20 Sources Of Tax-Free Income: Investors, Individuals & Small Business Owners
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- čas přidán 15. 07. 2024
- In this video, I'll break down various sources of federal tax-free income, from inheritances to Roth distributions and everything in between, for investors, individuals, and small businesses.
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If you're tired of watching your hard-earned dollars disappear into the abyss of federal taxes, then you've come to the right place.
Join me as I delve into the world of tax-free income and reveal over twenty different types of income streams that you can receive without paying a single penny in federal taxes.
With practical tips and expert advice, you'll learn how to take advantage of these tax-saving opportunities and optimize this tax-free wealth strategy
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Show Notes:
0:00 Intro
2:49 Education and Health Insurance
5:27 Reimbursement for Theft Loss
7:05 Municipal Bonds
9:05 Disaster Relief Fund
11:38 Foster Care Benefits
14:42 Social Security Benefits
15:07 Welfare Benefits
16:07 Scholarships and Grants
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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#taxfreewealth #taxfreeincome #income #taxfree
THANX U 4 THIS VIDEO
CLASSIC ON BANKING
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Love this video. My favorite tax free income was my Roth IRA.
Love your videos. Better than all the books I’ve read
Love your channel!!! Thank you!🎉
Love your channel and videos. So much good info. I gotta ask if you do one on one coaching and what you charge if you do. Every video I watch, it's obvious you know your stuff and know it well. I would absolutely benefit from some help with figuring out a game plan for my financials and taxes. Let me know, I'm very interested. Great video! Subscribed for a while now and love the channel!!
Thank you for your kind words and support! I'm glad you find the content helpful. I recommend setting up a consultation with my team. Visit aba.link/i1i
Music to my ears: "Tax Free Income" 😊$$$
🙏🏾 Blessings , I appreciate the dropped gems!
Any time!
reimbursement is not income
I wouldn't count reimbursements as a type of "income" - it's a zero-sum transaction. What about a traditional IRA in which it is invested 100% in a municipal bond fund/ETF? Any earnings from that IRA should be tax-free, right?
He lost me at counting reimbursement as income. Stopped the video to make this comment and won't be continuing it.
Correct me if I'm wrong, but student loans that are forgiven are typically taxable income, however, I think they waived this requirement for a year or two. Not sure if I'm on the same subject, but this vid reminded me it.
You are correct.
Also tax free income stream from life products
What about IRS and IRRMA for wrongful death settlements
Any chance in an upcoming video you can speak in depth about subtitle A income taxes and how they apply according to the US treasury and the American citizens?
Thanks for the video suggestion. I may consider recording a video about this.
good video. i think the pain and suffering has changed. only physical injury is tax free. emotional distress is taxable.
I appreciate your insight!
Is currency exchange taxable?
I think out court settlement for repair of damages should not be taxed
Strategy
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You don’t want to be the beneficiary of a life insurance policy that you are the owner. It will be part of your estate when you die and will be taxable. Some folks make this mistake when setting up a policy.
I believe you mean that it will add to the value of the estate and trigger the inheritance tax sooner. If your estate is small, this is not a problem and makes your will (or ideally, your living trust) the only document you need to keep updated with beneficiaries.
Go fund me accounts are not taxed?
Can somebody repeat if the person gifting the monetary gift is taxable? It was clear from the video that the recipient is not taxable but unsure about the person gifting. 🙏
The gift tax for 2023 is $17,000. Anything a person gifts over this will be taxed. For 2024 the gift tax rises to $18,000. Yes, the gifter is the one who is subject to tax. Send a gift of $18,000 to someone in 2024 and there is zero tax.
@@Veganisbadhunter-wx5ntAnd I believe that if you are married, each one of you can gift a max of $18,000 each, to the recipient but they have to be separate checks, one signed by you and one signed by your spouse
The giver can gift even more tax-free by claiming it against their estate tax exemption - I.e., reducing the amount of inheritance that will be tax-free at their death.
@@hornbaker Ha, that's interesting, indeed. Very cool.
Dividends , capital gains up to an income limit…
Pimpin’
Toby. Is