How to Pay Less Taxes to The IRS | Accountant Explains

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  • Опубликовано: 29 сен 2024
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Комментарии • 521

  • @clearvaluetax9382
    @clearvaluetax9382  9 месяцев назад +8

    Join our Exclusive Investing Community at: ClearValueInvesting.com
    GET 3 FREE STOCKS when you open up a stock account here: a.webull.com/i/ClearValueTax

  • @randymouser3816
    @randymouser3816 9 месяцев назад +196

    The best LEGAL way to not pay taxes to governments is...to not make ANY money at all.

    • @raganidze
      @raganidze 9 месяцев назад +10

      In other words spend it all legally pre-tax:)

    • @IKIshesDivine
      @IKIshesDivine 9 месяцев назад +3

      🤣🤣🤣🤣🤣😅😅

    • @wxieqdsiwevbks
      @wxieqdsiwevbks 9 месяцев назад +4

      Cash only business lol

    • @amandalee714
      @amandalee714 9 месяцев назад +4

      Best non legal way, act crazy and get them to send YOU money!! 😈

    • @YashaswinPathangi-hi4kl
      @YashaswinPathangi-hi4kl 9 месяцев назад

      But then you can’t afford basic necessities.

  • @Crazyitalian1995
    @Crazyitalian1995 9 месяцев назад +4

    Hey Brian, nice to see you again

  • @tcs7717
    @tcs7717 9 месяцев назад

    Brian, you really missed out on the other advantages with an HSA. They are truly the best tax advantage account out there.

  • @Josh_Arbour
    @Josh_Arbour 9 месяцев назад +15

    Great video Brian. Are there any tax deductions we can claim for making monthly payments toward student loans that have accrued interest?

    • @gabryy12
      @gabryy12 9 месяцев назад +3

      Yes you can claim that

    • @gabryy12
      @gabryy12 9 месяцев назад +3

      You can only claim the interest

    • @WolfeByteLabs
      @WolfeByteLabs 9 месяцев назад

      Youd be better off getting that student loan discharged.

  • @kckaz4453
    @kckaz4453 9 месяцев назад

    Thanks m8. Pay less in taxes, or pay fewer taxes.

  • @JaylenHolmes-wz1yb
    @JaylenHolmes-wz1yb 9 месяцев назад

    If i make less than 60k income and have long term crypto capital gain of 10million is there still no capital gain tax?

    • @clearvaluetax9382
      @clearvaluetax9382  9 месяцев назад

      There is no tax up to those thresholds. So if you’re single… and you make $40K… then up to $20K of realized gains will be tax free. I hope that helps.

  • @jacobfoley9684
    @jacobfoley9684 9 месяцев назад +19

    How about just delete the irs

  • @KandiNBeyond
    @KandiNBeyond 9 месяцев назад +64

    Hey Brian, long time watcher, I was wondering if you'd be able to consider an updated 1099 for gig workers video. I am just getting into this and would love to keep doing it, but I am completely lost with taxes, Sending love and holiday wishes❤

    • @trailblazer8276
      @trailblazer8276 9 месяцев назад +14

      I agree! Brian, can you help us with more tax deductions with us self employed!

    • @frescosmalls
      @frescosmalls 9 месяцев назад +8

      Set aside 30% of your 1099 income for taxes! Pay taxes quarterly also to avoid interest penalties from the IRS.

    • @lscorpiusl605
      @lscorpiusl605 9 месяцев назад +2

      Just open up an LLC and run all of your income through the LLC

  • @SKZ1360
    @SKZ1360 9 месяцев назад +125

    Brian is the real deal, thanks for sharing your knowledge with us.

