Building Wealth: Pay Tax on the Seed, Not the Harvest
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- Опубликовано: 11 сен 2024
- This video covers the concept of paying tax on the seed, not the harvest. I explain what this means and why this is the foundation of good modern-day tax planning strategies.
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The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.
This is knowledge.
100% agree with you. I've been putting into a 401k for 34 years now and just switched to ROTH 401k contributions a couple years ago. I also opened a brokerage account to invest outside the 401k. Basically I have a tax bomb coming and not much I can do now.
You're definitely not the only one in this situation. Thank you for watching!
I love your way of thinking. How rich would I have to be to work with you?
Thank you for your kind words! I actually don't do any personal consulting anymore so that I can focus 100% of my time on producing educational materials.
Golden advice, as always. Aside from business ownership and a SEP Roth/IRA, do you see a way to invest using this tax strategy while having no W2 income? I can only come up with the HSA which is great, but limited by the contribution cap.
The Buy, Borrow, Die strategy is a great way to make sure you never pay tax again on your investments. You can do Buy, Borrow, Die as an investor even if you don't own a business.
@@sharonwinsmith Ah. Right, makes sense. SBLOC > HELOC I would guess.Risks with each but a great idea. Thanks for the response. .