Shaq tells how he avoided taxes after putting his parents on salary. Don't forget to follow us on Instagram - @SimpleMoneyLyfe / simplemoneylyfe #shorts #short
The greatest part of this short is Shaq saying it was the greatest day of HIS life. Not that of others but his. Its true for people with a sincere giving heart.
God loves us all so much that he gave his perfect son to die for our sins and raised him from the grave to defeat death. Through faith in JESUS we can be saved and reconciled to GOD. please repent🙏♥️
@@colorblindvids 😂😆 so because he's paying his mom&dad $1.25mill a year to not pay taxes while helping kids, the homeless, help people with affordable cloths, food, help others graduate college, and countless other things, he's not an amazing dude because he doesn't pay taxes? So paying taxes makes u an amazing person? Oh god 🤣😂😆 u funny
Shaq never cease to amaze me. This dude is such a great person. Such a huge public figure and great businessman. He not only knows how to make money but he really does give back not to the just the black community but to the less fortunate as well. Shaq is one of those celebrity that I would love to meet.
There is nothing genius about this. Is not a Shaq thing. Shaq just doing what we business owners been doing since forever. You late like a mofo Shaq. Welcome to white people moves
"The University of Phoenix is an online program mostly. But I went to the head officials and said, "I don't want to do it online. I want somebody to teach me in a class.' And they came back and said, 'Unfortunately, we can't set up a classroom for one guy. You need 15 people.' So, I paid for 15 of my friends to get their master's,” Shaq just paid 15 buddies to get a Master's degree in Business Administration just so he could actually attend classes in person. I do see his point, nothing beats a face-to-face education.
@@hollymcgill he is simply because most people don’t have him in their top 10 all time players and not even top 3 centers . But in my opinion he’s a top 10 player and definitely top 3 center of all time . In fact I will go as far as saying he’s the ideal center of real basketball, so for me he’s definitely the number one center to ever play the game .
Shaq is a good dude. He petty AF competitively but his heart is truly pure. He lives his life for enjoyment and is happiest when enjoying it with others. I’ll always be a fan 🙌
the guy who bullied teamates by dumping buckets of piss on them. the guy who gloats about having 4 rings and downs on charles Barkley on live tv every week how he never got one. the guy who cheated on his wife. the narcissist that calls himself superman . the guy who was being payed millions of dollars to play a game but that wasnt enough motivation to keep himself in shape and have a disciplined work ethic.the guy who sat out games cause he didnt feel like playing disappointing fans who payed good money to see him play by working at a real job.
Shaquille O'Neal is absolutely amazing I only ever hear nice good heartfelt things about him which is why he's on my bucket list of people to meet I would just like to shake the hand of a brilliant man who puts Family First!❤
@@haydendhonydja825 I own a business, ik scammers etc that's called payroll. For them, it's just like a w2 job, unless he's running it for them. If you have a llc even though you and your business are separate your taxes are the same you don't have to file for the money you paid yourself it's included in the businesses fillings, if you have a s Corp you have separate taxes.
@@ffdd6102dude helped his poor family get out of trouble and has been involved with charity since the 90s including getting clothes and toys for poor kids. Tf you mean entitled? Whats the last selfless thing you seen any of the politicians or their donors do?
You're a perfect example of when ignorant Americans KNOW they don't know shit about a subject they come across, but want to share an opinion anyway. @@ffdd6102
@@oopsiedoopsieimuffeditupagain *Nope! I’m a financial advisor… I can tell you with 100% certainty that he did. I’m more educated on this subject than you as well.*
Shaq is one of the best role models any person can have he just does what's right all the time and he does it because he wants to not because the cameras are rolling I hope I get to shake his hand one day great man right here
Lol keeping money is definitely easier than making money. Once you have money you could literally leave it invested on autopilot in an S&P 500 etf and its gonna grow 7-10% yearly. If you already have a couple million dollars thats a salary you could pay yourself just off of interest. The incredibly hard part is making a couple of million dollars while you still have some life left to live.
mortgage payments, charging your own business rent to ur personal self to lower some tax liability from brackets, use both personal and corp moneys into deductible financial expenses
@@oscarjr2679he didn't get his PhD from an online school lol, WTF are you talking about? He got it from Barry University. Dislike the guy all you want,, but it's sad AF to just make shit up to downplay what he's done.
I did this exact same thing... My mom gave up working to raise me and my brother so she lost out on her peak earning years which drastically affects her social security. I have been paying her multiple times more than she ever made since 2014 so she will have peace of mind of a higher social security payment.
😭😂😭😭 do your mom her the luxury of not working and u reward your mother who was blessed to not work with posting her so she still don’t have to work? Wow that’s what she supposed to do as your mother period even if she worked
@@Screamn.A hot take from a room-temperature IQ. EVERYBODY pays taxes. Would you rather earn $60K a year and be taxed on that, or $500K? The liability is the same, all that changes is the amount.
This didn't make sense. He would pay half their tax burden still, and his parents would pay taxes on what they make. Also, this is the same thing every 1099 employee should be doing, lol.
@@johnnysecular Wrong. He gets many more tac write offs plus depreciation on his property which is used for business. If the home is a residence and business, he gets some tax advantage there too. The money his mom receives can go into investments and if her income is below a certain threshold, she pays less tax and can kick back the profits to Shaq through a trust or similar vehicle. Only wage slaves pay full tax.
@@fazoleyea but he’s also suddenly looking at payroll taxes, franchise tax, excise tax, and more. That’s why he gets more write offs. His mom is making 750k, assuming she’s in California, she’s gonna get eaten by income tax. Sure the corporation saves on the business vehicle and office, but now if she has a car accident, the other driver can sue the corporation and shaq. It opens him up to more liabilities as well.