  • @stephenrogers4537
    @stephenrogers4537 9 месяцев назад +10

    Good afternoon Brian what you got for me today, BROTHER!
    BRIAN THE PODCAST🦁 LION (the Walter Cronkite of podcasts 🏆)

  • @agarci7
    @agarci7 9 месяцев назад +43

    This beautiful man helped me through the pandemic with so much info, and he's still banging out quality content

  • @Santaheckler
    @Santaheckler 9 месяцев назад +5

    I like paying taxes…makes me feel needed. 🤡👍

  • @southeastoriginal5668
    @southeastoriginal5668 9 месяцев назад +42

    This is definition of SOLID ADVICE!!! Thanks bro people charge for this simple stuff but make it complicated

  • @hwasookyung
    @hwasookyung 9 месяцев назад +59

    Tax loss harvesting has a limit. It was 3k in 2021.
    Lost about 20k, but was only able to deduct 3k. The limit might be a bit higher now.

    • @tonywong8134
      @tonywong8134 9 месяцев назад +30

      You can carry it over the next three years I believe. So you can claim another three grand next tax year.
      EDIT: According to intuit, you can do this indefinitely until your losses are used up

    • @Ageleo
      @Ageleo 9 месяцев назад +1

      Do you need to do anything special to carry over the losses forward?

    • @tonywong8134
      @tonywong8134 9 месяцев назад +6

      @@Ageleo No. Also, see the edit. You can do this until your losses are used up.

    • @Ageleo
      @Ageleo 9 месяцев назад

      @@tonywong8134
      So when I do my taxes, it should just automatically carry over then?
      Got it, thanks you. I'm down about 10k this year. Too bad it's gonna take 4 years to get all of that back.

    • @tonywong8134
      @tonywong8134 9 месяцев назад +4

      @@Ageleo No, it does not automatically carry over. You need to do the 3000 max every year. So this year it will be 3k, 2024 it will be 3k, 2025 it will be 3k, and 2026 it will be 1k. Assuming you don't have any realized capital gains. There is an IRS form you will need to fill out when you carry it over next year.

  • @Shanoobpp
    @Shanoobpp 9 месяцев назад +18

    The video is very informative, well made, and easy to follow for anyone.

  • @srikanthmaganty524
    @srikanthmaganty524 9 месяцев назад +19

    I really appreciate your channel and the valuable insights you provide on various govt situations that personally helped me to stay ahead..❤

  • @govind90
    @govind90 9 месяцев назад +13

    Excellent breakdown of tax savings options. Well done.

  • @ChristinaMoralesMindfuqed
    @ChristinaMoralesMindfuqed 9 месяцев назад +9

    We knew brian had money in the family 😢 he just using his higher education skills to do right by the people❤

  • @deborahaichele8829
    @deborahaichele8829 9 месяцев назад +11

    We need a flat tax. Right now the tax laws are insane.

  • @WheresTheM3tal
    @WheresTheM3tal 9 месяцев назад +4

    Just check the “exempt” box when filling out your w-4 🤷🏻‍♂️😉

  • @fgbowen
    @fgbowen 9 месяцев назад +7

    1:17 - Sir! You are Amazing!!! You Organize your videos SO well - Incredibly clear and concise and helpful.

    • @clearvaluetax9382
      @clearvaluetax9382  8 месяцев назад +1

      Thank you for all the support fgbowen!

    • @fgbowen
      @fgbowen 8 месяцев назад

      @@clearvaluetax9382- well sir - absolutely 100% you deserve it.

  • @aug40solo50
    @aug40solo50 9 месяцев назад +5

    I have student loan and currently taking my MSN, will it benefit me if I will create 529 account and pay my loan from that account instead of paying directly my loan?

  • @BiggL13
    @BiggL13 9 месяцев назад +405

    Wesley Snipes gave me some good advice years ago. I'm sticking with that. This seems sketchy.

