These 7 Investments Will Reduce Your Taxes Immediately

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  • Опубликовано: 22 дек 2024

Комментарии • 769

  • @tedallison6112
    @tedallison6112 11 месяцев назад +104

    Wow--This guy is both amazing & a genius @ decomplicating tax strategies!

  • @alexsteven.m6414
    @alexsteven.m6414 20 дней назад +374

    I've lived in America and Canada. Paid about the same in taxes but get way more for my taxes in Canada. Most Americans hate the government (hate giving them their money even more) because they've never experienced good governance.

    • @vanessahopkins-g5y
      @vanessahopkins-g5y 20 дней назад +2

      I honestly think America needs a completely restructure of their political system thankfully trump is back. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.

    • @brantheeskimo
      @brantheeskimo 20 дней назад

      This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolioportfolio

    • @belobelonce35
      @belobelonce35 20 дней назад

      Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

    • @brantheeskimo
      @brantheeskimo 20 дней назад

      REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.

    • @Tanner-c2m
      @Tanner-c2m 20 дней назад

      Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks

  • @Jamaal67i
    @Jamaal67i 21 день назад +304

    Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.

    • @Peterl4290
      @Peterl4290 21 день назад +4

      Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.

    • @larrypaul-cw9nk
      @larrypaul-cw9nk 21 день назад +3

      Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.

    • @sabastinenoah
      @sabastinenoah 21 день назад +2

      Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370K the last downturn, made it clear there's more to the markets than we average joes know.

    • @bobwright-90
      @bobwright-90 21 день назад +1

      Would you mind telling me how to contact this specific coach using their service? Unlike the rest of us, it appears you have figured everything out.

    • @sabastinenoah
      @sabastinenoah 21 день назад

      Her name is “Annette Christine Conte” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

  • @CharlotteNoah3
    @CharlotteNoah3 Месяц назад +271

    Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.

    • @HenryLucask5l
      @HenryLucask5l Месяц назад

      Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.

    • @DeborahMicheal6k
      @DeborahMicheal6k Месяц назад

      I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.

    • @GraziaMacahilas
      @GraziaMacahilas Месяц назад

      Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.

    • @DeborahMicheal6k
      @DeborahMicheal6k Месяц назад

      Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

    • @GraziaMacahilas
      @GraziaMacahilas Месяц назад

      I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.

  • @AustinTexasPowers
    @AustinTexasPowers 2 месяца назад +80

    1. Traditional IRA (Individual Retirement Account) $7,000 per person
    2. Traditional 401K through business, $23,000 as an employee (as a business $69,000)
    3. Health Savings Account (can pay for qualified health expenses including massages, gym membership, etc)
    4. Donor Advised Fund, charity
    5. Small business (pay taxes after expenses, report less income) also for start up costs, advertising costs, research costs
    6. Real estate investments, write off depreciation, also mortgage interests,
    7. Oil and gas investments, can deduct 65-80% investments of 1 year

    • @richardordonez8331
      @richardordonez8331 Месяц назад

      99% of the time health savings account funds metforman, anti depressants, birthcontrol😢

    • @jayairBofR
      @jayairBofR Месяц назад

      How do i get mortgage interest as a tax deduct?

    • @Mozilla8
      @Mozilla8 28 дней назад

      @@jayairBofR Use form 1040, Schedule A, line 8.

  • @blissds-gi3mb
    @blissds-gi3mb 22 дня назад +167

    "Alright, I’ve finally done it! Stashed away $123k in my emergency fund and ready to jump into the investment world. But, taxes, man… they’re like that nosy neighbor who takes a cut of your BBQ. Loved this video-these tax-reducing investments sound cool, but are they the holy grail or just a flashy PowerPoint? Anyone got a better head start for a noob investor trying not to trip out the gate?"

    • @MollyShorters
      @MollyShorters 22 дня назад +3

      "Congrats on the $123k! That’s no small feat. But let me play devil’s advocate here: tax-saving investments are great, but they’re not the whole picture. You might miss some big wins if you only focus there. I’d suggest sitting down with a pro-I did that a few years back, and it was a game changer. A financial advisor might save you from being penny-wise and pound-foolish."

    • @VeronicaOlivers
      @VeronicaOlivers 22 дня назад

      "Okay, I’m in the same boat-just started saving big and realized I need help navigating this. But where the heck do you even find a decent financial advisor? Everyone’s either sketchy or charging like they’re selling gold. Any pointers?"

    • @MollyShorters
      @MollyShorters 22 дня назад +5

      "There are a handful of CFAs. I've experimented with a few over the past years, but I've stuck with Linda Aretha Reeves for some years now, and her performance has been consistently impressive. She’s known in her field-look her up."

    • @blissds-gi3mb
      @blissds-gi3mb 22 дня назад +1

      Looked up Linda Aretha Reeves, and wow, she seems like exactly what I’ve been looking for to level up my financial game. Thanks for the heads-up!

    • @SilvesterMiles-y4j
      @SilvesterMiles-y4j 22 дня назад +1

      Watched Linda Aretha on a Bloomberg Finance Summit a few years back-her insights were next-level! Really inspiring to see her name come up here.

  • @jacklyn-b1u
    @jacklyn-b1u 3 месяца назад +748

    As an investment enthusiast, I often wonder how top level investors are able to become financially stable, I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.

    • @randettawolf
      @randettawolf 3 месяца назад +1

      I believe the safest approach is to diversify investments especially under professional; guide. You can mitigate the effects of a market meltdown by diversifying their investments across different asset classes such as stocks, ETFs etc It is important to seek the advice of an expert.

    • @brenda-v7c3k
      @brenda-v7c3k 3 месяца назад

      On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $350k since then

    • @Tommyp-w1b
      @Tommyp-w1b 3 месяца назад

      That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this financial planner?

    • @brenda-v7c3k
      @brenda-v7c3k 3 месяца назад

      ‘Grace Adams Cook’ is the licensed advisor I use. Just research the name, you’d find necessary details to work with a correspondence to set up an appointment.

    • @Tommyp-w1b
      @Tommyp-w1b 3 месяца назад

      Thank you for sharing, I must say, She appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.

  • @huyenbui520
    @huyenbui520 Месяц назад +5

    One thing about traditional IRA and 401K. All the earnings are also taxed when you withdraw. ROTH 401k and IRA (backdoor if you have to) is all tax free when you withdraw. Your contributions have already been taxed. This is a huge benefit because if you contribute 100k and it becomes 1 million over 20 years. Traditional=taxed on 1 million. Roth=taxed on the 100k. The 1 million withdraw is tax free. Essentially 900k tax free.

  • @RobbStonee
    @RobbStonee Месяц назад +619

    I am impressed with your update with these strategies, I am looking for tax efficient way to rebalance my 800k retirement portfolio without triggering capital gain tax. what asset location strategies should i use?

    • @Aarav-w1x
      @Aarav-w1x Месяц назад +4

      The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.

    • @ashey-l3y
      @ashey-l3y Месяц назад +4

      My advisor helped me rebalance my $2m portfolio without triggering capital gains taxes by using tax-advantaged accounts and reallocating dividends and new contributions. They also recommended tax-loss harvesting and strategies to stay within my tax bracket. Thanks to their guidance, I maintained my desired asset allocation while minimizing taxes.

