10 Ways The RICH Avoid Paying Taxes (And YOU Can Too)
Vložit
- čas přidán 15. 07. 2024
- Would you like to learn more about tax strategies and talk to someone? Schedule a free consultation here: aba.link/8rx
Let's discuss 10 tax strategies that the rich use to optimize their finances and that you might want to consider for yourself.
Retirement savings aren't just about IRAs and 401(k)s. The rich often invest in defined benefit plans, allowing them to contribute significantly more-sometimes over $500,000 a year!
These strategies are about understanding and leveraging the incentives within the tax code to your advantage.
Throughout the video, I'll break down each of these strategies and more, helping you understand how you can legally reduce your tax burden and keep more of your hard-earned money.
Feel free to leave your questions and comments below. We love hearing from you and are here to help you on your financial journey.
🔔 Don't forget to subscribe for more insights on real estate investing and business strategies!
Show Notes:
0:00 Intro
2:57 Retirement Accounts
5:45 Tax Deferred Investments
8:45 Loss Harvesting
12:25 Real Estate
17:43 Charity
22:33 Trusts
25:18 Businesses
30:32 Tax-Free Bonds
32:59 Life Insurance
38:13 Tax Efficient Funds
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
aba.link/subscribe
~~~~
FREE TAX & ASSET PROTECTION WORKSHOP
Register for an upcoming workshop today if you want to protect your business and personal assets from snoopy lawyers and creditors. Save Your Seat: aba.link/0bb
TAX TUESDAY LIVE
Join us every other Tax Tuesday, where you can have your tax questions answered live by our experts entirely FREE. Register Now 👉 aba.link/2wr
Infinity Investing
Join our Infinity Investing Basic Membership for FREE and start your financial education journey. 👉 inf.link/vkz
OTHER ANDERSON ADVISOR EVENTS
Learn a rich selection of subjects like tax and asset protection, business, investing, and more. Our attorneys and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
aba.link/tobyevents
~~~~
FINANCIAL PLANNING & TAX RESOURCES
📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 aba.link/IIWbook
Order Your Copy of ”Tax-Wise Business Ownership" and find greater success by taking advantage of tax laws for your business. Here 👉 aba.link/tobyshop
Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 aba.link/tobyaba
~~~~
FOLLOW US:
Instagram: aba.link/instagram
Facebook: aba.link/facebook
Twitter: aba.link/twitter
LinkedIn: aba.link/linkedin
TikTok: / tobymathisesq
~~~~
CONTACT US
Phone: 800.706.4741
Email: info@andersonadvisors.com
Fax: 702.664.0545
ABOUT TOBY MATHIS
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
---------------------------------------------------------------------------------------------------------
WARNING: I will NEVER ask you to contact me through CZcams comments, telegram, or WhatsApp. I have a checkmark next to my name, and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture.
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#richmindset #taxreduction #taxation
If you want to dive deeper into tax strategies, schedule a free consultation with my team today. Visit: aba.link/8rx
Out of all the "youtubers" out there Toby is the most genuine and educated! I LOVE your videos! Thank you for all that you do!
I can't believe how much he knows. It's scary
Deep dive on oil and gas please🤝💪
Thanks. What are some examples of these oil and gas funds?
This is an amazing video! Sending it to my friends.
As always gteat videos. Could u help out w how to set up whole life insurance. Thanks
Love your videos sir.
Charitable giving is something I have heard of, but not broken down to this level of detail. I hope to utilize all ten in the future
One of the most important videos I've ever watched.
Thanks Toby great info!
Short SPX box spreads (with portfolio margin) is better than SBLOCs - lower interest rate, and the interest paid is a capital loss.
Wow! This is great information.
Now that I have reached a high income, I started paying close attention to the amount going out in taxes.
There is so much I need to learn. I thought all whole life policies were bad, so I never took time to learn about them.
I also thought bonds underperformed, so I never considered tax-free munis.
Lastly, I would like to know more about donations and foundations for tax avoidance.
Thanks.
Excellent topic! $$$
Hello Toby, thank you for again a very informative video. Regarding the life insurance banking, do you have any idea how we as non American can take advantage of this (Europe)?
Thanks in advance
Best regards,
John
👍 love all your videos! 🇺🇸 Happy independece day!
Great vid, many thanks!
Thank you Toby for this truly valuable information. What if you build single family rentals from the ground up. Is it better to sell or keep?
I will tell you... I love your content big time. Long term fan. I hate number 3. I always feel like a loser no matter what. Ive failed at number 7 so many times but I need it. Number 8 is no good in my state. Number 4 I need more doors. I still have to write a bunch of covered calls and puts to make it. I really want to be more tax efficient though
Doing a video on “tax bracket management” would be wonderful!
I'll keep that video idea in mind. Thanks for the suggestion
Really loving your channel but I'm 61 and have no knowledge yet just learning what to do help me please I'm about to come into a bit of cash dint want to waste it
Really enjoyed learning about many of these strategies at your Tax and Asset Protection workshop in Dallas. Looking forward to attending the next one as well. The information is invaluable!
So happy you enjoyed the workshop! Can't wait to see you at the next one!
