"Tax minimization is not tax evasion. One of them is legal; one of them is not."
"They're after your money, they're after manipulating the currency, you need to secure your savings in a tax sheltered account right now."
"You should itemize deductions if your allowable itemized deductions are greater than your standard deduction."
"Why sell everything at one moment? Pay all the taxes, time it perfectly, and get in."
"You need to secure your savings in a tax-sheltered account now."
"You will end up with 3.2 million dollars that you don't have to pay any taxes on."
"Incorporating a business gives you liability protection and lower corporate tax rates, leading to significant tax savings."
"You need to lessen your tax headaches and liabilities by keeping your business revenue expenses separate from your personal."
"It's so easy to manage your money because you don't need a money manager and you don't need a financial planner except for your taxes right."
"We're going to educate you on the tax stuff on what you need to be doing throughout the year."
"They're not going to help you manipulate the system they're going to help you save money on taxes legally."
"By moving your money slowly but surely to these other structures, the Roth IRA and Roth 401k, you can eliminate capital gains tax altogether."
"It's a great strategy to delay the payment of capital gains tax."
"Get a qualified tax professional. This will save you the absolute most money."
"It's so much cleaner if you just pay yourself a thousand bucks a month or whatever you need. Pay yourself a salary. It helps. But that helps with taxes too. But it keeps everything so clean."
"You shouldn't be hoping to get money back in taxes, what you should be doing is making sure that at the end of the year you're paying nothing in taxes."
"When a tax advisor starts giving you bad financial advice just to save on taxes, that means you need to fire them."
"Taxable event doesn't necessarily mean tax liability; it can mean tax asset or tax refund."
"If you structure your affairs properly from the beginning, you can avoid a lot of this wasted tax."
"... don't be afraid to take profits, don't let taxes scare you from that..."
"This is the foundation that's going to help you build your business, build your wealth, better tax planning, asset protection."
"Don't let the tax tail wag the dog."
"Reduce taxes as much as you legally can."
"If you prepare in a way to set yourself up for multiple paths of control in retirement... you're setting yourself up for good marginal tax bracket management."
"Saving taxes is so fun. I love it. I'm passionate about it. I'm not going anywhere."
"The decision to use a traditional IRA or traditional 401k versus a Roth IRA or Roth 401k can quite literally be the difference of tens or hundreds of thousands of dollars over time saved in taxes."
"...this is one of the best ways to legally minimize your tax obligations when it comes to the capital gains that you make on your assets."
"We want to pay more in taxes now to avoid paying more in taxes down the road."
"From a tax point of view, there's a big difference between doing something on December 31st and then doing something on January 1st because the second you cross over January 1st you enter a new tax year."
"We do it the legal way. Now, this last property that I purchased at the end of 2022 was because of a strategy Kevin and I worked out that would generate me Equity cash flows and reduce my taxable income by over 300 000."
"Anyone with a business that makes at least $40,000 to $50,000 per year is going to be a good candidate for an S-corp."
"Capitalize on tax-advantaged retirement accounts and savings accounts like with 401ks, SEP IRAs, and HSAs."
"Understanding what that's projected to look like because if it's going to continue growing you very may well not have an estate liability or state tax liability today but you may be projected to have one in the future."
"So it's another one of those things that when you're doing your tax planning from one year to the next if you can keep your income just below that threshold rather than just above it that would be very advantageous to do so."
"By shifting that income through Roth conversions from out here into here, I've been able to lower my effective tax rate by 2.2% over the retirement years of this family."
"There are five common scenarios for using a holding company: asset protection, claiming the lifetime capital gains exemption, tax savings, tax deferral, and estate planning."
"Real estate investors can sell an investment property, buy another investment property, or spread the money around, paying no tax."
"A 1031 exchange allows you to roll over the proceeds from the sale of one property into the purchase of another, deferring capital gains taxes."
"Sell real estate and buy other real estate and not pay capital gains tax along the way."
"This is one of the best tax planning strategies available to all of us."
"When you withdraw the money from the plan during retirement, your marginal rate could be lower."
"It can be hard to do tax planning, but we've got you."
"Paying no taxes, we will talk about how you can do it in retirement too."
"RRSP meltdown that could potentially reduce your income tax by a huge amount when you withdraw from your RRSP eventually."
"This is a great way to give your children an income stream for their lifetime without forcing them to recognize immediate income tax on the distribution of that IRA."
"Save all of your receipts. Literally anything you can think of, you can write off on your taxes when you're self-employed."
"The best way to use an RRSP is to put money into it while you're in a high tax bracket and pull the money out when you're in a lower tax bracket in retirement."
"It's a nice situation, especially if you've got the survivor, the spouse that lives the longest, as a single taxpayer."
"When you're in a low enough tax bracket currently relative to where you're going to be in the future, you want to think about doing conversions."
"Roth conversions have gotten incredibly popular in the last decade as many retirees are seeing big tax liabilities come down the road."
"There are a lot of advantages in Retirement Planning to paying taxes now, to reduce taxes later, or to create more of an ideal future."
"Maximizing your pre-tax 401k and then maximizing your Roth IRA contribution gives you this tax diversification."
"Now you can actually do Roth contributions as part of your SEP or your SIMPLE IRAs, which is great."
