Tax Strategies For W-2 Earners
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- Опубликовано: 13 июл 2023
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Music is a little too loud, but i will continue watching the video. Thanks for sharing your knowledge
So glad it finally stopped.
You are so correct. At 54 I'm wishing I had started investing, even small amounts, at age 20. But when you're young you think you have all the time in the world and you have limitless options. When you finally get to the latter portion of life you start to realize all the mistakes you made in your youth. Everyone...listen to this man. He is spitting truth/facts.
Agree! I started late but my kids are gonna be set. Started all of them with roths as soon as they had earned income.
Thus is the first video ive seen from this guy i was sitting here like "nice nice makes sense good info" then got to the C corp vs S corp question and instant subscription. This guy is passionate and believes in the information he's giving
Try watching this at 1.5 speed when he’s explaining LLC, C-Corp and S-Corp. Mark is smart and hilarious 😂
Thanks Mark for always providing great information.
WOW, your passion is amazing!~!! Thank you for all the energy you put into this information sharing Mega-Tube!!!🤩🤩🤩
Thank you again! See ya’ll Tuesday in Phx. Can’t wait!
I have never seen anybody this excited about taxes!!!! First time viewer here, sir, I’m sold!
Great stuff Mark. I shared this with friends who are being taxed out as a single worker making good money.
Brother thanks for info.
Heart to God hand to man.
Appreciate thanks again.
Love the passion ... Back door ROTH at 30:44
Thanks Mark, appreciate you sharing your knowledge and enthusiasm in tax savings!
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RUclips channel is really very informative and effective.
Thank you for sharing such great information ❤ you are really helping everyone out greatly!!
I like this guy. He doesn’t tolerate BS !
AMAZING VIDEO MARK!!!! Thank you so much for this information, insanely good video sir! Please please keep up the great work!!
I am so happy you mention cash value life insurance and who under what condition should consider it
Mark you are a character and I love it! Thanks for breaking down some cool sttategies🎉 thanks definitely subscribing man
It's, amazing! The right information comes to me. At the perfect time! Thank you ❤
Thanks for the reminder! Great info!!
Great content again Mark. Max funded, minimum death benefit life insurance can be funded before some of the other accounts especially for business owners and entrepreneurs. They need liquidity and control before 59.5 unlike retirement accounts to take advantage of opportunities and emergencies.
I'm exploring different investment opportunities and would appreciate others' insights on this matter.
Thanks to these recommendations, I successfully located her online profile and have already reached out to her with a message
You have the best tax advice Mark. I also like to watch and get Side-Hustle ideas!
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
I'm so behind, just working on funding my Roth with tech stocks I already have. Love your videos Mark. 😊
Thank you for the video!!! We learn a lot from you! Thank you!
Glad you gave the life insurance disclosure. Whole life/universal life does not make sense for 99% of people but if you've maxed out basically everything else, it then makes sense. Everyone else should get term life insurance at a 30 year term or if you can 35
Love the energy. You've gained a subscriber. 👍
Thanks Mark for always providing great information
Great video Mark!
GREAT CONTENT 👍
FYI-Not all CPAS are good financial planners. That's not part of acquiring the certification. Keep that in mind when discussing personal finance with " your" CPA. Interview them about their qualifications in the personal finance arena.
CPA's mainly seem interested in protecting themselves if you get audited, not coming up with good deductions.
Saved. liked. subscribed. thank you. good job.🎉
Hello Mark K. More than you even know you are helping me and my journey of changing my life from 02 hero moneywise! I research like there's no tomorrow! I am so grateful for you! I have been financially low but I am changing everything. 1 minute at a time! Ty
I stumbled across this video and was very impressed. Subbed.
I miss these analysis videos. I'm always relearning
You rock! Glad I found you 🙏
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
@@maryHenokNft Please who is the consultant that assists you with your investment and if you don't mind, how do I get in touch with them?
