Tax Reduction Strategies For High Income Individuals in 2021
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- Опубликовано: 13 июн 2024
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
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If you are a high W2 high income individual how do you pay less federal income taxes? Here are some tax reduction strategies that can help you pay less taxes, let's discuss...
Here are some tax deduction tips that can help you save you massive amounts of money on your taxes and stay on top of your business finances.
In this video we discuss: Tax Reduction Strategies For High Income Individuals in 2021
Watch this video until the end to avoid overpaying Uncle Sam and to start making the most out of your real estate business!
*Disclaimer: I am not a financial advisor nor am I an attorney. I am a licensed Enrolled Agent. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
My wife and I have built small but not insignificant investment and real estate portfolios. She is still a W2 earner. This video has been the most informative I've seen yet. I'm working with another content provider's organization and even they have not given me the true understanding of these strategies you've provided. This video alone has solidified my strategy for how to proceed with my estate planning! I'm about to watch it again!
Thank you, this was outstanding!
man youre videos are very helpful and eye opening, iv been looking for someone like you for a while and almost lost hope so thank you
You explain things so clearly. Excellent and thank you.
Honestly this video is probably the first one I came across that explained things instead of just saying random vague info, thank you!
This dude is so awesome! Finally an channel i don’t have to speed up. He is already at 1.5. Gets straight to the point as well. Awesome find for me!
This right here Karlton?!!!! ALL LIFE CHANGING nuggets! Thank you!!!
It's rare that I find a new channel that I love so much that I have to watch EVERY vIdeo....but today is my lucky day!
You’re on another level, love your videos
You are the man. I’m have been asking these questions and haven’t gotten any good response until today. I get the same blaa blaa you highlighted. You are a life saver. Great job
Bro. your videos get me so excited. I'm studying trust structures/strategies and this video puts things together for me. Good to see quality information on RUclips. Good job, Sir. Please keep it up.
This is literally what I’ve been stressing over, thank you so much
Awesome thanks i love it very honest and thorough!
Very thorough presentation! Thank you!
So much information in such a short video. Thank you!!!
He dropping gems! Great video. Thanks for sharing.
Great info Karlton!! Thank you!!
This was absolutely amazing!
Amazing KD! Highly useful.
this is pure gold, thank you for sharing!!
You my friend a very sharp! This is an awesome video!
Karlton, thanks for the very inciteful information! It feels great to have the financial problems I'm dealing with now versus when I was becoming a man! I do have a question, where would you recommend setting up the PFF since I'm more a c charitable person? I will definitely schedule an appointment to discuss our personal situation with you in detail! Thanks for all you do and keep up the great work!!!
First of All, Servants of All, We Shall Transcend All!!!
Karlton, I am speechless! You are awesome!
MIND BLOWN. ty for these tips
I appreciate YOU sooooooooooo much, Karlton!!!!!!
This was your best video you have made! Impressive teaching. Thats it! I am becoming an EA.
Appreciate you, Karlton!
Great video. Thank you!
Thank you for the insight.
Makes sense to me. Thanks! Not there yet but good to know.
Nice! thanks, Karlton!
Best explained!!! Thanks!
So many awesome tax strategies discussed in this video. As always, Karlton is full of knowledge. I like the philanthropic option. If you pay believe in paying tithes to a church, this can be your charitable donation. 😇 Thanks for this golden nugget Karlton!
Amazing info! Thanks
Wow, I own some SF rentals and I did not know about the difference in having short term rentals in terms of losses. Great information, I need to look more into this.
Hey thank you for this knowledge you share. This year we had to pay and just went on with and bow I'm looking for ways to avoid paying taxes.
Opened my eyes to ways to combat taxes as I drop out of qualified widower status. Single tax rate really sucks.
I am committed to self-development & thriving.
Wow! Such great information. I need to research CRTs...very interested!!!
SUPER helpful content.
Would you do a separate video on tax reduction strategies using trusts and foundations?
Great job!
Thanks for sharing these strategies typically reserved for millionaires. Our time is now!
Thanks you are great!!
you speak to us for real .... no shenanigans !!!
Thank You Sir !
This is good bro. Thanks
Liked. Commented. Subscribed!
great explanation bro
Nice information… could you make a video regarding applying this strategy to high 1040 income earners vs high w2 earners?
