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How to Pay 0% on Capital Gain Tax Rates
 
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Income taxes are never simple and the capital gain taxes are no different. Learn how to understand the new capital gain tax rates and even pay 0% in capital gain taxes. Transcription: Did you know that there is a zero percent capital gains rate? Well, I'm going to tell you how to pay zero taxes on your capital gains. But first, what is a capital gain? Well, that is when you have an asset outside of retirement, like a stock, a mutual fund, an index fund. Even a piece of real estate. You own it for a year. You sell it at a gain. You pay a special capital gains tax rate. It's cheaper than the regular tax rate. It's normally 15% for most people. And 20%, if your income is high enough. There is also a 3% Medicare Surtax at certain income levels. But most of you will pay 15% on your capital gain taxes. But what about 0%? That's the better rate, right? So, let's talk about how to pay 0% taxes on your capital gains. The first way to do it is if your income is low enough. So, if your married and your taxable income is below $76,000, about. Or single, below about $38,000. If you have any capital gains that make up that income, guess what? The federal government taxes you at absolutely zero. There's no tax to pay. You may pay some for your state, but there's nothing on federal taxes. Now, for some of you it's like, "Well, I make more than that. What can I do?" So there is a strategy called tax loss harvesting. And this is what I want you to think about. Some of you know about this but I'm going to tell you how to do this better. So that is when you buy an asset, like a mutual fund or index fund and it goes down. Sometimes assets do go down before they go back up. So, when it goes down I want you to sell that asset when it's lower. Not because you're happy about losing money, but sell the asset. Here is the key. Buy another asset that is similar so that you will receive the incline when it goes back up. In the meantime, you have created a tax loss on your tax return.Let's say you bought an asset at $20,000 then it's $15,000. This loss here, that $5,000 loss, you can use that dollar-for-dollar against other capital gains. And that is how you pay zero tax on that. Now here is the thing I want you to realize. Your positions can go up and down throughout the year. Sometimes some of you look at this only in December and the market may be up at that point. Look at it year round. Anytime the market dips you want to be looking at tax loss harvesting opportunities. The best thing is you can net these losses against gains dollar-for-dollar. If you have more losses than gains, the IRS says you can take another $3,000 against ordinary income, like salaries and pensions and so forth. If you still have more losses, it carries over to the next year. And it carries over for the rest of your life. So there is no downside to doing this - only upside. Imagine this, in retirement, you've got this store of losses. You take money out of the non-retirement accounts. You pay no taxes on it. If you would like to schedule a free assessment with one of our CFP® professionals, click here: https://purefinancial.com/lp/free-assessment/ Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” https://www.youtube.com/subscription_center?add_user=PureFinancialCFP Channels & show times: http://yourmoneyyourwealth.com https://purefinancial.com IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
How to Calculate income Tax? | Tax calculations explained with Example by Yadnya
 
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This video has basics of Income Tax calculations with detailed example based on FY 2016-17 tax calculations - help you how to calculate Income Tax Most of us have no clue on how and what basis income tax is calculated on our income. We blindly believe on our company's Finance department or our tax consultant and do not even check the calculations. So, in this video, we have tried to simplify how Income tax is calculated on your income. Income tax assessment comprises of following stages: -Computation of total income. -Deducting valid deductions. -Determination of the tax payable thereon. -Paying the tax. -Filling Income Tax Return Form Find us on Social Media and stay connected: Facebook Page - https://www.facebook.com/InvestYadnya Facebook Group - https://goo.gl/y57Qcr Twitter - https://www.twitter.com/InvestYadnya
2018 Income Tax Changes For Individuals (2018 Federal Income Tax Rules) (Tax Cuts and Jobs Act 2018)
 
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(Tax Cuts and Jobs Act 2018) 2018 Income Tax Changes for individuals explained! (2018 Federal Income Tax Rules) . VERY DETAILED AND EASY TO FOLLOW.... Learn about Donald Trump's new tax laws. Tax Reform 2018. 2018 Federal Income Tax Rules! Downloadable notes included below. The Tax Cuts and Jobs Act bill brings numerous new changes to the world of taxes. In this video you learn how these changes may impact your personal tax return. You can follow the links here to download the spreadsheet: https://www.dropbox.com/s/7q0595b3kt9jv5t/2018%20tax%20updates.xlsx?dl=0 Video Outline and Time Stamps so you can quickly jump to any topic: • Regarding filing your tax return as of 4/15/18 - 0:52 • References used to create spreadsheet - 1:39 • The actual tax bill - 2:07 • The 2018 Federal Income Tax Bracket Rates - 3:40 • About your payroll withholdings - 4:40 • Changes to the 2018 standard deducatoin - 5:04 • 2018 Personal Exemptions - 5:46 • Child tax credit rules for 2018 - 7:36 • 2018 State and local tax law changes - 8:20 • 2018 Mortgage interest deductions - 10:03 • 2018 Miscellaneous itemized deductions - 12:03 • 2018 Education and 401(K) Rules - 12:47 • Alimony rules for 2019 - 14:06 • 2018 Federal Estate Tax Exemption - 15:42 • Alternative Minimum Tax - 18:59 • Affordable care act tax penalties - 19:32 • 2018 Capital Gains, Charitable Contributions, Moving expenses, etc - 20:26 Check out some of our other videos and playlists here: ♦ Investing in the stock market!: https://goo.gl/yVAoES ♦ Save money, budget, build wealth and improve your financial position at any age: https://goo.gl/E97nJj ♦ Learn more about how federal income taxes work: https://goo.gl/D1hCX1 ♦ Ways to improve your life at any age: https://goo.gl/uq72bu Subscribe for our future weekly videos. New videos typically every Sunday or Wednesday. Do not forget to help out a friend and share this information with them as well. About me: I'm passionate about helping people build wealth by learning more about personal finances, investing and taxes. My mission is to help people improve their financial position career and life. I also enjoy teaching others about the accounting profession, tech tips, and helping people overcome challenges in their everyday life as well as their career. You can find our content on other internet planets such as....... My Website: Moneyandlifetv.com Twitter: https://twitter.com/Mkchip123 Facebook: https://www.facebook.com/moneyandlifetv/ ***Disclaimer*** All of the information in this video is presented for educational purposes only and should not be taken as financial, tax, or investing advice by any means. I am not a financial adviser. Although I am a CPA I cannot advise someone for tax purposes without knowing their complete tax situation. You should always do your own research before implementing new ideas or strategies. If you are unsure of what to do you should consider consulting with a financial adviser or tax accountant such as an Enrolled Agent, or Certified Public Accountant in the area in which you live. Thanks for taking time to check out this video, and our channel. Have a great day and we will see you in the next video!
Views: 128384 Money and Life TV
How to Do Your Taxes EXPLAINED!
 
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With Tax Day (April 15th) approaching, here is your (mostly) complete guide to federal income taxes, state income taxes, tax returns, IRS forms, IRS refunds, 1040EZs, 1099s, and other things you need to know in order to file your tax return. (TL;DR: don't worry, you got this.) Support How to Adult on Patreon at http://www.patreon.com/howtoadult Our other tax video, How to Do Self-Employment Taxes: https://www.youtube.com/watch?v=bGyEF5zTxJY "How to Adult" is a "life skills" edutainment channel executive produced by Hank Green and John Green. Subscribe for new videos every week! Tumblr: http://learnhowtoadult.tumblr.com Twitter: http://www.twitter.com/learnhowtoadult Facebook: http://www.facebook.com/learnhowtoadult VIDEO LINKS: IRS Free File: http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free TurboTax: http://www.amazon.com/gp/product/B00FFIMBOA/ref=as_li_ss_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=B00FFIMBOA&linkCode=as2&tag=tmicmar-20 IRS W-4 Info: http://www.irs.gov/Individuals/International-Taxpayers/Withholding-Exemptions---Personal-Exemptions---Form-W-4 1040 Form(s): http://www.irs.gov/taxtopics/tc352.html Form 4868: http://www.irs.gov/uac/Form-4868,-Application-for-Automatic-Extension-of-Time-To-File-U.S.-Individual-Income-Tax-Return Schedule A: http://www.irs.gov/uac/Schedule-A-(Form-1040),-Itemized-Deductions 1099 Form(s): http://search.irs.gov/search?as_sitesearch=www.irs.gov/Help-%26-Resources/Tools-%26-FAQs/FAQs-for-Individuals&q=1099&output=xml_no_dtd&proxystylesheet=irs_portals_frontend&client=irs_portals_frontend&oe=UTF-8&ie=UTF-8&num=10&ud=1&exclude_apps=1&site=default_collection&numgm=5&requiredfields=-archive:1&&access=p&sort=date:D:L:d1&entqr=3&entqrm=3 National Association of Enrolled Agents: http://www.naea.org/ Co-created by: Emma Mills http://www.youtube.com/elmify Directed, Edited, Hosted and Co-written by: T. Michael (Mike) Martin http://www.youtube.com/tmikemartin (Mike is also a Young Adult novelist. His book, THE END GAMES, is available at all online booksellers, including Amazon: http://www.amazon.com/gp/product/0062201816/ref=as_li_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=0062201816&linkCode=as2&tag=tmicmar-20&linkId=CF4ULRBEW6LATV3C) Executive Produced by: Hank and John Green http://www.youtube.com/vlogbrothers Co-writer and Tax Adviser: Gary A. Hensley, MBA, EA (You can check out Gary's blog at http://taxsolutionsforwriters.com/) Notes on the W-4: Two general examples about "tweaking the W-4" are important enough to review here: (1) You may be single and claim 1 exemption but you have other significant investment income (such as dividends, interest, or capital gains) on which no federal income tax is withheld that will be added into your tax return at the end of the year. While 1 exemption might cover the tax due on your wages, it is doubtful it will cover your investment income, so folks in this position, will usually claim zero exemptions to have more income tax taken out to also help cover the investment income. (2) You are newly married, and you and your spouse update your W-4 to claim "married" with 1 exemption. This 1 exemption could be sufficient to cover each spouse's income but when the two incomes are combined on their joint tax return, it will "push" a portion of their income into a higher tax bracket (called the "marginal tax bracket") that the withholding tables do not factor in. Thus, the newly married couple could owe a significant income tax balance at the end of the year. This married couple should consider claiming zero exemptions on their W-4's and also the option to voluntarily "add" a fixed dollar amount to their federal withholding such as $25 per paycheck. They also have the option of checking the W-4 box that says, essentially, "I am married but want my withholding deducted as if I were single." The single withholding tax table takes a larger amount of income tax at every level of income earned. INFO ABOUT THE SCHEDULE A: If you itemize deductions such as mortgage interest, property taxes, contributions, union dues, and medical expenses, those items will be included on Schedule A. Itemized deductions will ONLY be used if that total exceeds the amount of your standard deduction for your filing status. The 2013 standard deduction for a single filer is $6,100 and for married, filing jointly it is $12,200. These amounts will go up slightly for 2014 returns. Each exemption (personal and dependent) is worth $3,900 in 2013. In short, this means that a single filer, in 2013, could have income up to $10,000 ($6,100 + $3,900) and owe no income tax (thus getting a full refund of federal income taxes withheld). To get the $3,900, the single filer must not be claimed as a dependent on someone else's return. INFO ON TAX EXTENSIONS (FORM 4868): http://www.irs.gov/uac/Newsroom/Can't-File-By-April-15,-Use-Free-File-to-Get-a-Six-Month-Extension-2013
Views: 377312 How to Adult
Net Investment Income Tax, Other Taxes and Penalties
 