    • @truegrizzlesfan2292
      @truegrizzlesfan2292 9 месяцев назад +77

      😂😂😂😂 however, you going to be in jail in no time 😅

    • @johnzeegler8641
      @johnzeegler8641 9 месяцев назад +10

      Lol 😂

    • @loopba
      @loopba 9 месяцев назад +20

      Biden also

    • @jeffcurrie123
      @jeffcurrie123 9 месяцев назад +53

      Martha Stewart is my go to

    • @kmoliere504
      @kmoliere504 9 месяцев назад +2

      😂

  • @MerakiEleven
    @MerakiEleven 9 месяцев назад +81

    I’m in such a hard spot when it comes to maximizing tax benefits. I’m single, no kids, make 170k and can’t take advantage of any tax benefits because I make too much - not even deductions for student loan interest. They already take out so much in taxes, very annoying.

    • @Dumbluck14
      @Dumbluck14 9 месяцев назад +6

      Extremely annoying. And I am personally sick of it.

    • @aNotoriousNerd
      @aNotoriousNerd 9 месяцев назад +13

      I’ve thought of that too. However maximizing on tax deductions doesn’t nearly come close to the liability costs of having children.

    • @wadej769
      @wadej769 9 месяцев назад +15

      Def max out your 401K or retirement plan. Got mine at 25% of gross now given it is pre-tax. Better then giving that money to U Sam

    • @brandon8531
      @brandon8531 9 месяцев назад +35

      Don’t complain. Most people would love to be making $170k.

    • @Lovepinkdress
      @Lovepinkdress 9 месяцев назад +7

      Same here and this is not enough to live in NY😢

  • @mw3516405
    @mw3516405 9 месяцев назад +7

    Brian🌿 Thank you for not forgetting us! We appreciate you sharing your knowledge and experience,! 🎄

  • @joannafull3727
    @joannafull3727 9 месяцев назад +8

    Thank you for sharing your knowledge Brian. I am truly grateful to you. 👍🙏

  • @RGamerVideosYay
    @RGamerVideosYay 9 месяцев назад +2

    Summary:
    #1: 0% Tax Rate on Long Term Investments
    #2: Tax Loss Harvesting (Capital Loss Offest)
    #3: Roth Conversions
    #4: 529 Plan (Education Investment Account)
    #5: HSA Contributions
    #6: Timing Your Expenses

  • @scc12321
    @scc12321 9 месяцев назад +91

    You're literally my hero Brian I learn so much from you. Thank you for teaching me things we should be learning in high school

    • @NE0Nwhip
      @NE0Nwhip 9 месяцев назад

      The point of school is to brainwash instead of prepare you for life

    • @CarlosPlumbingNMoreToolReviews
      @CarlosPlumbingNMoreToolReviews 9 месяцев назад +2

      He should be an elective in High School 😎👍🏼

  • @MEGAONE302
    @MEGAONE302 6 месяцев назад +1

    Long-Term Capital Gains Tax Rates for 2024 to pay 0% tax is $0 - $94,050 for Married Filing Jointly not 120k. Should I believe anything you say? 🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬

    • @Cornerback3141
      @Cornerback3141 5 месяцев назад

      It works out when you factor in the standard deduction. The 2024 standard deduction Married Filing Jointly is $29,200, so if you make $120,000 (married filing jointly), your taxable income after the standard deduction is $120,000 - $29,200 = $90,800, and that is the number used to calculate the long-term capital gains rate. Since it is less than $94,050, the rate is still 0%.

  • @angilatorres1068
    @angilatorres1068 9 месяцев назад +3

    This definitely doesn’t include me I don’t even make enough to invest

  • @rolandorivera5469
    @rolandorivera5469 9 месяцев назад +8

    Thank you Brian love ur videos.

  • @gabunir
    @gabunir 9 месяцев назад +8

    This is actually really good advice. Good refresher for people too. Great video.

  • @Biochem1921
    @Biochem1921 9 месяцев назад +12

    Thank you very much Brian for taking the time and making this very important video.

  • @annaindeed
    @annaindeed 9 месяцев назад +1

    Can I make an HSA account if my work doesn’t offer it?

