How I Paid $0 In Taxes Investing In The Stock Market (IRS Loopholes)
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- Опубликовано: 30 июл 2024
- This is 15-minutes of free information. I am not here to sell you anything. The goal is to share information I've learned from speaking to so many small business clients who do business with my company. I do not have books, courses or seminars.
I own a company called JACK USA which started the Jumping Jack Tax Franchise where we now have 20 virtual accounting franchises in 6 states. We help small business owners scale their businesses FASTER by taking on daily tasks such as bookkeeping, accounting and other financial responsibilities so they can focus on MONEY MAKING tasks (Plus, we keep them in compliance)
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Most people venture into stock, real estate and crypto to be a millionaire, meanwhile, I just want to be debt free
That's very practical and smart goal, a wise man once said do everything you can to get outta debt, one of his tips to getting rich
You don't make money on forex or crypto by holding your coins rather you trade to make gain.
Assets that can make you wealthy
Gold
Crypto
Stock
Real estate
@@christianajoe8563 When you invest in crypto you are buying a day you don't need to work.
Wish I knew about crypto trading earlier.stock is good but crypto is better. Brace up and get yourself a bitcoin before it's too late.
I discovered your channel yesterday and your content is phenomenal. Not just the content but your organization and delivery is 10/10. You definitely found your calling!
Thank you so very much for sharing your knowledge on this topic. I truly appreciate it 🙏🏾🙌🏾
This info is gold - THANK YOU!
Appreciate the game sir. Would like to know more of the specifics with utilizing the Roth IRA though.
Thanks for sharing this valuable information. You are a blessing 🙏
Outstanding content…God Bless🙏🏽
Excellent video for beginners and good reminders for old timers in this. There is some skepticism about information in comments which is unwarranted. Information shared is accurate. Short vs long term vs unrealized gains. Offsetting gains by losses. Doing Roth IRA conversion (if you qualify) where you pay taxes on gains during conversion and then grow money tax free for retirement. Taking loans against your stock portfolio is exactly how Elon and others live lavish lifestyles without paying taxes.
THANK YOU MY BROTHER FOR TEACHING ME 👍
Good info. Thanks, Bro.
brilliant, thank you!
Love the info gets me pumped up especially the investing part. It's confusing Lot info out there on how to invest. Index dividends vs whole stock bonds mutual funds etc . It was suggested I put money for ex in apple stock that pays 2.68 index yield (example) add $1000 (example)to it every year and by the time I'm ready to retire I should have around500k -1mill (example).
Thanks excellent on taxes and business. Would like to see the allowed deductions for a business
Start 14:09 for tips.
This is useful and very helpful information.
I'm a newb 😬
I just started trading at a very modest level lol.
Thanks for knowledge
This is the first video that i am using for the start of teaching my adult children regarding Building Wealth. The next video is breaking each tip to its own video. Much blessings to you Fam...
yeahhh but this GENERATION of,,,13,,,14,,15,,,16,,,17,,,18,,,19,,,20-year OLDS DO NOT LISTEN...They call you the ...''O.G.'' and put their HEAD PHONES BACK ON... wtf..!! i just Threw in The ...''TOWEL''
Don,
I don't usually post comments. This video tho, really resonated with me. A lot has happened, but short version is I started as an Intern for NWM. After about six months I changed positions and I now find myself working in international bonds. It's been under a year since I switched and I've been wondering if keeping the Life/accident/health license is going to be something I should consider. Did you think before you left insurance (and came back) that you would have done something different in terms of fiduciaries? Is it worth keeping, let's say if you're not using it right now ?
Thank you Don ❤️🙏
Stock market you say 🤩
Gr8 channel!
So let's say you're a day trader and you make $1,000 a day so it'll be $1,000 - $240 at a 24% tax rate, or if you're making $300 a day then that's $300 - $72 which will leave you with $228 for the day so if what he says is true that's what it looks like with a 24% tax rate if you're doing short-term gains. But like I said best to get the advice from a tax person specializes in capital gains tax for day traders and investors
Another thing you can do is build up dividend income to a point that you can live off it then quit your job. Your first 40k of taxable in dividends is tax free and hand 80k if married filing jointly. Not to mention with standard deduction that should increase the amount you can actually have as income tax free. Then pass your dividend stocks down generationally to your kids and grandkids and your family would never have to work a day in their lives
Dose these rules are the same for all trading as well ?
"Buying Income' is a perspective changing term. Thank you.
I did not coin this phrase. Shout out to Chris Johnson for making that a trend. Follow him on Instagram.
Get money, Buy Income 📈📈- Chris
What if you lost an asset (i.e. real estate) and the insurance payout is more than what you paid for the rental property... is the excess cash considered capital gain and thus taxes must be paid on those gains?
That’s a great question
You added value to my life. i will defintely share this with my investment group! Keep up the good work!
Talk more about loan against a life insurance asset :
Lets say I purchase a shares on january. And I keep investing in the stock. Does the long term capital gain tax date pushed everytime I invest or does it count from the first time I invested in it?
Hello everytime you purchase it starts a new date
Do you guys handle Real Estate investors book keeping and tax planning?
I believe they do just give them a text
All great was to mitigate tax liability! My favorite has to be taking a loan against the asset then using that money to but another asset. Great video!
You are an excellent teacher! Thanks for sharing your knowledge.
This is Gold, well explained. Thank you.
You're no longer Prince you're King now💯
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Salute my guy I didn't know you was from philly💯
Basically I gave money to invest but don't know how . And I hated wasting it just sitting at the bank not making me money.
Why are lottery winning taxed as non investment earnings. To invest 2.00 in a lottery ticket it is a investment . Please explain that ? I think government is taxing wrong on lottery winnings . It should be a investment.
What if I buy $1,000 worth of a stock. In less than a year it rises to $2,500 and I sell my profit of $1,500 still keeping my initial investment of $1,000 in that same stock. Now taking my $1,500 and putting into another stock. Will I have to pay capital gains?
I’m assuming no right?
Yes you’ll still have to pay taxes on the profit of that stock you sold. According to Irs, it’s considered a realized gain once you sell your stock despite putting your profit into another stock and you’re also subjected to short term capital gains tax if sold within a year
How do you loan your portfolio?
I also want to know I think hes talking about buying on margin
Loaning against your own savings in a whole life insurance policy don't sounds good.
👌🏾👌🏾👌🏾👌🏾
👍🏾
❤
First
Stocks are not assets. Does that banking industry invest in stocks; Will the bank loan a customer money to invest in stocks? If you can't insure the investment, it's not an asset, it's a form of gambling.
If you're trading you should create a LLC or
corporation that's the first thing you should do if you're investing.
Microsoft Pays you Cold Hard Cash every 3 months
*Be a part of the bitcoin evolution and make more money while you still can*
There are many ways to pay less in taxes. the wise find them
Why the fuck do we pay tax on capital gains if we invest with our hard earned money.. I swear to fuck, the system loves to keep the little guy down.
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