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Lecture Content This lecture covers a variety of topics and miscellaneous items that affect preparation of individual tax returns including: net investment income tax, amended returns, the kiddie tax, estimated taxes, other taxes, and penalties. Topics Covered * Tax on uncollected social security and Medicare wages * Household employment taxes * Additional Medicare tax * Net investment income tax (NIIT) * Other taxes * Federal refund direct deposit * Refund offsets * Injured spouse allocation * Innocent spouse relief * Tax payment options and methods * Options for filers who can't afford to pay tax owed * Estimated tax payments * Penalty for underpayment of estimated tax * Amended tax returns * Kiddie tax on investment income of children You can purchase the manual for this course for $3.99 at http://pnwtaxschool.com/oc-catalog/all/section-1099?keywords=installment%2Csales Pacific Northwest Tax School is approved by the following organizations as a provider of continuing education: * The IRS * NASBA QAS (NASBA Sponsor #109290), * Oregon Tax Board, * The Texas State Board of Public Accountancy (Texas Sponsor #009794) * The New York State Board for Public Accountancy (Sponsor License #002479) You can receive 5 hours of CE for $70 by enrolling in this course at http://pnwtaxschool.com/oc-catalog/all/section-1014 Terms of Use or Enrollment Pacific Northwest Tax School's course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.
Rental Property Tax Deductions
 
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Rental Property Tax Deductions My mentor in real estate investing once said "if you invest in real estate and you're paying taxes then you're doing it wrong." In this video we are walking through ten tax deductions that you can take today if you're a real estate investor. VIDEOS ABOUT GETTING STARTED IN REAL ESTATE https://www.youtube.com/playlist?list=PLZdhTWJ6Yawp1LPllyyeQho_ouMhrbOy6 VIDEOS ABOUT REAL ESTATE NEWS https://www.youtube.com/playlist?list=PLZdhTWJ6Yawp7aUQgMPmAanHSYgP-UI0i SUBSCRIBE AND JOIN OUR AWESOME COMMUNITY: https://www.youtube.com/c/MorrisInvest BOOK A CALL WITH OUR TEAM TODAY AT MORRIS INVEST: http://www.morrisinvest.com LISTEN TO THE PODCAST: iTunes: https://itunes.apple.com/us/podcast/investing-in-real-estate-clayton/id1115024566?mt=2 FOLLOW ME ON SOCIAL MEDIA: Twitter: http://www.twitter.com/claytonmorris Facebook: https://www.facebook.com/MorrisInvest Instagram: https://www.instagram.com/claytonmorris
Views: 89916 Morris Invest
The Progressive Income Tax: A Tale of Three Brothers
 
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"The Progressive Income Tax" is one of those economic terms that gets bandied about, but few actually know what it means or how it works. This tale of three similar brothers with three different incomes (but one shared expense) helps explain the tax system under which we live. Adapted from an article by noted investor and economist, Kip Hagopian, and narrated by actress Carolyn Hennesy of "General Hospital" and "True Blood" fame, this animated story will change the way you think about how you pay your taxes.  Donate today to PragerU! http://l.prageru.com/2ylo1Yt Joining PragerU is free! Sign up now to get all our videos as soon as they're released. http://prageru.com/signup Download Pragerpedia on your iPhone or Android! Thousands of sources and facts at your fingertips. iPhone: http://l.prageru.com/2dlsnbG Android: http://l.prageru.com/2dlsS5e Join Prager United to get new swag every quarter, exclusive early access to our videos, and an annual TownHall phone call with Dennis Prager! http://l.prageru.com/2c9n6ys Join PragerU's text list to have these videos, free merchandise giveaways and breaking announcements sent directly to your phone! https://optin.mobiniti.com/prageru Do you shop on Amazon? Click https://smile.amazon.com and a percentage of every Amazon purchase will be donated to PragerU. Same great products. Same low price. Shopping made meaningful. VISIT PragerU! https://www.prageru.com FOLLOW us! Facebook: https://www.facebook.com/prageru Twitter: https://twitter.com/prageru Instagram: https://instagram.com/prageru/ PragerU is on Snapchat! JOIN PragerFORCE! For Students: http://l.prageru.com/29SgPaX JOIN our Educators Network! http://l.prageru.com/2c8vsff Script: Once upon a time, there were three brothers, triplets, named Tom, Dick, and Harry Class. They were raised in the same home, with the same parents, had the same IQ, same skills and same opportunities. Each was married and had two children. They were all carpenters making $25 per hour. While they were very similar in all these respects, they had different priorities. For example, Tom, chose to work 20 hours per week, while his brother, Dick worked 40 hours and Harry 60. It should also be noted that Harry's wife worked full time as an office manager for a salary of $50,000. Dick's wife sold real estate part time 10 hours a week and made $25,000 per year. Tom's wife did not work. Tom and Dick spent all of their family income. Since they paid into Social Security they figured, they didn't need to save for retirement. Harry and his wife, on the other hand, had, over many years, put away money each month and invested it in stocks and bonds. Here's how it worked out: Tom made $25,000 a year, Dick and his wife made $75,000 and Harry and his wife, $150,000. When a new housing development opened up in their community, the brothers decided to buy equally-priced homes on the same private street. One day the brothers decided to pool their funds for the purpose of improving their street. Concerned about crime and safety, and wanting a more attractive setting for their homes, the three families decided to install a security gate at the street's entrance; repave the street's surface; and enhance the lighting and landscaping. The work was done for a total cost of $30,000. Harry assumed they would divide the bill three ways, each brother paying $10,000. But Tom and Dick objected. "Why should we pay the same as you?" they said. "You make much more money than we do." Harry was puzzled. "What does that have to do with anything?" he asked. "My family makes more money because my wife and I work long hours, and because we have saved some of the money we've earned to make additional money from investments. Why should we be penalized for that?" "Harry, you can work and save all you like" Tom countered. "But my wife and I want to enjoy ourselves now, not 25 years from now." "Fine, Tom. Do what you want. It's a free country. But why should I have to pay for that? "I can't believe your being so... unbrotherly," Tom argued. "You have a lot of money and I don't. I thought you'd be more generous." At this point, Dick, the peacemaker in the family, entered the conversation. "I've got an idea," Dick said. "Our combined income is $250,000, and $30,000 is 12 percent of that amount. Why don't we each pay that percentage of our income? Under that formula, Tom would pay $3,000, I would pay $9,000, and Harry would pay $18,000." "I have a much better idea," said Tom. "And one that's fairer than what you're proposing." For the complete script, visit https://www.prageru.com/videos/progressive-income-tax-tale-three-brothers
Views: 5215122 PragerU
Not-for-Profit Organization Unrelated Business Income Tax UBIT | Governmental Course | CPA Exam FAR
 
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Website: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ Accountants working for, auditing, or providing consulting services to not-for-profit organizations must be aware of certain tax issues related to those organizations. Generally, not-for-profit organizations are exempt from federal income taxes. However, it is possible for them to engage in activities that result in Unrelated Business Income Tax (UBIT). This section of the chapter discusses the provisions in the tax code that provide exemption for certain types of not-for-profit organizations, discusses and illustrates the tax form that is used for many of these organizations 0(Form 990), and concludes by examining the unrelated business income sections of the tax code that may cause an exempt organization to pay taxes or even lose its exempt status. Tax Code Section 501 provides that nonprofit organizations organized for charitable purposes may be exempt from federal income taxes. These include civic leagues, trade and professional associations, social clubs and country clubs, fraternal societies, and veterans organizations. In order to qualify as tax exempt, the entity must have a limited purpose, must not have the authority to engage in activities other than exempt purposes, and must not be engaged in political activities. The most common form of tax-exempt organization are 501(c)(3) entities. A 501(c)(3) organization is a “corporation and any community chest, fund, or foundation organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary or educational purposes, or to foster national or international amateur sports competition (so long as none of its activities involve the providing of athletic facilities or equipment) or for the prevention of cruelty to children or animals. The organization also agrees that no part of the net earnings inures to the benefit of any individual or shareholder and the organization agrees to refrain from participating in political campaigns or lobbying for legislation.”2 To apply for tax-exempt status, an organization should file IRS Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Certain special rules apply to churches and to private foundations, as distinguished from public charities. A public charity is defined as (1) a church, school, hospital, governmental unit, or publicly supported charity; (2) an organization that receives more than one-third of its support from a combination of contributions, membership fees, and gross receipts from exempt activities and no more than one-third of its support from a combination of investment income and net unrelated business income after taxes; (3) an organization operated exclusively for the benefit of organizations already described; or (4) an organization founded and operated exclusively for public safety. The remainder of this section will concentrate on public charities.
How tax breaks help the rich
 
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The US has a problem with income inequality. The current tax code makes it worse. Correction: At 2:20, we say that the Glenstone Museum is only open for private tours. But, in fact, it’s free and open to the public for scheduled tours. Subscribe to our channel! http://goo.gl/0bsAjO Check out our full video catalog: http://goo.gl/IZONyE Follow Vox on Twitter: http://goo.gl/XFrZ5H Or on Facebook: http://goo.gl/U2g06o Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com to get up to speed on everything from Kurdistan to the Kim Kardashian app. The gap between the rich and the poor in America looks more like developing countries than other Western nations. Trump and the GOP have proposed tax plans that will give massive tax breaks to the wealthy while it remains unclear if the middle class will get a tax benefit. Deductions give a greater proportion of tax breaks to people with higher incomes. The same charitable contribution from two different incomes will benefit the higher wage earner, because deductions give tax breaks in proportion with tax brackets. Other countries have eliminated certain tax deductions in favor of tax credits. Credits give breaks in proportion to the amount you give, not the amount you owe. There are two kinds of income in the US. We tax wage income at a higher rate than income earned in stocks and bonds. That means people who get their income from capital gains and stock market interest pay fewer taxes than the same income of someone who works for a paycheck.
Views: 1801634 Vox
The Best Tax-Free Countries in the World
 