*Camille Alicia Garcia* is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
Love your passion! 💪💪
I love the passion … on the CCorp conversation 😂😂😂
Thank you so
Great info
Hi Mark, I want to trade stocks as my job but I also have part ownerships in a few other Busines's. How do I set them up for tax effeciency? Can I put them all under one name including my brokerage account so money can go in and out all under 1 roof? Thanks for your time. I appreciate you.
Deep breathes, Mark. Deep breathes. 🤣🤣🤣 You're so passionate I had to quickly block the speaker. 🤣🤣🤣 Love ya, man! ❤
Question? Do you have a video for someone that is a W-2 Employee and an LLC Business owner for tax savings, strategies, common questions ( can you still get a tax return from your W-2 Employee? )
Thank you.
Thank you
Thank you Mark; What financial advice can you give someone who wants to avoid usury/interest in all respects ?
Thank you for acknowledging us........
Ur in the Apex of whatever the heck ur doing Mark: this style of advising got me to be ur client! Gosh, ur a lot of fun!
I wish I knew of someone like you that I could speak with locally to go over my situation. Everyone I speak with has jut been a one-trick pony trying to sell me their "next big thing", instead of something more customized to my situation.
The music is very distracting but I love the information!
Great content! One comment on the S Corp vs LLC, if i have a W-2 job that already maxes out my FICA, would it matter if i go with a S Corp vs LLC. My understanding is that it's a wash at this point.
Thanks
Where can we get that calendar? That's so cool!
The match & out of your 401(k) is a brilliant idea! Didn't know it was possible but I got my money's worth the time it took to watch the entire video! Thanks Mark & team!
After match, backdoor or megabackdoor IRA might make more sense.
@@privettoli What the difference between "backdoor" IRA and "mega backdoor" IRA?
@@jeffmeyers3837 mega backdoor is not IRA, it's Roth 401k for up to 60 something k.
Great strategy 7:56 in case you want to rewatch
When he sniffed that marker I knew it was gonna be good. U got a 👍🏾 from me. Lol. Great content
The 9th wonder of the world...the Roth IRA. The caveat to a Roth backdoor is covering the taxes on the converted amount added to the yearly income. Thanks again.
Mark love ur videos! I learned a lot. But, please adress if still make sense to save money if the inflation is higher than the savings. All the rich are dumping dollars and getting gold and silver🤔 and buying land.
I know a retired R.N., who receives Medicare, buys her own medical ins., and was hired by the state to be a caregiver to her relative. She gets a W2 & paid monthly. Gross yearly income= $76,000. Her patient's insurance monitored by State pays her. Plus, her patient is a renter in her home w/ deductions😊 there. Here are the questions: 1. She uses her personal money to buy her patient's products to care for patient personal needs: she has to clean, feed, wash, do laundry, dishes, house cleaning, buy chucks, baby Wipes, paper towels, personal over counter meds not covered by her patient's ins. So Mark, can she claim these items as tax deduction?
Hi Mark, I’m pretty sure if you have another health plan, even if you buy an individual plan that is HSA qualified you may not be able to contribute to the HSA. It’s like when you become Medicare eligible they won’t allow you to co tribute anymore because you have a first dollar coverage plan.
Can you make a video about other situations like unions. Our health insurance is very different for Longshoreman’s.
Match and out 401k - how do you withdraw money from 401k while still employed with the employer that holds your 401k? Are you suggesting a loan against the 401k?
Are you referring to a deferred 401k? If converting deferred 401k to roth, will I need to pay tax and possibly increase my tax bracket? This still advisable?
So what is the strategy for the HSA?? Never discussed in detail. Mostly talked about 401ks and Roths.
Problem with Roth for any 401k. It depends on the stock market. All those decades putting in money and you happen to retire a year before stock market crash. There goes your money and the returns
Only if you blow the whole shebang on a mansion and supercars. For people in a retirement scenaro the fund will go up and down while they take draws from it---totally normal. It doen't matter much at what point you start since the bulk will remain invested.
