic investments and leveraging tax-saving opportunities. I've seen significant benefits by diversifying my portfolio and taking advantage of tax-efficient investment vehicles. It's not about avoiding taxes, but rather optimizing them to maximize your wealth. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made...
Investing typically demands a good understanding, and that's where having a financial consultant is invaluable. I've had the privilege of working with Regina Louise Collaro, an investment advisor affiliated with a licensed wealth management firm.
Her guidance has significantly enhanced my financial situation. She's widely recognized for her expertise, so you might have come across her name. With her support, I've attained financial security and now receive a steady monthly income through her successful passive income approach. I strongly advise considering an experienced investment advisor to boost your financial prospects.
Regina Louise Collaro is based in the United States and can work with anybody wherever they stay. If you would like more information on reaching her, you can conduct a search online.
personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.
Thank you for sharing! if I claim airbnb loss on my w2, in the future when I apply for home loan, lender would look at my w2 gross income as usual or the number after deduction?
13:22 Another big risk is the company going under and you losing all your shares. Happened to my father in 2008, 280k gone in the blink of an eye. Him and about 200 other employees filed suit and lost. FYI
So im single no kids 1 w2.. My deductions are.. Mortgage interest,property tax,401k contributions,IRA contributions,new windows and doors energy star,car and motorcycle registration cost... anything else?? Curious to see if standard deduction is higher than itemize. Ive had a lot of out of pocket Dr visits but I dont think it adds up to enough to deduct anything
Excellent video as always! I had a question though, and I never really got a good response to it online. I know everyone encourages you to invest in a 401k/403b etc, but let’s suppose I am a high income W-2 earner (let’s say > $490k per year), why not put that money in a brokerage account/index fund instead of a 401k, because aren’t the end taxes much higher after retirement vs long term capital gains at 20%? What am I missing here?
As Beyond Tribalism mentioned, 401ks are taxed as ordinary income, and if you truly retire then you likely will not have any ordinary income which puts you in a low tax bracket where you could end up paying no taxes (depending on how much you withdraw).
Thanks so much for your explanations! So let’s say I own a bunch of rental properties at retirement generating monthly passive income, wouldn’t that increase my tax bracket? (Please excuse my financial illiteracy but I’m absorbing everything so thanks a million for that).
Thank you for great video. Currently I have 3 jobs. 1. Employee payroll by deposit 2. Employee payroll by check 3. Catering business in home payroll by Zelle etc. so my question is I want to make self employed account with 2 and 3 job. Is it possible to open my self employed business with them ? Also is it good idea to have W2 n 1099 tax return?
Almost everything you've suggested here falls under the category of "spend some money so that you can save less." For example, making a charitable contribution just to get a tax break. Doesn't make mathematical sense.
1 thing u don't talk about is the cap on taking deductions. I was unable to take any of 2022 passive income losses as there is a w2 limit of 75k single or 150k married income limits.. so now I'm sitting on 200k of losse...
I think he touched on it. He said 25k cap, but you said 75k. Seems 200k loss was a bit much. Maybe you should meditate on how you managed to get to that much loss
Yes. I contribute to a retirement plan with my work and HSA. A little below moderate contribution. But it seems I can't afford to increase. I wonder if I can't afford not to increase since I am paying taxes?
I don't see the way this can help us to reduce our income pretaxes if your company doesn't offer an HSA or IRA or 401K accounts. So could you be more specific on how we can do the contributions pretaxes if your company doesn't offer these options and you have a W2? Will your company able to send contributions to your own personal retirement accounts when they run their payrolls? Or we can claim these contributions when we filled up our taxes at the end of the year?
Thanks for the questions, Yani. Using retirement accounts as an example, if your company does not offer retirement benefits, then you can setup your own IRA (individual retirement account) using a company like Vanguard. Then you would claim these contributions as tax deductions on your tax return.
@@LYFEAccounting Amaizing! Thank you for your quick answer. I love your chanel it add tremendous value to people life strategies. Please, keep doing that way.