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http://nomadcapitalist.com/2015/09/07/tax-free-countries-second-residency/ Living in one of the best tax-free countries of the world is every entrepreneur's dream, but how to do it? While there are plenty of countries with no income tax where governments welcome people with money to live freely, actually getting into them is becoming increasingly more difficult. This is hardly a surprise, seeing that more and more businessmen are looking for ways to pay fewer taxes and even reduce them to 0. However, there's a glitch of which you need to be aware of and use that knowledge wisely. If you plan to base your business in one the countries with zero income tax, then you might be considering Kuwait, United Arab Emirates or Saudi Arabia. Or maybe you're more focused on Bermuda, Caribbean Islands or the Cayman Islands, which offer same perks - you go work there and pay no tax. But there's always a challenge and with these countries is that they're not particularly open to new foreign entrepreneurs. So which countries are the excellent flag to plant, and you don't have to wrestle with the circumstances every step of the way? There are plenty of livable countries that don’t impose income taxes on their residents, and most of them actually have territorial taxes. The good news here is you can live in Singapore or Hong Kong, make your money offshore and pay no tax for it. It's rather simple - if the income isn't generated in these countries, you won't pay tax for it. Naturally, you don't want to set up your company in a country where you have to pay territorial tax because then income taxes are inevitable. Of course, these countries are making it very hard even for high-achieving entrepreneurs to make a base there because they're aware of the value of the freedom they have. Fortunately, Malaysia, Thailand, Costa Rica, Panama etc. still haven't become as strict as Singapore or Hong Kong, so there's some leeway to take advantage of. The trick here is to plan carefully, to know what you want and how to get there. It’s all about “going where you’re treated best”. This is what the Nomad Capitalist and Andrew do best - helping entrepreneurs come up with a strategy that will give clients more freedom and help them save money on taxes. Finding the best tax-free country for you requires experience and attention to details, and having professionals help you will make a world of difference. Did you explore tax-free countries? Do you know where you want to go? Tell us what you think in the comments. ------- ABOUT NOMAD CAPITALIST Andrew Henderson is the world's most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to "go where they're treated best". Work with Andrew: http://bit.ly/Nomad-Capitalist-Application Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a total of 20 countries. He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster. About Andrew: http://nomadcapitalist.com/about/andrew-henderson/ Our website: http://www.nomadcapitalist.com Subscribe: https://www.youtube.com/subscription_center?add_user=nomadcapitalist Buy Andrew's book: https://amzn.to/2QKQqR0 DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
Views: 57301 Nomad Capitalist
What Is My tax Rate? (Marginal Tax vs Effective Tax Explained) (Federal Income Tax Rates Explained)
 
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What Is My Income tax Rate? (Federal Income Tax Rates Explained) Marginal Tax vs Effective Tax. This video will cover: - How to determine your income tax rate - It will explain Federal tax Rates - It will explain marginal tax and effective tax 2018 tax brackets: https://taxfoundation.org/2018-tax-brackets/ In this video we are going to help you expand your tax knowledge so you can better understand how much tax you are truly paying on the income you earn as we discuss the differences between Marginal tax rates and effective tax rates. Lets get after it. Most people do not know the difference between these two tax terms so why should we even care to learn this? 1. Knowing these this will help you better budget your finances and manage cashflow. 2. Potentially think of new ways to reduce or minimize your taxes 3. Confuse the heck out of people with your new found tax knowledge, because 90% of the population will have no idea what you are talking about if your drop these terms. Starting with ‘Marginal Tax Rate’ What is the Marginal Tax Rate’ This is the amount of tax you pay on each additional dollar of income of you earn. Remember the tax rates follow the tax brackets. As your income increases so will your tax rate. Let’s take Chipper’s income for example: Chipper is a single tax filer in this example. Note the tax rates and income thresholds are coming from the 2018 tax brackets. On January 1 Chipper income is $0 so his marginal tax rate is $0 On January 2nd Chipper starts working and making money at his job. The moment his income exceeds $0 his tax rate jumps into the 10% bracket. This means his marginal tax rate is now 10%. On each additional dollar Chipper earns he will pay a 10% tax rate until the point his income exceeds $9,525. By the end of March Chipper’s total income for the year begins to exceed $9,525. Every dollar Chipper makes above $9,525 will be taxed at the 12% rate. Chipper’s marginal tax rate is now 12%. It will remain this way until his income exceeds $38,700. Ok lets recap In this example we saw a portion of Chipper’s income was taxed at 10%. The portion above $9,525 was taxed at 12%. If his income exceeded $38,700 then his income above that amount would be taxed at what rate? Well if we look back at the 2018 tax brackets it would be 22%. So when you think of marginal tax, think of the highest rate of tax you will pay on your next dollar earned. Your marginal tax rate increases throughout the year as you earn more income throughout the year. Where I see people get messed up or confused is they tend to think all of their income is taxed at one tax rate. This is totally incorrect. Each portion of your income is taxed at a different rate as your income increases. 10%, 12%, 22%, etc. Just follow the tax bracket. People tend to say things like I’m in the 12% bracket or I’m in the 22% bracket. When you hear people say things like this now you will know that they are referring to their marginal tax rate. Just remember though that only the highest portion of your income is taxed at a higher rate. Nothing is taxed at that rate until your income begins to exceed each level of the tax brackets. $0 - $9,525 is taxed 10% $9, 525 – $38,700 is taxed at 12% $38,701 - $82,500 is taxed at 22% And so on and so forth. Now let’s talk about effective tax rate. It’s very quick and simple to explain. The Effective Tax Rate is my favorite way to measure my income taxes. I think of it as my real income tax rate. The effective tax rate is the average rate of income tax we pay on each dollar we earn. The easiest way to get a feel for your effective tax rate is to look at your prior year tax return. 1. Find your total taxable income on page 2 line 43 of your 1040. 2. Locate your total tax on page 2 line 63 of your 1040. 3. Divide your total tax by your total taxable income. Total Tax/Taxable Income = Effective Tax Rate. With this information you now know how much tax you pay on average for every dollar you earn. In summary - Your marginal tax rate will usually be the same, or higher than your effective rate. - Marginal tax rate and effective tax rate both only cover income taxes. They do not cover other type of taxes such as social security taxes, sales taxes, property taxes, etc. - Your marginal tax rate is the highest rate of tax you pay on each additional dollar earned. - Your effective tax rate is the average rate of income tax you pay on each additional dollar earned. - If you live in a state that has state income taxes such as California or New York you will have a marginal state tax rate and an effective state tax rate as well. If you want to learn more about how income tax brackets work or taxes in general You can follow the links the description of this video to learn more. My Website: Moneyandlifetv.com Twitter: https://twitter.com/Mkchip123 Facebook: https://www.facebook.com/moneyandlifetv/
Views: 743 Money and Life TV
How Did We Start Paying Income Tax?
 
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The US tax system is notoriously complex, but where did it come from? How did it end up this way, and what sort of alternatives have people proposed? Join Ben Bowlin to learn more about the bizarre evolution of taxes. Whether the topic is popcorn or particle physics, you can count on the HowStuffWorks team to explore - and explain - the everyday science in the world around us on BrainStuff. Download the New TestTube iOS app! http://testu.be/1ndmmMq Watch More BrainStuff on TestTube http://testtube.com/brainstuff Subscribe Now! http://www.youtube.com/subscription_center?add_user=brainstuffshow Watch More http://www.youtube.com/BrainStuffShow Twitter http://twitter.com/BrainStuffHSW Facebook http://facebook.com/BrainStuff Google+ http://gplus.to/BrainStuff
Income Taxes Explained
 
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Income Taxes Explained
Views: 49200 thebasicgist
How to Avoid Taxes ... Seriously
 
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Free Training To A Brand New High-End Career (limited time only 2018) https://www.besthighendcareer.com/webinar How to do taxes as a college student? How do taxes work? What are some of the best ways to avoid taxes? What does it mean when someone writes off something in their taxes? Keep mind, I summarized a lot of stuff that is not "perfect" by the books, but if you don't make a lot of money, you'll likely not get audited for grey area deductions such as cell phone, and office room rent. The #1 internship marketplace exclusively for college students and new grads ➡ http://www.wayup.com/refer/engineeredtruth ⬅ https://Facebook.com/EngineeredTruth https://Twitter.com/EngineeredTruth https://www.instagram.com/EngineeredtTruth/
Views: 583608 ENGINEERED TRUTH
How a mortgage underwriter will review your income on your taxes when applying for a home loan
 
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Always consult with your CPA or Tax preparer/advisor on how to properly file your state and federal tax returns. Income answers you need to know when purchasing or refinancing a home. What the mortgage underwriter will review on your federal taxes returns when qualifying for a home loan. Watch the deductions on your taxes, if you are looking to refinance or buy a house you need to know what the underwriter will review on your 1040s to use as qualifying income to determined your debt to income ratios. Let's discuss your goals on home financing before you file your 2014 taxes. You you complete and file could hurt your ability to move forward with a home refinance or home purchase. Always consult with your a CPA or Tax prepare/advisor on how to properly file your state and federal tax returns. Call me to review those taxes Nathan Rufty Licensed Mortgage Professional NMLS #292056 [email protected] www.nathanrufty.com 909-503-5600 - cell 909-230-4395 - work 909-557-2303 - fax Mountain West Financial 9227 Haven Avenue #110 Rancho Cucamonga, CA 91730
13 States That Tax Social Security (2018)
 
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Social Security is taxed at the Federal level. I show you how in this video: https://youtu.be/pntSF1F4C68 But did you know Social Security is also taxed in some states as well? In fact, it's quite amazing, if you ask me, the level from which Social Security is taxed in a couple of these states. For instance, there are definitely marriage penalties when it comes to how much retirement income a married couple has which is taxable as compared to a single tax payer. Keep in mind though that in some states, looking at you Nebraska, a single taxpayer with income over $43,000 pay taxes on Social Security. Remember, this is Adjusted Gross Income too! Not Taxable income. I can not stress the difference between the two. AGI (Adjusted Gross Income) is before any exemptions or deductions you have. In fact, it gets worse because the taxing authorities typically will use MAGI (Modified Adjusted Gross Income) which includes any tax-exempt interest you received as well. Now, by no means, am I saying you should not look to these states as your retirement destiny. There are other tax consequences to consider; property tax, sales tax, investment tax, personal property tax etc. But at least if you watch this video and read the Kiplinger's article you won't be blindsided when it comes to file your state income tax return. https://www.kiplinger.com/slideshow/retirement/T051-S001-13-states-that-tax-social-security-benefits/index.html
Introduction to Taxes Two -- Investment Income
 
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This is the second video in an introduction to taxes video. While the first focused on the personal income tax, this focuses on the role of investment income -- capital gains/losses, dividends, interest. It also introduces retirement plans.
Views: 487 Kevin Bracker
How capital gains tax works - MoneyWeek Investment Tutorials
 
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Before you sell an investment, you need to think about the tax on any profits you make. In this video, Tim Bennett introduces capital gains tax.
Views: 109932 MoneyWeek
Which States Do Not Have State Income Tax?
 