    • @Armstrong741
      @Armstrong741 Месяц назад +3

      I'm worried about my retirement portfolio and could use some guidance. How can I get in touch with your advisor?

    • @ashey-l3y
      @ashey-l3y Месяц назад +2

      I work with the popular *Marissa Lynn Babula* , Who happens to be a is a hot topic among financial elitist in NY. Especially for her works during Covid. All the information you need to set up an appointment is on her web page.

    • @Chaser-o9h
      @Chaser-o9h Месяц назад +1

      Wow!! her track record looks really good from what I found online.i just filled the form and scheduled for a call. Thanks to you

  • @DavidLucas-so8rr
    @DavidLucas-so8rr Месяц назад +840

    What sets top investors apart from the rest? I've got $385K in equity from a home sale and I'm unsure whether to put it into stocks or wait for a more favorable market condition.

    • @trazzpalmer3199
      @trazzpalmer3199 Месяц назад +5

      You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.

    • @Bridget-l7p
      @Bridget-l7p Месяц назад +3

      Several individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $235k to $690k despite inflation.

    • @RobertBrown..
      @RobertBrown.. Месяц назад +1

      Please who’s this consultant ?

    • @Bridget-l7p
      @Bridget-l7p Месяц назад +2

      "Laurelyn Gross Pohlmeier," a well-known authority in this field. I would recommend looking into her credentials more because she has a great deal of expertise and is a great resource for anybody looking for advice on how to navigate the financial market.

    • @SarahTaylor_
      @SarahTaylor_ Месяц назад +1

      She appears to be well-educated and well-read. I ran an onlline search on her name and came across her webslte; thank you for sharing. I sccheduled a caII.

  • @NikosWings
    @NikosWings 25 дней назад +2

    From all the things you suggest ON!Y a small business will truly provide a tax deduction, everything else is a tax deferral and still removes the dollars from your pocket while at the same time both IRAs and 401K are very expensive and complicated to setup and maintain. At the end of the day you have less money in your pocket and your money depends on market forces and health. If the market does bad your money won’t grow much. Start a side business and make sure it makes money by year 5 or it’s considered a hobby and the IRS won’t recognize your expenses. Then start another business. Run legit expenses like car, business equipment, aircraft, heavy machinery through there and they are mostly deductible. Your phone, printing, 50% of meals. Just make sure you keep good records and don’t overdo it and the IRS won’t ring your doorbell.

  • @mydressmemos
    @mydressmemos 22 дня назад +779

    Because ROTH IRAs are tax-free, you'll be able to keep more of the money you've worked so hard to earn.I want to invest more than $300k, but I'm not sure how to go.

    • @LUCIASMITH-d1z
      @LUCIASMITH-d1z 22 дня назад +2

      Holding fixed-income assets in tax-deferred retirement funds as opposed to taxable accounts has additional advantages. If you don't know how to invest in the market, get some advice from a financial counselor.

    • @richardhudson1243
      @richardhudson1243 22 дня назад +1

      Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.

    • @JacobsErick-u8r
      @JacobsErick-u8r 22 дня назад +1

      Please can you leave the info of your investment advisor here? I’m in dire need for one

    • @richardhudson1243
      @richardhudson1243 22 дня назад +1

      My CFA Melissa Terri Swayne a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

    • @winifred-k9e
      @winifred-k9e 22 дня назад +1

      She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing..

  • @JenniferDavis7630
    @JenniferDavis7630 3 месяца назад +300

    Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as the EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE

    • @danieltaylor--65
      @danieltaylor--65 3 месяца назад +3

      Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert

    • @donaldwayne7023
      @donaldwayne7023 3 месяца назад +2

      A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

    • @Angelinacortez495
      @Angelinacortez495 3 месяца назад +2

      This is definitely considerable! think you could suggest any professional/advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.

    • @donaldwayne7023
      @donaldwayne7023 3 месяца назад +1

      'Laurelyn Gross Pohlmeier' a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

    • @debbygradley25
      @debbygradley25 3 месяца назад +1

      Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

  • @billclint-g9n
    @billclint-g9n 5 месяцев назад +200

    The rising interest rate can surely control inflation, but won't prevent erosion of the eroding purchasing power of the US dollar. I have learnt my lesson this time. The banks can't be making money off my money, while inflation eats into it. I have set aside 650k to invest in the stock market now, since that keeps up with inflation, but I don't know how to get started.

    • @AlejandroDiego-g9m
      @AlejandroDiego-g9m 5 месяцев назад +1

      Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.

    • @YousufHamza-nd9mk
      @YousufHamza-nd9mk 5 месяцев назад

      How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.

    • @cupidok2768
      @cupidok2768 4 месяца назад

      If I invest in the third party company can I write it off

    • @johnlee7085
      @johnlee7085 Месяц назад

      @YousufHamza-nd9mk
      How can one find a verifiable financial planner?
      Dave Ramsey’s website has recommendations that they have reviewed.

    • @johnlee7085
      @johnlee7085 Месяц назад

      @billclint-g9n
      “I have set aside 650k to invest in the stock market now, since that keeps up with inflation, but I don't know how to get started.”
      Visit a fidelity office, or go online with them, vanguard, …

  • @scottcoleman5088
    @scottcoleman5088 10 месяцев назад +117

    1.ROTH, SEP IRA, TRADITIONAL IRA 2.TRAD 401K HIGHER CONTRIBUTIONS 3. HSA can spend money on Health Care 4.DAF DONOR ADVISED FUND. 5. SMALL BUSINESS PAY TAXES AFTER DEDUCTIONS 6. REI. CAPT D DEDUCT EARNED INCOME 7. OIL AND GAS 2 HUGE TAX BENEFITS