It does make sense. Normally you have to pay for your car, insurance, etc with what's left °after° paying taxes . So normal NBA players are taxed, then use the leftovers to buy their parents things. But since Shaq paid for his employees insurance and bought them 'company cars', those are business expenses he paid for with pre-tax dollars. For example, let's say Shaq's 1993 salary was $1M, taxed at ~35% ($350k), leaving him $650k to buy his parents cars, etc. Let's say that cost $200k, so now he has $1M -$350k(taxes) -$200k(cars) = $450k. Instead, he hired his parents and now he can buy them company cars, etc with the entire $1M. Remember the cars, etc cost him $200k total. Now his parents got their stuff, and he's taxed from $800k (~35%). $800k -$280k(35% taxes) leaves him $520k. $520k - $450k = $70k extra. But Shaq ain't making only $1M. So everything that's legal for a business to pay for, for example, cars, dental insurance, he'll pay for all of that pre-tax. And if he takes them out to a nice dinner and they discuss mostly his business interests.. tax write-off.
The Dummies Guide To Starting Your Own Business. This will fix what you "think" you know. By turning it into real knowledge. And now you will "know" how to incorporate yourself and pay less taxes.
@@blakejohnson2206 no. In that case, he is doing it to make sure his parents have income. It's funny that you think "him helping his parents" is actually "him being greedy".
@@al-bot1094 I never said it was him being greedy. Its just not a smart financial decision when looking at it financially. Nowhere in that book that he readd would it mention doing this for financial reasons. If you plan on doing it anyway then yes you can avoid paying tax on that money. Its the same as donating to charity.
Met him in person once several years ago. He is s monster in person people dont realise just how big he truely is. T.v and ppl talking about his height just doesn't do him justice. He's a beast. Thats how big and tall he is. And he's really cool and generous and that boy can eat what we eat as an entire meal to him is just a snack...
Whenbi said monster, it was meant in the same way you said gentle giant. So yes i can agree. Still unless you've ever met him in person, that boy is a beast. And i say that with the upmost respect.
What?? Are you mad? Ya, you mad? But why you mad? .. o.k seriuosly, you're taking this kinda personal aren't you, why? Have you ever hearf Shaq speak. He would not be offended by my responses here. I don't believe you've ever seen any of his full conversations, other wise this would'nt be upsetting you. At least that's how you are coming across. Also you don't know much about him apparently, because he has 6 kids not just 3. So with that said.. I apologize for whatever your upset about, honestly though, it's not mine nor anybody else's fault if you are mad. So please, if your frustrated for any reason, then deal with it ob your personal time instead of nit picking what somebody has said on social media. I mean its not an attack on him or you. So.......? Thank you. Have a great and blessed day.
He not only helps strangers but he takes care of all of his relatives basically. Sending neices, nephews and cousins through college, buying relatives cars etc.
Which any major bread maker in a family should do lol... Not TOO much though because that isn't good but you should absolutely look after your blood especially when you have tens of millions of dollars
this is why every system needs to be reworked, not everyone has the resources or education that these people do and the ones beneathe can't even start anywhere to try without sheer luck
Shaq and 50 Cent really drop these nuggets of knowledge to teach their fans how to be financially successful. I love to see black men handling their business and sharing the wealth of knowledge. Keep teaching men to fish, my guys!
@@user-xm9ms5dl8d It doesn’t bother me. LoL It’s funny that you assumed it would. My statement shouldn’t t bother you either. Keep on living your life, my friend.
@@edbradley6815 No, he is using the loops. He is exploiting rules that were made for specific situations in entirely different situation to avoid paying his part towards the society.
@@davidkrcil9326 gotcha, then it would seem upon audit that the IRS would rule that what he’s created is not a valid business concern thereby nullifying any tax advantage.
@@edbradley6815 But the problem is that this kind of exploit is one of the legal ones. As I said, he exploits laws for a specific situation to benefit him in a situation they were not made for. But to prevent him exploiting them would mean removing that law and hence closing the opportunities for people it was actually made for. Sort of like when countries create low-interest loans and subsidies for small companies, but in the end big corporations create a lot of subsidiary small companies to get the benefits for themselves. It is legal, but it is screwing the system. In the end you usually have to the benefit program, because big companies find a way to exploit it. Or on a smaller scale, it is like placing a box of quality textbooks in low-income area with the purpose of giving textbooks to people that cannot afford it (maybe even with a sign specifically explaining that it is for them) and then some random high-income family comes and takes the whole box, because this way they save on the textbooks (or maybe even resell them for profit) - they technically do not break any law, but it is obviously wrong and should not be applauded (as some sort of "hustler that knows how to win"). Do you see the problem now?
@@besmart2350 You said "start" a business, not maintain a business. But my point still stands strong as most of the people who complain about society keeping them poor do actually have enough time and money to start a few or even several businesses before having to consider borrowing money.
@@besmart2350 You are incorrect according to all the data I found on the first page of search results in 2 criteria: "How many millionaires are self-made?" & "How many millionaires inherited their wealth?"
He is always a student of life and he continues to learn evolve and grow and after the game the work doesn’t end there he keeps going growing and expanding and he’s very inspiring.🎉🎉🎉🎉
I saw Shaq when I worked at Magic Leap. He seems like a genuinely cool dude. I still can't believe how massive the guy is 😮😮😮... My best friend in the Army was 6'7" and built like a tank, so I didn't think Shaq would seem that much bigger... I couldn't have been more wrong! The guy is a freaking mountain!
Soooooo many DJ Diesel fans at the raves had no clue Shaq is a Doctor. They were all trippy so the look on their face when I told he is a real Doctor was one of the funniest moments of my life. God Bless Shaq 🙏 I pray his family can work on things qnd get back together again 🤎 I'll never forget seeing his family and Kobes family standing together on stage as they watched the crowd in Aspen go wild for DJ Diesel. Big ups and love to Shaq 💯
Employers still have to pay their portion of SS and Medicare, plus insurance taxes. Govt will bend you over at every opportunity, even just giving money to your own family. Then you gotta pay taxes whenever you buy anything, and whoever profited off your purchase has to pay taxes on that same cash again. But hey at least we have roads and a military industrial complex
What ground? One can argue his father deserved every dime for his moral support service. His mother deserved every dime as an advisor and general health counsel. Those technical words depict actual work actual services. It is more than legit. I'd argue you couldn't find more valuable and more deserving health counseling. Bless him!
