Save Several Payment with airSlate SignNow

Save several payment

i'm in in the studio today with my real tax advisor tom wheelwright he's the author of tax free wealth and i love to i love having tom because an advisor is a teacher and most financial advisors are fake especially accountants so tom is an accountant and we're going to talk about taxes it's going to be personal today because tom and i will have a discussion of how i plan to not pay any taxes in the next couple of years i make millions of dollars and pay zero taxes legally yeah well you already have the money it doesn't matter whether you deposit or not it's still taxable so you don't get to do that and why would you cheat when you could legally reduce your taxes so taxes are basically the way the government sticks their hands in your pocket and if you like that more power to you i really don't like somebody's hands in my pocket now i know you communists out there are going to say oh that's not fair so well you can pay all the taxes you want then you know even elizabeth warren but you know president trump and i don't pay much in taxes and that's the game but we do it legally most people don't plan on taxes until after they get the bill or they let the government flee some get a tax refund which means you're stupid enough to let the government take your money in the first place out of your paycheck which i would never do but some people have to anyway very important because your number one expense rich or poor steal taxes well i don't pay your taxes yeah but you still pay sales tax gasoline tax real estate taxes and all this so taxes are basically the way the government sticks their hands in your pocket and if you like that more power to you i really don't like somebody's hands in my pocket to get zero percent tax need a team you can't just do it by yourself you have to have accounts attorneys and real estate guys if they have bankers on your side so that's why having a team is important just recently i made several million dollars last month tax-free legally i say that because that's what you'll learn in geo i say that because legally because you don't have to be a crook to be no pay tax you have to be smart the government wants you to pay no tax taxes are incentives the reason i pay no taxes is because like i said i have four houses i live in but 5 000 houses are rent out by me providing housing i pay zero tax because that's what the government wants me to do so today ladies and gentlemen tom's going to give you some ideas about if you're a w-2 or an employee what you can do to minimize your taxes we do recommend viewing it legally as i always say i don't want to go to jail and dance with my boyfriend in there but there's so many things you can do to reduce taxes but you got to do it ahead of time right tom what you do i mean it's like retroactive planning reverse planning doesn't work you have to go to jail for that planning means going forward what happens is that people go oh i got too many taxes so they do one of two things they they either um they either spend money like her accountant told her to do right they go out and buy something they don't need or it's even worse they cheat and i see that all the time there's a lot of people that go oh my taxes too high i'm gonna cheat i had somebody just the other day an accountant was telling me that their their client had said well we're just not gonna deposit our checks till the next year and i'm going yeah well you already have the money it doesn't matter whether you deposit or not it's still taxable so you don't get to do that and why would you cheat when you could legally reduce your taxes as a part of it just loves to say i make millions of dollars and pay no taxes it's kind of my you know what the it's the middle finger gesture to the world and every time i say that especially on air boy does it get hot out there because everybody kind of knows the rich make more money and don't pay taxes so here we have elizabeth warren running for president or amazon whatever she's running for bernie sanders and aoc they want to tax the rich rich pay my taxes tom no the rich will always find a way not to pay those more taxes correct and ultimately because because tax is the middle class ultimately that's that's where the money end up coming from ends up coming from so all these i'm not republican or democrat but when they say they're going to tax the rich you know they're coming after your money not my money because as we talk about there's two types of income as income from labor as long as you're working for money you will pay taxes but if you're working from capital you pay less taxes there's income from capital which is investments and businesses and there's labor and whenever your school teacher says here go to school get a job and work hard fire that teacher that you want somebody who is not a communist but a capitalist because you want to go to school make a lot of money and pay no taxes that is the american way right tom exactly it's all about the more wide ways more the more assets you have the less tax you pay and it's worldwide it is worldwide so every country we've ever been together robert it's the same yeah so if i'm antagonizing saying i'm making millions of more money and pay less taxes you just heard how we do it here we sit with tom i said with tom kinses with tom give us more accurate on the numbers i like to just make the money i like to make the money kim accounts for the money and that's how you get rich that is you know what that's what we're teaching everybody at our wealthability network is how to make more money and pay less tax so if you don't have an account or a bookkeeper like tom you're going to pay more taxes so this is a matter of thinking you know rather than just going to school getting a job and saving money any tax breaks for that [Laughter] well the only one there is is the 401k and everybody knows how we feel