    • @herkinkz
      @herkinkz 10 месяцев назад +3

      Thank you 💛

    • @dw00ds
      @dw00ds 10 месяцев назад +2

      🙏

    • @danielleon5074
      @danielleon5074 10 месяцев назад

      SEP IRA are for poor people lol

    • @theodorehaskins3756
      @theodorehaskins3756 7 месяцев назад

      So folks should not allow themselves to get overwhelmed by these types of investments, which is a common mistake people make, and so they never really get started on a plan that will eventually include some of these instruments that he’s talking about here in the video.
      So I’ve seen many people at my agency where I retired from get overwhelmed with what they should do with their money, and how should they plan for retirement, and unfortunately, the agency in the beginning, after we had a change from the old civil service, retirement, system (CSRS) to the new federal employees retirement system (FERS) didn’t do a good job of explaining the new system, so a lot of employees just gave up, and they left an awful lot of money on the table, and I’m talking billions of dollars simply left on the table, because the people did not understand how these plans actually worked.
      So the first thing to do is educate yourself, and to realize you don’t have to make every decision at once, and a good plan includes your spouse too, as you will be surprised, particularly men, and those who have gone through divorces or simply separated without getting a divorce can complicate their retirement picture, and the essential important things that should have been discussed way back when either didn’t get discussed or the adjust being discussed at the endgame which is way too late, but you’re going to have to discuss them at some point if you have a spouse or a significant other.
      So don’t do this alone, unless you have to, as obviously if you don’t have a spouse, then that’s a different story, but either way get started educating yourself and start to think about using a certified financial planner to help you develop your plan, as no one is going to do it for you, and so it’s really gonna be up to you, and a good way to get started is by asking yourself, questions about what is it that you want to achieve in your life, and how much is it gonna cost, because money is a big part of that answer, and in particular when you are nearing retirement, and based on those answers, and on your particular circumstances, you need to consider how long will you live beyond the age of retirement, which is starting at age 55, and sadly, most people, are not prepared to retire or to even answer that question, and so they’re simply not prepared to retire, because they know they don’t have enough money to do so, and so the vast majority of people who are eligible to retire, simply don’t, and so they will continue to work after retirement which is exactly what happens with most people.
      So are you going to, retire, meaning, are you going to retire permanently when you leave your current job or are you just going to go out and get another job?
      So that’s the question you need to answer, because if you want to retire permanently, meaning I’m not going to go out and look for another job, and I am not going to work for anyone ever again, and so the money question is very important here, because the question becomes will you have the money to be able to live out that dream life that you always wanted, because if your answer is no, then don’t you think you need to get started immediately putting away as much money as you can in one of these tax saving vehicles, and just as important understanding how to maximize your return on your investments, is the other part of that equation, and that has to do with your level of risk tolerance, because a lot of people simply can’t handle losses.
      So for those people, putting money into the stock market isn’t going to work for them, and what I have said, and I practiced this, is number 1) never invest in things you don’t understand, number 2) never invest in things that keep you up at night, because why would you wanna do that? Isn’t getting a good nights sleep, just just as important as making sure you have good nutrition, and you’re practicing distressing techniques, and getting in enough exercise, and taking care of your health, because if your health is a question now, what do you think it’s going to be when you retire?
      So a plan that contains more traditional investments, like fixed, income investments, we’re talking bonds, certain types of real estate investments,, utilities, etc. maybe the way for you, particularly in the beginning, and until you gain confidence that you can handle the ups, and downs, the choppiness, and the frothiness of what investing in the stock market normally entails, but whatever the mix-and-match of your investments, you happen to choose, get started by first educating yourself, and get started with a plan to achieve your long-term goal of retiring with the type of income security that will assure you that you can retire and be able to finance your lifestyle without having to depend on outside employment. Cheers 🥂

    • @goldenreid3462
      @goldenreid3462 2 месяца назад

      God bless you for this.

  • @Petroguest-i4g
    @Petroguest-i4g 2 месяца назад +272

    convinced that investing $50k-100k in the right company before it goes big is better than just saving for retirement. But since picking the right company is hard, saving might be safer-who would’ve guessed SPGI? I have $200k in a HYSA and want to invest. What are the best opportunities now?

    • @Countstep0099
      @Countstep0099 2 месяца назад

      investors like you should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder.

    • @wealthychronicle-i1u
      @wealthychronicle-i1u 2 месяца назад +2

      I agree with you. As an early investor in NVDA, AVGO, ANSS, and LRCX, my financial advisor's advice was incredibly helpful. Over the past 7 years, she has helped me find stocks that did 10x multiple times. With her help, I've grown my portfolio to over a million dollars.

    • @2024Red-j5t
      @2024Red-j5t 2 месяца назад +1

      I'm glad I found this conversation. I have cash to invest but am worried about picking the wrong stocks. Can you refer me to your financial advisor?

    • @wealthychronicle-i1u
      @wealthychronicle-i1u 2 месяца назад +4

      Melissa Elise Robinson is the licensed advisor I use and im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.

    • @Resmith18S
      @Resmith18S 2 месяца назад

      Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

  • @sirheisenberg4459
    @sirheisenberg4459 4 месяца назад +305

    These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?

    • @dengdelun3109
      @dengdelun3109 4 месяца назад +2

      Tax code changes taught me to you can build resilience into my portfolio. Diversification is key! My set manager helped me spread my investments across different asset classes like stocks, bonds, and real estate so that a positive tax code cha age here can help minimize the impact of aa negative tax code change there adjustments.

    • @Tanner-c2m
      @Tanner-c2m 4 месяца назад +2

      I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

    • @belobelonce35
      @belobelonce35 4 месяца назад +1

      Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

    • @Tanner-c2m
      @Tanner-c2m 4 месяца назад +1

      “Rebecca Nassar Dunne” a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

    • @NorthCarolinaForward
      @NorthCarolinaForward 4 месяца назад +1

      She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

  • @ChristophersHoyts
    @ChristophersHoyts Месяц назад +663

    Bullish or bearish, AI stocks will still dominate 2024, even beyond. Why I prefer NVIDIA is that they are better placed to maintain long-term growth potential, and provide a platform for other AI companies. I know someone who has made more than 200% from NVIDIA. I'll also take these other recommendations you made.

    • @JuneTalley
      @JuneTalley Месяц назад

      I agree, just because the market presents opportunities doesn't mean we should rush in headfirst. For this reason, we should look for appropriate market analysis or guidance or seek advice from certified market strategists.

    • @LucaMurgia-j7b
      @LucaMurgia-j7b Месяц назад

      @@JuneTalley No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit a 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.

    • @ChristophersHoyts
      @ChristophersHoyts Месяц назад +1

      @@LucaMurgia-j7b Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.

    • @LucaMurgia-j7b
      @LucaMurgia-j7b Месяц назад

      @@ChristophersHoyts MARGARET MOLLI ALVEY is who I work with and she is a hot topic even among financial elitists. Just browse, you’ll find her, thank me later.

    • @ChristophersHoyts
      @ChristophersHoyts Месяц назад

      @@LucaMurgia-j7b I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get.

  • @mr-vet
    @mr-vet Год назад +87

    Start a single member LLC, create an eBay account or account on another selling platform, sell some used stuff you find at garage sales, thrift stores, or junk you have around the house. Make sure you have a dedicated space in your home…spare bedroom, garage, basement, storage shed; then you can take business deductions for the space used for the business, a portion of your utility bills, milage on your vehicle (used for business purposes), equipment used for the business (computer, tablet, phone, monitors, printers, TV, subscription services for the business, etc…). With all the biz deductions, my biz runs at a loss, which help lower me and my wife’s taxable income.

    • @TravelingLifeStyleNow
      @TravelingLifeStyleNow Год назад +11

      Yeah, you are spot on. I used the same strategy. But, my CPA told me I could only for it for 3 to 4 years before the IRS starts to audit my business. So I show a small profit.

    • @idaUnchained
      @idaUnchained Год назад +12

      Yeah, technically after two years of a loss the IRS can deem your “business” a hobby and you can’t claim the losses anymore if you’re audited. Just a heads up

    • @timisaac8121
      @timisaac8121 Год назад +1

      @@TravelingLifeStyleNow You might consider shopping for new CPA however the 8829 handles "rented" vs "owned" far different. BTW: LOL Audits after 3 or 4 years?? Completely laughable. But let me ask: So what?? Unless you are making stuff up? Who cares if you are audited? CPA? Over priced Bad information.

    • @timisaac8121
      @timisaac8121 Год назад

      @@idaUnchained "Technically"? Going with this? Gee. Don't let Mitt Romney and his horse business find out. Won't the tax payers intent be more relevant than losses? How long before Twitter is declared a hobby? LOL. Don't listen to me. Likely you are far more knowledge of this vital area of code.

    • @timisaac8121
      @timisaac8121 Год назад +1

      Great ideas!!! Say, in LLC ,where do you take the home office (8829 on Sch C) Actually, if you have a Sch C with 8829, what it the benefit of the LLC? Thanks!

