How to Pay Less Taxes to The IRS | Accountant Explains
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- Опубликовано: 29 сен 2024
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The best LEGAL way to not pay taxes to governments is...to not make ANY money at all.
In other words spend it all legally pre-tax:)
🤣🤣🤣🤣🤣😅😅
Cash only business lol
Best non legal way, act crazy and get them to send YOU money!! 😈
But then you can’t afford basic necessities.
Hey Brian, nice to see you again
It’s always great to see you!
Brian, you really missed out on the other advantages with an HSA. They are truly the best tax advantage account out there.
Great video Brian. Are there any tax deductions we can claim for making monthly payments toward student loans that have accrued interest?
Yes you can claim that
You can only claim the interest
Youd be better off getting that student loan discharged.
Thanks m8. Pay less in taxes, or pay fewer taxes.
If i make less than 60k income and have long term crypto capital gain of 10million is there still no capital gain tax?
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.
How about just delete the irs
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❤
I agree! Brian, can you help us with more tax deductions with us self employed!
Set aside 30% of your 1099 income for taxes! Pay taxes quarterly also to avoid interest penalties from the IRS.
Just open up an LLC and run all of your income through the LLC
Brian is the real deal, thanks for sharing your knowledge with us.
Good afternoon Brian what you got for me today, BROTHER!
BRIAN THE PODCAST🦁 LION (the Walter Cronkite of podcasts 🏆)
This beautiful man helped me through the pandemic with so much info, and he's still banging out quality content
I like paying taxes…makes me feel needed. 🤡👍
This is definition of SOLID ADVICE!!! Thanks bro people charge for this simple stuff but make it complicated
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.
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
Do you need to do anything special to carry over the losses forward?
@@Ageleo No. Also, see the edit. You can do this until your losses are used up.
@@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.
@@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.
The video is very informative, well made, and easy to follow for anyone.
I really appreciate your channel and the valuable insights you provide on various govt situations that personally helped me to stay ahead..❤
Excellent breakdown of tax savings options. Well done.
We knew brian had money in the family 😢 he just using his higher education skills to do right by the people❤
We need a flat tax. Right now the tax laws are insane.
Just check the “exempt” box when filling out your w-4 🤷🏻♂️😉
1:17 - Sir! You are Amazing!!! You Organize your videos SO well - Incredibly clear and concise and helpful.
Thank you for all the support fgbowen!
@@clearvaluetax9382- well sir - absolutely 100% you deserve it.
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?
Wesley Snipes gave me some good advice years ago. I'm sticking with that. This seems sketchy.
😂😂😂😂 however, you going to be in jail in no time 😅
Lol 😂
Biden also
Martha Stewart is my go to
😂
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.
Extremely annoying. And I am personally sick of it.
I’ve thought of that too. However maximizing on tax deductions doesn’t nearly come close to the liability costs of having children.
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
Don’t complain. Most people would love to be making $170k.
Same here and this is not enough to live in NY😢
Brian🌿 Thank you for not forgetting us! We appreciate you sharing your knowledge and experience,! 🎄
Thank you for sharing your knowledge Brian. I am truly grateful to you. 👍🙏
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
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
The point of school is to brainwash instead of prepare you for life
He should be an elective in High School 😎👍🏼
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? 🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬
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%.
This definitely doesn’t include me I don’t even make enough to invest
Thank you Brian love ur videos.
This is actually really good advice. Good refresher for people too. Great video.
Thank you very much Brian for taking the time and making this very important video.
Can I make an HSA account if my work doesn’t offer it?
Don't forget about the new energy credits
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!
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 🙄
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 #?
more of these tax shelter vids please, thanks for the good stuff
I'm a tax accountant, and I come to you, Brian, for my goodies :D thank you!!!
You explain things so well! Thank you so much for all the info!
Happy Holidays, Brian! Thank you for your wonderful advice. I always used the pre tax commuter benefit and fsa to reduce taxes.
Why did you show BLM symbol on 3:07? Are you woke?
Keep up the great content, very much appreciated Brian!
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!
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.
Isn't a HSA (triple tax advantage) the best retirement account if you pay outta pocket for expenses and keep your receipts?
Thank you for your videos.
Breaks for the little guy (as applicable) 👍🏼
"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.)
Poor Dad tells me to get into debt to pay less taxes.
IRS has entered the chat
😂
As my father, once told me make as much money as you can, because most can’t and then worry about the taxes later
Should someone in their 30s do roth conversions now? Or wait until retirement?
Probably when you make the least amount of money ;P
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?
Happy Monday Brian!!! Have a great day!🌺☀️
Thank you and I wish you a great day as well!
Hey I buy Lottery scratch tickets for influencer vidoes on YT. Can I use that as an business expense?
Do you make tax content for active duty military and new home buyers?
Crystal clear
Thank you for sharing useful information
pov: ur 17 wacthing this so when u move out u can save as much money asp
Protect this guy with all costs! We all need Brian!
THEY ASKED ME TO BE THE CEO
If this man would run for president he would get my vote
Thank you Brian! I learn alot from you and i Appreciate all your videos.
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...
Thank you Brian for your great advice!
Great video, thanks! You’re reminding me to purchase things I need for my small business NOW.
I'm a financial advisor with multiple FINRA registrations including series 65. I would love to work with you if you see this comment.
Just made my 529 savings plan. Thanks Brian! I appreciate your hardwork!
Congrats Genesis 0 Tech!
Great job for the ones don't know about this help is always needed and your good at that
Awesome helpful n informative vid. Especially ur step by step explainations. Kudos. Anticipating ur next one. Peace
The long term capital gains tax exclusion only applies to stocks and/or crypto???
Thank you
GOD ❤ BLESS 🕊
Thank you!
Thank you
Does this work for options traders and options gains or losses.
Yes
@@lkd06 thank you!
Do I have to report my investments (stocks) from my HSA account to the IRS?
i thought long term capital gains were based on how much you made on your investment, not your income
as long as those thieves with licenses getting less money, i am happy
How to allow your young children (working age) to do this with money from parents?
I love your videos, so glad I came across them. Thank you so much for the knowledge.
Thanks, Brian, very helpful!
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!
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?
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)
@@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.
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
Even the oriole at h & r block didn’t know 0 long term gains tax
This conent is invaluable!
im single and head of household how to filled up form W4 to pay less income taxes in washington dc ?
Can I use the 529 plan for anything else, other than education?
so if you don't use up the FSA you're burning money? who gets that money at the end?
Thak you for this ma!
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.
Good video 👍
My Hero 🙏🏼
Thank you for the tips.
Brian is the best
Adam seem so greedy
Always asking for Cash 💷
SMH
Good afternoon 😅
Hi Eugene!
Thank you
Thank you for sharing Brian
Thanks Brian!
Happy Monday!