I appreciate your great ideas and content.
Looking forward to becoming a client someday.
Bravo.
I'm blown away with your knowledge! I have been benge watching you, and I feel so empowered. I'm beyond upset that I have t found you sooner, like when my parents' estate was being handled. I feel like I was screwed over big time with how it was set up and dispersed. Also on how to move forward with what I did receive, maybe I wouldn't be in the mess I'm in now.
Thanks to you I've heard of most of the 10 you listed, a d eager to learn more !
This information is so very useful. I wasn't aware that the dividends were taxed at a lower rate. I thought it was 40% for dividend taxation. I had already intended to use the depreciation of real estate once i start buying., I'll have to find some way to officially show up in the lower bracket to benefit from the dividend 23%.
good content
I am a big fan of your videos. Thank you, Toby.
Glad you like them!
Never heard of oil gas... what is that??
Interested in knowing more about Loss Harvesting and Real Estate protection for multi unit owner. Great video
Feel free to reach out to my team to learn more about real estate asset protection. aba.link/8rx
Great advise and ideas. most of them are new to me. Thank you
Glad it was helpful!
❤Love You Toby!❤❤❤❤❤Knowledge is Power Freedom and Quality of Liberty & Life!
Knowledge isnt crap if you cant apply it to the real world💯
Which CZcams channel is the Toby in Canada?
Do you think a General Contractor qualifies as a real estate professional ?
1031 Exchange is the most commonly used by the ultra rich ...
The 1031 Exchange can be a powerful tool for real estate investors.
i heard of loss harvest but can you do a deep dive into that?
I'll definitely consider recording this topic in an upcoming video!
I would like to learn more about donating real estate to charity that I own........
You should definitely reach out to my team about this. Visit aba.link/8rx
Can you do a mix tax strategy with real estate and a trading account under the same LLC.
Or RE and Private lending interest income
I would recommend setting up a free consultation to talk about some strategies and how they apply to your unique situation. Sign up here aba.link/8rx
I do fund mt PUA's in my whole life with money from my C Corp that i take out and put into my Heloc.( I do use credit cards for business expenses)
That heloc i use to pay business real estate taxes and insurance. I then turn around and take policy loans and loan it to the business so it can pay off credit cards.
The business then pays me back the loans on a monthly basis with the same interest as the credit cards would charge.
Is this method beneficial?
I'm retired how to get around paying tax on interest income? Thanks sold home waiting to buy when market dips.
OMG I love this video!!!
Your support means the world to me, thank you
What up Coach Toby!!
Welcome back =)
Awesome content
Thank you so much for your kind words!
@Toby - Hi. I had heard of all of these strategies but I was able to learn a little more on Loss Harvesting and Tax Free Bonds. I love your content and my favorite strategy that I am working really hard a this moment is to build a Real Estate portfolio.
Glad it was helpful!
I would like to know more about setting up your own charities and combining that with a management company to manage all of my family affairs and future businesses.
I would recommend setting up a free consultation to talk about some strategies. Sign up here: aba.link/8rx
I had no idea I could ask Vanguard for a margin loan! Thank you!
Happy to help!
Who are those tax harvesting loss companies? I'm interested in that option.
Toby how much does it cost to have your help in all this
I would recommend setting up a free consultation with my team. aba.link/8rx
So what are tax deferred assets
Hey, you should check out this blog to get a better understanding. andersonadvisors.com/tax-free-vs-tax-deferred-tax-planning/
I'm a little fish ($500K in liquid assets). I make $120K and hope to sell a $1M house and retire in 1 year. I will probably take $800K from the house sale. My question is, "Which of these 10 make the most sense for me"? Which ones have the best benefit / cost ratio given my situation? Great video as always - keep 'em coming.
I don't get it. Bought a house for 90K, worth 315K and assumed it was paid off when you donated it and got a 120K write off. What happened to the other 95K?
8 😁
Could yu make detailed video on living trust please
Check out this video: czcams.com/video/PrYfebuDz8A/video.html
6:31 Unless you open a Roth Crypto IRA. 😊$$$
I’m wealthy and haven’t paid a penny in taxes thanks to all that Trump & the Congressional Republicans have done to support us. We should all agree with Trump that the middle class should always pick up the bill in helping the poor and supporting us wealthy folks not pay taxes. Thank Republicans in helping me get richer and richer everyday, by handing the bill only to the middle class. ❤ Love these tax loopholes the Trump & Republicans created for us wealthy folk. 😂
You just said Obama and not former President Obama. Put some respect on his title
President Trump.
2024.
Stop calling him President Trump. He is the former President 😂
Once someone has ascended to that title, they retain it till their death.
@mrsterling5306 I agree, but he should've said former President Trump. Yet, in the same video, he only says Obama and not President or former President
Uh oh, I think I see where you’re going. I’m going to listen more closely to notice Toby’s personal views.
@mrsterling5306 To say it once could be a slip up but he did it twice. So I'm like ok, what's up?
Are you listening to this for business advice or political advice?
I don't take relationship advice from Trump.
People need to learn how to compartmentalize information and brush the rest off their shoulders.