It is admirable that he gives his folks money but they are still going to pay taxes on it. In fact, they probably pay more because as employees they have to account for payroll taxes (Social Security and Medicare), which is a cool fifteen percent right off the top. And at $500K and $750K they are going to be in the highest tax bracket. Instead, he should buy them a big house, declare them as dependents, and simply pay their expenses.
Sounds like many rich people that don't want to pay their fair share of taxes leaving it to the rest of us to pay for all of the resources that they also themselves use.
I used to believe that, but then I found out that's not true. People that don't pay their taxes go to prison. What the 'rich' do is use tax rules to lower their tax bill. They still pay taxes. The narrative that the rich don't pay their fair share in taxes is misleading.
You can put the money in shelters, like an IRA, real estate, stocks, other businesses. When you are rich, you have MANY options, because you don't NEED that money on a weekly or monthly basis.
@@fazole true but you generally still pay taxes. I'm far from an expert but AFAIK even wealthy people who live off loans against assets will eventually have to sell something that results in capital gains taxes. The tax man always gets his due although it might be less than he wanted. Well unless you do shady things like keep your money offshore or use some means of hiding it
Great analysis Captain obvious. What a horrible perspective to have... Since you're too stupid to understand the point, let me break it down for you. His parents are making 10x what they made before, on salary alone, for doing nothing. And if you break down that 1.25 million between two people the way he did, those two people are still paying less taxes than what one person would have to pay if they had entire salary. He found a way to save money and take care of his family while doing it. That's the whole point.
Agree, smart move, but it's not like "he's giving it to his family instead of the IRS" like that one dude said. He still gives money to the IRS, albeit less....
Yeah they still do. Much less than if they were getting it as gifts. Also he can defer the tax liability to or from Shaq Inc. Side note: As a company they consume professional services and create more jobs
My brother in christ. Even if the mom and father pay taxes at the highest tax bracket. What is left is still 4-5 times higher than what they were getting payed before and it is still less if shaq payed the tax himself
That is f**king brilliant. He's been a stand-up guy and an excellent role model the entire time he's been in the public eye. Folks should look up what he said about his kids not being rich and how they need to earn their way in life, which I totally agree with. One of them said something to him about how they're all rich and he said, "Y'all aren't rich. I'm rich. You need to go find yourself a job." There's a good chance I'm butchering that a little. If it's not correct, it should be pretty close. All I remember is one of his kids wanting something that he wouldn't buy and made the "rich" comment that led Shaq to say what he did. I like that he's making them earn their way through life versus allowing them to be spoiled rich adult "children" that don't have to work.
I've heard from many people at this point that the BEST financial advices aren't found in schools ... kinda wild An example of that is "accelerated depreciation". I was told you don't really learn about it in school, yet it's an extremely OP financial move
@@LKS-M9323fr. if i had someone just hand me $500k today, i’d without a doubt turn it into multiple millions within just one year. of course i wouldn’t become as wealthy as shaq in one year, but he didn’t do it in a year either. but i know for certain i could at the least turn it into a few mil. and aside from turning it into a few mil, i would even use a portion of it and turn it into a passive income stream that would end up making a few mil over time as well. just depends, cause the slower the ROI, usually that is also lower the risk. im just saying, im not genius, but i know it takes a bit more money than it does brains to make money
Don't you know school isn't to teach you anything useful. It's for useless curriculums that will do nothing and teachers pushing their alphabet soup ideology.
Idk about you, but having to pay taxes on $500k compared to a $60k salary is a pretty fair trade off. Esp when you don’t have to put in additional labor 😂
yes and no. If he gifts it to his parents they pay tax but in a slightly lower bracket. That 500K and 750K that shaq is giving away would likely sit in the highest tax bracket
@@MrEminemits not abusing thebsystem. Its using the system, its literally set up for anyone to do the same exact thing. Most just dont know how to execute it or dont have the funds
The better and best way is to get an IUL policy structured right, on everyone, max fund it, take a loan against the policy and pay them through a trust. Tax free.
@@UncleSwell707 The money has to come from somewhere so it's far more nuanced than he led on. Beyond that his parents still have to pay taxes on the money and the business also has tax liabilities. Wealthy people have other strategies that have far lower tax burdens
@@UncleSwell707 It does matter. Its tax fraud. They have to do a job to get paid a salary. You cant incoporate and put your extended as tax writeoffs because they are your "employees".
@@jaad9848 he did that over 20 years ago. If it was tax fraud, you think it would be hard to find this big mofo and take him to jail? He’s good man. He knows what he’s doing.
heres the kicker, you dont have to incorporate, you can start any organisation, unincorp or whatever and have people as compensated(paid) volunteers. this way you can run an org that is self reporting and that means skipping a shit load of paperwork
I love when Shaq beats the tax system, he's a genius. But when politicians do it, they're evil. Anyone who beats the tax system is a genius and a hero.
What that about the fact that His father now has to claim income of $500,000 and still pay higher PERSONAL tax😅 His mother has to claim personal income of $750,000 😅 with state and federal that's like 60% gone to income tax! 😅😅
Also he helos out his parents and they also help him because now most of their expense which hes covering can be tax write offs also depending on the setup they help hi. Qualify for more opportunities
The greatest part of this short is Shaq saying it was the greatest day of HIS life. Not that of others but his. Its true for people with a sincere giving heart.
You caught the most important part of the video, forreal 💯
video*
this short video*
@@OriginalPuroA short video is still a video…
If you watch the complete video, the best day of his life was when he got drafted.