  • @natalieyt1851
    @natalieyt1851 9 месяцев назад +1

    Don't forget about the new energy credits

  • @nikc.4113
    @nikc.4113 9 месяцев назад +4

    Brian I absolutely lovvveeee this channel! Thank you for sharing all of your knowledge and wisdom with us. May GOD continue to BLESS you for this!

  • @AlannaFoxx
    @AlannaFoxx 9 месяцев назад

    Taxes make me want to just not make any money at all. I’d honestly prefer to grow my own food and barter everything else 🙄

  • @Adam-du8rg
    @Adam-du8rg 9 месяцев назад +2

    Can you still capitalize on the o% long term tax rate if you're single with a salary of less than $60,000, but your investments are worth more than that 60k? Is the amount being sold included in that 60k #?

  • @comicbookmoney3286
    @comicbookmoney3286 9 месяцев назад +6

    more of these tax shelter vids please, thanks for the good stuff

  • @cyclingxventures
    @cyclingxventures 9 месяцев назад +4

    I'm a tax accountant, and I come to you, Brian, for my goodies :D thank you!!!

  • @rachelledalomb5
    @rachelledalomb5 9 месяцев назад +7

    You explain things so well! Thank you so much for all the info!

  • @kennethchow3996
    @kennethchow3996 9 месяцев назад +7

    Happy Holidays, Brian! Thank you for your wonderful advice. I always used the pre tax commuter benefit and fsa to reduce taxes.

  • @grigorirasputin425
    @grigorirasputin425 9 месяцев назад +2

    Why did you show BLM symbol on 3:07? Are you woke?

  • @franciscoflores9915
    @franciscoflores9915 9 месяцев назад +7

    Keep up the great content, very much appreciated Brian!

  • @slmusic360
    @slmusic360 9 месяцев назад +5

    Great video! However, can you clarify 2 things: the 0% LTCG bracket and the wash sale. My understanding is incurring the gain will bump up AGI which can then determine your gain to be taxed at the federal level if the AGI bracket goes above the threshold.
    With wash sales, are those cross registration? Meaning if you sell in taxable to book the loss and then buy the same stock in an Ira. Please clarify - thank you!

    • @dwdwone
      @dwdwone 9 месяцев назад

      I think wash sales are still subject to the 30 day rule regardless of the account type. I think it's 30 days before, too.

  • @IvanTheHurricane
    @IvanTheHurricane 9 месяцев назад +3

    Isn't a HSA (triple tax advantage) the best retirement account if you pay outta pocket for expenses and keep your receipts?

  • @kdefensemartialarts8097
    @kdefensemartialarts8097 9 месяцев назад +3

    Thank you for your videos.

  • @NativePpl
    @NativePpl 9 месяцев назад +4

    Breaks for the little guy (as applicable) 👍🏼

  • @MrBlister808
    @MrBlister808 9 месяцев назад +1

    "The Great Taking" by David Rogers Webb book and documentary by the same name give an interesting take of why the financial system is currently imploding, and why you will soon own nothing (and probably not be happy.)

  • @thedude232
    @thedude232 9 месяцев назад +2

    Poor Dad tells me to get into debt to pay less taxes.

  • @Test8672
    @Test8672 9 месяцев назад +3

    IRS has entered the chat

  • @matthewtaylor6564
    @matthewtaylor6564 9 месяцев назад +3

    As my father, once told me make as much money as you can, because most can’t and then worry about the taxes later

  • @Kep19901
    @Kep19901 9 месяцев назад +3

    Should someone in their 30s do roth conversions now? Or wait until retirement?

    • @MoXyiD
      @MoXyiD 9 месяцев назад

      Probably when you make the least amount of money ;P

  • @MrPib-yu2no
    @MrPib-yu2no 9 месяцев назад +1

    Thanks for posting this info.. my question is where does it say married filing jointly under 120K qualify for 0% capital gain tax. The IRS Website says $83,350. Can you clarify?