The closer you get to retirement age those your balance should be in bonds and moving away from stocks. Think about it like those Retirement Date ETFs that are managed, when you're 30 years away from your retirement year it's heavily invested in stocks / higher risk with potential higher rewards....as you get closer each year you slowly and incrementally balance those funds into bonds for a much lower risk buy much more guaranteed return...
@@mikef6911 Less volatile if you hold the bonds, as opposed to a bond fund/ETF, but with a risk of default so diversifying is vital. Street price of bond funds/ETFs follow the fed funds rate, to a large extent. They've been awful for the last 15 years but now that the fed rate is getting back to normal the coupons may be not-so bad. If you're able to buy them at a low price that's even better. It's important to consider the tax too. Long stock gains and Qualified Dividends aren't taxed at the federal level for most in the middle class but coupons are so keeping them in an IRA is a nice touch.
You cannot cut your way out of recession you've got to invest your way out of recession, the Conservative party are in the dark ages on policy they've got to think again. My primary concern is how to maximize my savings/retirement fund of about £170k which has been sitting duck since forever with zero to no gains.-
The truth is that people are finally waking up to the fact that our systems are breaking down in thousands of different ways all around us. Personally, the financial market seems like the only way to go with my long-term horizon (accumulated about £557,000 in earnings since May 2021), but if you don't have that time luck, it's a tough market out there down almost nowhere feels safe!!
Definitely! All of this happened in less than a year after *JENNY PAMOGAS CANAYA* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars..
Oh yea Jen pamos Roja is my hero
I've been wanting to start a business but not sure what to call it or class it when I'm just selling myself as a W2 employee but using that money to start my artist company thing.
If your family has a lot of medical issues and frequently need to utilize health insurance, is high deductible health plan + HSA a good idea?
My wife and I make well over the threshold for a Roth IRA and looking to use the backdoor method. We both have separate 401k's with our different employers. Do yo do separate Roth IRA's since we have separate 401k's?
I'd love to attend, but I need more than two weeks of notice (and it looks like I already missed it).
Can I go straight from sole prop to S Corp? Or do I need to step up to LLC on the way. Side hustle income more than $50k.
For the EV tax credit, I heard of a strategy to an option for income individuals. Do a lease and then buy it out. You need to negotiate well, but it's supposed to work to allow high income individuals to take advantage of the tax credit in an indirect manner.
Can you elaborate any further?
Is HSA better than whole life insurance? Broad grey area question dependent on many variables.
Can you show which two classes of persons are required to use the W4?
I was told by IRS only Resident Aliens and Nonresident Aliens use the W4. But they couldn't provide a section of law, regulation, Treasury decision or publication.
Federal Government employees can have an HSA w/ a HDHP. CareFirst Blue Cross Blue Shield. You can set it up during open season or life changing event. Ex. Marriage or Birth of a Child
Great informative video again Mark, thanks. If my w2 job only offers FSA, are there ways to obtain an HSA on my own?
In order to get an HSA you must be enrolled in a qualified health plan.
You need a high deductible health insurance plan to qualify for an hsa. The insurance company will have information on the hsa. Next time you have open enrollment check all the plans that are offered and look for the high deductible plan.
No, the law specifically excludes HSA if you have an FSA. Best option would be to switch jobs.
@@mangos2888 you can have a limited FSA and an HSA. The limited FSA can only be used for dental and vision.
@@bonitab6498 Am I missing something? Mark speaks about rolling over from your 401K to an HSA and a Roth IRA and then back to the 401k. It sounds like you can just repeat the cycle indefinitely. But Investopedia says that you can only rollover to an HSA -once during your lifetime-. So I guess this strategy is specifically for a married couple with high income (to max out the benefit)
What do you mean chunk into your ROth? From your 401K? You have to pay taxes to convert from a non-roth 401K into your ROTH IRA.
