The more i learn the game the rich play the angrier i get at myself that i didn't know this stuff earlier in life...it's actually so simple this game....how is everybody not rich?
I’m both a business owner and investor. You’ve really helped me understand my Tax Liability, especially coming up on Tax season after creating a successful business. 👌
*KEY TAKEAWAY: Delay (taxable) income 1) Become a business savant 2) Become an investor 3) Move somewhere w/ no income tax 4) Make charitable donations 5) Max retirement accts 6) Equity > pay 7) Make passive income acquiring hard assets 8) Write off passive losses 9) Take loans instead of cash 10) Acquire art
This video was awesome. I wish I heard this years before I retired. I feel hopeless now. I didn't save much being a single parent with no help. Now retired, they want to tax 20% of what little I was able to save. 😢
i'm a land investor, just found your videos, great advice. This is my first year doing this and i'm absolutely terrified about doing my taxes next year. watching your videos has definitely helped put my mind at ease, thank you!
When it comes to donations remember you r still out whatever you give , your only “tax savings” would be your marginal tax rate AND that’s only if your donations get you over the standard deduction which was drastically increased in 2018 . For example if I give 5000 to a 5013c and I’m single well I would only save whatever my marginal tax rate is , let’s say it’s 15% well my tax savings would be 750 , but if I don’t have enough deductions on my schedule A that get me over 12550 threshold then my tax savings would be ZERO! Plus I’m still out 5000 or 4250 if I get over the SD threshold . Not trying to discourage anyone to not to give , I think it’s important but donating money never actually saves you money 💰. You give because you want to help . Just expanding on my mans example, I think he does a great job 👏
im really excited to find this channel thank you for this you are doing an amazing job and I am learning so much I am a small business owner and this is such a great tool for everyone to have access to may you grow and reach many more.
@@LYFEAccounting you're welcome..so much I had to listen twice while walking my dog. The part of buying art and donating to your own non profit caught my attention. I most definitely have to educate myself on that plus having assests/property then getting loans therefore not counted as income and the interest possibly a deduction..
Of course, if you moved to the Bahamas, you will still owe US Federal taxes if your income is derived from the US. Puerto Rico has it's own taxes. There are a couple of "acts" which can reduce or eliminate capital gains taxes, but it is not "tax free". I have income from a source in Puerto Rico, and I have to pay Puerto Rican taxes, and US Federal taxes. But having a business is good advice.
Thanks so much for watching and sharing your thoughts! Contractors can reduce your taxable income thus decreasing your tax liability, so yeah you're on the right track
Sean, 8 videos in a row in. Loved tip #2, would services be applicable to profits. As in a recruiting business? Let’s say paying myself take home 25-50k, then reinvest 100-150k into my stock portfolio ? Would I be able to sell the portion of my stock portfolio same year as well?
Okay so I have a very important question. If you have an account that is reserved for maintenance or repairs, but you don’t spend all of the money in the account, is it still taxable at the end of the year? Basically, if I took 50% of my revenue and put it into that reinvestment account, does that count as a deduction or is that money taxable? Love the channel by the way and I’d appreciate a response I’ve been needing this answered
I’m planning to develop chronic pain and massage therapy center in South Illinois,so please give me some information about how do I calculate my taxes!
I’m an investor and do have a home based business, which I’m not making any sales at the moment. Now, the problem is, I rolled over my 401k into a Ira that they want me to pay taxes on. Is this possible? Anyone can answer this.
Let me ask you something...if everyone doesn't pay his fair share of taxes, how do we pay for road repairs you drive your expensive foreign cars on, pay teachers to educate your stupid kids, pay to defend the country from foreign invasions? The list is endless. Paying your fair share of taxes is moral and patriotic act.
Not paying income tax as an expat is not 100% true . You will qualify for the foreign income exclusion where if you r a bonafide resident of that country or meet the physical presence test you will get up to 108,000 ( that # is not 💯 accurate, but close)excluded from you agi . If you make anything over that it will be subject to federal income tax.
![15 Biggest Tax Write Offs for Small Businesses! [Best Tax Deductions 2024]](http://i.ytimg.com/vi/rrPxbI8DXyw/mqdefault.jpg)
![15 Biggest Tax Write Offs for Small Businesses! [Best Tax Deductions 2024]](/img/tr.png)
I love this channel it’s worth millions
This comment just made my day 💯
So true!!
The more i learn the game the rich play the angrier i get at myself that i didn't know this stuff earlier in life...it's actually so simple this game....how is everybody not rich?
They don't teach this stuff 🤦🏾♂️ Hence why we are so passionate about getting this information out.
@@LYFEAccounting they really dont! Im super grateful and thankful for your philanthropy!! 🙏🏽🙏🏽
This is the most relevant and informative channel I've found. I get answers for every question and answers to ones I didn't know I had. GREAT content.
I’m both a business owner and investor. You’ve really helped me understand my Tax Liability, especially coming up on Tax season after creating a successful business. 👌
Thank you so much for explaining so clear and thoroughly. Easier to understand than my CPA !
Glad it was helpful, John!
Can’t believe this advice is free, thank you!!