  • @rosebloom2518
    @rosebloom2518 9 месяцев назад +5

    Happy Monday Brian!!! Have a great day!🌺☀️

    • @clearvaluetax9382
      @clearvaluetax9382  9 месяцев назад +2

      Thank you and I wish you a great day as well!

  • @RandomRobScratchin
    @RandomRobScratchin 9 месяцев назад +1

    Hey I buy Lottery scratch tickets for influencer vidoes on YT. Can I use that as an business expense?

  • @JeremySwank
    @JeremySwank 9 месяцев назад +1

    Do you make tax content for active duty military and new home buyers?

  • @peterlee244
    @peterlee244 9 месяцев назад +3

    Crystal clear
    Thank you for sharing useful information

  • @slayyy_naya9302
    @slayyy_naya9302 9 месяцев назад

    pov: ur 17 wacthing this so when u move out u can save as much money asp

  • @AndrewM83
    @AndrewM83 9 месяцев назад +10

    Protect this guy with all costs! We all need Brian!

  • @chennumber3
    @chennumber3 4 месяца назад +1

    THEY ASKED ME TO BE THE CEO

  • @chenggonglee4992
    @chenggonglee4992 9 месяцев назад +2

    If this man would run for president he would get my vote

  • @jojoc5575
    @jojoc5575 9 месяцев назад +2

    Thank you Brian! I learn alot from you and i Appreciate all your videos.

  • @CarmenGarcia-bu3so
    @CarmenGarcia-bu3so Месяц назад

    I paid in IRS 6 thousand DOLLARS BC I WITHDRAW LOT OF MY MONEY FROM MY 401K INVESTOR..CAN U BELEIVE IT,, I WILL DO IT AGAIN 2025...

  • @andreafuenzalida9766
    @andreafuenzalida9766 9 месяцев назад +3

    Thank you Brian for your great advice!

  • @lydiah7184
    @lydiah7184 9 месяцев назад +1

    Great video, thanks! You’re reminding me to purchase things I need for my small business NOW.

  • @Lazaven
    @Lazaven 9 месяцев назад

    I'm a financial advisor with multiple FINRA registrations including series 65. I would love to work with you if you see this comment.

  • @GenesisZeroTechnology
    @GenesisZeroTechnology 9 месяцев назад +2

    Just made my 529 savings plan. Thanks Brian! I appreciate your hardwork!

  • @mauricescott4675
    @mauricescott4675 9 месяцев назад +2

    Great job for the ones don't know about this help is always needed and your good at that

  • @fuyu5979
    @fuyu5979 9 месяцев назад +1

    Awesome helpful n informative vid. Especially ur step by step explainations. Kudos. Anticipating ur next one. Peace

  • @kenjohnson3412
    @kenjohnson3412 9 месяцев назад +1

    The long term capital gains tax exclusion only applies to stocks and/or crypto???

  • @cynthiaontiveros9401
    @cynthiaontiveros9401 9 месяцев назад +2

    Thank you
    GOD ❤ BLESS 🕊

  • @Jdown23
    @Jdown23 9 месяцев назад +4

    Thank you!

  • @mannypaulin6604
    @mannypaulin6604 9 месяцев назад +1

    Thank you

  • @brianl987
    @brianl987 9 месяцев назад +1

    Does this work for options traders and options gains or losses.

    • @lkd06
      @lkd06 9 месяцев назад +1

      Yes

    • @brianl987
      @brianl987 9 месяцев назад

      @@lkd06 thank you!

  • @ufcgspfan1
    @ufcgspfan1 9 месяцев назад +1

    Do I have to report my investments (stocks) from my HSA account to the IRS?