God loves us all so much that he gave his perfect son to die for our sins and raised him from the grave to defeat death. Through faith in JESUS we can be saved and reconciled to GOD. please repent🙏♥️
Shaq attack the IRS😂😂😂
IRS f'd around and got dunked on 😂😂😂
@@HoniTheCircleMaker13this comment has me dying 😂😂😂😂
@@HoniTheCircleMaker13nah the IRS knows what’s in the tax code. There’s nothing there on accident
@@Michael-pi8ps 🤓
Joker will take on batman but won't mess with the IRS. 😂
Shaqs the man. Dude has done a ton of work for kids in Miami. Definitely a savvy business man and man who truly gives back.
He was smart as a young man. Instead of wasting millions he listened to the right people.
Stop paying taxes i been saying it for years quickest way to stop corruption
Shaq is such an amazing dude, all the stuff he's done for people is crazy 👏🏽👏🏽
damn straight. That dude is the real deal. I greatly admire his heart.
If he’s such an amazing dude he’d be paying taxes like everyone else
@@colorblindvids 😂😆 so because he's paying his mom&dad $1.25mill a year to not pay taxes while helping kids, the homeless, help people with affordable cloths, food, help others graduate college, and countless other things, he's not an amazing dude because he doesn't pay taxes? So paying taxes makes u an amazing person? Oh god 🤣😂😆 u funny
Taxation is theft hell I don't even pay that shit
Exactly 💯
This is amazingly smart. Not only did he help his parents have higher salary, he also gained trustworthy employees that wont leave his company
This is tax avoidance lol
@@latjjtalwho cares?
@Free-Temp Shaq if they try to put him in jail will care
No it just shows you how corrupt rich people are and how they avoid taxes. Making the slaves pay for their 100 million yacht
This is not tax avoidance. The salary is subject to tax by the IRS. And, he had to pay payroll tax.
Shaq never cease to amaze me. This dude is such a great person. Such a huge public figure and great businessman. He not only knows how to make money but he really does give back not to the just the black community but to the less fortunate as well. Shaq is one of those celebrity that I would love to meet.
Coz he knows how to cheat the IRS?
@@J-Bird1234Are they your butt buddies or something? Do you like to gawkgawk tax men?
Black community. Wtf does that mean
@@J-Bird1234 your life must really suck huh?
There is nothing genius about this. Is not a Shaq thing. Shaq just doing what we business owners been doing since forever. You late like a mofo Shaq. Welcome to white people moves
"The University of Phoenix is an online program mostly. But I went to the head officials and said, "I don't want to do it online. I want somebody to teach me in a class.' And they came back and said, 'Unfortunately, we can't set up a classroom for one guy. You need 15 people.' So, I paid for 15 of my friends to get their master's,”
Shaq just paid 15 buddies to get a Master's degree in Business Administration just so he could actually attend classes in person. I do see his point, nothing beats a face-to-face education.
He would have only needed to pay 14 of his friends tuitions. Not great at math is he?
@@New_Creature_I came to type this but thx.
Shaq is not only underrated as a nba player but as a business man. Keep doing your thing big fella .
He isn't underrated I had this man posters in my room and his NBA cards 20 years ago.
@@hollymcgill he is simply because most people don’t have him in their top 10 all time players and not even top 3 centers . But in my opinion he’s a top 10 player and definitely top 3 center of all time . In fact I will go as far as saying he’s the ideal center of real basketball, so for me he’s definitely the number one center to ever play the game .
The key word here is 'read'!!!! You can teach yourself almost anything, if you can read.
Yup.
And now you can ask chatgpt
What a time to be alive
You can read all you want, it’s not gonna teach you how to be a multi-million dollar NBA player 😂
this needs more likes
key words is read and listen nothing about what he said gets him around having to pay taxes
Shaq is a good dude. He petty AF competitively but his heart is truly pure. He lives his life for enjoyment and is happiest when enjoying it with others. I’ll always be a fan 🙌
Shaq is the kind of guy that kids should be looking at as a role model.
Semper Fi!
These young fools too busy looking up to dumb influencers and youtubers with immature content
the guy who bullied teamates by dumping buckets of piss on them. the guy who gloats about having 4 rings and downs on charles Barkley on live tv every week how he never got one. the guy who cheated on his wife. the narcissist that calls himself superman . the guy who was being payed millions of dollars to play a game but that wasnt enough motivation to keep himself in shape and have a disciplined work ethic.the guy who sat out games cause he didnt feel like playing disappointing fans who payed good money to see him play by working at a real job.
Exactly, Shaq instead of the loser Lebron
The Dummies guide to business sales just sky rocketed
Shaquille O'Neal is absolutely amazing I only ever hear nice good heartfelt things about him which is why he's on my bucket list of people to meet I would just like to shake the hand of a brilliant man who puts Family First!❤
I took a pic with him. He is nice and he acted like I hit him with his car. I worked valet
You got all this coz he knows how to cheat on his taxes?
@@J-Bird1234 is considered cheating though?
@@regg858no it’s called stupid for those that would rather just pay the government instead of starting a business. 😂
This cap shaq be on petty bullshit A LOT lol
Bout time somebody dropped a real gem
You know his family still has to pay taxes right
@@wooterrackz2699 How do you know?
@@haydendhonydja825 I own a business, ik scammers etc that's called payroll. For them, it's just like a w2 job, unless he's running it for them. If you have a llc even though you and your business are separate your taxes are the same you don't have to file for the money you paid yourself it's included in the businesses fillings, if you have a s Corp you have separate taxes.
Think about The family’s taxes compared to his , he would be giving up millions to the irs, his family don’t
@@sweetjumperr1991 wouldn't something like 750k a year still put them in the highest income tax bracket?
I love that man. He is a good example of a real American man.
a real American is a person who doesn't pay taxes that literally will help other Americans? while being a multimillionaire. he sounds just entitled
@@ffdd6102what he’s doing is completely legal. Please tell me how much the Government helps you.
@@ffdd6102You sound asinine as hell. How does he sound entitled when he earned everything he made?? Make it make sense.
@@ffdd6102dude helped his poor family get out of trouble and has been involved with charity since the 90s including getting clothes and toys for poor kids. Tf you mean entitled? Whats the last selfless thing you seen any of the politicians or their donors do?