18:05 I'm in a county office and they tell us, NO sorry, but we already pay matching amount into your state pension system. Is there a way to may them see value in having some match in our 457b as well??
Can you recommend a legit oil & gas exploration company to deliver IDC write offs? So many seem sketchy
You cannot use an HSA IF prior year you had Medicare. Is there way?
Please turn down the volume on the background music. It makes it quite challenging to hear/understand you. Why would it be so loud? Appreciate your channel. Thank you
Not the marker snif 🤣
Explain the aggregation rule. Seems like a double taxation.
Selling a property that was never put on my returns (family member always claimed it) but I’m on the deed. Should I request 1099-s?
Hi mark QUESTION MY Tax preparer says that if do pay to the bank in interest less than $ 40 k for a loan in a year for my primary living home, I cannot get money deduction back. Is that true? Thanks in advanced...
4:25 The (In)Secure Act just removed the Stretch IRA in favor of the government being able to collect revenue sooner. When SS was started the government told the people that they would never have to pay in more than 3%, that have obviously changed many times. What is it that has all of the financial experts convinced that the government won't collect their income tax on the front end of ROTH and then later change ROTH rules to slippery-slope a withdrawal tax or fee??
Health savings account is different from health care spending account?
if interest rates go up where should i look to put money into? I currently have $800k in a high yield savings account, yes I’m making gains but to what extent with inflation eating away at the dollar.
It's hard to predict the future until we see this month’s inflation results. However, historical data consistently show that stocks tend to outperform bonds in the long term. Therefore, I'm staying in the market and focusing on selecting high-quality stocks. The challenge lies in identifying these stocks.
Staying in touch with a financial advisor was my effective tactics. During the pandemic, I outperformed the market, earning about $200k in four months. Its been a remarkable few years for me with my advisor .
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.>
this is mind blowing! i am a young adult with about $500k inheritance and new to stock/investing, would really appreciate if you could direct me to your advisor please, cant afford to make terrible mistakes
I take guidance from a Pennsylvania-based wealth advisor 'Nicole Desiree Simon' you're most likely going to find her basic info on the internet, she's firmly established and well qualified.
Thanks for this. I curiously searched for her full name and her website came first. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
I appreciate your good work: however these question still bother me.
1-If someone is the primary resident of Maryland and wants to get LLC registered in Delaware, is it illegal or against the state law, not to register it as a foreign entity in MD?
2-How the LLC and his personal income from that LLC will be taxed? And 3- how to avoid double Taxation?
Please answer these questions!!!
Thank you
I was suggested s C Corp because my family has a lot of Healthcare expenses. I was told employee reimbursement for health expenses was not allowed in S Corps. If this true?
Unfortunately, after funding the 401K up to the match and throwing a little at my Roth IRA, I'm about tapped out. Maxing out my Roth contribution is out of the question, let alone going back into my 401K or an HSA.
I am working for W-2. I have brokerage account on the side where I keep my investments which grow little income. Can I do my investment/ trading as LLC and get business deduction benefits? Is that good strategy?
I love this dude. I need to hire you or your firm to set up a trust for my foundation and for each of my kids. Unfortunately I'm going to take it in the ass from the IRS because I've invested (very well) all in 401K for the past 32 years. If you deal in Texas please let me know.
Hey Jim! We can absolutely help you. Our attorneys and tax advisors help clients across then nation. Please get connected with our firm at: kkoslawyers.com/contact-us/
I am a small LLC contracting company. What would be better as a small business owner to maximize my cash flow into my household instead of to the feds? Thank you for your time
When I own a revenue property while I am living there, is my office space deductible? ( 3 unit apartment property, I live in one)
The federal government offers high deductible health plans with HSA's for federal employees.
My understanding is the you cannot contribute to an HSA if you utilize VA healthcare for non service related issues.
The HSA is the most underutilized tax free strategy.
Why is it expensive to access once it's in?
HSA, restrictions? Or penalties not properly used...