about that one that's a so so there's no way to do it without giving your money into the control of the government i mean that's really what those plans are they're a way for the government to control your money and to control your investing but if you want to have control over your money then you really have to look at being a business owner or a professional investor another thing we we're talking to cara who's she's from haiti he's an attorney he's a pi you mean a personal injury she makes a lot of money but she also gave her some other ideas other than just we talked about her children and all that how does that work for a self-employed person well so for example i mean one of the things the government wants us to do is teach our children how to work and get them productive into society and so the government gives tax benefits for employing children in your business and one of the big tax benefits in the us right now is that we have a twelve thousand dollar personal deduction that means that the first twelve thousand dollars of income that you earn is not taxed well that's true for your child just as it's true for you so if you pay your child can i rent a kid you can pay any children you want you're welcome to pay my children robert absolutely here's the thing though if you pay somebody else's child now they're in control of that money you're not still in control of it so you pay your own child pretty much you're going to be in control of that money even though you paid the child you get a deduction they don't pay tax how about age of the child doesn't matter as long as they can actually do the work they really do have to work for you you can't just pretend we always say if you if you want to get a pretend deduction you know that's fine but it's pretend you go to jail for that exactly what else can a person do oh my heavens i mean you can go on and on you know when it comes down to it though it's how you use your money right because if you just consume it if you just spend it it's going to be taxable to you but if you put it back into your business if you put it into real estate you put it into commodities oil and gas if oh my heavens the the tax benefits under the new tax law are unbelievable let me let me give you an example so let's say that that you've got a a business uh you do some real estate and you go out and you drive to that real estate every day okay but you could have a home office and the irs actually likes home offices people think that's a big red flag but it's not so you get a home office now every mile you drive of that car when you're going you have no commute anymore because you're commuting to your home office so all of that mileage is deductible what does that mean well under the new tax bill that means that you could go buy a car let's say you've been wanting a car but you're going oh it's so expensive but you go buy this big new suv or a big new truck or something like that you might be able to deduct as much as a hundred percent of the purchase price and then you bought it even if you borrowed all the money this year so this is actually something like if you're at the end of the year then you could actually decide well let's see i'm thinking about buying a new car anyway buy it before the end of the year because then you're going to get a big tax break for it let the government pay for part of it and the government's happy because you're actually helping the economy with all these jobs and stuff like this well exactly what what the government's saying is look if you're going to take this this car and you're going to use it for your business to produce more income we're going to share in that income we're going to you're going to pay tax on that income so what we want to do is we're going to give you a tax break on the front end the way i pay zero taxes is i have a tax plan my whole life is based upon paying nothing in taxes to do that requires different education for example if i save money i pay tax that's stupid but if i use debt i get tax breaks i'll say it again okay if i save money i pay taxes if i use debt and i use about 500 million the last few years half a billion dollars i pay no taxes now the reason that's important is that my education financial education with the help of tom is all designed on what i have to learn so i can make more money and pay more taxes less taxes but if i just come out of college with my phd i will pay tax and what the government wants are more people who can create jobs maybe not in this country but in my country big problem so we're tax incentivize the more jobs we create the less tax we pay you know these guys big b quadrant means you have employ over 500 employees if you have over 500 employees you know different states in america will come to come to you which you might move into our state will give you tax breaks the reason they want you to move to your like they want me to move from arizona where i live now to california is because i'll create jobs that's the reason so we get tax breaks these guys get screwed i mean they pay higher taxes and the i quadrant pays zero proven there's a god now there's one condition to get zero percent tax need a team you can't just do it by yourself you have to have accounts attorneys and real estate guys if they're bankers on your side so that's why having a team is important so this is a matter of thinking you know rather than just going to school getting a job and saving money any tax breaks for that [Laughter] well the only one there is is the 401k and everybody knows how we feel about that one that's a so so there's no way to do it without giving your money into the control of the government i mean that's really what those plans are they're a way for the government to control your money and to control your investing but if you want to have control over your money then you really have to look at being a business owner or a professional investor [Music]