High-net-worth individuals often leverage tax-efficient investments, deductions, and business structures to minimize their tax burdens. For the average person, understanding these tactics can be overwhelming. It's here that seeking advice from a financial advisor becomes invaluable. They can guide you in navigating the intricacies of tax planning and help identify opportunities to optimize your tax situation.
2023 was a challenging year, but I managed to make $332,000 before taxes as the sole breadwinner and head of household. It's a good starting point, but I'm always looking ahead on how to improve.
So what do low to middle income people do who don’t have a lot of money?.. 18:13 how do they pay for tax planning?. I think that’s where the breakdown is
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or consultant in order to navigate this recession and achieve potential high yields and taxation
OwnerK all the way baby. Went minimal 4 yrs ago that freed up income to put most of my small business income into the ownerK and ROTH. we live off only my husband’s remaining income after he maxed out his 401K and Roth. We also have our religious/charity deductions. Being debt free including the home (condo) and 2007 used cars means we spend our money on high quality food and unique experiences. Most of our lives we have lived off the median income but doing Dave Ramsey 23 yrs ago set us on the right path and broke our stuff/keeping up with the Jones addiction. We are considering the DAF for our family.
42:00 What doe the donor advised fund do with the stock? Do they liquidate them or are they held as stock and when they are liquidated the taxes come due?
Typically, you have flexibility at the DAF you can liquidate or remain invested. Staying invested keeps risk on the table (both up and down), but your tax deduction remains the same - the fair value of the donation when added to the DAF. Thanks for watching!
I have a question . i live in my own house and ofcourse i get the 3% lower rate because i live in my own house. But if it wasnt the case and i dont live in my house i guess i will need to pay the 6% . so my question is if i rent my property a d move somewhere else. does uncle sam will know that I rented it and i will have to pay the 6% tax on my house?.
Proactiveness is a super power in everything Great interview I love ❤️ my Accountants i am fortunate to work with other Academics in every area who have loads of experience in their specialties and usually are still practicing at the top of their profession Agree most people are reactive in everything including taxes it’s normal but not powerful Enjoying your podcast since discovering you a few weeks ago
I love this podcast except for the host. I feel like he's very unprepared for these interviews and it seems like he's winging it. Better questions for these experts! I also don't understand why he insists on calling this guy a nerd every 10 seconds when he himself is a total nerd. Just not a very smart one 🤣
Great show as always! But I have a question about HSA's. At 1:05:20 Elliot said that you can reimburse yourself from an HSA for medical expenses that you might have had years ago. Can someone confirm if this is correct? I always thought you could only take out funds from your HSA for expenses incurred in that calendar year.
I can't answer for him, but what I think he meant is this - you can contribute $8300 in 2024 to your HSA, and you can submit claims for your 2024 medical expenses in 10 years from now in 2034. This will allow you to grow the money tax free for 10 years...
🇮🇹 La pubblicità di questo canale è unrwa il gestore del canale sa che compare la loro pubblicità per donare soldi?! Appena ho aperto il video viene la pubblicità!! Inoltre c è il logo dato che ho fermato la pubblicità dopo tre secondi rimane il logo della unrwa
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My three favorite channels: Living Lchaim, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
Stock Brotha shills without limits.
Great episode! Bring him back and this time be nicer to him please 😊 I don’t care if he wrote his questions or not, they were all very informative!
High-net-worth individuals often leverage tax-efficient investments, deductions, and business structures to minimize their tax burdens. For the average person, understanding these tactics can be overwhelming. It's here that seeking advice from a financial advisor becomes invaluable. They can guide you in navigating the intricacies of tax planning and help identify opportunities to optimize your tax situation.
Great interview!
Thank you for watching!
I really glad I got to be a part of this amazing podcast!
Such a perfect episode for tax season. Great stuff as usual. 🔥
Kosher Money does it again. Thanks Eli!!
2023 was a challenging year, but I managed to make $332,000 before taxes as the sole breadwinner and head of household. It's a good starting point, but I'm always looking ahead on how to improve.
Congratulations and smart thinking for the future!!
Love the tip on consolidating tzedaka through the donors fund!!
Thanks! It can really be a game changer for people who want to give and to do so smartly!
Can someone list out all the important facts of episode
The chapters in the video are listed in the description. That may help.
#1 Don't live in LA County
One of the best explanations of the the LLC/S-CORP mystery. Man, he really broke this down into well defined elements- congrats.
Thank you very much for the comment and feedback. I am glad it was well received!
a 1099 doesn't necessarily mean you are a business owner. a 1099R is issued to retirees who receive a pension.
אפשר תרגום לעברית בבקשה?
Great tips! Sounds like someone knows Trumps accountant…
do i need both a tax advisor plus an accountant?? what about a financial planner? I'm just an employee
So what do low to middle income people do who don’t have a lot of money?.. 18:13 how do they pay for tax planning?. I think that’s where the breakdown is
same question
God bless you, this podcast channel is quality af lol
Any tax planners here? Leave your contact so people cane reach out and plan for the future.
If you are on Wi-Fi, when does the money get here?
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or consultant in order to navigate this recession and achieve potential high yields and taxation
Jewish Jordan Peterson. I know you cannot unsee it now!😂😂😂
I hear ya ;) Although, I am pretty sure my hairline is receding faster....