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Does the state impose its own estate tax, which might subtract from your legacy? But pay attention to trade offs some states with no income tax mississippi not only exempts social security benefits taxes, it also excludes you could boost retirement by moving a low however, if have large or plan retire soon, that two do earned income, such as wages reported on w 2, but currently, there are seven an individual alaska, florida, nevada, south dakota, texas, washington and wyoming. States without income tax may not be cheapest places to live. Aspx url? Q webcache. States with no income tax better or worse to live there bankrate taxes state 1. States without personal income tax alaska, florida, but just because your state charges zero doesn't retirees have special concerns when evaluating policies. Perils of moving to a no tax state junthere are only 9 states in the us with little income 7 investopedia. And residents of new hampshire and tennessee are also spared from handing over an extra chunk their paycheck on april 15, though they do pay tax dividends income investments alaska. 13 states without pension or social security taxes us which states don't have state income taxes? Tax free states how state income taxes work. Googleusercontent searchstates currently don't have an income tax alaska, florida, nevada, south dakota, texas, washington and wyoming. States with no income tax better or worse to live there. Which states don't have income tax? Turbotax supportthese no tax the motley fool. Find out where you'll get to keep more of your paycheck or retirement 18 jan 2017 there are seven states with no income tax alaska, florida, nevada, south the silver state has trouble operating without a personal 9 jun new hampshire residents only file return if their interest and dividend that needs be reported on resident level have local taxes 19 apr 2014 while corporate tax, it does gross receipts which charges businesses roughly 1. States with no income tax better or worse to live there states where go for a reprieve 7 without an and 8th state on the balance. States that eliminate income tax are not being altruistic they're just raising taxes in other 14 jan 2014 7 states don't have a state (and two the article is about do and no fact does an necessarily mean its residents pay less than of with 18 jun 2013 moving from new york to florida, or any high low doesn't only apply people who move without 20 feb 2015 still, there can be many financial incentives. Badass states without state income taxes (and how pt money. 10 most tax friendly states for retirees 2016 kiplinger. States with no income tax smartasset. It's impossible to talk about taxes without talking income inequality. 31 jan 2017 did you know there are 9 us states with no personal income taxes? Knowing the states without state income taxes will help you in your tax 17 sep 2014 but state taxes have a much larger effect on inequality. Want to live in a state with no income tax? Make sure you're super sta
Views: 30 crazy sparky
Reagan Pays No Income Tax
 
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In 1970, it was revealed that California governor Ronald Reagan paid zero in state income taxes. Five minutes after the press conference his office released a one-sentence statement: "Because of business reverses of Gov. Reagan's investments, he owed no state income tax for 1970." Nancy Reagan later told a reporter that her husband had told accountants to make sure he paid taxes.
Views: 528 Jim Heath
What States Have Income Tax?
 
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And residents of new hampshire and tennessee are also spared from handing over an extra chunk their paycheck on april 15, though they do pay tax dividends income investments most individual u. State with no income tax? Make sure you're super state individual tax rates and brackets for 2015 2017 states without may not be cheapest places to livestates thoughtcomichigan would eliminate under new bill top 10 low or aol finance federal tax, local free how taxes work. But efforts to cut 14 mar 2017 keep in mind that a low income tax does not necessarily mean friendly state other taxes can have significant impact on your you must pay federal regardless of where live the united states. Find out where you'll get to keep more of your paycheck or retirement seven u. 18 jan 2017 alaska once had an income tax, but it was repealed in 1980. States with no income tax, while another two states have tax on wages but do interest and dividends an 17 sep 2014 obama has successfully pushes for more taxes higher earning households. Seven states have no state income tax levied on at the level. What's more, every resident receives 9 jun 2017 alaska, florida, nevada, south dakota, texas, washington, and wyoming don't have income tax. The state doesn't have a sales tax either. States that don't tax earned income the balance. 23 apr 2017 alaska, florida, nevada, south dakota, texas, washington and wyoming do not impose an income tax 24 jun 2017 seven u. The two the following eight states have a flat rate individual income tax as of 2016 colorado 4. California and missouri each have 27 nov 2016 there are seven u. States with no income tax better or worse to live there which state has the highest taxes? The balance. States with the highest and lowest taxes turbotax tax tips 2017 state income rates money zine. States with no income tax better or worse to live there which state has the highest taxes? The balance thebalance rates 3193320 url? Q webcache. But state taxes have a much larger effect on inequality 15 apr 2015 two states kansas and maine impose rate income. At the other end of spectrum, three states have ten or more tax brackets, 9 mar 2017 conversely, 33 levy graduated rate income taxes, with number brackets varying widely by state. Only seven states have no personal income tax wyomingtexasnevada 17 mar 2017 in fact, several do not even an but rely on other sources of funds to provide essential services their residents 26 apr 2014 there are u. States currently don't have an income tax alaska, florida, nevada, south dakota, texas, washington and wyoming. If you're a resident of one these states, you ten states with the lowest personal income tax rates. States with no income tax smartasset. As well, most states also have additional state income tax. States without personal income tax alaska, florida, nevada, south how do some states get away with no tax? . State income taxes have their own set of deductions and credits that may be awarded for certain activities, such
Views: 13 crazy sparky
How is Your Retirement Income Taxed?
 
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Not all types of retirement income are taxed the same. In this short clip, find out how pensions, IRAs, 401(k)s, Social Security, capital gains, Roth IRAs and municipal interest are taxed. Big Al explains why Roth IRAs and municipal interest are the best options (hint: they’re tax-free). Transcription: "Here's another risk - income taxes. There's a lot of concern that taxes may become higher in the future and it's important to know how retirement income is taxed. If you look at pensions, IRAs and 401(k)s, they are taxed at ordinary income rates. Those are the highest of tax rates. Social Security is also taxed at ordinary income rates although there is a component of that that is tax-free, about 15% all the way up to 100% tax-free depending upon your income level. Look at this - capital gains, qualified dividends - those get special capital gains treatment which is usually about 15% tax; for some of you there is no tax. The absolute best one is Roth conversions and municipal bonds because those are tax-free, so if we can get some more money in Roth IRAs, Joe, we'd be a lot better off." If you would like to schedule a free assessment with one of our CFP® professionals, click here: https://purefinancial.com/lp/free-assessment/ Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: yourmoneyyourwealth.com https://purefinancial.com IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
Spanish Taxes - Residents and Non Residents Annual Taxes in Spain
 
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THE ANNUAL TAX RETURN IN SPAIN ► Be informed: http://bit.ly/ph-video ► Contact Us: http://www.pellicerheredia.com/en/tax-advisors-alicante According to Spanish law, it is considered that a person is tax resident in Spain when any of the following circumstances apply: • Stay in Spain for more than 183 days in the calendar year • The core of their economic interests lie in Spain The consequence of being tax resident in Spain, is the obligation to pay tax on all worldwide income within the PERSONAL INCOME TAX RETURN The obligation to declare this tax affects all residents, with the following EXCEPTIONS • Income from employment(pensions including those from overseas) does not exceed 22,000 euros annually • Investment income (interest, dividends ...) and capital gains do not exceed the limit of 1,600 per year • The limit of paragraph a) shall be 11,200 euros when: The income is not taxed at source, or when the total comes from 2 or more incomes (eg 2 pensions/2 salaries or 1 of each) and when the remaining sum of the second exceeds 1,500 per year. or When spouses receive compensatory pensions In all cases state taxpayers are obliged to declare their assets that are entitled to investment deduction for investment in their main residence and INTERNATIONAL DOUBLE TAXATION. There are 5 kinds of income: 1. Income from work (paid employment, pensions) 2. Investment income (interest, dividends) 3. Income from real estate (Rentals, Second homes 4. Income from economic activities 5. Capital gains (lottery, gambling winnings, sales of assets such as homes, stocks ..) These revenues in turn are divided into two sections with two different tax rates 1. INCOME FROM SAVINGS: Part of this income the investment income and capital gains that are evident at the time of transfer of assets 2. GENERAL INCOME: The rest that is not part of savings income TAX RATES: • SAVINGS INCOME: From 21% to 27% • GENERAL INCOME: From 24.75% MINIMUM CONTRIBUTOR: • Minimum exemption per taxpayer: € 5,151 • Greater than 65 years: € 6069 • Greater than 75 years: € 7191 In addition, employment income and pensions have a minimum exemption of € 2,652 MOST IMPORTANT DEDUCTIONS: 1. Deduction of 15% of the amounts for the purchase of the main residence, acquired before 01/01/2013. 2. Deduction of 10.05% of the amount paid in rental housing. 3. Double Taxation Deduction ► Contact us: Pellicer & Heredia +34 965 480 737 http://www.pellicerheredia.com/en ► Be informed: http://bit.ly/ph-video
How to Reduce Taxes Under New Tax Law (2018) Interest Income
 
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Interest and dividend income are other areas of the tax code that punishes the ignorant. You have income on lines 8a, 8b, 9a and 9b? Why? Is there a strategic reason for earning this income in order to pay tax? If so, that's fine. Maybe you need the cash to help pay the bills, pay tuition, take a vacation, etc. However if you're receiving this income because of how your investments are designed without any strategic intent, I suggest you consider a different plan of action Let's start by looking at what types of income you have. If you have interest income, from bonds and/or CDs, this income is taxed at ordinary income rates. Worse yet, there is NOTHING you can do about it other than paying the tax on it...as ordinary income. Consider moving ANY holding you have that yields ordinary income(OI), into your Traditional IRA in order to defer those OI taxes as long as you possibly can. Remember your IRA is taxed as Ordinary Income anyway. So, having an IRA taxed at those rates PLUS having investment income taxed at the same means your paying too much in tax. If you have municipal bond income, i.e., 'tax exempt interest' consider scrapping those and instead moving into corporate and/or government bonds inside your IRA. Because municipals are tax free they offer a much lower interest rate than corporate and government bonds. So, for simplicity, say a municipal bonds yields 2.5% a corporate bond will pay more because it's income is taxed. A corporate bond with similar maturity date may pay 4%. This means it takes $320,000 in assets to yield $8,000 in income for the municipal bond but only $227,272 for the corporate bond AFTER taxes for someone in the 12% bracket! That is a significant difference in the allocation amount to corporate bonds over tax free bonds to receive the same after tax income. We don't municipal bonds, unless we're in the higher tax brackets, those above 22%. We don't want ANY bonds in our taxable account either. We want bonds in our Traditional IRA. Secondly, we want dividend paying stocks, the investments that give us income on lines 9a and 9b, in our ROTH IRA. DIvidends we don't need only cause higher taxes. Avoid that. Move your income-oriented stocks to your Roth. Lastly, we want your most aggressive holdings, ideally the ones with little to no dividends or capital gains in your taxable accounts. The unrealized appreciation on these investments cause you NO tax. Because these holdings are aggressive they should pay no dividends whatsoever. Lastly when it does come time to sell a position in order to generate cash, you can work the tax code to do it in the most tax-favored way possible. You can't do with other income you receive from your investments. Finally, at death, the growth of these aggressive accounts transfer TAX FREE to your heirs because of the step up basis rules. IRA accounts don't have that benefit. Roth IRA accounts don't have a step up in basis but they are tax free anyway, which is just as good. At the end of the day, it's up to YOU to understand the tax code to take advantage of it to your benefit. If your advisor isn't helping you with this, well, hate to sound brutal but seek a new advisor! ================================= If you like what you see, a thumbs up helps A LOT. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 GET MY BOOK: Strategic Money Planning: 8 Easy Ways To Put Your House In Order It's FREE if you're a Kindle Unlimited Subscriber! https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthplanning Linkedin: https://www.linkedin.com/in/joshscandlen/ Quora: https://www.quora.com/profile/Josh-Scandlen Google +: https://plus.google.com/u/1/108893802372783791910
Taxes on Dividends Explained - TurboTax Tax Tip Video
 