  • @stanleyfontaine25
    @stanleyfontaine25 7 месяцев назад +8

    A lot of gems shared in this video, thank you. Clear explanation with good visuals. Wish you continued success.

    • @mycpacoach
      @mycpacoach  7 месяцев назад +1

      Thank you, Stanley!

  • @Williamjame444
    @Williamjame444 4 месяца назад +249

    I'm an amateur with a portfolio of 40k but it's hard for me to build confidence. I really want to hit the 100k mark soon. I want to invest another 20k over a one month span, but I want to be strategic about doing it so I can grow more and not stay stagnant. Any stock suggestions?

    • @jackwillison177
      @jackwillison177 4 месяца назад +1

      Not offering any particular advice, but I can assure you that it's not as hard as many people think it is. Ordinary investors lack the requisite level of diligence, so having a financial advisor on board is usually highly beneficial. In the market, this is how people generate enormous profits.

    • @vivianlucy141
      @vivianlucy141 4 месяца назад +3

      I agree. There's a lot of potential in the market. My friend introduced me to a financial advisor in 2021, and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream to start a restaurant in New Jersey and still earn five figures in monthly dividends.

    • @MizThe
      @MizThe 4 месяца назад

      That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with, please?

    • @vivianlucy141
      @vivianlucy141 4 месяца назад +5

      Melissa Elise Robinson is the licensed advisor I use. Just research the name. You’ll find necessary details to work with to set up an appointment.

    • @MizThe
      @MizThe 4 месяца назад

      Thanks a lot for this recommendation. I'll send her an email and I hope I'm able to connect with her.

  • @GeertKins
    @GeertKins 3 месяца назад +564

    I am looking for tax efficient way to rebalance my $800k portfolio without triggering capital gains tax. what asset location strategies should i use?

    • @Cochran-j5d
      @Cochran-j5d 3 месяца назад +1

      The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult a financial advisor or tax professional to tailor these strategies for maximum tax efficiency.

    • @Ogden1
      @Ogden1 3 месяца назад +1

      Hey friend, can I work with your Fiduciary?

  • @croberts023
    @croberts023 11 месяцев назад +24

    Disclosure to this: Contributing the max to IRAs and 401ks are considered tax deductions, but they do not reduce your taxes $ for $. If your tax rate is 12%, then the contributions multiplied by your tax rate are the tax savings. Also, the solo 401k is only an option for self-employed individuals or S Corp owners. W-2 employees outside of an S Corp owner or Self-employed business owner do not get this benefit.

    • @ebonyward2716
      @ebonyward2716 11 месяцев назад

      I think that's why people still have a business and pay themselves or put kids on payroll for doing chores in addition to working more tex deductions for business owners

    • @HN-db5cn
      @HN-db5cn 10 месяцев назад

      Yep, I have a business and still paying a high amount of taxes, thought a rental property would help this year, since I did not owe any taxes last year. So not sure how long I have to own the rental until it helps with lowering my taxes.

  • @johnthomas3897
    @johnthomas3897 Месяц назад

    Can’t believe this is free info. Thanks for sharing! Absolutely amazed at how a bit of knowledge can change your financial situation so much.

  • @IsabelConchita
    @IsabelConchita Месяц назад +758

    I agree that many people are considering NVDA as the "Stock of the year." However, I'm curious about which stocks could potentially become the next META in terms of growth over the next decade. I've allocated $200k for investment, aiming to retire comfortably.

    • @JeanKlaasen
      @JeanKlaasen Месяц назад

      I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.

    • @StalinUndav
      @StalinUndav Месяц назад

      Through portfolio restructuring and diversification with good ETFs, S&P 500 and growth stocks, I've turned my portfolio around from $200k to over $800k in a few years.

    • @GrandtHudson1
      @GrandtHudson1 Месяц назад

      Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I'm in dire need for one.

    • @StalinUndav
      @StalinUndav Месяц назад

      I work with Elisse Laparche Ewing as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.

    • @NandaHernandez-h9r
      @NandaHernandez-h9r Месяц назад

      Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

  • @rhondaguillette580
    @rhondaguillette580 Месяц назад

    Could you clarify the oil and gas investment. Give a few examples of investment. Thank you.

  • @aminablkqueen20
    @aminablkqueen20 Месяц назад

    Thanks for your info. I would like to know how would I go about investing in Oil and gas seeing as it would bring in just as much tax return as real estate

  • @VishalFaucet
    @VishalFaucet 2 месяца назад +109

    Planning ahead can really minimize taxes! I’ve been in the crypto/stock markets for half a year now, and it’s been a game changer. I was able to reinvest my RMD strategically, and I’m now pulling in about $25k a week, despite doing very little trading myself. It’s a nice cushion against financial stress. Best of luck with your RMD decisions!

    • @RamzanBarysheva
      @RamzanBarysheva 2 месяца назад

      Wow! 25k a week?
      Thats amazing! how did you get started?

    • @VishalFaucet
      @VishalFaucet 2 месяца назад

      Yes, I signed up for a 1-on-1 trading session. It's like copy trading, but with personalized guidance.

    • @VishalFaucet
      @VishalFaucet 2 месяца назад

      the session was secure and a supportive way to improve your trading skills while earning, the best part is there's no upfront payment required at all

    • @RamzanBarysheva
      @RamzanBarysheva 2 месяца назад

      Honestly I really need help learning to trade. Seeing my portfolio low makes me very sad.

    • @VishalFaucet
      @VishalFaucet 2 месяца назад

      Well I'll suggest consulting with Dave for guidance, This way you can get strategies designed to address your unique long/short-term goals

  • @ptaccone
    @ptaccone 3 месяца назад +1

    Where can I learn more about point 7 - oil and gas investments. You're right, this isn't spoken about enough, first time im hearing it to be honest. I'll look through your vids to see if theres a specific video for that. Great advice, great video. All the best!

    • @mycpacoach
      @mycpacoach  3 месяца назад

      I just published a video to further explain this. Let me know what you think here: ruclips.net/video/DdbQQmeSQjE/видео.html

    • @rohitagl
      @rohitagl 2 месяца назад

      ​@m🎉ycpacoach

  • @littleroguewolf
    @littleroguewolf 6 месяцев назад

    Helpful tip, put your camera on a tripod so it is stable (looks like it might be on a table or possibly the webcam from the computer but it is shaking alot). You can also add some warp stabilization in post so that way it helps remove some of the jitters.

    • @mycpacoach
      @mycpacoach  6 месяцев назад

      Thanks, it’s on a tripod but my FPS settings were off. It has been fixed in newer videos

  • @SlavoPetrovic-n1k
    @SlavoPetrovic-n1k Месяц назад +297

    Tesla “TSLA” shares surge with CEO Elon Musk's involvement in the US election seemingly pays off after President-elect Donald Trump's win. which stocks could potentially become the next in terms of growth over the next few months. I've allocated $350k for lnvestment, looking for companies to make additions to boost performance.

    • @EricCarrasco-g8h
      @EricCarrasco-g8h Месяц назад

      I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown

    • @SoledadUnai
      @SoledadUnai Месяц назад

      Agreed, It's essential to diversify your portfolio. While quality stocks are a solid foundation, you should also consider other assets to spread risk. Thankfully, I can attest to the success of this approach aided by professional guidance seeing my portfolio of $330k grow by 40% this year alone... maybe you should do the same.