"Yes, you had to pay taxes up front when you did the conversion, but when you look at it over your lifetime, it may have substantially lowered your tax liability."
"With smart tax planning, using the tax rules, you can add real value to clients."
"If people are converting all of the IRA to the Roth, they end up in a zero percent tax rate sometimes even with negative taxable income later in retirement."
"If you would like to reduce your tax bill before the end of the year, then you're going to want to tune into this video."
"Avoid the stress and hassle that comes with waiting around to the last minute... set a goal to have your tax documents fully prepared as soon as possible."
"If you have all your ducks in a row, you can make more and pay zero dollars in federal tax."
"There are five specific circumstances when filing early makes the most sense."
"You can make a lot of your travel deductible simply by having a real business purpose."
"How would you like to have most of your income, or at least a major part of it, completely tax-free in retirement?"
"The best time for tax planning is typically the first five years of retirement."
"The key to paying less taxes isn't to lie and hide your money; the key is to learn the tax code."
"There's a lot of art that retirees can employ in terms of keeping their taxes down on a year-to-year basis."
"Tax planning for efficient retirement distributions can prolong the sustainability of retirement assets."
"Some small tax planning can potentially go a long way to protecting your family's future and your financial well-being."
"I'll show you how you can use Turbo Tax as a tax planning tool for yourself, instead of just using it simply to file your tax return."
"Filling in those buckets of tax-advantaged accounts."
"Should I convert now or do I have room in this bracket to get some of this converted at a lower rate than what I'm expecting to pay in the future?"
"This is one way that you can pay zero dollars in taxes in early retirement."
"There's a tremendous amount of tax planning opportunity available to you."
"When you inherit an appreciated asset, the previous appreciation just goes away untaxed, thanks to the step-up in basis."
"Understanding the double step-up in basis for married couples can help eliminate the most amount of tax."
"These accounts are designed to give you tax benefits."
"The secret is you could technically have a salary of $100,000 but only have a taxable income of $60,000."
"We're simply trying to help you pay the least amount of taxes over time by developing an income and tax strategy that meets your objectives."
"Tax-deferred assets grow without paying any income tax now; you pay it when you pull the money out."
"After-tax is your third bucket, the hyper accumulation bucket, with more favorable tax treatment."
"Pre-tax makes a whole lot of sense now."
"Roth money will not be taxed again; once you have money in your Roth bucket, that is tax-free money you can pull out."
"Maximizing Social Security can save you thousands of dollars a year on taxes."
"If you save more, that's going to affect your tax liability and possibly boost your refund."
"Does it make more sense to keep money in a brokerage account than a traditional IRA? Long-term cap gains tax is less than income tax rate."
"With a Roth IRA, you can keep that $100,000 all to yourself, paying no taxes if you reach the certain age of fifty-nine and a half years old."
"You can actually live on taxable investments early in retirement effectively tax-free at the federal level."
"Remember, all the money in this policy will grow tax-deferred and we can access it tax-free as long as we follow the IRS guidelines."
"Qualified charitable distribution... allows you to make a tax-free donation of up to $100,000 a year directly from an IRA to a qualified charity."
"Talk to your accountant or your tax professional when it comes to tax planning for the big picture, long view of your business expenses."
"Most small businesses like the cash method so they don't have to pay tax on income that they've billed but not received."
"If your income decreases in 2024 or 2025, you can look back to 2023 earned income to calculate the credit."
"Hiring a tax accountant once your store takes off is recommended."
"I am about to propose that you learn about the tax advantages of depreciation in real estate."
"Successful investing isn't really about getting the best return possible; it's about meeting your objective in the most tax efficient way."
"The backdoor Roth IRA is one of the best loopholes in the tax code."
"Tax planning for people relocating to Portugal who are freelancers or self-employed is crucial."
"Proper tax planning is essential and a requirement to avoid... taxes as failure to self-assess can result in steep penalties."
"When people don't understand how to minimize their taxes in retirement, that's a huge mistake."
"When it comes to investing, I choose the tax-advantaged retirement funds."
"There is nothing sinister in so arranging affairs as to keep taxes as low as possible."
"Paying taxes in the future is better than paying taxes today."
"Income planning, controlling, managing your modified adjusted gross income... gives you more security, more income, more wealth, helps you keep more in your pocket."
"Good tax planning is not about paying the least amount of tax this calendar year; it's about paying the least amount of tax over your lifetime."
"If you can understand and gauge kind of how much money you're going to pay annually in taxes then you can break that up in monthly payments."
"Understanding and utilizing these tax buckets properly is where we start to see some benefits come from this tax paying strategy."
"The ability to convert the asset into a diversified income-producing portfolio while leaving the full value of the asset completely undiminished by capital gains taxes is potentially quite attractive."
"If you are doing charitable giving, if you are supporting the causes that you care about most, I want to ensure you're able to get the maximum deductions available for those charitable gifts you're making."
"Eliminate or reduce taxes completely in retirement."
"Bunching your donations means instead of donating a little bit every year, you instead donate a lot every few years."
"How do we prepare ourselves to pay less in taxes so we can keep the most of our money?"
"Be tax efficient... where you can be tax efficient, do, but I would always say seek actual advice."