Why I didn't see your video before :( I love what you shared and it's been insightful 😃Thanks RUclips Algorithms for the money saving suggestions ChaChing🙏🏻
Let’s not forget there’s a phase out for the traditional IRA if you want a deduction
It’s insane how much I learn watching these. I definitely owe you money KD but I can’t book a consultation through your link 😢
Subscribed!
Thank you.
this dude is NAILS
Pure jewelry Fam!, thx
Great job 🎉
You go bro!
Thank you for the great information. Is there anything that can be done for 2021 taxes regarding a PFF or CRT or even real estate if it is already 2022?
I love this video! CRT💯💪
Hey Karlton could I have ur video editor video I need a good one?!
I ain’t going to lie karlton this is like good to me in 2022🥇
Great video. I'm not certain that I understand the "Real Estate Professional" concept. I have two Commercial Strip Centers and no "Short Term" Tenants. How do you set up a seven day or less real estate business? Thanks
The PFF is the best route to go.
If you have a property management company, but make decisions, how do you capitalize on additional deductions?
This is the real stuff....
Great video! One ?: can other family members contribute to the PFF and get a deduction? thanks for the great work.
You’re videos and others have been extremely helpful. Are you building a network of CPAs that would help for Real Estate Professionals or short term rental investors? Purchased an investment property in 2022 and will be looking for a short term rental in 2023 to help w2 offset and transition to retirement.
Cool video. What threshold would you consider makes one a “high income” earner? $500,000?
I strongly recommend you to see what the guys at Valur are building regarding charitable remainder trusts :)
Mans is the goat 🐐 that’s it
Do you have or can you make a video for someone who is retired (medically from the military), and they win the lottery/ sweepstakes?
Hi, Karlton: You have great energy and are charismatic. My concern is that I don't see any educational background or financially-related licenses listed in your "ABOUT" section, such as CFP, CPA, or a license as an attorney or security 7. Would you mind posting this,? or simply explain that you are self-educated.
Also how long is the scheduled one on one phone call? If we schedule one?
But are the tax savings worth the additional effort/capital needed to start and maintain these strategies (managing a trust, running a real estate business)?
How well does this translate to a small business owner?
So can I add a PFF as part of my 501c 3 non profit?
QUESTION: KD: I've heard some ppl espouse renting rooms of their investment home by the week. Would this still qualify as a short term rental if the renter continues to stay week to week to week?
For PFF can you donate 5% to your own 501 (C)?
Can you combine personal business with unrelated compangy earnings
Can I just setup a consultation with you please? I fall under all your recommendations.
This was exactly what I was looking for. Recently hit a significant 6 figure mark with a recent promotion and Jesus… losing so much money. PFF is golden .
What about paying/investing into IUL's?
Traditional IRA doesn’t Lowe your tax bill if you make 500k. You meant IRA then convert to Roth IRA to protect the growth from taxation.
if i sell my property now but no property to roll it over to as of yet, how long do i have to avoid capital gain tax?
Could I set up a PFF and a CRT and set myself up for 60% taxable income?
can you do both 401k (max ded) and IRA? I thought you coud one or the other
Put in a annuities or IUL’s..?
How do I go about getting you to be my financial advisor and tax guy
What happens to the money in the PFF?
A round of applaud for the great analysis and breakdown of personal perspective. I woke up to the sad news by FTX. The market circumstances are driving me insane, my portfolio has lost almost $18500 this month alone, my earnings are tanking, and I can't see how my retirement will go smoothly when I can't even increase my stagnating reserve. I wonder whether those who lived through the 2008 crash had it
Awesome video! Currently running 3 Airbnbs short term rentals. But currently forced to shut down 2 from the landlord change of ownership. Does that mean the rental income is now a loss for the rest of the year? Can I now deduct that from my w2 nurse wages?
No,because u don’t own the property. That’s the Tax loophole. This guy is AMAZING ❤️❤️❤️🍹
Landlord gets the deductions not you
Depreciation not that good for high incone w2...
It goes into bucket for later.
Kinda sucks.
The analysis on the CRT is off a bit. The deduction is limited to the contribution less the PV of the annuity.
I'm a truck driver with rentals. Single (at the moment). Property management company manages my rentals. How could I become designated as a real estate professional? Could I aquire a realtor license?
Dope
Is a PFF worth it in your opinion if I make 250k a year?
If your high income the ira and roth irs doesnt allow you to contribute if your over an certain amount
What about renting to yourself?
My 308(b) is down almost 5%. Froze it. All my extra money is going to tsla.
What’s the meaning of: you have control over the foundation? Can I send money to my parents in another country? It’s for medical expenses.