    • @HenriqueOrson-t6s
      @HenriqueOrson-t6s Месяц назад

      Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?

    • @SoledadUnai
      @SoledadUnai Месяц назад

      I work with Elisse Laparche Ewing as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.

    • @ReginaAlbrighton
      @ReginaAlbrighton Месяц назад

      She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

  • @endangeredentertainment8584
    @endangeredentertainment8584 11 месяцев назад +48

    When investing in an oil or gas company does one just buy common stock on an exchange or are there more specific requirements?

    • @ezmaass
      @ezmaass 10 месяцев назад +2

      It's not simply buying common stock. Rather, you're investing in something like a Master Limited Partnership. Yes, there are some very good tax benefits, but these can also be very tricky investments. When considering an investment, it's best to consider the RETURNS you'll make (or what you may lose) well before you weigh the tax implications. In the case of MLPs, you may lose your shirt, and you won't care whether there was a good tax benefit or not.

    • @ib1ray
      @ib1ray 3 месяца назад

      ​@@ezmaassvery good info here thank you

  • @LincolnFelix-s4z
    @LincolnFelix-s4z 2 месяца назад

    I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

    • @GraysonNathan-v8y
      @GraysonNathan-v8y 2 месяца назад

      You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.

    • @SophiaChloé6f
      @SophiaChloé6f 2 месяца назад

      That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.

    • @LoganGabriel6m
      @LoganGabriel6m 2 месяца назад

      Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks

    • @SophiaChloé6f
      @SophiaChloé6f 2 месяца назад

      My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..

    • @LoganGabriel6m
      @LoganGabriel6m 2 месяца назад

      Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

  • @iamkbravo
    @iamkbravo 7 месяцев назад +1

    I'd like to know more about investing in Oil and Gas companies ... how would one do this?

    • @mycpacoach
      @mycpacoach  3 месяца назад +1

      I just published a video to further explain this. Let me know what you think here: ruclips.net/video/DdbQQmeSQjE/видео.html

    • @iamkbravo
      @iamkbravo 3 месяца назад

      @@mycpacoach I'll check it out, thanks for the video!

  • @nickab2691
    @nickab2691 Месяц назад

    6:10 I didn’t know that! Can you give more info about this please?

  • @LG-cf4dl
    @LG-cf4dl 2 месяца назад +1

    Like the Healthcare Savings Account, the same thing should be offered for paying educational expenses!! (When people receive financial aid, they are not taxed on that $. But when we pay for our kids’ college - we are paying with AFTER-tax $! & that, therefore, represents a lot more $ than merely the outrageous sticker cost of college!) Is there an account like that, which is not commonly spoken of, that is offered/available?!

    • @LG-cf4dl
      @LG-cf4dl 2 месяца назад

      Sherman?! Your thoughts, please? 😅

    • @TimGautier
      @TimGautier 2 месяца назад

      529 plans let you save pretax money for education expenses. Also, tuition payments are tax deductible.

  • @747-k3j
    @747-k3j 21 день назад +1

    Awesome!!! ❤best video I’ve seen!!!

  • @seanchance2
    @seanchance2 11 месяцев назад +9

    How do i invest into oil and gas ? Are you referring buying stocks ? Thank you so much

    • @mycpacoach
      @mycpacoach  3 месяца назад +1

      I just published a video to further explain this. Let me know what you think here: ruclips.net/video/DdbQQmeSQjE/видео.html

  • @TheSuperDynastyy
    @TheSuperDynastyy Год назад +6

    Can you go into more detail on the Oil and Gas Companies? Is this like stocks or something else?

    • @mycpacoach
      @mycpacoach  Год назад +2

      The example referenced in the video is not related to public stocks, but are instead related private investment opportunities where you can directly invest capital into an oil & gas company.

    • @TheSuperDynastyy
      @TheSuperDynastyy Год назад

      @@mycpacoach cool, thank you for explaining that

    • @chinnareddy2961
      @chinnareddy2961 Год назад +2

      @@mycpacoachCould you please explain how to do this? I liked your video and subscribed as well. Thanks in advance 🙏

    • @AshishSinghal-g5r
      @AshishSinghal-g5r Год назад +3

      @@mycpacoachHow can an avg person do that?

    • @jeremyn6726
      @jeremyn6726 11 месяцев назад

      @@AshishSinghal-g5r we cant lol

  • @slam4119
    @slam4119 10 месяцев назад +2

    1. IRA contributions have to be earned income even for a child. So you can't just open up the account and fund it unless you're able to prove the child has earned it (e.g., babysitting, lemonade stand, etc. )
    2. You can't deduct contributions to your child's IRA on your taxes which is why it's recommended to open a Roth IRA since there's no upfront tax advantages to be had for opening up a Traditional IRA.

  • @scottkoprevich3128
    @scottkoprevich3128 11 месяцев назад +4

    how do you invest in oil and gas?

    • @als2329
      @als2329 7 месяцев назад

      can't seem to figure that out also

    • @mycpacoach
      @mycpacoach  3 месяца назад

      I just published a video to further explain this. Let me know what you think here: ruclips.net/video/DdbQQmeSQjE/видео.html

  • @lovemesomepollo
    @lovemesomepollo 3 месяца назад

    Are there similar tax advantages to investing in Electric/Solar/Green instead of Oil & Gas?

  • @keithgilbert835
    @keithgilbert835 Год назад +14

    I understand deferring taxing by utilizing tax deferred accounts. However, I completely disagree with the government telling me/controlling my money until 59.5yrs and then taxing me on it. What if you want to retire at 45 or 50?

    • @mycpacoach
      @mycpacoach  Год назад +4

      I understand this view. Some of the later examples in the video are great alternatives. I always tell my clients to determine their goals first, and then we’ll pick the best ways to package everything to reduce their taxes. With a good plan, you can do both - invest for early retirement (45-60) while putting money aside for a later retirement (60+).

    • @keithgilbert835
      @keithgilbert835 Год назад +9

      @@mycpacoachI think it is important to revisit your goals frequently. Mine changed and at 50 I wish I had invested more outside of the 401k and Roth. Having nearly 8 figures in my locked up accounts is driving me crazy. I could walk away with the 300k I have in my taxed accounts. I only need 35k per year to travel and not work.
      I would say balance is the key. If you are disciplined you can retire much sooner than 59.5. Make sure to be wise in your taxed accounts. Taxes will get us all sooner or later. If I could change it I would go back and invest just 5% in a 401k and pile my cash into taxed accounts.

    • @Sylvan_dB
      @Sylvan_dB Год назад +1

      You can take out the contributions from your Roth at any time without tax or penalty. If you do a conversion (like from a 401k) into Roth you pay taxes on the amount converted. And then 5 years later you can start taking out the converted dollars without tax or penalty. (Separate 5 year clock for each conversion.)
      But overall I am with you. My biggest regret in 2008 was that I had very little in after-tax accounts compared to my tax advantaged accounts. I've since corrected that.

    • @VegasPokerNomad
      @VegasPokerNomad 11 месяцев назад +2

      A lot of people are in for a rude surprise when they're 45-55. I moved my money from a retirement account to a taxable account so I can retire before 59.5, instead of being able to retire, but needing to wait until my money isn't held hostage anymore.