OwnerK all the way baby. Went minimal 4 yrs ago that freed up income to put most of my small business income into the ownerK and ROTH. we live off only my husband’s remaining income after he maxed out his 401K and Roth. We also have our religious/charity deductions. Being debt free including the home (condo) and 2007 used cars means we spend our money on high quality food and unique experiences. Most of our lives we have lived off the median income but doing Dave Ramsey 23 yrs ago set us on the right path and broke our stuff/keeping up with the Jones addiction. We are considering the DAF for our family.
Pay less Taxes!
-The Mashgiach
Taxes comprise 60%+ of a person's overall income.
Don't forget Tolls as a form of tax.
💵💲💸
This was really helpful and genuinely inspired me to be proactive with my finances. Wow! 👏🏻 Thank you! 🙏
Thank you for the comment - really happy to hear it was helpful!
Just about to file my taxes, this came at the perfect time!
Long overdue topic! Thanks!
What an incredible episode
Sending straight to my accountant
I'm here for it!
Yet another informative episode!
You Tube/podcasts are great for tax planning. Turbo Tax is great for filing.
Been waiting for this. Such good quality information. Thank you
Thank you for the kind words - glad you enjoyed it!
Great stuff!
Amazing, but to many advertisements
Awesome stuff from the best accountant and tax planner in the industry
Fantastic episode, Eli was great!!
Thank you for this! This was super insightful and had great information.
I'm so glad to hear you enjoyed it, thanks for watching!
Super insightful episode 💵 💰💸
Thank you so much for the kind words!
Epic as always Eli!!
Can’t wait to use these tips
Awesome to hear!!!
Thank you so much, Dov. We really appreciate your support.
adjustments, deductions, credits.. thanks
Love your channel, are there any other Jewish friendly channels about finances?
That is personal finances related
42:00 What doe the donor advised fund do with the stock? Do they liquidate them or are they held as stock and when they are liquidated the taxes come due?
Typically, you have flexibility at the DAF you can liquidate or remain invested. Staying invested keeps risk on the table (both up and down), but your tax deduction remains the same - the fair value of the donation when added to the DAF. Thanks for watching!
Great episode as usual at the perfect time
Great shows guys
Just here for the AI tip
Amazing and so informative!
What a great episode. The presenter, Dr. Pepper, did a great job and was so clear!
Thank you very much!
I'm still just finishing up tHanksgiving....and here we are in tax season....Time....time....We need a time machine.
I do really appreciate the knowledge you are sharing, I feel myself kind of wiser 😊
I have a question . i live in my own house and ofcourse i get the 3% lower rate because i live in my own house. But if it wasnt the case and i dont live in my house i guess i will need to pay the 6% . so my question is if i rent my property a d move somewhere else. does uncle sam will know that I rented it and i will have to pay the 6% tax on my house?.
This is such a good podcast. I'm familiar with many of these ideas but some were new to me. I'm very impressed
yeah that's a good path, focus on a good strategy, relax back and watch it compound within the years. In good time you'll see returns.
Such insight!
Proactiveness is a super power in everything
Great interview I love ❤️ my Accountants i am fortunate to work with other Academics in every area who have loads of experience in their specialties and usually are still practicing at the top of their profession
Agree most people are reactive in everything including taxes it’s normal but not powerful
Enjoying your podcast since discovering you a few weeks ago
Thank you for watching! I couldn't agree with you more!
I really enjoy all your episodes they’re extremely knowledgeable and educational. Keep them coming
Finally got around to watching this episode. What an amazing episode!! Thank you eli and Elliot!
I wish this episode *had* gotten into the "boring" details. Without them, this episode is "personal finance 101."
Sounds like poverty mentality to me. Why are you all so insecure that you need even more money?
This is my favourite podcast so far! Keep them coming
Sounds like this is a reactive podcast LOL!!!
40:10 donor advised fund
This episode is the greatest Financial tips on the web. Thank you for sharing it.
Interviewer... not good. Guest was speaking about good stuff and you cut him off cause YOU'RE bored?🤨
I was bored!!
I love this podcast except for the host. I feel like he's very unprepared for these interviews and it seems like he's winging it. Better questions for these experts!
I also don't understand why he insists on calling this guy a nerd every 10 seconds when he himself is a total nerd. Just not a very smart one 🤣
lol. I am a nerd.
Great show as always! But I have a question about HSA's. At 1:05:20 Elliot said that you can reimburse yourself from an HSA for medical expenses that you might have had years ago. Can someone confirm if this is correct? I always thought you could only take out funds from your HSA for expenses incurred in that calendar year.
I can't answer for him, but what I think he meant is this - you can contribute $8300 in 2024 to your HSA, and you can submit claims for your 2024 medical expenses in 10 years from now in 2034. This will allow you to grow the money tax free for 10 years...
Really liked this podcast.
🇮🇹 La pubblicità di questo canale è unrwa il gestore del canale sa che compare la loro pubblicità per donare soldi?! Appena ho aperto il video viene la pubblicità!! Inoltre c è il logo dato che ho fermato la pubblicità dopo tre secondi rimane il logo della unrwa
We can’t control which ads RUclips decides to display. :-(
My only comment on this video is...
Such a sad story 😢
36:29
Clear tips!
A true game changer for my tax returns and my planning for next year
Thank you - glad to hear it will lead to some tax savings!
Was waiting for a taxes episode
I hope you enjoyed it!