Excellent! 8:55 you are correct that a 401-k is a tax shelter, but "retirement get your money back tax-free" is not correct...401-K withdrawals will be taxed and by law 20% withheld, partial refund will depend on tax bracket.
Thank you for this amazing simplistic video! I am currently reading Tax Free Wealth by Tom Wheelright and as I was writing out notes I realized I wanted a clearer picture of the tax planning process as a beginner. Your video was exactly what I was looking for. I’m looking forward to applying this newfound knowledge 🥳
At the 3 minute mark I kind of got lost. could you finish doing the math. You started at the 24% bracket and then went on to the next topic...how would you find the remaining taxes within the lower brackets? thanks
You find the Difference between the Top and Bottom amount of each bracket rate, find the corresponding percentage to THAT amount. Start with your Exact Income, then go down to the bottom number in that rate. Do that to Each bracket, then add them together. $100,000 - $86,376 = $13,624 -> *24% = $3,269* $86,376 - $40,526 = $45,850 -> *22% = $10,085* And so on, and so on. (~ If your income was $92,000, then you would subtract $86,376 from it and find 24%..)
When starting up your own business, is there a cap on the loss you can deduct against your regular income, especially in the first year when you don't make money.
I, an American citizen, took and paid for Master's classes at the University of Granada in Granada, Spain. Can I get that deducted even though it is a university outside of the US?
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Keep goin bro and growing, you can become a goat in your league
Excellent! 8:55 you are correct that a 401-k is a tax shelter, but "retirement get your money back tax-free" is not correct...401-K withdrawals will be taxed and by law 20% withheld, partial refund will depend on tax bracket.
Retirement Roth IRA is tax free
Love the video!
One thing that I found in your video is very detailed with info and ultimate graphics. Thanks!!
😲😲😲😲😲😲😲😲 keep up the update love you
Thank you for this amazing simplistic video! I am currently reading Tax Free Wealth by Tom Wheelright and as I was writing out notes I realized I wanted a clearer picture of the tax planning process as a beginner. Your video was exactly what I was looking for. I’m looking forward to applying this newfound knowledge 🥳
I am learning so much with watching your videos . Thank you
Credits VS Deductions! I had no idea, thank you!
Happy to help!
Great video with lots of good strategies. Thanks.
Thanks for the video. Easy to follow and full of great information. I subscribed.
Can you make a video like this for small business owners? I just formed an LLC and need some tips on business taxes
Same
We have an LLC, we've been looking for an CPA, so we can know if we can spend more toward the company or withhold till the next year. Great video
Thanks for sharing!
This has been super helpful!!
I’m learning a lot
Super helpful!
Very helpful!
Can you make a detailed video on health reimbursement arrangement account? Thank you
At the 3 minute mark I kind of got lost. could you finish doing the math. You started at the 24% bracket and then went on to the next topic...how would you find the remaining taxes within the lower brackets? thanks
You find the Difference between the Top and Bottom amount of each bracket rate, find the corresponding percentage to THAT amount. Start with your Exact Income, then go down to the bottom number in that rate. Do that to Each bracket, then add them together.
$100,000 - $86,376 = $13,624 -> *24% = $3,269*
$86,376 - $40,526 = $45,850 -> *22% = $10,085*
And so on, and so on.
(~ If your income was $92,000, then you would subtract $86,376 from it and find 24%..)
When starting up your own business, is there a cap on the loss you can deduct against your regular income, especially in the first year when you don't make money.
3:00
Is there a tax software that you can use to gradually estimate your taxes throughout the year?
Got a question. Do you have to buy or investment property under your LLC to be able to get those deductions?
I, an American citizen, took and paid for Master's classes at the University of Granada in Granada, Spain. Can I get that deducted even though it is a university outside of the US?
As for tax planning number 2, what about investing in a whole life policy?
Nevee use whole life. Use term.
@@StarlynsAgency why term over whole?
💵💵💵💵💵💵
Suggested video to watch next: "Tax Secrets" ruclips.net/video/kZjPHzJZ844/видео.html