Im sorry but where did the 16.97% come from im looking at the tax brakets (if thats the same thing ) chart online and i dont know how that was the % needed to be paid
You noticed that 16.97 % is not a "stated rate" on the IRS tax rate tier chart. There is no other set or stabdard rate other than what is written on the IRS website. However, there is something called an "effective rate". This rate is the result of each person's unique tax outcome, as percentage of their income, after properly applying the standard rate tiers given by the IRS used to calculate a person's tax and after considering deductions and credits allowed and applied to one's w2 income. It's kind of like everyone works off of the IRS set tax rate schedule, but not everyone pays the same tax rate because everyone's income and deductions are different. Oh, and at about 11 min, 53 sec there's a mention of "effective rate" on the flash poster. I have no idea what I'm talking about...ask Bing.
Reducing your tax liability is a smart financial move. It's all about strategic investments and leveraging tax-saving opportunities. I've seen significant benefits by diversifying my portfolio and taking advantage of tax-efficient investment vehicles. It's not about avoiding taxes, but rather optimizing them to maximize your wealth. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made...
Investing typically demands a good understanding, and that's where having a financial consultant is invaluable. I've had the privilege of working with Regina Louise Collaro, an investment advisor affiliated with a licensed wealth management firm.
Her guidance has significantly enhanced my financial situation. She's widely recognized for her expertise, so you might have come across her name. With her support, I've attained financial security and now receive a steady monthly income through her successful passive income approach. I strongly advise considering an experienced investment advisor to boost your financial prospects.
Regina Louise Collaro is based in the United States and can work with anybody wherever they stay. If you would like more information on reaching her, you can conduct a search online.
personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.
Thank you so much Sean, I appreciate the information that you shared.
Very insightful and straight forward!
Great video, can you please create a video on real estate rental deductions
I like your channel. I usually leave facetious troll comments and it will be no different here. But today, I’ve had a change of heart. God bless.
Haha, I appreciate that even more, thanks Tommy!
Can a legally blind person get a disability tax credit and how do you go about receiving that credit
Glad I found you . Very onformative 👍🏾
Really great video, definitely subscribed and wanted to come and like to support your channel
Thanks for the strategies bud!
Thank you for sharing! if I claim airbnb loss on my w2, in the future when I apply for home loan, lender would look at my w2 gross income as usual or the number after deduction?
Dude this is sensational, good for you
13:22 Another big risk is the company going under and you losing all your shares. Happened to my father in 2008, 280k gone in the blink of an eye. Him and about 200 other employees filed suit and lost. FYI
Hate to point this out, but you lost a few numbers off of your 1031 Exchange bebefit of owning a home #6. It now reads 121 Exchange
So im single no kids 1 w2.. My deductions are.. Mortgage interest,property tax,401k contributions,IRA contributions,new windows and doors energy star,car and motorcycle registration cost... anything else?? Curious to see if standard deduction is higher than itemize. Ive had a lot of out of pocket Dr visits but I dont think it adds up to enough to deduct anything
Great videos, please make a video on Real Estate Ownership Deductions for both primary homes and Rentals. Keep up the good work!
I Love your videos!! Thank you!
I pay into Government TSP but I dont think I can use that to deduct from taxes. I do a ROTH TSP.
Thanks for this video! Quick question: is the DAF a pre-tax or post-tax deduction?
Your link for tax help sent me to a 404 error. Can you confirm that is the correct website please? Love your videos. You have been a tremendous help.
Thanks for pointing that out! Use this link: www.lyfetaxes.com
Excellent video as always! I had a question though, and I never really got a good response to it online. I know everyone encourages you to invest in a 401k/403b etc, but let’s suppose I am a high income W-2 earner (let’s say > $490k per year), why not put that money in a brokerage account/index fund instead of a 401k, because aren’t the end taxes much higher after retirement vs long term capital gains at 20%? What am I missing here?
As Beyond Tribalism mentioned, 401ks are taxed as ordinary income, and if you truly retire then you likely will not have any ordinary income which puts you in a low tax bracket where you could end up paying no taxes (depending on how much you withdraw).
Thanks so much for your explanations! So let’s say I own a bunch of rental properties at retirement generating monthly passive income, wouldn’t that increase my tax bracket? (Please excuse my financial illiteracy but I’m absorbing everything so thanks a million for that).
I really like how you have the objectives on each videos. It makes easier to focus and get the general ideas first.
Man where’s the guy who lists them out in the comments, mh mh
Great highlight video
Amazing!
Nice video! However I believe 529s are post-tax accounts
Great list! Just subscribed and looking forward to more future videos from you!