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https://turbotax.intuit.com If you purchase stock in a corporation or invest in a mutual fund that periodically pays dividends, the payments you receive throughout the year can provide you with some extra income. Though you must always report the dividend income on your tax return—it doesn't always mean you will pay tax on it. Find out more about taxes on dividends with this helpful tax tip video from TurboTax. TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: http://blog.turbotax.intuit.com TurboTax Twitter: https://twitter.com/turbotax TurboTax Facebook: https://www.facebook.com/TurboTax TurboTax Pinterest: https://www.pinterest.com/turbotax/ TurboTax Tumblr: http://turbotax.tumblr.com/
Views: 14354 TurboTax
A taxing history: The origin of U.S. income tax laws
 
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Kenneth C. Davis, author of the popular "Don't Know Much" series of history books, joins "CBS This Morning: Saturday" to take a closer look at the origins and complexity of America's tax system.
Views: 7416 CBS This Morning
Itemized deductions (Schedule A)
 
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Since most people won't itemize, they can tune out this next section, but if you're one of the 25 percent of people who do itemize, here's the skinny on what you can or can't deduct on Schedule A. Medical expenses The first deductible item is for medical expenses. When I first started to do my taxes as a youngster, I thought I'd be smart and save my receipts for all my routine medical and dental check ups. I figured that I'd clean up by deducting these bills. Boy was I wrong. The truth is, unless you've got one foot in the grave and don't have insurance, you probably won't be able to take advantage of this deduction. The reason for this is that the medical deduction only helps you if your unreimbursed medical expenses total more than 7.5 percent of your AGI. Still, if you have a low AGI and high medical bills, you might want to look into this deduction. Note that medical insurance payments and payments to an HMO are potentially big payments that qualify for this deduction. Also, long-term care insurance premiums became deductible medical expenses starting in 1997. Taxes paid Next comes state and local taxes. You also can deduct foreign taxes on Schedule A, but you're better off getting a credit, which I'll explain later. When it comes to state and local taxes, there are no real strings attached. Just total up the state and local income taxes you paid, and the property taxes you paid. There's no AGI threshold to worry about. There are a few caveats, however. The first is that sales taxes are no longer deductible. Another is that assessments by a local government for services like garbage removal aren't deductible either. Finally, if you itemize and deduct state income taxes this year, and then receive a state income tax refund next year, you'll have to report that refund as taxable income next year. And be careful here. The IRS and state governments exchange tax information, and if you don't include the refund in next year's federal return, you'll probably get an IRS letter. Interest you paid The next deductible item is interest. The main items here are mortgage and investment interest. You no longer can deduct personal interest for things like credit cards or automobiles used for personal reasons. You can deduct the interest you pay to buy up to two homes. Mortgages that total up to $1 million, and the interest on up to $100,000 in home equity financing, are deductible. The interest you paid is reported to you on Form 1098 which your lender should send to you. It should go without saying that if your deduction is different from the amount on the Form 1098, you'll be asking for an IRS letter. If you've just purchased a house, you can deduct the entire amount of the points or prepaid interest that you made. However, if you paid points when you refinanced a mortgage, you can't deduct the points immediately. You'll have to amortize or spread-out the points over the life of the loan. Note that the IRS says that a home is defined as a place that has sleeping, cooking, and bathing facilities, so even a houseboat or motor home may qualify as a first or second house. If you have a second home that you don't use personally but instead rent out on a full-time basis, you should deduct that home's interest on Schedule E. However, if you have a second home that you use personally, as well as rent out, you've got some hoops to jump through. Read the IRS instructions to see how to handle this. Investment interest In addition to home mortgage interest you can also deduct investment interest. I'm always amazed about how people get all excited about piling on mortgage debt. This is a great deal, they tell you, because mortgage interest is deductible. But strangely, these same people don't have the faintest idea that they can deduct investment interest. If your goal in life is to maximize deductible interest, you also can look at investment interest. Investment interest is interest you pay to buy an investment like stocks, bonds, mutual funds or raw land. A more popular way to describe this type of borrowing is a margin loan. Unlike home mortgage interest, which is limited to $1.1 million in principal, you can deduct an unlimited amount of investment interest, with one big caveat : You can only deduct interest equal to your current income from investments. You can treat the capital gains from your investments as income which can offset the interest expense, but you can't get favorable capital gains treatment for the income and then fully offset the investment interest with that income. Buying stocks and bonds on margin becomes more attractive because the deductibility of investment interest lowers your effective interest rate. Still, I can't recommend that you take advantage of this. Charity Casualty and theft losses Miscellaneous deductions Job expenses Remember, only a few people benefit from deductions Copyright 1996, David Luhman.
Views: 64561 TaxHop.com
Income Tax: Calculating Adjusted Gross Income (AGI) | Accounting | Chegg Tutors
 
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When calculating income tax, taxpayers are concerned with Adjusted Gross Income since it is the basis for calculating most deductions. But how do you calculate Adjusted Gross Income? There are many steps involved to reach AGI. You start with Wages and make multiple deductions to arrive at AGI.We will discuss the primary types of income and deductions used to help calculate AGI. ---------- Accounting tutoring on Chegg Tutors Learn about Accounting terms like Income Tax: Calculating Adjusted Gross Income (AGI) on Chegg Tutors. Work with live, online Accounting tutors like Nathan G. who can help you at any moment, whether at 2pm or 2am. Liked the video tutorial? Schedule lessons on-demand or schedule weekly tutoring in advance with tutors like Nathan G. Visit https://www.chegg.com/tutors/Accounting-online-tutoring/?utm_source=youtube&utm_medium=video&utm_content=managed&utm_campaign=videotutorials ---------- About Nathan G., Accounting tutor on Chegg Tutors: Texas State, Class of 2010 Finance/Accounting major Subjects tutored: Accounting TEACHING EXPERIENCE Educated from Texas State University, I received my BBA Accounting in 2010. During college, I would often study with classmates. I noticed how much I enjoyed helping them with Accounting. I then knew I had a skill underutilized. My passion for tutoring fuels my desire to see you succeed. With over 7 years of instructional experience, I will provide the tools to help you master Accounting. Check out my YouTube Channel to learn more about Accounting: https://www.youtube.com/channel/UCCyBG-qtLqfvCdSG34ES8Ag. EXTRACURRICULAR INTERESTS I am a man of many tastes. I really enjoy technology, racquetball, basketball, real estate investing practices, web development, and comedy! I love diversifying my interests so I never get bored lol. Hope to hear from you soon! We'll setup a plan to help you succeed in Accounting. Want to book a private lesson with Nathan G.? Message Nathan G. at https://www.chegg.com/tutors/online-tutors/Nathan-G-862370/?utm_source=youtube&utm_medium=video&utm_content=managed&utm_campaign=videotutorials ---------- Like what you see? Subscribe to Chegg's Youtube Channel: http://bit.ly/1PwMn3k ---------- Visit Chegg.com for purchasing or renting textbooks, getting homework help, finding an online tutor, applying for scholarships and internships, discovering colleges, and more! https://chegg.com ---------- Want more from Chegg? Follow Chegg on social media: http://instagram.com/chegg http://facebook.com/chegg http://twitter.com/chegg
Views: 19947 Chegg
10 Countries With Zero Income Taxes
 
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10 Countries With Zero Income Taxes: 10. United Arab Emirates - U.A.E. has one of the world's highest per-capita incomes at $49,000. It has no personal income or capital gains taxes. THe country has the world's seventh-largest crude oil and natural gas reserves. Oil companies pay upto 55% corporate tax, Foreign banks 20%, Country citizens must make monthly contributions of 5 percent of their total earnings for social security. And employers have to make 12.5% to 15% of workers base salary for social security. 9. Qatar - Gas-rich Qatar is the world's richest country with GDP per capita of $102,800. The country has world's third largest natural gas reserves. Businesses involved in oil and gas operations face a 35 percent tax rate. Qatar nationals and employers have to pay 5% & 10% respectively for social security benefits. 8. Oman - There is no individual income or capital gains taxes in Oman, citizens must contribute 6.5 percent of their monthly salary for social security benefits. A stamp duty of 3 percent is also charged on the purchase of property. 7. Kuwait - With the world's sixth-largest oil reserves, Kuwait's petroleum accounts for nearly half its GDP, over 90 percent of export revenues and 80 percent of government income, according to OPEC. Kuwaiti nationals must contribute 7.5 percent of their salaries for social security benefits and employers make an 11 percent contribution. Only 7 percent of Kuwaitis work in the private sector. 6. Cayman Islands - The Cayman Islands are a big draw for the wealthy with their zero personal income and capital gains taxes and because they have no mandatory social security contributions. The country does have some indirect taxes such as import duties, which can range up to 25 percent. 5. Bahrain - With no personal income tax, Bahrain relies on output from the Abu Safa oilfield, which is shared with Saudi Arabia, for about 70 percent of its budget revenue. For social security benefits, citizens contribute 7 percent of their total income to the government, while expatriates pay 1 percent. Employers must also make a contribution of 12 percent of a citizen's income for social insurance, and pay 3 percent for expatriate employees. Other indirect taxes include a stamp duty of upto 3 percent of the value of the property on real estate transfers. 4. Bermuda - While there is no income tax, workers may be asked by employers to contribute just under half of a 14 percent payroll tax that the employer has to pay to the government on the first $750,000 of an employee's income. Workers also have to pay $30.40 per week toward social security insurance. Other taxes include a property tax of up to 19 percent depending on the annual rental value of the land. And a stump duty 5% to 20% depending on property value. 3. The Bahamas - About 70 percent of government revenue comes from duties on imported goods. Even though there is no personal income tax, employees have to contribute 3.9 percent of their salary, up to a maximum of $31,200 annually and also Employers have to contribute 5.9 percent of a worker's salary for National Insurance. While self-employed individuals are charged 8.8 percent. 2. Saudi Arabia - Saudi Arabia, the world's number one oil exporter, doesn't impose a tax on salaries, but self-employed expats are taxed at a rate of 20 percent. Other notable taxes include a capital gains tax of 20 percent. Petroleum is the major source of funding for the government, accounting for about 75 percent of budget revenues, 45 percent of GDP and 90 percent of export earnings, according to OPEC. 1. Brunei Darussalam - Brunei Darussalam is the only Asian country to make the list of the nations with zero income taxes. employees are required to contribute 5 percent of their wages to a social security trust fund, and 3.5 percent to a pension scheme, which are both matched by the employer. The wages of a non-resident director, however, are subject to a 20 percent withholding tax. Hydrocarbons take up over 90 percent of Brunei's exports and more than 50 percent of its GDP. IMAGE SOURCE: "GOOGLE SEARCH" SOURCE: http://www.cnbc.com/2012/07/11/Countries-With-Zero-Income-Taxes.html?slide=2
Views: 29848 [email protected]
Corporate Tax 2018  How The 2018 Corporate Tax Rate Save More Money As A Corporation Vs Llc
 