💯
*KEY TAKEAWAY: Delay (taxable) income
1) Become a business savant
2) Become an investor
3) Move somewhere w/ no income tax
4) Make charitable donations
5) Max retirement accts
6) Equity > pay
7) Make passive income acquiring hard assets
8) Write off passive losses
9) Take loans instead of cash
10) Acquire art
This video was awesome. I wish I heard this years before I retired. I feel hopeless now. I didn't save much being a single parent with no help. Now retired, they want to tax 20% of what little I was able to save. 😢
That piece of art at the end of the video was worth the whole watch
i'm a land investor, just found your videos, great advice. This is my first year doing this and i'm absolutely terrified about doing my taxes next year. watching your videos has definitely helped put my mind at ease, thank you!
When it comes to donations remember you r still out whatever you give , your only “tax savings” would be your marginal tax rate AND that’s only if your donations get you over the standard deduction which was drastically increased in 2018 . For example if I give 5000 to a 5013c and I’m single well I would only save whatever my marginal tax rate is , let’s say it’s 15% well my tax savings would be 750 , but if I don’t have enough deductions on my schedule A that get me over 12550 threshold then my tax savings would be ZERO! Plus I’m still out 5000 or 4250 if I get over the SD threshold . Not trying to discourage anyone to not to give , I think it’s important but donating money never actually saves you money 💰. You give because you want to help . Just expanding on my mans example, I think he does a great job 👏
I wish I had discovered your channel a long time ago.
We just started 8 months ago hah, but glad to have you aboard now!!
@@LYFEAccounting Well cool!
It’s never too late
I didn't know many things that he is teaching us, thank you
Thanks for ALL The GAME
Love Tip #10 - Acquire Art! The last major unregulated market in the world. Boom!
I just started doing my own taxes last year. I realize I have so much to learn..
It gets easier, we’re hear to help!
What type of entity do you have?
im really excited to find this channel thank you for this you are doing an amazing job and I am learning so much I am a small business owner and this is such a great tool for everyone to have access to may you grow and reach many more.
It is a 💎 mine of knowledge here, hands down..
I’m only mad I did not come across this information sooner- thx!,,
I am a new entrepreneur in the hair business. Applied for my LLC in May ! Opening once I'm ready ready
Congrats. We wish you much success and continue watching the channel for helpful tips.
The most underrated channel on UA-cam! How is this channel not over a million subs yet? I love this channel!!
Thank you so much very informative. Building our community through knowledge 💪
Thanks so much for this! 🙏🙏
Thank you for wealth of information 💎
You are so welcome, just curious, which part did you find most helpful?
@@LYFEAccounting you're welcome..so much I had to listen twice while walking my dog. The part of buying art and donating to your own non profit caught my attention. I most definitely have to educate myself on that plus having assests/property then getting loans therefore not counted as income and the interest possibly a deduction..
Yes yes, you are definitely going to be excellent at tax planning if you keep this up
Glad I discovered this channel! 💎
I love this video, a must share!! Thank you!
Yes I am a newbie business owner just out here winging the shit out of everything! #entrepreneurlivesmatter
This was amazing!! The art blew me away!
Thank you Mr! I have been missing out for too long!
Sean, you are amazing! Thank you.
You are too! Thanks for watching.
Thank you, for sharing. I really appreciate your time and knowledge.🙏
Of course, if you moved to the Bahamas, you will still owe US Federal taxes if your income is derived from the US. Puerto Rico has it's own taxes. There are a couple of "acts" which can reduce or eliminate capital gains taxes, but it is not "tax free". I have income from a source in Puerto Rico, and I have to pay Puerto Rican taxes, and US Federal taxes. But having a business is good advice.
Thanks 🙏🏾
I have 3 rental properties and am starting a bookkeeping business for a couple family members who also have a business.
I audited the IRS tax office once they hit the panic button!!
Great video
Powerful stuff. Thank you neighbor.
Great work thank you 🙏🏾
You can actually write off passive losses agains active (W2) income. Research Real Estate Professional Status (REPs)
This is true! But that’s the rare exception.. well that with a $25k deduction if you make under a certain income level
@@LYFEAccounting yes, it’s a viable option for those who qualify. Great content Sean
Subscribed. You are brilliant thank you.
Wow!! Great content Sean! Right when I needed it. Can I also avoid paying tax by using foreign employees and contractors? It’s an online business
Thanks so much for watching and sharing your thoughts! Contractors can reduce your taxable income thus decreasing your tax liability, so yeah you're on the right track
@@LYFEAccounting thank you 😊
Sean, 8 videos in a row in. Loved tip #2, would services be applicable to profits. As in a recruiting business? Let’s say paying myself take home 25-50k, then reinvest 100-150k into my stock portfolio ? Would I be able to sell the portion of my stock portfolio same year as well?
New Subscriber. Excellent presentation. Thanks for the tips.
Great Info !!!
Great content keep up the good work
I have been in business for 2.5 years and I have not seen any benefits of being a business operator...... My tax preparer told me I don't qualify...
I'm a new business owner 🙂 getting cleaned up so when these profits come in I'm successful
What about you just starting a small business How do you go about it?