Hi I wonder if we keep reporting rental loss would it trigger audit?
Im thinking about going solar, as a W-2 employee would the tax credit benefit me?
wonderful presentation and great info....THANK YOU❤🎉
How do I get in touch with you?
Thank you for great video.
Currently I have 3 jobs.
1. Employee payroll by deposit
2. Employee payroll by check
3. Catering business in home payroll by Zelle etc.
so my question is I want to make self employed account with 2 and 3 job.
Is it possible to open my self employed business with them ?
Also is it good idea to have W2 n 1099 tax return?
Almost everything you've suggested here falls under the category of "spend some money so that you can save less." For example, making a charitable contribution just to get a tax break. Doesn't make mathematical sense.
Is the Passive Loss Rule for Real Estate Professionals or for regular W2 earners who earn less than 100k in active income? Love your videos!
Qualifying real estate professionals are not held to the limitation.
We bought a house last year and didn't file on it can we do it this year
Yes to the video on rental property tax strategies. Thank you for making these videos, they are super helpful and more power to you.
Thanks so much for adding to this, Shubham! 💯
Is there a covid relief tax credit for w-2 workers that are not self employed ?
Like the video, well put together. Thanks?
I thought 1031s were only for investment properties?
1 thing u don't talk about is the cap on taking deductions. I was unable to take any of 2022 passive income losses as there is a w2 limit of 75k single or 150k married income limits.. so now I'm sitting on 200k of losse...
I think he touched on it. He said 25k cap, but you said 75k. Seems 200k loss was a bit much. Maybe you should meditate on how you managed to get to that much loss
@@cleothalucas1021 I'm at 200k loss cause I have to keep rolling my losses each year..
Yes. I contribute to a retirement plan with my work and HSA. A little below moderate contribution. But it seems I can't afford to increase. I wonder if I can't afford not to increase since I am paying taxes?
Can you donate the money to your own organization?
Yes, Bill Gate did it
I would like to see a video on rental property tax deductions and depreciation
I don't see the way this can help us to reduce our income pretaxes if your company doesn't offer an HSA or IRA or 401K accounts. So could you be more specific on how we can do the contributions pretaxes if your company doesn't offer these options and you have a W2? Will your company able to send contributions to your own personal retirement accounts when they run their payrolls? Or we can claim these contributions when we filled up our taxes at the end of the year?
Thanks for the questions, Yani.
Using retirement accounts as an example, if your company does not offer retirement benefits, then you can setup your own IRA (individual retirement account) using a company like Vanguard. Then you would claim these contributions as tax deductions on your tax return.
@@LYFEAccounting Amaizing! Thank you for your quick answer. I love your chanel it add tremendous value to people life strategies. Please, keep doing that way.
#8
and #12
I pay close tob30% from every 2 weeks 😢
Yes to the rental property video. Thanks for another great video.
Im sorry but where did the 16.97% come from im looking at the tax brakets (if thats the same thing ) chart online and i dont know how that was the % needed to be paid
You noticed that 16.97 % is not a "stated rate" on the IRS tax rate tier chart. There is no other set or stabdard rate other than what is written on the IRS website. However, there is something called an "effective rate". This rate is the result of each person's unique tax outcome, as percentage of their income, after properly applying the standard rate tiers given by the IRS used to calculate a person's tax and after considering deductions and credits allowed and applied to one's w2 income. It's kind of like everyone works off of the IRS set tax rate schedule, but not everyone pays the same tax rate because everyone's income and deductions are different. Oh, and at about 11 min, 53 sec there's a mention of "effective rate" on the flash poster. I have no idea what I'm talking about...ask Bing.
I guarantee if you make 100k your definitely gonna pay more like triple that in taxes
Music is so loud
Isn’t the standard deduction 12550
It changes every year
Can you write off donated items? If so do I apply fair market value?
hell yea im DAF, Down as Fu-
What is itemize
When you decide to list out all your qualified individual expenses on a Schedule A, instead of taking a standard deduction that everyone gets.
i demand w9 employment or walk away.
lol this is whole video is presuming youre not broke and have disposable income. rich people talk funny.
That math is wrong
So basically don’t use your money 🫠 be poor till you’re old to not pay taxes.. WHAT THE F
Yeah exactly, and hope you don’t die before you retire
First!
🏆🏆🏆