Best Tax Strategy Quotes

"It's the 1031 exchange, and essentially what it says is if you sold this property today for one million dollars, then you'd have to pay taxes on your profits. Instead, you can take all of this one million dollars and use it to go out and buy another real estate investment property, a bigger property, and now you don't have to pay any taxes on your profits today."

"Maximize your use of tax-advantaged accounts before investing in non-registered accounts."

"The 1031 exchange allows you to sell a property and reinvest the proceeds into another property without paying taxes on the gain."

"Trump lost so much money that he was able to avoid paying income taxes for eight of the ten years."

"Regardless of what strategy you ultimately land on, you almost definitely want to take advantage of a tax sheltered account."

"Investing and building wealth isn't just about saving on taxes; it's also about playing offense."

"It's expected that we can defer the tax payment of nearly 30 million yen and we have obtained nearly 80 million yen in tax rebates."

"After one year of holding no capital gains tax, stay positive."

"Give yourself a W-2 if you have an S Corp to avoid audits."

"The reason I pay no taxes is because I borrow money... I am a billionaire in debt."

"I prefer waiting for long-term capital gains. It's much more cost-effective."

"Many people opt for the 401k because they feel their tax rate is going to be higher when they're working than when they're retired."

"Those tax cuts actually brought more money in to the federal treasury."

"Estonia has shown that with good policies, having a welfare state is compatible with low taxes and economic growth."

"At some point you don't have to pay capital gains and you can sell your property and walk away tax free." - Expert in tax law

"As long as you rent out the property for 15 days or more with an average customer in there for seven days or less, you can claim the property as a rental property."

"Why should I allow him to write this off in one year?"

"Let's leverage bonus depreciation on all this."

"A Roth IRA circumvents the tax you would owe because you paid your taxes already upfront on the money you invested leaving you with the entire amount completely tax-free at the age of 59 and a half."

"And if you hold the property at least 10 years, you never pay capital gains again."

"It's a great strategy to delay the payment of capital gains tax."

"If I can make a smart decision that is making us money to offset a tax over here, that's a win."

"If you have a net loss, then you take the loss against your other income."

"You create other solutions in lives and you put money back in the system even if you're not paying taxes on it."

"Depreciation is one of the big tax benefits of real estate."

"If your federal marginal tax rate plus your state tax rate is less than 25 percent, consider doing Roth contributions."

"Fix the spending problem first and then tax later as needed."

"Take advantage of tax deductions and tax credits to reduce your taxes legally."

"This is one of the most stunning things I've ever seen, so let's put this up there from ProPublica: They call him 'Lord of the Roth,' how Peter Thiel turned a retirement account from middle class into a 5 billion tax-free piggy bank."

"What is it going to take in order for you to be able to reduce your taxes and build wealth quicker?"

"My job is to leverage the tax code to the fullest extent for my taxpayers."

"A simple fact that I operate as a business...write it off."

"Tax breaks for wealthy do not work to grow the economy."

"It's probably in your best interest to have an Adu on your property from a tax play perspective."

"Think about asset location to maximize tax efficiency."

"When do you want to be taxed on that money when your tax bracket is at its highest or when your tax bracket is at its lowest?"

"You can gift crypto to family members tax-free."

"Tax loss harvesting is when you're selling your losing stocks taking the loss so that you pay less taxes."

"What you choose to do with your LLC will determine how much you actually save on taxes."

"Special tax bonds are advantageous for investors not subject to the alternative minimum tax."

"Some of the best tax strategies in America revolve around real estate. That's what our wealthy clients do. So learn this stuff, embrace it, it's fun, it's exciting."

"Three reasons for Roth conversions: Avoiding RMDs, decreasing future tax risk, and making other assets more valuable."

"Apple pioneered this strategy — which became known as the 'Double Irish with a Dutch Sandwich'."

"But it's like I put 20% down anyway, so I am using the tax code to buy real estate and to keep money in my pocket at the same time."

"If you're a business owner and you have business income but you're feeling like you may be paying too much in taxes, this could be a really great strategy to lower your overall tax bill."

"You should never ever be paying taxes on your cash flow because your depreciation will be so high."

"The more assets you have, the less tax you pay. The more assets you have, the less tax you pay."

"The main reason people elect to become S corporations is to avoid self-employment taxes."

"Buy some rental real estate. Not only is it a great long-term building wealth strategy it also has the sweet little benefit of being a great tax strategy."

"Utilizing that tax-free growth is going to allow you to build wealth, to compound your wealth, and really create a lot of tax strategy when you need to draw money, especially in retirement."

"Another strategy here during this period of time and really all throughout retirement is just tax loss harvesting right that can you can Implement that throughout the year to lower taxes and lower um the really what the taxable gain is going to be each year."

"We just talked about how you can buy a short-term rental, use appreciation, and then basically knock out a lot of your salary, your W-2 income, and pay significantly less in taxes."

"The investors I've known who've done really well over 30, 40 years in the business, who I've looked up to almost without exception, all of them are very fluent in taxes."