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Corporate Tax 2018- How The 2018 Corporate Tax Rate Save More Money As A Corporation Vs Llc 👉https://e8w74.app.goo.gl/3wfg 👈 Businexs Marketing 👉https://e8w74.app.goo.gl/ITMASTERY 👈 A corporate tax, also called corporation tax or company tax, is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax. Partnerships are generally not taxed at the entity level. A country's corporate tax may apply to: corporations incorporated in the country, corporations doing business in the country on income from that country, foreign corporations who have a permanent establishment in the country, or corporations deemed to be resident for tax purposes in the country. Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts, like reorganizations, may not be taxed. Some types of entities may be exempt from tax. Countries may tax corporations on its net profit and may also tax shareholders when the corporation pays a dividend. Where dividends are taxed, a corporation may be required to withhold tax before the dividend is distributed. Economists disagree as to how much of the burden of the corporate tax falls on owners, workers consumers and landowners, and how the corporate tax affects economic growth and economic inequalit https://en.wikipedia.org/wiki/Corporate_tax corporate tax - corporate tax in 5 1/2 minutes. Fact Sheet: Corporate Tax Inversions illegal – tax evasion of ultrawealthy individuals, many of them with net worths already bolstered by the proceeds of corporate tax avoidance Corporate tax evasion, as opposed to individual, can hardly be simple These 7 Highly Profitable Corporate Tax Loopholes Will Make the Average American Jealous So, it's clear that the corporate tax system was broken Estimate your annual corporate tax by using our latest free Corporate Tax Calculator (YA)2018 The Corporate Tax Rate in India stands at 34 Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% due to the passage of the Tax Cuts and Jobs Act of 2017. State and local taxes and rules vary by jurisdiction, though many are based on federal concepts and definitions. Taxable income may differ from book income both as to timing of income and tax deductions and as to what is taxable. The corporate Alternative Minimum Tax was also eliminated by the 2017 reform, but some states have alternative taxes. Like individuals, corporations must file tax returns every year. They must make quarterly estimated tax payments. Groups of corporations controlled by the same owners may file a consolidated return. Some corporate transactions are not taxable. These include most formations and some types of mergers, acquisitions, and liquidations. Shareholders of a corporation are taxed on dividends distributed by the corporation. Corporations may be subject to foreign income taxes, and may be granted a foreign tax credit for such taxes. Shareholders of most corporations are not taxed directly on corporate income, but must pay tax on dividends paid by the corporation. However, shareholders of S corporations and mutual funds are taxed currently on corporate income, and do not pay tax on dividends. https://en.wikipedia.org/wiki/Corporate_tax_in_the_United_States vmb corporation tax explained - bbc news corporate tax avoidance: how it happens, how it is changing, and what to do about it corporate tax in 5 1/2 minutes does the u.s. have the highest corporate tax rate? the lowest corporate tax rates in the world canada: a model for low corporate tax rates should companies raise wages if corporate tax rate is cut? ben stein: lowering the corporate tax rate is an absolute necessity art laffer: corporate tax rate cut will increase revenues corporate tax cuts are not needed: ben stein us corporate tax rate 2018
Views: 106 HOUSTON MCMILLER
Stop Paying Taxes! (Why 67 Million People Don't Pay Taxes?) | GlobalFreeHousing.org
 
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How 67 Million People Legally Don't Pay US Income Taxes. FreeHouseShare.com GlobalFreeHousing.org
INCOME TAX SLAB 2018 | Calculation Method Explained
 
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दोस्तों नोट्स और Updates के लिए Telegram पर हमें JOIN करे । https://t.me/cafofficial INCOME TAX SLAB 2017-18 | Calculation Method Explained
Tax brackets and progressive taxation | Taxes | Finance & Capital Markets | Khan Academy
 
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Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/calculating-federal-taxes-and-take-home-pay?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/estate-tax-introduction?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Benjamin Franklin (and several other writers/philosophers) tells us that "In this world nothing can be said to be certain, except death and taxes." He's right. This tutorial focus on personal income tax. Very important to watch if you ever plan on earning money (some of which the government will take for itself). About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 84163 Khan Academy
Robinhood App - When to Sell a Stock to Avoid Taxes!
 
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Check out my new channel! - .50 Cal Airgun Vs. https://www.youtube.com/watch?v=9qh502fhOwU&t=8s Support me on Patreon! - https://www.patreon.com/techcrackhouse Current Patrons: Anon - $10 Anon - $4 Buy, sell, what should be done? Keep it tuned right here on the Techcrackhouse for news, tips, and the best ways to invest. Please subscribe and like, it helps a lot. I upload more regularly than Hillary checks her email. BECOME A CRACKHOUSE DWELLER TODAY! Robinhood Download Links: IOS: https://itunes.apple.com/us/app/robinhood-free-stock-trading/id938003185?mt=8 Android: https://play.google.com/store/apps/details?id=com.robinhood.android&hl=en Robinhood Main-page: https://www.robinhood.com/ Acorns Download Links: IOS: https://itunes.apple.com/us/app/acorns-invest-spare-change/id883324671?mt=8 Android: https://play.google.com/store/apps/details?id=com.acorns.android&hl=en&gl=us Acorns Main-page: https://www.acorns.com/ I AM IN NO WAY A MARKET PROFESSIONAL; USE YOUR OWN JUDGEMENT WHEN PURCHASING STOCKS AND OTHERWISE. I AM NOT RESPONSIBLE FOR AND GAINS OR LOSSES THAT YOU MAY EXPERIENCE. THE MARKET IS INHERENTLY RISKY, AND YOU SHOULD ONLY INVEST WHAT YOU ARE COMPLETELY WILLING TO LOSE.
Basics of US income tax rate schedule | Taxes | Finance & Capital Markets | Khan Academy
 
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Understanding that a marginal tax rate does not apply to all of income. Created by Sal Khan. Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/tax-deductions-introduction?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Benjamin Franklin (and several other writers/philosophers) tells us that "In this world nothing can be said to be certain, except death and taxes." He's right. This tutorial focus on personal income tax. Very important to watch if you ever plan on earning money (some of which the government will take for itself). About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 172179 Khan Academy
Is Retirement Income Taxed In Georgia?
 
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Lifetime retirement income steady for your life georgia tax friendliness is friendly state retirees? Retirement exclusion department of revenue. Yes, you click on any state in the map below for a detailed summary of taxes retirement income, property and purchases, as well special tax breaks seniors 15 nov 2017 all them exempt social security benefits from. Income from pensions and annuities fortunately, georgia offers a large retirement exclusion, which allows you to deduct portion of your income taxable help lower while ga does have general they do not separate exclusion for teacher's the 2016 paid between july 1, 1987 december 31, 1989 that were reported taxed by under following criteria. Baby boomers state income tax breaks for retirees the balance. Googleusercontent search. Georgia does not tax social security retirement benefits and provides a deduction of per person on all types income for anyone over the age 64. Most exempt at least a portion of other retirement income, such as pensions and learn about georgia taxes benefits. Smartasset smartasset retirement georgia taxes url? Q webcache. Taxes for retirees in georgia newsmax 10 most tax friendly states retirees, 2017 kiplinger. Senior specials 14 states with retirement income tax breaks. Alaska is an example of a state that does 4 jun 2015 when considering which to retire in, most people think warm sunny according marketwatch, while georgia have income tax, and some jurisdiction their taxes may add up four percent, in 2010, governor sonny perdue signed new tax bill (hb 1055) will phase out on all retirement by 2016. Retirement georgia retirement tax friendliness. These 13 states don't tax social security or pension income 4 oct 2017 state taxes in retirement those are alabama, arizona, arkansas, california, delaware, georgia, hawaii, idaho, illinois, Lifetime steady for your life georgia friendliness is friendly retirees? Retirement exclusion department of revenue. Why are they keep ira distributions taxable in georgia? Turbotax support. Georgia has no state inheritance or estate tax 13 nov 2015 this exclusion allows a retiree who is 65 year older to shield from income taxes up in pension investment if retirement. Exclude at least some private pension and ira income from their taxes, with no limitsup to of retirement if you're 65 or older 1 jun 2014 this is important enough that i added it the state taxes wiki page, for benefit people who plan retire in ga peach taxpayers might be able exclude a portion taxation. Taxpayers age 62 and over or totally disabled can claim an inc 10 jun 2015 this may be surprising to those who consider georgia taxes extreme because they tax income. Taxpayers who are 62 or older, permanently and totally disabled regardless of age, may be eligible for a retirement income adjustment on their georgia tax return. Most forms of retirement income are exempt from georgia's state tax if taxpayers file the proper exceeding maximum adjustable amount will be taxed at a
Views: 150 Vernie Liefer Tipz
Taxation of Investment Income Part 2
 
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Business Career College is a national financial services education provider. See our insurance, financial planning and continuing education courses, including self-paced and instructor led options, at https://www.businesscareercollege.com For great industry articles, follow on Twitter (https://twitter.com/JasonWattBCC) or like on Facebook (https://www.facebook.com/BusinessCareerCollege/).
Views: 7790 BCC Education
Paying income tax in America is Voluntary
 
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When you can't dazzle them with brilliance, baffle them with bullshit. Idiot Harry Reid maintains that paying income tax is voluntary in the U.S.. Harry Reid is the Majority Leader in the U.S. Senate. He's obviously not very bright. But then again... he is a politician. Interviewer Jan Helfeld does a great job of trying to nail him down but... well, you'll see. See more bottom Line Interviews by Jan Helfeld at janhelfeld.com
Views: 2193165 AlliDrac
Texas Tax and Law Man: New Tax Laws (12/05/2017)
 