You're a perfect example of when ignorant Americans KNOW they don't know shit about a subject they come across, but want to share an opinion anyway. @@ffdd6102
Role model, mentor, inspiration.
I love Shaq. His heart is so generous.
Education isn't about being smart. Education is about appreciating knowledge.
Applying knowledge you mean lol appreciating it does nothing!
@@khalidali6655right! Knowledge without action is a honest waste.
*He shifted his tax liability onto his own parents… so messed up!*
@@strongestnattyever-videos2247How so?
@@oopsiedoopsieimuffeditupagain *Nope! I’m a financial advisor… I can tell you with 100% certainty that he did. I’m more educated on this subject than you as well.*
Kudos for his parents took up the job as well, and not just laid back enjoying all the money. Shaq is raised right, and parents were right.
Shaq is one of the best role models any person can have he just does what's right all the time and he does it because he wants to not because the cameras are rolling I hope I get to shake his hand one day great man right here
Earning money is HARD but keeping money is INSANELY DIFFICULT.
Not if youre smart
Lol keeping money is definitely easier than making money. Once you have money you could literally leave it invested on autopilot in an S&P 500 etf and its gonna grow 7-10% yearly. If you already have a couple million dollars thats a salary you could pay yourself just off of interest.
The incredibly hard part is making a couple of million dollars while you still have some life left to live.
What's so hard about not spending money?
Just don't buy stuff lol
*No it’s not… Earn more than you spend… and if you don’t earn a lot, better spend less than you earn. Not hard*
mortgage payments, charging your own business rent to ur personal self to lower some tax liability from brackets, use both personal and corp moneys into deductible financial expenses
Dr O’Neal is a great person to learn from
I met him one time, and called him Dr. O'Neal. He was very happy about that. He talked to me far longer than I anticipated.
He's a genuine good person. That's great to see when you have all those other dummies like LeBron and kapernick
Shaquille* getting a phd from an online class don’t mean nothing
Don't forget he's also Officer O'Neal!
@@oscarjr2679he didn't get his PhD from an online school lol, WTF are you talking about? He got it from Barry University. Dislike the guy all you want,, but it's sad AF to just make shit up to downplay what he's done.
Got to meet him just recently, his character really shines around the average man... He's got a great heart in him alright.
Shaq is such a great business man and a very wonderful human being.
I did this exact same thing... My mom gave up working to raise me and my brother so she lost out on her peak earning years which drastically affects her social security. I have been paying her multiple times more than she ever made since 2014 so she will have peace of mind of a higher social security payment.
That’s awesome! Hope you and your mom are doing well!
@@bharathsubramanian6672 ty 😊
Did you pay onto her IRA as well , if her golden years are a major concern ?
Congratulations on buying her out of her own mistakes.
😭😂😭😭 do your mom her the luxury of not working and u reward your mother who was blessed to not work with posting her so she still don’t have to work? Wow that’s what she supposed to do as your mother period even if she worked
Smart guy. Shifts his tax liability to his parents. 😂
That’s what I was just thinking but he pays their taxes for them if they owe
That’s not what he was doing. He was lowering his taxes. Shows that you are not so…… smart
@@alanaldpal950 and increasing his parents taxes...shifting tax liability
@@Screamn.A hot take from a room-temperature IQ. EVERYBODY pays taxes. Would you rather earn $60K a year and be taxed on that, or $500K? The liability is the same, all that changes is the amount.
With the way tax brackets work though, they should be paying less in taxes since they’re still in a lower bracket than he is
Looking out for mom and pops most people don’t think that way these days but that’s awesome
I'm usually against the wealthy dodging taxes, but bro's just taking care of his family so I can respect that.
This didn't make sense. He would pay half their tax burden still, and his parents would pay taxes on what they make. Also, this is the same thing every 1099 employee should be doing, lol.
What Shaq described is a very sound approach but has nothing to do with reducing the tax burden.
@@johnnysecular
Wrong. He gets many more tac write offs plus depreciation on his property which is used for business. If the home is a residence and business, he gets some tax advantage there too. The money his mom receives can go into investments and if her income is below a certain threshold, she pays less tax and can kick back the profits to Shaq through a trust or similar vehicle. Only wage slaves pay full tax.
@@fazoleyea but he’s also suddenly looking at payroll taxes, franchise tax, excise tax, and more. That’s why he gets more write offs. His mom is making 750k, assuming she’s in California, she’s gonna get eaten by income tax. Sure the corporation saves on the business vehicle and office, but now if she has a car accident, the other driver can sue the corporation and shaq. It opens him up to more liabilities as well.
It does make sense. Normally you have to pay for your car, insurance, etc with what's left °after° paying taxes .
So normal NBA players are taxed, then use the leftovers to buy their parents things.
But since Shaq paid for his employees insurance and bought them 'company cars', those are business expenses he paid for with pre-tax dollars.
For example, let's say Shaq's 1993 salary was $1M, taxed at ~35% ($350k), leaving him $650k to buy his parents cars, etc.
Let's say that cost $200k, so now he has $1M -$350k(taxes) -$200k(cars) = $450k.
Instead, he hired his parents and now he can buy them company cars, etc with the entire $1M. Remember the cars, etc cost him $200k total.
Now his parents got their stuff, and he's taxed from $800k (~35%). $800k -$280k(35% taxes) leaves him $520k.
$520k - $450k = $70k extra.
But Shaq ain't making only $1M. So everything that's legal for a business to pay for, for example, cars, dental insurance, he'll pay for all of that pre-tax. And if he takes them out to a nice dinner and they discuss mostly his business interests.. tax write-off.
The Dummies Guide To Starting Your Own Business.
This will fix what you "think" you know. By turning it into real knowledge. And now you will "know" how to incorporate yourself and pay less taxes.
Shaq seems like the nicest dude
I've met him, he really is kind.