"Arbitrage Amazon sellers like to buy products from these five sales tax-free states before reselling the products, because this saves them a lot of money, and of course it increases their profit margins."

"Every dollar you can get into a Roth in earlier years is a dollar plus all the earnings on that dollar that will no longer be in your RMD bucket in later years."

"Scenario number three: tax savings. There are opportunities for tax savings by putting investments within a corporation."

"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."

"If you structure your assets during your life in a way that you don't own that wealth at the date of death, then your tax is minimized."

"Learn how to milk your S corporation for tax-free cash."

"If you're drawing during retirement from a tax-deferred account and you expect to live for 30 years, a four percent withdrawal rate the first year, and then increasing for inflation each year after that, has always worked historically."

"What is a Roth conversion? It's taking money from a tax-deferred account, converting it to a Roth IRA, so you never have to pay taxes again."

"RRSP meltdown that could potentially reduce your income tax by a huge amount when you withdraw from your RRSP eventually."

"Within the scope of financial planning, we use Roth IRA’s and Roth conversions frequently to have a tax free account later on in retirement."

"If we are paying a lower rate today, like 22 percent, to avoid a higher rate down the road, like 25 percent, a Roth conversion makes sense."

"Paying taxes now for some people allows them to have the money over in a Tax-Free Account."

"I like to take advantage of also the tax advantaged aspect of investing into these type of vehicles in a tax sheltered account."

"Deferring taxes for decades is a huge advantage because you get a free industry loan from the government."

"You can lower your tax bill not by cheating the system but by instead aligning yourself with the incentives that lie within the system."

"If you normally make charitable contributions and you make them directly from your IRA, then the distribution from the IRA doesn't show up as part of your adjusted gross income."

"Capital loss carryover can offset capital gains and up to three thousand dollars a year of capital loss carryover can be used against ordinary income."

"Not paying taxes is not evil; using the tax code to benefit yourself by not having to pay is you end up having to do things, make investments in things that end up benefiting the economy and the government far greater than what your tax dollars could have."

"Contribute to a health savings account... an excellent way to lighten your tax load."

"Tax planning for efficient retirement distributions can prolong the sustainability of retirement assets."

"Do you find yourself in a common Roth conversion trap where you're constantly having to play catch-up because your tax-deferred accounts are outpacing your Roth conversion strategy?"

"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?"

"A 1031 exchange allows an investor to sell investment property and then roll that money over into the purchase of another piece of real estate and defer the gain."

"Capital loss is a solid strategy to reduce the tax burden."

"Having some diversification in a taxable account when entering retirement can really give you some additional options."

"Always make sure you're strategizing your tax return and looking at this from an offensive standpoint."

"Understanding the double step-up in basis for married couples can help eliminate the most amount of tax."

"The conversation that you need to be having with your family is how is it that we can keep more of our money and not give it over to the federal government legally."

"It's a great tax strategy for small, medium, and large business owners. Make sure you're using the S corporation tax strategy."

"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."

"Understanding taxes to play the game of taxes, a lot of people make a lot of money but lose a lot in taxes."

"When you retire, you should be doing everything you can to minimize your tax burden in retirement."

"Do Roth conversions, pay taxes now in order to never be taxed again."

"Ultimately, what we're trying to do with Roth conversions is three main things: eliminate tax risk, pay less taxes over the course of time with retirement, and improve the composition of our accounts."

"Being able to control your tax point, assign bond segments to somebody with a lower tax status, and easily change investment strategy without any capital gains concerns provides plenty of tax saving flexibility."

"Take advantage of every tax code in the publication; don't be afraid of it."

"If you and your spouse are in different tax brackets at retirement, income splitting could lower the overall tax bill for your family."

"Have an intelligent plan to minimize your RMD taxes based on your unique situation."

"The 1031 exchange lets you flip real estate property to real estate property without having to pay taxes on the sale."

"Your ability to play within the rules while still lowering your tax burden is key to preserving and maximizing your wealth."

"Choose traditional if you expect to be in a lower tax bracket in retirement."

"Choose Roth if you expect to be in a higher tax bracket in retirement."

"Most wealthy people at my income level try to offset their tax liability by purchasing long-term assets."

"You can strategically use rules to pay less money in taxes."

"Wealthy people understand how they can use the tax system to their advantage."

"The more tax deductions you claim, the lower your taxable income becomes, and subsequently, the lower your tax bill to the CRA becomes as well."

"Loss harvesting is simply the timely selling of securities at a loss in order to offset taxable capital gains and potentially offset up to three thousand dollars of income."

"The whole point of Roth conversions is your goal is to pay taxes at a lower rate than you will end up seeing throughout your retirement."

"Donating highly appreciated investments like stocks or mutual funds helps you avoid the eventual tax bill on those positions if you were to sell them."

"We can make almost anything deductible ethically and legally."

"It's a huge tax benefit to go through a donor-advised fund; that's why the taxes are written that way."

"Violence fascinates me... I watch things and try to figure out why they're doing what they're doing."

"We dramatically increase a portfolio's ability to tax loss harvest over the long haul."