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Texas Tax and Law Man David Groce www.TexasTaxAndLawMan.com [email protected] December 05, 2017 This is David Groce. Welcome to the Texas Tax and Law Man. On Thursday, November 2nd, Congress finally gave us a glimpse of the New Tax Law. Taxes are my passion. Helping you keep your money in your pocket is what turns me on. So, the thought that Uncle Sam would change the laws to benefit small business owners and hard-working Americans really turns me on. The Biggest Joke I heard in Law School: Taxes are big. Therefore, we rarely change the law - 1934, 1954, and the 1986 tax act. Well, I graduated in 1995. Every year since then, we have had a change to the tax law. Usually, we extend a credit, allowing a loop hole, or creating some type of incentive. But this year, we had a change in the governing administration. The candidates for the House, the Senate, and the Whitehouse all ran on tax reform. At last, they finally gave us a black and white draft of what the new tax law would look like. It simplifies the tax rates. The old 7 Brackets were 10%, 15%, 25%, 28%, 33%, 36%, and 39.6. On top of that, we have a 3.8% net investment tax, making our highest bracket 43.4% for those earning more than $466K. The New House proposal gives us four brackets: 12%, 25%, 35%, and 39.6%. The First Draft of the law caps Pass through Income at 25%. It give everyone a larger standardized deduction: $12,000 for an individual and $24,000 for married couple. If you itemize your taxes, including Charitable Giving, Mortgage Interest, and Property Tax. For Texans, the Property Tax is our biggest state tax and we still get to deduct it. For those in other states, the deduction for State Income Taxes and Sales Taxes are gone. The other big change is the Child Tax Credit. The old law phased it out at $110,000, meaning you get no child credit if you make over $110,000. The new law raises the phase out to $260,000, which really helps some folks. Well being a Tax Lawyer, my staff of enrolled agents and accounts put together our own tax calculator to see how this really impacts my clients. You are going to have to wait until the next video on Thursday for us to roll that out. In that video, we will show you how the tax changes impacted four of our clients. We will also compare our calculations to the inside Calculations of Congressman Bill Flores, of the 17th District of Texas. He is Chairman of House Energy and Commerce Committee and Chairman of The Republican Study Committee. Congressman Flores was kind enough to run our returns through the Congressional calculator for comparison. Tune in next time to see how that compares. As always,if you liked our videos, please subscribe below, forward our email, share this link with a friend. Follow us on YouTube, Facebook, Twitter, and Linked in. Thanks for your time and taking a moment to zero in on Taxes with the Texas Tax and Law Man. Adios. TEXAS TAX AND LAW MAN LEGAL DISCLAIMER: Hey, I’m a lawyer, you know I have to have some lawyer Mumbo-Jumbo. THIS IS A GENERAL INFORMATIONAL VIDEO, NOT CLIENT-ATTORNEY PRIVILEGED INFORMATION. THE CONTENT IS INFORMATIONAL ONLY AND IS NOT DIRECTED TO ANY SPECIFIC FACTS OR CIRCUMSTANCE AND CANNOT BE RELIED UPON AS A LEGAL OPINION. Even though that would be nice and save you a trip to the lawyer. IF YOU HAVE A SPECIFIC LEGAL QUESTION, FEEL FREE TO CONTACT DAVID GROCE DIRECTLY OR SEEK QUALIFIED LEGAL OR TAX COUNSEL IN YOUR STATE OF RESIDENCE... ...state of mind or whatever place you call home.
Views: 821 David Groce
How Is Lotto Money Taxed? : Taxes, Insurance & Investment Tips
 
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Subscribe Now: http://www.youtube.com/subscription_center?add_user=Ehowfinance Watch More: http://www.youtube.com/Ehowfinance How lotto money is taxed depends on a number of different factors, including where you live. Find out how lotto money is taxed with help from a certified financial analyst in this free video clip. Expert: Noah Rosenfarb Bio: Noah Rosenfarb is a certified divorce financial analyst with Freedom Divorce Advisers. Filmmaker: Luis Trueba Series Description: Whether you're running your own business or are just an employee, at some point you will have to sit down and take a very serious look at your taxes. Get tips on issues that people face when it comes to dealing with taxes and the Internal Revenue Service with help from a certified financial analyst in this free video series.
Views: 15354 ehowfinance
How Do My Withholdings Affect My Tax Return?
 
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Nate Ritchison, CFP® explains how your withholdings on your W-4 affect how much you owe to or get refunded by the IRS. He highlights the importance of staying on top of your taxes throughout the year, especially if your situation changes (i.e. you get married, divorced, have kids, purchased a home, etc.). Transcription: "Most of us have experienced an emotional and financial roller coaster when filing our taxes. Did you know you don't have to experience this anxiety? Hi, I'm Nate Ritchison, CERTIFIED FINANCIAL PLANNER™ with Pure Financial Advisors, and this is Question of the Week. This week's question is: How do my tax withholdings affect my tax return? Most of us, as we grow earned income, are going to owe some income taxes on that income. If you're self-employed, you have to pay quarterly taxes throughout the year. But for most of us, if we're employees of a company, we had those taxes withheld from our paychecks every month. The amount you have withheld is completely up to you, and you determine the amount you have withheld by filling out that W-4 when you first start your job. If you want more withheld, you claim more withholdings and allowances. If you want less withheld, you have less allowances claimed. This system works really well if you're a standard tax filer. That is, you're single, you have one job and you'd claim the standard tax deduction. For a lot of us, we don't fit into that category. We need to regularly review our withholdings so we don't have these surprises when it comes to filing our taxes. The surprise of if you owe money or have a big refund can be negative. The reason is because if you owe money, chances are if you owe a lot then you also have to pay your tax and a tax penalty on top of that. If you get a big refund, what you've done is you've just given an interest-free loan to the government over that period of time. Either way, you want to make sure you dial in your tax withholdings. Now, when you consider your tax withholdings, also consider some changes that can affect your taxes throughout the year--things like if you've been married or got divorced, if you've had a child, a job change or maybe even purchased a home, those are all things you might want to consider to adjust your withholdings up or down. Other things like doing some financial planning can also affect how much tax you're going to pay and maybe how much you want to have withheld from each paycheck. Things like if you have dividend income or interest income, if you have capital gains, if you have an IRA distribution you take or maybe you do some Roth conversions, these are things you want to consider because they will affect your taxes when you file your tax return. Either way, you want to make sure you stay on top of this and you adjust your taxes throughout the year, either through your W-4 or making estimated payments so that your tax season is as boring as possible. This is Nate Ritchison with Pure Financial Advisors, and this was the Question of the Week" If you live in southern California and would like to schedule a free assessment with one of our CFP® professionals, click here: https://purefinancial.com/lp/free-assessment/ http://purefinancial.com IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
Tax Prep Checklist for Moving Between States - TurboTax Tax Tip Video
 
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https://turbotax.intuit.com Tax Prep Checklist for Moving Between States - If you’re moving between states, you may have to file taxes for two states. Fortunately, there are some tax preparation tips that can help make moving to a new state and filing taxes simpler. Watch this tax tip video from TurboTax for an easy tax prep checklist. Learn more about the importance of determining your new state’s personal income tax rates, how rules for permanent resident taxes may affect your tax return, state investment income tax rules, tax deductible moving expenses and other helpful tips for filing taxes after moving to another state. TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: http://blog.turbotax.intuit.com TurboTax Twitter: https://twitter.com/turbotax TurboTax Facebook: https://www.facebook.com/TurboTax TurboTax Pinterest: https://www.pinterest.com/turbotax/ TurboTax Tumblr: http://turbotax.tumblr.com/
Views: 9598 TurboTax
Why I like Tax Deed Investing Vs Tax Lien Investing
 
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http://www.thelandgeek.com In this episode I discuss why I like tax deed investing versus tax lien investing. You can also download my free report at http://www.3fatallandbuyingmistakes.com. Subscribe to the free weekly podcast on iTunes here-- http://bit.ly/1boXTsy Want to learn how to flip land? Get Art of The Land Flip today for $5 at http://fiverr.com/landgeek/teach-you-how-to-flip-land-for-quick-profits. Invest in Wholesale land at http://www.frontierpropertiesusa.com http://youtu.be/ttO8r2rRmPI
Views: 30920 Mark Podolsky
The 6 Rules of Using a 1031 Exchange
 
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The 6 Rules of Using a 1031 Exchange At Morris Invest we work with many clients that use a 1031 Exchange to buy real estate. BOOK A CALL WITH OUR TEAM TODAY AT MORRIS INVEST: www.MorrisInvest.com A 1031 exchange is an incredibly powerful tool that allows an individual to save on taxes after the sale of a piece of real estate. This tax deferral program permits the investor to sell a real estate property and then reinvest the funds in a property of equal or greater value. Doing so allows the investor to keep more money in their pocket, and defer all capital gains taxes. In this video, Natali and I are sharing the six rules you must follow when conducting a 1031 exchange. We’ll discuss best practices for dealing with the IRS, and what you must do to successfully complete a 1031 exchange and defer taxes. We’ll also share more details about our favorite 1031 experts, and discuss resources you can use to learn more. If you've ever wondered about the specifics of deferring taxes in real estate, you won't want to miss this video! We're sharing concrete examples why you might want to conduct a 1031 exchange, and how to do it the right way! EP197: The Legal Loopholes of Real Estate Investing - Interview with Garrett Sutton: https://goo.gl/KHgz6Y Loopholes of Real Estate by Garrett Sutton: https://goo.gl/1ZR9VK EP053: The Power of a 1031 Exchange for Exploding Your Rental Portfolio - Interview with Lance Growth: https://goo.gl/z13Sp1 EP158: How to Defer Taxes Forever with Real Estate - Interview with Leonard Spoto: https://goo.gl/Mo7e6V Show notes: http://morrisinvest.com/episode214 BOOK A CALL WITH OUR TEAM TODAY AT MORRIS INVEST: https://goo.gl/EbDRWj VIDEOS ABOUT GETTING STARTED IN REAL ESTATE https://www.youtube.com/playlist?list=PLZdhTWJ6Yawp1LPllyyeQho_ouMhrbOy6 VIDEOS ABOUT REAL ESTATE NEWS https://www.youtube.com/playlist?list=PLZdhTWJ6Yawp7aUQgMPmAanHSYgP-UI0i SUBSCRIBE AND JOIN OUR AWESOME COMMUNITY: https://www.youtube.com/c/MorrisInvest SUBSCRIBE TO THE iTUNES PODCAST: iTunes: https://goo.gl/tSfSM8 FOLLOW ME ON SOCIAL MEDIA: Twitter: http://www.twitter.com/claytonmorris Facebook: https://www.facebook.com/MorrisInvest Instagram: https://www.instagram.com/claytonmorris
Views: 17850 Morris Invest
Investing in the United States:  Understanding the U.S. Tax System
 
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SelectUSA Video Series on Investing in the United States: Understanding the U.S. Tax System
Views: 1196 USEmbassyLondon
Do All States Collect Income Tax?
 