🫡 he is one in a small group of people to remember where he came from and he pay it forward every chance he get
He just gave a speech on how to not pay taxes?!?!? And you idiots are throwing flowers?!? Get with it chumps.
Raised in a military environment.
His family worked hard, because that's not easy.
Good player and better, smarter human being.
He is the nicest man in my book! Bless you Shaq!
He's not "avoiding taxes".
He's just being smart.
they are the same
Not really. He is paying his parents $500,000 to avoid paying $180,000 to the government. They would have only taken 37% of that money.
@@blakejohnson2206 no. In that case, he is doing it to make sure his parents have income.
It's funny that you think "him helping his parents" is actually "him being greedy".
@@blakejohnson2206 and yet he probably would rather his parents get 100% than the government get 37%
@@al-bot1094 I never said it was him being greedy. Its just not a smart financial decision when looking at it financially. Nowhere in that book that he readd would it mention doing this for financial reasons. If you plan on doing it anyway then yes you can avoid paying tax on that money. Its the same as donating to charity.
Met him in person once several years ago. He is s monster in person people dont realise just how big he truely is. T.v and ppl talking about his height just doesn't do him justice. He's a beast. Thats how big and tall he is. And he's really cool and generous and that boy can eat what we eat as an entire meal to him is just a snack...
Gentle Giant Yes. Monster No.!!🙄
Whenbi said monster, it was meant in the same way you said gentle giant. So yes i can agree. Still unless you've ever met him in person, that boy is a beast. And i say that with the upmost respect.
@@SilverioWilber-yc7mk with the upmost respect sir , He is a Man with 3 boys. ✌🏽
What?? Are you mad? Ya, you mad? But why you mad? .. o.k seriuosly, you're taking this kinda personal aren't you, why? Have you ever hearf Shaq speak. He would not be offended by my responses here. I don't believe you've ever seen any of his full conversations, other wise this would'nt be upsetting you. At least that's how you are coming across. Also you don't know much about him apparently, because he has 6 kids not just 3. So with that said.. I apologize for whatever your upset about, honestly though, it's not mine nor anybody else's fault if you are mad. So please, if your frustrated for any reason, then deal with it ob your personal time instead of nit picking what somebody has said on social media. I mean its not an attack on him or you. So.......? Thank you. Have a great and blessed day.
Shaq bein the man is admirable. Bravo 👏
He not only helps strangers but he takes care of all of his relatives basically. Sending neices, nephews and cousins through college, buying relatives cars etc.
Which any major bread maker in a family should do lol... Not TOO much though because that isn't good but you should absolutely look after your blood especially when you have tens of millions of dollars
this is why every system needs to be reworked, not everyone has the resources or education that these people do and the ones beneathe can't even start anywhere to try without sheer luck
The Haves protect the system that they exploit. They don't want to share with the Have Nots. It's a class struggle, and the Haves always win.
Instructions unclear. Started a business and gave my mom a $750k salary. It did not end well.
Shaq and 50 Cent really drop these nuggets of knowledge to teach their fans how to be financially successful.
I love to see black men handling their business and sharing the wealth of knowledge.
Keep teaching men to fish, my guys!
I love seeing white men being successful and helping other white men.
Doesn't sound the same does it? But it should
@@user-xm9ms5dl8d oh nah bro woke up and decided to ignore history
@@user-xm9ms5dl8d It doesn’t bother me. LoL It’s funny that you assumed it would.
My statement shouldn’t t bother you either.
Keep on living your life, my friend.
Hardest lesson to teach is to just be a 7 ft 300# commodity and brand @ 20 years old and then just skip all the real life parts.
Which he learned from a book called starting a business for dummies 😂😂😂.
Shaq is a mamas boy giving moms higher salary than dad 🤣
I respect this man 100% you take care a lot of kids and you take care of a lot of people I wish I met him
The greatest thing about this is that the americans aplaud people that screw their system up.
Can you explain that? He’s using the system as it’s written.
@@edbradley6815 No, he is using the loops. He is exploiting rules that were made for specific situations in entirely different situation to avoid paying his part towards the society.
@@davidkrcil9326 gotcha, then it would seem upon audit that the IRS would rule that what he’s created is not a valid business concern thereby nullifying any tax advantage.
@@edbradley6815 But the problem is that this kind of exploit is one of the legal ones. As I said, he exploits laws for a specific situation to benefit him in a situation they were not made for. But to prevent him exploiting them would mean removing that law and hence closing the opportunities for people it was actually made for.
Sort of like when countries create low-interest loans and subsidies for small companies, but in the end big corporations create a lot of subsidiary small companies to get the benefits for themselves. It is legal, but it is screwing the system. In the end you usually have to the benefit program, because big companies find a way to exploit it.
Or on a smaller scale, it is like placing a box of quality textbooks in low-income area with the purpose of giving textbooks to people that cannot afford it (maybe even with a sign specifically explaining that it is for them) and then some random high-income family comes and takes the whole box, because this way they save on the textbooks (or maybe even resell them for profit) - they technically do not break any law, but it is obviously wrong and should not be applauded (as some sort of "hustler that knows how to win").
Do you see the problem now?
Smart man...and sweet too
Easy to start a business when you have millions of dollars in the bank
Why so pessimistically and critically negative? There are businesses that could be started and registered with between $100 to $1,000.
@@jindavis1384 registering and having a turnover are two different things.
Most self-made millionaires didnt have millions in the bank
@@besmart2350 You said "start" a business, not maintain a business. But my point still stands strong as most of the people who complain about society keeping them poor do actually have enough time and money to start a few or even several businesses before having to consider borrowing money.
@@besmart2350 You are incorrect according to all the data I found on the first page of search results in 2 criteria: "How many millionaires are self-made?" & "How many millionaires inherited their wealth?"
You know Shaq is 1 of the nicest guy around
Salute 💯 ❤ og Shaq dropping knowledge
Great respect for this man ❤❤❤
He is always a student of life and he continues to learn evolve and grow and after the game the work doesn’t end there he keeps going growing and expanding and he’s very inspiring.🎉🎉🎉🎉
In this video along Shaq is helping others to help their families. ❤
I saw Shaq when I worked at Magic Leap. He seems like a genuinely cool dude.