  • @AK-hi4hm
    @AK-hi4hm 9 месяцев назад +1

    i thought long term capital gains were based on how much you made on your investment, not your income

  • @mbank3832
    @mbank3832 9 месяцев назад +1

    as long as those thieves with licenses getting less money, i am happy

  • @RigSMP100
    @RigSMP100 9 месяцев назад

    How to allow your young children (working age) to do this with money from parents?

  • @carmenrojas4469
    @carmenrojas4469 21 день назад

    I love your videos, so glad I came across them. Thank you so much for the knowledge.

  • @Dr.irenebuenavistamolina
    @Dr.irenebuenavistamolina 9 месяцев назад +2

    Thanks, Brian, very helpful!

  • @phul4619
    @phul4619 9 месяцев назад +1

    Love the slides. Very useful. If you can do slides with your future videos too that would be great! Thank you for all that you do!

  • @codyevans92
    @codyevans92 9 месяцев назад +1

    So just to be clear, if I’m married and make less than 120k jointly let’s say 80k and make 200k profit on long term capital gains. Do I pay 0% on the whole capital gains or do I pay 0% up until 120k then pay 15% on the remaining 160k?

    • @acockerham01
      @acockerham01 9 месяцев назад +1

      You pay 0% until your joint income is 120k and then you begin to pay the taxes on the next dollar more. So it’s a question of when you want the money. If you want that full 200k now you will pay taxes on it. If you take some now, next year and the year after you will likely pay no taxes (so long as everything stays equal and the value doesn’t shift wayyy up or wayyyy down)

    • @codyevans92
      @codyevans92 9 месяцев назад

      @@acockerham01 thanks man, I thought previously that if you made less than the threshold that you’d pay 0% on capital gains but I thought nah that’s not how the government works 😂. Thank you for the clarification.

    • @MrGoldenBomb
      @MrGoldenBomb 9 месяцев назад

      Can you point me to the 2023 tax brackets that show this? I've only been seeing $90k. Not sure if I'm in the right place.@@acockerham01

  • @Big10ent
    @Big10ent 9 месяцев назад

    Even the oriole at h & r block didn’t know 0 long term gains tax

  • @chhe5433
    @chhe5433 9 месяцев назад +2

    This conent is invaluable!

  • @joblessskin
    @joblessskin 9 месяцев назад

    im single and head of household how to filled up form W4 to pay less income taxes in washington dc ?

  • @mrawesome1821
    @mrawesome1821 8 месяцев назад

    Can I use the 529 plan for anything else, other than education?

  • @TheRealJimmy831
    @TheRealJimmy831 9 месяцев назад

    so if you don't use up the FSA you're burning money? who gets that money at the end?

  • @jerelrobinson3762
    @jerelrobinson3762 9 месяцев назад +2

    Thak you for this ma!

  • @l.ls.8890
    @l.ls.8890 9 месяцев назад +1

    I definitely loved getting this information today as it refreshed my memory on some things that I do not use but have friends that do.

  • @zinzayzinzay3085
    @zinzayzinzay3085 9 месяцев назад +2

    Good video 👍

  • @donnamadril1938
    @donnamadril1938 9 месяцев назад +3

    My Hero 🙏🏼

  • @TheArtOfDean
    @TheArtOfDean 9 месяцев назад +2

    Thank you for the tips.

  • @ybrothersunited4223
    @ybrothersunited4223 9 месяцев назад +2

    Brian is the best

  • @PaulCortes-v2q
    @PaulCortes-v2q 9 месяцев назад

    Adam seem so greedy
    Always asking for Cash 💷
    SMH

  • @eugenesmith3611
    @eugenesmith3611 9 месяцев назад +3

    Good afternoon 😅

  • @ronaldgonzalez5073
    @ronaldgonzalez5073 9 месяцев назад +3

    Thank you

  • @samirsolis5613
    @samirsolis5613 9 месяцев назад +2

    Thank you for sharing Brian

  • @MT_454
    @MT_454 9 месяцев назад +4

    Thanks Brian!