    • @kauigirl808
      @kauigirl808 10 месяцев назад

      Then don't utilize tax deferred accounts. It's supposed to be a benefit for those who retire at retirement age. Not for those who stops working before that.

  • @mikemaresh2417
    @mikemaresh2417 7 месяцев назад +2

    Great content. You have a great ability to make complex concepts in an intuitive style.

    • @mycpacoach
      @mycpacoach  7 месяцев назад +1

      Thank you, Mike! I greatly appreciate your feedback

  • @Kenzie_Hill
    @Kenzie_Hill Год назад +32

    Love that your marked the topics with time stamps. This is second to your great advice ❤❤❤

    • @mycpacoach
      @mycpacoach  Год назад

      Thank you!

    • @uberdash007
      @uberdash007 9 месяцев назад

      ​@@mycpacoach hello does cooking oil count ? What about cosmetic oils ?

  • @bsb165
    @bsb165 Месяц назад

    How do you invest in an oil and gas company? Is it as simple as investing in their stocks or are their special accounts to set up?

  • @PCEntmt
    @PCEntmt Месяц назад

    You mention that the hsa can be used for gym memberships, massages, chiro care, etc. While a gym membership typically cannot be used with an HSA, you may be able to use your HSA for massages and chiropractic care if your doctor provides a letter of medical necessity stating that these services are required for a specific medical condition; always check with your plan details to confirm eligibility.
    Key points about using an HSA for these services:
    Gym membership: Generally not eligible unless your doctor prescribes it for a specific medical reason and you have documentation to support it.
    Massage: Can be eligible if a doctor prescribes it for a medical condition and you have a "letter of medical necessity".
    Chiropractic care: Can be eligible if it's deemed medically necessary by your doctor

  • @DejaDrewit
    @DejaDrewit 6 месяцев назад +6

    My main complaint is people living paycheck to paycheck cant afford rent and even that money is being taxed. They need to let ppl pay rent and bills before taxing them. Many ppl literally cant afford to invest a damn penny

    • @TheGreatSalsaMan
      @TheGreatSalsaMan 2 месяца назад +1

      Friendly reminder the original founders began a revolution over a THREE PERCENT tax…thats why they do everything they can to keep us divided because united we are a threat.

    • @TimGautier
      @TimGautier 2 месяца назад

      I've worked with people who made 2-3x my income and still lived paycheck to paycheck, but I had enough saved up to go over a year without work and without reducing my spending by the time I was 30. There are people out there who can barely afford to survive, but they aren't nearly as common as people who just won't control themselves.

  • @margaretslater6053
    @margaretslater6053 9 месяцев назад +5

    I found you right in time, just had questions about Traditional IRA and u answered them. Thank you

  • @JRWisdom
    @JRWisdom 8 месяцев назад +6

    Great video bro!

    • @mycpacoach
      @mycpacoach  8 месяцев назад

      Thanks bro 🙏🏽

  • @judmeg
    @judmeg Месяц назад

    Excellent advice! Thank you.

  • @Chris-fx3se
    @Chris-fx3se 4 месяца назад

    Awesome video!!! We invested in most of them and you're absolutely right :) I'm wondering if we should downgrade our health insurance to qualify for HSA. We're in our 60's and we want to ensure we have adequate health insurance.

  • @3thingsinlife
    @3thingsinlife Месяц назад

    can you explain more on small business, how to save taxes and build the business

  • @nancyleeorvinbrumby5856
    @nancyleeorvinbrumby5856 6 месяцев назад

    Thank you, Sherman for this clear information. I have finally arrived to a point where I am realizing that there is a way to reduce my tax exposures. I have had a very smart CPA doing my taxes for many years now and not once has he recommended any vehicles to change up my income tax situation. As a matter of fact, he told me that there was nothing that I could do to strategically and legally reduce my taxes. For awhile, I had an ecommerce business, which helped somewhat. The bulk of my income comes to me in the form of interest and principle. I am feeling glimmers of hope of being able to effect a change. I have been in the dark for way too long in my life's journey, but Sherman has entered the picture like a beacon of light!

    • @mycpacoach
      @mycpacoach  6 месяцев назад

      You're very welcome, Nancy. Sounds like it may be time for a new CPA?

  • @ramoeshatchett6287
    @ramoeshatchett6287 4 месяца назад

    Awesome, educational,unique way of simply informing someone. Great video will apply it

    • @mycpacoach
      @mycpacoach  3 месяца назад

      Glad you found it helpful

  • @andrehewitt717
    @andrehewitt717 10 месяцев назад +1

    Great video & helpful. Tax deduction is good. But when buying a home too much deduction enable you to qualify for a mortgage because w2 might be too low to qualify for the home

  • @maryleezurick1092
    @maryleezurick1092 7 месяцев назад +2

    Hi There! Thanks for the great information. Can you give some specifics about oil and gas investments. Are these start up companies or etf or companies already on the stock market? Inquiring minds want to know:)

    • @mycpacoach
      @mycpacoach  3 месяца назад

      I just published a video to further explain this. Let me know what you think here: ruclips.net/video/DdbQQmeSQjE/видео.html

  • @orlandogarcia3018
    @orlandogarcia3018 10 месяцев назад +2

    Hi Uber or Rideshare is considered small business?

    • @mycpacoach
      @mycpacoach  10 месяцев назад

      I'd say yes if they pay you with a 1099.

    • @chelaash
      @chelaash 8 месяцев назад

      Yess

  • @njstorozuk
    @njstorozuk 11 месяцев назад +9

    You deserve much more than 12,000 subscribers. You do a great job at providing information and articulating yourself. Thank you for helping us.
    Subscribed!

    • @mycpacoach
      @mycpacoach  11 месяцев назад

      Thank you!

    • @ebells33
      @ebells33 11 месяцев назад +1

      I agree! I just found this channel and subscribed!!

    • @glendamendoza6458
      @glendamendoza6458 11 месяцев назад

      Subscribed

    • @zina8562
      @zina8562 11 месяцев назад

      Great comment. Halfway thru the vid and subscribing now!

  • @Raymondjohn2
    @Raymondjohn2 7 месяцев назад +187

    To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?

    • @kevinmarten
      @kevinmarten 7 месяцев назад +4

      Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.

    • @LindaHaire
      @LindaHaire 7 месяцев назад +4

      There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.

    • @JacquelinePerrira
      @JacquelinePerrira 7 месяцев назад +4

      Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.

    • @kevinmarten
      @kevinmarten 7 месяцев назад +3

      Impressive can you share more info?

    • @JacquelinePerrira
      @JacquelinePerrira 7 месяцев назад +3

      Credits to 'Carol Vivian Constable' she has a web presence, so you can simply

  • @ViiCkiiLiiciiOus
    @ViiCkiiLiiciiOus 2 месяца назад

    this was VERY helpful. Thank you~

  • @chasencrooks7115
    @chasencrooks7115 11 месяцев назад +5

    Ignorance is bliss. I knew about 401k and IRA of course, but the rest blew me away. Your video is so informative and straight to the point without the blah,blah,blah. I definitely subscribed and liked.
    Do you have a to be an investor to invest in Oil and Gas? Do you have video on how to invest in Oil and Gas or drop any links on how to do it? It would be greatly appreciated

  • @lauraross-v6z
    @lauraross-v6z 9 дней назад

    You have to have an hsa eligible health plan in order to contribute to one.