I still can't believe how massive the guy is 😮😮😮...
My best friend in the Army was 6'7" and built like a tank, so I didn't think Shaq would seem that much bigger...
I couldn't have been more wrong!
The guy is a freaking mountain!
i’m from the UK and don’t know that much about Shaq but everything i’ve seen or read is good,,he’s just a great person 👍
He's a G! Incorporate Shaq, who does that? SHAQ!
Remember kids tax avoidance is legal, tax evasion is not!
Soooooo many DJ Diesel fans at the raves had no clue Shaq is a Doctor. They were all trippy so the look on their face when I told he is a real Doctor was one of the funniest moments of my life. God Bless Shaq 🙏 I pray his family can work on things qnd get back together again 🤎 I'll never forget seeing his family and Kobes family standing together on stage as they watched the crowd in Aspen go wild for DJ Diesel. Big ups and love to Shaq 💯
You are not paying the taxez but Your parents still have to pay the taxes.
Tax brackets are a thing.
Yeah but now they make half a million they still have so so much more than ever before even after paying taxes
But then “gifts” can cover what they are losing in taxes
Employers still have to pay their portion of SS and Medicare, plus insurance taxes. Govt will bend you over at every opportunity, even just giving money to your own family. Then you gotta pay taxes whenever you buy anything, and whoever profited off your purchase has to pay taxes on that same cash again. But hey at least we have roads and a military industrial complex
He’s paying their taxes but it’s much less than what he would have to pay as an individual earner
He is a very good person
He was one of my role models growing up. Michael, Kobe, shaq. Back when role models were role models. I hope some new gen kids get to experience it.
A very kind man.❤
He’s also a doctor and a police officer. Shaq is amazing
and a genie
Johnny Sin Vibes
A doctor, huh?
@@mr.butterworth4216 yea he holds an actual phd.
And a good rapper too
IRS Agent : time to hack a Shaq
What ground? One can argue his father deserved every dime for his moral support service. His mother deserved every dime as an advisor and general health counsel. Those technical words depict actual work actual services. It is more than legit. I'd argue you couldn't find more valuable and more deserving health counseling. Bless him!
Nothing wrong with trying to avoid as much taxes as possible.
It is admirable that he gives his folks money but they are still going to pay taxes on it. In fact, they probably pay more because as employees they have to account for payroll taxes (Social Security and Medicare), which is a cool fifteen percent right off the top. And at $500K and $750K they are going to be in the highest tax bracket. Instead, he should buy them a big house, declare them as dependents, and simply pay their expenses.
That has it's own demerits
Sounds like many rich people that don't want to pay their fair share of taxes leaving it to the rest of us to pay for all of the resources that they also themselves use.
I used to believe that, but then I found out that's not true. People that don't pay their taxes go to prison. What the 'rich' do is use tax rules to lower their tax bill. They still pay taxes. The narrative that the rich don't pay their fair share in taxes is misleading.
lol who even WANTS to pay taxes??
Well it’s great that he helped his mom and dad out that’s the best part of the story but someone is still paying taxes on that money regardless
You can put the money in shelters, like an IRA, real estate, stocks, other businesses. When you are rich, you have MANY options, because you don't NEED that money on a weekly or monthly basis.
@@fazoleyou will still pay taxes when you take out of your IRA.
@@prim3time996IRA (the ones i use) you pay taxes when you put in, but whatever the IRA makes is untaxed unless you pull it out before retirement
@@fazole true but you generally still pay taxes. I'm far from an expert but AFAIK even wealthy people who live off loans against assets will eventually have to sell something that results in capital gains taxes. The tax man always gets his due although it might be less than he wanted. Well unless you do shady things like keep your money offshore or use some means of hiding it
Love these stories
Just amazing bruh much love
I love Shaq, but yes, he didn’t have to pay the IRS on that 1.25 million, but now his parents do.
Yes but they're making more than they ever did before so in the long run it's a win win, he gets the write off, they get taken care of
Great analysis Captain obvious. What a horrible perspective to have... Since you're too stupid to understand the point, let me break it down for you. His parents are making 10x what they made before, on salary alone, for doing nothing. And if you break down that 1.25 million between two people the way he did, those two people are still paying less taxes than what one person would have to pay if they had entire salary.
He found a way to save money and take care of his family while doing it. That's the whole point.
Taxes on 500k and 750k is much lower than what he would have paid through his inc.
yes u forget that salary is taxable, and he pays much more tax on that salary… very smart 😂
Very true but I think it's worth it still
His family still have to pay the taxes on that income...
Lower tax brackets + write offs.
Agree, smart move, but it's not like "he's giving it to his family instead of the IRS" like that one dude said. He still gives money to the IRS, albeit less....
Yeah they still do. Much less than if they were getting it as gifts. Also he can defer the tax liability to or from Shaq Inc. Side note: As a company they consume professional services and create more jobs
@@sergnioso, you do GET the point, and yet… ? 😅
My brother in christ. Even if the mom and father pay taxes at the highest tax bracket. What is left is still 4-5 times higher than what they were getting payed before and it is still less if shaq payed the tax himself
That is f**king brilliant. He's been a stand-up guy and an excellent role model the entire time he's been in the public eye. Folks should look up what he said about his kids not being rich and how they need to earn their way in life, which I totally agree with. One of them said something to him about how they're all rich and he said, "Y'all aren't rich. I'm rich. You need to go find yourself a job." There's a good chance I'm butchering that a little. If it's not correct, it should be pretty close. All I remember is one of his kids wanting something that he wouldn't buy and made the "rich" comment that led Shaq to say what he did. I like that he's making them earn their way through life versus allowing them to be spoiled rich adult "children" that don't have to work.