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Seven U.S. states currently dont have an income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. And residents of New Hampshire and Tennessee are also spared from handing over an extra chunk of their paycheck on April 15, though they do pay tax on dividends and income from investments. Tax policy state income tax vsus center irs. States collect a state income tax in addition to federal. States have no income tax, and some don't tax retirees. By kay bell, bankrate 17 mar 2017 provides information on income tax rates for each of the 50 states, despite fact that nevada does not collect an tax, they've a large state governments all kinds taxes, many which you probably know about (like sales tax) and some may never have heard severance 7 sep other end spectrum, there are six states do levy corporate at nevada, ohio, south dakota, texas, 22 oct 2015 liable under individual code, as more c unsurprisingly, like new york ($539 per capita) great 27 nov 2016 seven listed above don't charge. How state income taxes work does your collect in corporate per how much states without tax may not be cheapest places to live. The states imposing an income tax uniformly 17 sep 2014 consider all seven with no landed in the bottom of which published most and least fair state taxes report, says are collected as a combination income, property sales 9 jun 2017 alaska, florida, nevada, south dakota, texas, washington, wyoming don't have. States that don't tax earned income the balance. The very sound of the word is music to ears millions older workers, which states are tax effective retirement locales? This article only broaches differences in how collect revenue from their citizens these 13 don't social security or pension income. These states have no income tax usa todaystates with thoughtco. States that don't tax earned income the balance 24 jun 2017 seven u. However, they have very different property and sales tax rates, which should also be taken into states rely on taxes more than local governments do. States with no income tax lendedufederal tax, state local finding a retirement friendly investopedia. If you're a resident of one these states, you 26 apr 2014 let's examine each the states with no income tax using on revenue as well foundation's most recent data, which is for all must generate and they do so through various taxes including delaware, montana, new hampshire oregon currently charge sales 14 jan 7 that don't have state (and two wage income)view. States with no income tax better or worse to live there? Want in a state tax? Make sure you're super which states don't have Turbotax support. Levy general sales taxes that apply (with some exemptions) to all goods and certain services. A map showing the highest marginal tax rate in each state for year 2014 from income returns if they collect dividend and interest totaling more you live a that does levy an earn 13 jan 2015 how pay its bills without tax? The answer is all around food eat,
What are some tax free investments?
 
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http://bit.ly/1pbwKAJ - Tax free investments Income Tax Estimator- Free Fascinating Post For Income Tax Estimator It's that time of year when someone would like to learn how much she's earned and just how much tax is owed. To summarize income tax, it may be stated the tax charged on the once a year financial income of individuals, businesses or alternative legal things. In case of individual income tax, the tax is charged in the entire income of the person ( with some refunds that are authorized by law ), while corporate income tax is on the once a year net revenue. As you hunt for income tax estimator associated information or new advice regarding free income tax or state income tax rates, choose your age to evaluation the below post. It is going to give you a actually refreshing close into the income tax estimator data you would like. After going during it you'll additionally be fitter told concerning advice in some manner associated with income tax estimator, including income tax appraisal act 1936 section 260 or even tax return. Tax time or closing dates is a frantic time for virtually any company. The entrepreneur is designed to ensure the all bills and all files stressed are rather in order and are availed to the applicable professional. This guides in realizing the kind of prices and savings they made over the year or over the duration. Also this helps in tax economy in the following fiscal year together with the appropriate tax alterations. What an person or a business ought to know about is that the tax of their revenue they pay makes a great difference, so no error should happen while they are at it. Free income tax preparation is usually accessible as an incentive for refund anticipation loans. A tax specialist will inquire your cash matters and prepare your taxes. When it is determine you have the right to a compensation, the individual or a firm take a share of that refund. Thus, the tax preparation service makes cash, but not until your refund comes thru. There's no out-of pocket cost to you personally, plus you get the extra guarantee your tax preparation is done completely and correctly. BREATHER -- As you pause on reading this post I hope it's up to now supplied you with insightful information related to income tax estimator. Even if it hasn't so far, the rest will, whether your interest is income tax estimator directly or other associated angle such as free income tax software, uk inheritance tax, tax system in china individual income tax, internal revenue service. While paying out the income tax, one should employ the tax subsidies as they occasionally lowers the tax sums to be paid in a chosen tax duration to the Internal Revenue Service. For instance if your child is in a varsity, then you ought to maintain for an education tax credit. The tax savings you make here can be utilized to open an instruction saving accounts for your child. Occasionally suffering a loss can be advantageous in Tax savings. Guess you have done nicely with your investments in the last section of cash year. As a result of this you're taking a look at significant capital gains, before yearend. Now, you can cancel a few of these gains by selling a losing enterprise can save a lot on tax front. Tax free investments are essential applications in the direction of income tax savings. The of those gains might not be that rewarding in returns but save a lot fro your tax payments. Making charitable contributions are additionally useful. TAILPIECE -- In conclusion, income tax estimator quest should have been met with this post. Otherwise, it is easy to get additional information by making a search on Google for income tax estimator or alternative irs income tax, income tax forms, taxation in canada international comparison 28private income tax 29, ministere associated info. It's very crucial that you understand about tax and benefits that this will allow you to save and get lots of cash. Recall at this time of downturn, every cent saved is to turn the cash made.
Views: 2404 David Strassford
2018 Tax Changes Simplified
 
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Can someone just tell me the jist of the tax changes? This is what this video is about. There are of course many many changes but you might wonder about what the biggest ones are that will affect you without needing to do hours of research. I have summarized it for you to give you an idea and the tax changes are huge. There is no easy answer to see if you will get a lower or higher tax bill since the changes are so complex. There are certain things you CAN do to try to minimize your taxes with this new reform. Audible Free Audiobook Trial: http://www.audibletrial.com/BeatTheBush Patreon: http://www.patreon.com/BeatTheBush NordVPN so your ISP does not snoop on you: http://bit.ly/2lRo5uG My Equipment: https://www.amazon.com/shop/Beatthebush ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My Channels: https://www.youtube.com/BeatTheBush https://www.youtube.com/BeatTheBushDIY
Views: 57873 BeatTheBush
Exemptions and income taxes
 
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Exemptions - different from deductions Next come your exemptions. Each exemption you claim can lower your taxable income by about $2,500, and this amount increases each year with inflation. Note that exemptions have nothing to do with your deductions, including the standard deduction. It's true that both exemptions and deductions reduce your taxable income, but they're different things. Put simply, exemptions deal with the number of people living in your household, while deductions deal with your lifestyle. For example, if you're over age 65, you still get only one exemption. But if you're over 65, you get a higher standard deduction. Same thing if you're blind. One exemption, but a higher standard deduction. Or suppose you live in a big house with a big mortgage. This lifestyle leads to a big mortgage interest deduction, but it doesn't affect the number of exemptions you can claim. Exemptions and deductions are different. Figuring out your number of exemptions So determining the number of exemptions you can claim should be as easy as counting the number of warm bodies in your home. Unfortunately, it's not that easy. If you're not a dependent, you can claim yourself as an exemption. If you're married, filing jointly, you can claim your spouse. Your marital status is determined as of the last day of your filing year, usually December 31. If you were married to someone on December 31st, according to the IRS you were married to that person for the whole year. When it comes to dependents, however, things get murkier. The value of an exemption Because each dependent you claim cuts your taxable income by about $2,500, a middle-class taxpayer in the 28 percent bracket cuts his total tax liability by about $700 for each dependent he claims. So there's an incentive to claim as many dependents as possible. I've even heard stories of people claiming their dogs as dependents. To help prevent this, the IRS requires you to give the Social Security number of each dependent you're claiming. You should be careful that you and an ex-spouse both don't claim the same child, because the matching Social Security numbers will trigger a letter from the IRS. So now for the $700 question : How do you determine if a person is your dependent or not? IRS' five rules for finding dependents The IRS has five tests that must be met. The first is citizenship. Only residents of the US, Canada or Mexico can be a dependent. The second test is gross income. If the person made more than the exemption amount, that is $2,550 in 1996, they can't be a dependent. But, and this is a big but, this requirement is waived for children under age 19 and students under age 24. The gross income requirement usually affects elderly dependents. If you're helping to support your mother, and she receives $5,000 in interest income, you can't claim her as a dependent. The third test is the relationship test. You normally can only claim a blood relative, but there's an exception. If a non-relative was in your home for the entire year, you might be able to claim her. The fourth test is the support test. You must provide over half of the total support of a person to claim that person as a dependent. There is a provision, however, for one person to claim the exemption even if several people provided support. Claiming the exemption for the children of divorced parents is tricky. After 1984, Congress said that the parent who has custody of the child for the majority of the year can claim the exemption. However, this right can be waived with Form 8332. Giving the right to the person with the higher income can lead to some tax arbitrage savings. The fifth test states that a dependent may not file a joint tax return with someone else. To summarize, you almost always should be able to claim your children who are under 19 as your dependents. With anything else, say an elderly parent or a foster child, you'll have to check the IRS instructions. But if you are helping to support someone, you should look into claiming them as a dependent because this could save you $700 in taxes. Copyright 1996, David Luhman.
Views: 33282 TaxHop.com
How Do Tax Withholdings Work? (2018 W-4 Form Explained) W-4 and Tax Withholdings
 
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How Tax Withholdings Work (How Your 2018 Form W-4 Affects Your Paycheck)Tax Withholdings Explained - The complete guide to understanding your 2018 W-4 Form and Tax Withholdings - Step-by-Step examples of how to fill out your 2018 W-4 and calculate your tax withholdings with accuracy. Freed downloadable spreadsheet. How Your 2018 W-4 Affects Your Paycheck (How To Calculate How Much Tax To Withhold Each Paycheck) Free downloadable spreadsheet shown in video: https://www.dropbox.com/s/s5hcd11ktpzp4re/w-4%20withholdings.xlsx?dl=0 The complete time stamp index for this video so you can go back to or skip to any part in the video like a boss! •The two primary methods that determine your withholdings on your paycheck - 2:10 • Why people should care about their W-4 and Tax Withholdings - 3:15 • W-4 and tax wittholding on screen example begins - 5:44 • Introduction to Form W-4 - 6:25 • What are W-4 Allowances? What Does it mean? - 9:22? • How your employer users your W-4 information to determine your income tax wittholdings? (IRS Publication 15) 11:00 • W-4 walkthrough begins - 15:15 • Example of how to calculate your tax withholdings for each paycheck begins here Uses wage percentage method: - 22:45 • Example of how to calculate your tax withholdings for each paycheck using wage bracket table method: - 37:45 ♦Check out my Income tax playlist here: https://www.youtube.com/playlist?list=PLSofnwEEZdUwO76397C824IRz5xofXEQz ♦ Investing in the stock market!: https://goo.gl/yVAoES ♦ Save money, budget, build wealth and improve your financial position at any age: https://goo.gl/E97nJj ♦ Learn more about how federal income taxes work: https://goo.gl/D1hCX1 ♦ Ways to improve your life at any age: https://goo.gl/uq72bu Subscribe for our future weekly videos. New videos typically every Sunday or Wednesday. Do not forget to help out a friend and share this information with them as well. About me: I'm passionate about helping people build wealth by learning more about personal finances, investing and taxes. My mission is to help people improve their financial position career and life. I also enjoy teaching others about the accounting profession, tech tips, and helping people overcome challenges in their everyday life as well as their career. You can find our content on other internet planets such as....... My Website: Moneyandlifetv.com Twitter: https://twitter.com/Mkchip123 Facebook: https://www.facebook.com/moneyandlifetv/ ***Disclaimer*** All of the information in this video is presented for educational purposes only and should not be taken as financial, tax, or investing advice by any means. I am not a financial adviser. Although I am a CPA I cannot advise someone for tax purposes without knowing their complete tax situation. You should always do your own research before implementing new ideas or strategies. If you are unsure of what to do you should consider consulting with a financial adviser or tax accountant such as an Enrolled Agent, or Certified Public Accountant in the area in which you live. Thanks for taking time to check out this video, and our channel. Have a great day and we will see you in the next video!
Views: 10824 Money and Life TV

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