  • @mekhailjalexander8347
    @mekhailjalexander8347 5 месяцев назад +4

    Somehow, I feel like a being ripped off in this country. I worked hard in my education to earn more income, and now I feel so disappointed. 50 % of my income goes to the government. it's unfair. No other country does this, only the USA. I don't mind paying taxes, but we overpay taxes. It's like being punished for working hard in this country. Thanks for the advice.

    • @humakhan5713
      @humakhan5713 3 месяца назад

      Totally agree 👍

    • @22bouha
      @22bouha 2 месяца назад

      You’ve lived in other European countries? They pay more in taxes and are apparently happier due to worker protections which we here in the US suck at.

    • @humakhan5713
      @humakhan5713 2 месяца назад

      @@22bouha Not to forget free medical treatment..

  • @ajh6680
    @ajh6680 11 месяцев назад +1

    From my understanding, one cannot do deductions for IRA if your income is over a certain level. Is this correct?

    • @outatthepark
      @outatthepark 10 месяцев назад

      True. There is a threshold like most times

    • @habanerocat2241
      @habanerocat2241 9 месяцев назад

      This applies if you are covered by an employer plan.

  • @gammaryland7207
    @gammaryland7207 5 месяцев назад

    I want in to the oil and gas investments. Do you have video for that?

    • @mycpacoach
      @mycpacoach  3 месяца назад

      Yes, I just published a video to further explain this. Let me know what you think here: ruclips.net/video/DdbQQmeSQjE/видео.html

  • @LuisHernandez-youtube
    @LuisHernandez-youtube 10 месяцев назад +1

    Wow! Amazing! Great information and beautiful delivery of information. SUBSCRIBED! Thank you sir for taking the time to create these videos. God bless.

  • @kaltrex9465
    @kaltrex9465 2 месяца назад

    Oil and gas investment deduction mean buying shares of some stock and its returns are entered on taxes?

  • @luckyspec2274
    @luckyspec2274 5 месяцев назад

    0:38 how do you get 23.7m of 125m is .1% or any of those figures on the right

  • @DonaldMark-ne7se
    @DonaldMark-ne7se 3 месяца назад +307

    As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.

    • @Jamessmith-12
      @Jamessmith-12 3 месяца назад +2

      I believe the safest approach is to diversify investments especially under professional; guide. You can mitigate the effects of a market meltdown by diversifying their investments across different asset classes such as stocks, etfs etc It is important to seek the advice of an expert.

    • @JacquelinePerrira
      @JacquelinePerrira 3 месяца назад +2

      Review your portfolio with a professional and don't make the same mistakes again. Diversify, as in your stock portfolio, and hopefully consult a professional. The key to building wealth is long term. I learned 30 years ago that you have to keep emotions (rookie) out of your investment decisions at all cost. Now, i've made over 800k in profits from my 350k investment.

    • @kevinmarten
      @kevinmarten 3 месяца назад +1

      That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?

    • @JacquelinePerrira
      @JacquelinePerrira 3 месяца назад +1

      'Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

    • @kevinmarten
      @kevinmarten 3 месяца назад +1

      She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.

  • @drummerplusone
    @drummerplusone 21 день назад

    Unrelated question if I may: Is it wise to increase your ss tax withholdings as much as possible during your working years, to get a bigger social security check when retiring?

  • @gsu5504
    @gsu5504 10 месяцев назад

    At 4:49 - this sounds like a special case where one could max $69K SEP-IRA plus $7K traditional IRA for $77k tax deferred. Your Modified AGI would have to be below $73K (or $116K if married) since you're covered by a retirement plan at work.

  • @the_investor9836
    @the_investor9836 11 месяцев назад +2

    Traditional IRA has income limits though. Like if you make over a certain amount you cant deduct traditional IRA contributions (77k+income) if you also have a 401k at work

    • @mycpacoach
      @mycpacoach  11 месяцев назад +1

      Are you sure about that? Just read this on Fidelity. “No income limits: As long as you're working, you can keep contributing to a traditional IRA, as well as your 401(k).” Source: www.fidelity.com/retirement-ira/traditional-ira#:~:text=No%20income%20limits%3A%20As%20long,as%20your%20401(k).

    • @the_investor9836
      @the_investor9836 11 месяцев назад

      @@mycpacoach so its perfectly ok to contribute, its the deductibility that may be impacted. www.irs.gov/retirement-plans/ira-deduction-limits. Contributing to it could be the beginning of a backdoor Roth IRA though! Let the gains begin

    • @jbailey39a
      @jbailey39a 11 месяцев назад

      @@mycpacoach I had the same thought as @the_investor9836 when watching the video... Based on the IRS rules I've read (and a disclaimer on that fidelity link you posted), there isn't a rule preventing you from contributing to a Traditional IRA, however, the amount you're able to deduct is based on your AGI. For example, if you are married filing jointly and AGI is over $136k you can't deduct any contribution.
      disclaimer text from the fidelity link you posted:
      "For a traditional IRA, full deductibility of a 2023 contribution is available to covered individuals whose 2023 Modified Adjusted Gross Income (MAGI) is $116,000 or less (joint) and $73,000 or less (single); partial deductibility for MAGI up to $136,000 (joint) and $83,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $218,000 or less in 2023; and partial deductibility for MAGI up to $228,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income."

    • @andyshin6188
      @andyshin6188 11 месяцев назад

      @@mycpacoach
      INCOME REQUIREMENTS
      None. Anyone 18 or older with earned income can contribute to a traditional IRA. However, for contributions to be tax-deductible, specific income limits apply:
      For a traditional IRA, full deductibility of a 2023 contribution is available to covered individuals whose 2023 Modified Adjusted Gross Income (MAGI) is $116,000 or less (joint) and $73,000 or less (single); partial deductibility for MAGI up to $136,000 (joint) and $83,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $218,000 or less in 2023; and partial deductibility for MAGI up to $228,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income.

    • @happyreaper08
      @happyreaper08 4 месяца назад

      @@mycpacoach Yes, if you or your spouse have a qualified retirement plan from your employer (i.e. 401k) then depending on your adjusted gross income, you may only be able to take a partial deduction or no deduction see: www.irs.gov/retirement-plans/ira-deduction-limits
      As far as I can tell, if you are a high income household and you get a 401(k) from work, there doesn't seem to be a reason not to do a backdoor roth ira, as you get no deduction benefit for the traditional IRA. I think your Fidelity link refers more to the fact that you can technically contribute to a traditional ira, doesnt say anything about being able to get deductions at all levels of income.

  • @thumperliciouz
    @thumperliciouz 11 месяцев назад +2

    Would a Roth IRA also help with taxes? Or it is just the traditional IRA?

    • @mycpacoach
      @mycpacoach  11 месяцев назад +1

      A Roth IRA will allow your investments to grow tax-free, which can be very beneficial. It does not, however, provide you with a tax deduction upon making your contribution. More info: ruclips.net/video/sr1FkwhczIQ/видео.html&pp=ygUfMTAgdGF4IGZyZWUgaW52ZXN0bWVudHMgc2hlcm1hbg%3D%3D

  • @jayf2898
    @jayf2898 3 месяца назад

    wow this is great information, I am learning so much from your channel.