Glad he’s looking after family, I bet he looks after alot of others too.😊
This ninja is real gangsta
Shaq big brain moves
What an understatement this short is
I've heard from many people at this point that the BEST financial advices aren't found in schools ... kinda wild
An example of that is "accelerated depreciation". I was told you don't really learn about it in school, yet it's an extremely OP financial move
Shaq is one of the greatest human beings to ever live
That's a bit much.🤔
I love when rich people say it’s that easy to make monwy
How much do you want to make 750,000
Right?
It really is. They just negelct the part of needing money to begin with in order to execute the gameplan 😂😂😂😂😂
He has a massive talent. Thus he getith the big monies.
@@LKS-M9323fr. if i had someone just hand me $500k today, i’d without a doubt turn it into multiple millions within just one year. of course i wouldn’t become as wealthy as shaq in one year, but he didn’t do it in a year either. but i know for certain i could at the least turn it into a few mil. and aside from turning it into a few mil, i would even use a portion of it and turn it into a passive income stream that would end up making a few mil over time as well. just depends, cause the slower the ROI, usually that is also lower the risk. im just saying, im not genius, but i know it takes a bit more money than it does brains to make money
Truly, no man can ignore Shaq.
What caught my attention is when he said he didn't learn it in college he learned it in a book.
Shaq is better than most business consultants
His parents still have to pay taxes on the money fool. He isn't avoiding paying taxes on the money at all.
@@knuts2who said anything about taxes, fool
@@knuts2paying a lot less than if it was a gift
Wasn’t he advertising Crypto currency scams to us awhile ago?
@@Wizard080 well he did not buy it
This should be taught in every school as well as finances starting at kindergarten
You think the government is going to start teaching tax fraud in schools?
Don't you know school isn't to teach you anything useful. It's for useless curriculums that will do nothing and teachers pushing their alphabet soup ideology.
BREEDING A FAMILY IS NOT GREEDING,IF YOU ARE DOING IT GREATLY(JUST BE CAREFUL TO NOT FALL LIKE A FOOL)
That was low-key a genius move big up Shaq
Yeah, Shaq writes it off but then the parents have to pick it up as income and pay the taxes on the same dollars on their tax returns
Idk about you, but having to pay taxes on $500k compared to a $60k salary is a pretty fair trade off. Esp when you don’t have to put in additional labor 😂
@@BubblyViolin11i mean in canada monetary gifts are tax free so he couldve just gifted his parent 500k. Dont know how it works for the states though.
@@CachesIn the US you can only gift $15,000 tax free a year per person.
It's paid off first that's part of the lesson dummy
yes and no. If he gifts it to his parents they pay tax but in a slightly lower bracket. That 500K and 750K that shaq is giving away would likely sit in the highest tax bracket
Live of famoly and people makes him a great man
From across the pond, i would love to shake his hand one day.
Well done!
He doesn’t avoid them !
He runs his business in a tax efficient manner there is a huge difference
One of the most genuine and nicest NBA players of all time.
I wouldn't say abusing the tax system is particularly "genuine"
Still a nice guy
I wouldn’t call mocking Chinese basketball players and overweight Hispanic women being nice.
@@MrEminemits not abusing thebsystem. Its using the system, its literally set up for anyone to do the same exact thing. Most just dont know how to execute it or dont have the funds
The better and best way is to get an IUL policy structured right, on everyone, max fund it, take a loan against the policy and pay them through a trust. Tax free.
Where can I learn more about that?
Search infinite banking
You lost me at universal life insurance
@@mikasd9life insurance scams
Shaq is a great human. Love that guy.
He is so huge it's odd that people are surprised that his brain and his heart are huge too
IRS just taking some notes on these YT shorts
It don’t matter. It’s in the tax law and many rich folks use this exact strategy.
@@UncleSwell707 The money has to come from somewhere so it's far more nuanced than he led on. Beyond that his parents still have to pay taxes on the money and the business also has tax liabilities. Wealthy people have other strategies that have far lower tax burdens
@@UncleSwell707 It does matter. Its tax fraud. They have to do a job to get paid a salary. You cant incoporate and put your extended as tax writeoffs because they are your "employees".
@@jaad9848 he did that over 20 years ago. If it was tax fraud, you think it would be hard to find this big mofo and take him to jail? He’s good man. He knows what he’s doing.
@@UncleSwell707 nobody is going to prosecute it. There is an insane amount of tax fraud happening all the time.
Shaq is an outstanding person...well done sir!
Nore at end was looking like I hope these dummies that be clapping don't ask me about this
Shaq needs to help the other players manage their funds. He has done so well n very smart man
That's sprinkling Shaq.
Someone paying that income tax lol
Like ur even close to there tax bracket 😂
@@Freedomofspech57imagine being below half a million in 2024. Not everyone works at McDonald’s
@@dieselgoinham i no right i own so many google stocks i feel like i own part of youtube 🤣
@@Freedomofspech57 I’m the same way with MSFT.
heres the kicker, you dont have to incorporate, you can start any organisation, unincorp or whatever and have people as compensated(paid) volunteers.
this way you can run an org that is self reporting and that means skipping a shit load of paperwork
I love when Shaq beats the tax system, he's a genius. But when politicians do it, they're evil. Anyone who beats the tax system is a genius and a hero.
He made his family his "employees", that's frigging genius.
What that about the fact that
His father now has to claim income of $500,000 and still pay higher PERSONAL tax😅
His mother has to claim personal income of $750,000 😅 with state and federal that's like 60% gone to income tax! 😅😅
@@rajsel8761 Even after taxes they are making more than they were at their jobs and thanks too their son they can retire early.
@@rajsel8761you can tell by the comments on this video how little people actually know about taxes.
even shaq doesn't know shit lol.
The only benefit he got is the tax bracket for his parents income which will incur lower tax rate than his bracket
Also he helos out his parents and they also help him because now most of their expense which hes covering can be tax write offs also depending on the setup they help hi. Qualify for more opportunities
That is easy to say when you have capital. To someone from the bottom who has to provide collateral, that is genuine success.
Shaq is not only an intelligent man but a national treasure.