Okay so I have a very important question. If you have an account that is reserved for maintenance or repairs, but you don’t spend all of the money in the account, is it still taxable at the end of the year? Basically, if I took 50% of my revenue and put it into that reinvestment account, does that count as a deduction or is that money taxable? Love the channel by the way and I’d appreciate a response I’ve been needing this answered
Usually the money is taxable for pass through entities, the only time you may get away with something like that is if you have a C-Corporation
@@LYFEAccounting so all revenue after expenses are taxed, regardless. Unless it is used to purchase equipment. Got it. Thanks
Thank you! 🙏🏾
No problem 😊
Game changer!!!
Great content❤️
Mind games tbh.
Sean if I sold a item and 75% of that was a profit then reinvested that 75% for the business is that 75% taxable or no? Great video as usual. Thanks
Thanks! Pretty sure that 75% would not be taxable if reinvested in the same tax year
1031 exchange is huge! I'm going into the real estate industry and we talk about it all the time.
Its how the rich get richer!
How many properties do you have?
@@LYFEAccounting right now 0 I'm 21 but I have the knowledge I will need very soon
Thank you
I’m planning to develop chronic pain and massage therapy center in South Illinois,so please give me some information about how do I calculate my taxes!
You said I was awesome, you get a like.
Amazing Video
Glad you enjoyed it
New Subscriber after this.
Awesome! Thanks for subbing
I’m an investor and do have a home based business, which I’m not making any sales at the moment. Now, the problem is, I rolled over my 401k into a Ira that they want me to pay taxes on. Is this possible? Anyone can answer this.
Good tax tips
We are a company!!
Let me ask you something...if everyone doesn't pay his fair share of taxes, how do we pay for road repairs you drive your expensive foreign cars on, pay teachers to educate your stupid kids, pay to defend the country from foreign invasions? The list is endless. Paying your fair share of taxes is moral and patriotic act.
So after I sell it to my charity how do I make money? If my charity sells it do they pay tax?
So can you write off a new property that you began mortgaging the same way with the section 179
How can one acquire your services?
What about you don't a passive income you are just starting out in life?
If I'm not a corporation can I check the exempt box my taxes withholdings from my job and pay no federal taxes?
FYI - Video starts at 2:25.
So I buy my kids art for 62k, at the end of the year I report that I bought that art and they give me back income taxes taken?
Great video… can I use 401k to purchase an investment for purchasing a house
If someone gets audited they have to provide receipts of that art piece purchase correct?
Don’t I
have a certain amount of deductions before I can claim some of these?
Lol #9 was funny
Can I invest in an index fund instead of 401k?
Not paying income tax as an expat is not 100% true . You will qualify for the foreign income exclusion where if you r a bonafide resident of that country or meet the physical presence test you will get up to 108,000 ( that # is not 💯 accurate, but close)excluded from you agi . If you make anything over that it will be subject to federal income tax.
What is the best way to pay 0 taxes on fan duel sports betting for a large win
How to receive consultation?
I own a LLC
Thanks for sharing! What does your business do?
@@LYFEAccounting are funds put in a maintenance account for an LLC taxable or non-taxable?
Invest into silver
All yall smart an black yall 💯💯💯
👊🏾👊🏾👊🏾
✨222k subscribers✨
I refererred someone to your office today. Is there a number to speak to someone live?🙂
Thank you so much! We are actually not accepting clients at the moment, but we will again later this summer :)
@@LYFEAccounting Thanks for your timely response!!🙂
Of course :)
@@LYFEAccounting I can’t wait! I’m getting on the waiting list right away lol
Real estate broker. What are the largest expence Items for Scorps in real estate industry ?
simple,dont work or spend money
If your a consumer you are tax exempt
Bump
You look like juwan Howard
I don't know who that is, but he must be pretty handsome lol
@@LYFEAccounting the fab five ?? Hahahaha good stuff
Oh, I just googled him and you are right ha ha Ha
@@LYFEAccounting you definitely look better than Juwan Howard. But there is a little resemblance. Only a little.
"4010K's" LOL anyone else catch that?
Me who lives in Hawaii💀😩 #bigtaxes
Can we hire you guys !???
lyfetaxes.com
Great example of youtube lol
I appreciate you acknowledging my effort lol
If you give the money away via donation then of coarse you won’t pay taxes on that money but you also don’t have the money??? So what’s the point.
Because they donate the money to their own foundation and it goes right back in their pocket
Are NFT's considered art?
No it's not
🤯…🙏🙏🙏
💯👍
💪💪🇺🇸
🇱🇷🇱🇷🇱🇷🇱🇷
🤔💭 You did the last video I was expecting the Chocolate 🍫 Girl in this one where is She 🤔💭❓
Haha, I think you have me and Sherman confused. But Krystal has another video coming out this week! Currently being edited
@@LYFEAccounting 😂 Yes Krystal she’s all the way up 🏖 even her name is expensive 🤣😂💰💰Krystal Chandon the drink of High End investor 🤣😂💰🤦🏼♂️🤦🏻♀️
you are absolutely hilarious man, thanks for the kind words and wit. Krystal is going to love seeing this
First
An incredibly feat indeed 😂