  • @angelicaalagon7111
    @angelicaalagon7111 10 месяцев назад +1

    Hi regarding oil and gas,do i need to be an investor?owner or a consumer? Pls enlighten me bec it’s my first time to hear these. Thank you

    • @mycpacoach
      @mycpacoach  3 месяца назад

      I just published a video to further explain this. Let me know what you think here: ruclips.net/video/DdbQQmeSQjE/видео.html

  • @Bitcoinista8548
    @Bitcoinista8548 8 месяцев назад +1

    Can I claim my own business if I was self employed without LLC. Just Social security number

    • @mycpacoach
      @mycpacoach  8 месяцев назад

      Yes you can on schedule C

  • @anthonybrown06
    @anthonybrown06 11 месяцев назад +11

    This video fire and well produced. We gotta get u more followers!! Sending this to my ppl.

    • @mycpacoach
      @mycpacoach  11 месяцев назад +1

      I appreciate it Anthony! It's a grind.

  • @jasper5016
    @jasper5016 15 дней назад

    This is a fantastic video. I didnt get the part of Oil and gas investment, can I invest in Oil and Gas stocks and get the benefit and how do I report this ??

  • @JacobKnowles
    @JacobKnowles 11 месяцев назад +8

    Awesome breakdown, love the on-screen visuals. Subscribed!

  • @bmwchefbmw
    @bmwchefbmw 11 месяцев назад

    IRA and 401K, tax deferral....not tax deduction? when I start withdrawing I pay taxes at that time on all the initial and the gain, correct?

    • @mycpacoach
      @mycpacoach  11 месяцев назад

      Correct. Tax savings are generally created as a result of different tax brackets. People who save the most money use these accounts in higher earning years (higher taxes) and withdraw during low earning years (lower taxes).

  • @NeverAloneNeverAfraid
    @NeverAloneNeverAfraid 2 месяца назад

    Can you make RUclips a business, set up an llc and deduct expense for a camera, laptop, etc.?

  • @fishizer
    @fishizer 10 месяцев назад

    So HSA is pre-taxed income that can be invested and used for health expenses, but does the amount you put into an HSA account reduce your taxable income for that year as well?

    • @mycpacoach
      @mycpacoach  10 месяцев назад

      Yes it does.

    • @fishizer
      @fishizer 10 месяцев назад

      @@mycpacoach good to know. In terms of investing in gas and oil companies, what would be the easiest way to go about that? Including it in a stock profile?

  • @Lavenderrose73
    @Lavenderrose73 4 дня назад

    I've traded in stock, and even gotten a nice little return on a put option. I'm not so familiar with the oil and gas route, and I feel like real estate would just be too risky for me. I'd like to know more about the oil and gas options though. Especially if there isn't the red tape that real estate has. I just don't feel safe getting into real estate without adequate knowledge about it.

  • @T2010_
    @T2010_ Год назад +7

    I'm so glad I came across your channel and videos. Thank you, Sherman.

    • @mycpacoach
      @mycpacoach  Год назад

      You're very welcome. Happy to help!

  • @kaligirl1980
    @kaligirl1980 2 месяца назад

    How do you invest in oil and gas in order to get the tax benefits?

  • @MsJay0913
    @MsJay0913 Месяц назад

    Thanks for the information!! But man... You really got my hopes up about paying for my gym membership through my HSA.. I was pretty sure I had already seen that I couldn't, but I definitely just checked again. 😅

  • @adawiba
    @adawiba 5 дней назад

    Cant we report mortgage for tax deduction now?

  • @RosalieXimenes
    @RosalieXimenes 5 месяцев назад +4

    I've heard that index funds and ETFs provide diversified stock market exposure while spreading risk. I have over $800K in savings; What's the most effective strategy to allocate funds in my portfolio and generate profits?

    • @LouxCazaree
      @LouxCazaree 5 месяцев назад +1

      Yes, there are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist

    • @AnsjeHarris
      @AnsjeHarris 5 месяцев назад +1

      Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m

    • @Christainfloyd
      @Christainfloyd 5 месяцев назад +1

      That's quite incredible! My p0rtfolio has been performing poorly and i've lost a significant amount of money, therefore I could really use their advice. Who is the advisor?

    • @AnsjeHarris
      @AnsjeHarris 5 месяцев назад +1

      ’Marisa Breton Dollard is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

    • @Christainfloyd
      @Christainfloyd 5 месяцев назад

      I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

  • @lovedaavid
    @lovedaavid 10 месяцев назад +2

    Hi, I need more clarity on the oil and gas investment…, does it mean starting an oil and gas company or looking for oil companies that have gone public and invest in?

    • @rdublu8374
      @rdublu8374 10 месяцев назад +1

      INVESTING SEED MONEY IN A PRIVATE OIL & GAS CO, IS HOW THAT WORKS.--RISKY

    • @lovedaavid
      @lovedaavid 10 месяцев назад

      Thank you for the update and the heads up lol

    • @mycpacoach
      @mycpacoach  3 месяца назад

      I just published a video to further explain this. Let me know what you think here: ruclips.net/video/DdbQQmeSQjE/видео.html

  • @billanderson5165
    @billanderson5165 8 месяцев назад

    I’m looking for ways to use business income NOW not in retirement. How can I reduce my agi enough to pay NO taxes without putting all my profits into accounts I may never live long enough to see??

    • @mycpacoach
      @mycpacoach  8 месяцев назад +1

      You’ll have to spend your profits (deductions) or invest your profits (back into business, real estate, or other tax deductible investments).

  • @aftabkrishna7274
    @aftabkrishna7274 Месяц назад

    I already own oil companies stocks. How to make an investments into oil and gas companies? Can you please briefly tell me unless you have a video that you can share me a link. Thanks in advance.

  • @LuisFernandez-t3s
    @LuisFernandez-t3s 29 дней назад

    Is good to meet people that like to educate while being smart at doing it.

  • @SUSTOSAVAGE
    @SUSTOSAVAGE 21 день назад

    You just Got two new subscribers!! My Guy! Nice work

  • @SonicBoomC98
    @SonicBoomC98 4 месяца назад +1

    I'm doing most of this, but #7 seems borderline questionable. Almost like one market is being favored over others

  • @247OnlineGuy
    @247OnlineGuy Месяц назад

    I have an HRA not and HSA can I one still get write offs and invest?

  • @billyjones9066
    @billyjones9066 2 месяца назад

    Where are you located? Do you cover North / South Carolina?

  • @elizabethsawyer7850
    @elizabethsawyer7850 2 месяца назад

    To start each person with a Trad IRA has to earn W-2 income equal to or more than what is invested, so in the case of children they have to earn taxable wages. A spouse that does not earn w-2 income because they carry the domestic labor is also ineligible.

  • @davidstatz9087
    @davidstatz9087 9 месяцев назад

    Very interesting video. I'll be looking into some of your others.

  • @mikebougiamas3418
    @mikebougiamas3418 Год назад +40

    If you don’t play the system, the system will play you.

    • @ib1ray
      @ib1ray 3 месяца назад +1

      Hell yeah it will!

    • @AA-zm4ow
      @AA-zm4ow Месяц назад

      The pyramid system you have spend more money to get those deduction that equals time , time is money at a lost,, it's a a dog chasing its money ,, I mean tail ,, inflation that stays year after year on real state, depreciation, living live in a fast lane ,, oil& gas, then you , parts maintenance repair , how much your getting back without fraud,,