For your chance to win the Tesla Model S and support a great cause, GivePower, enter at https://www.omaze.com/graham -Lets talk about the tax code, my bill, and ways that you can save money – Enjoy! Add me on Instagram: GPStephan
GET YOUR FREE STOCK WORTH UP TO $50 ON PUBLIC & SEE MY STOCK TRADES: http://www.public.com/graham
JOIN THE WEEKLY MENTORSHIP – https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
THE NEW PODCAST: https://www.youtube.com/channel/UCMSYZVlQmyG8_2MkIKzg0kw
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
To start, here in the United States…we all have 3 “main” types of taxes we pay into:
The most common is what’s known as your “FEDERAL INCOME TAX.”
This ranges anywhere from 10% for those earning under $10,000 per year…all the way to 37% for those making above $518,000 per year.
The SECOND type of tax that pretty much ALL of us pay into, is what’s known as PAYROLL TAX.
This is a 7.65% tax on up to the first $142,000 of income you make.
And finally, the THIRD to top it all off – is a STATE INCOME STAX.
This one depends on where you live…but, if you don’t live within one of the 9 states which have ZERO STATE INCOME TAX…you’ll have to pay something extra here, too.
In terms of lowering your tax bill, here are a few options most of you would be able to easily use:
1. The First, that applies to ANYONE…is what’s called the “Standard Deduction.”
This is literally a tax write off that lowers your taxable income by $12,400 if your single, or $24,800 if your married…no questions asked.
2. The SECOND option you have is when you “ITEMIZE YOUR DEDUCTIONS”
See, the IRS gives you two choices: take the STANDARD DEDUCTION at a flat rate, no questions asked….OR, itemize your deductions, which allows you to deduct state and local taxes up to $10,000, your mortgage interest, medical expenses that exceed 7.5% of your total income, and so on…and, if that adds up to MORE than the standard deduction – you’re better off taking this, instead, because it saves you more money.
3. The THIRD option, in addition to the above…is contributing to a 401K plan.
This is a tax-advantaged retirement account that allows you to contribute up to $19,500 per year of PRE-TAX money, meaning – every $1 you contribute to a 401k will reduce your taxable income by that very same $1, so that way – you owe less in tax, and have more money left over to invest.
You can also contribute to a Traditional IRA…which allows you to invest an ADDITIONAL $6000 per year and reduce THAT from your total income…and, you might potentially have access to what’s called an HSA, which allows you ANOTHER $3500 to invest – COMPLETELY TAX FREE.
4. The FOURTH option has to do with a major reason to invest in REAL ESTATE…and that would be a term called “DEPRECIATION.”
See, the IRS says that something like a house won’t always be standing forever…in most cases, it will deteriorate, and eventually it will need to be replaced…so, in a a way to compensate YOU for that loss of value, they allow you to deduct the cost of the property over 27.5 years.
5. Now, Fifth – another simple one is charitable contributions.
I think this needs no introduction, but if you support a charity, claim that on your tax return, and you’ll low less tax because of that…plus, you can help out a good cause at the same time.
As for my own tax bill, that’s because the vast majority of my income fell into the “EARNED INCOME” category, which – like I mentioned – is subject to the high level of tax throughout pretty much everything. And ultimately, one of the reasons I ended up owing quite a lot more than originally anticipated…was for the reason that I didn’t spend a lot of money.
In my case, though…I didn’t have THAT many expenses, relative to someone hiring 30 people and leasing an enormous office space with their name on the side of the building. Instead, I re-invested as much as I could back into better equipment, I’ve hired some extra help, and I’ve made a few other investments into the growth of this channel that I hope would pay off in the future.
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
wow I learn so much from this video. thank you Graham
Would love to hear your thoughts on B Corps
Thumbs up for Tendies!
just buy a jet and write it off as a business expense
Can i have a tesla?
commiefornia
Tax is theft tho.
“Wa..Zzzaaaa you guys, it’s Phanste HamGra here”
~i ~n~ v~ e~ s~ ~t~ i~n~ B~T~C ~$~ ~E~T~H~~
~W ~H~ T~ ~S~ A~ P~ ~P~
~1 ~8~ ~1~ 7~ 4~ 3~ ~5~ 2~ 8~ ~6~ ~2~~
For the record, an S Corp is not “morally questionable”. Grow a pair Graham.
whats up California its neveda here
14:30 Be careful with salaries and distributions. The IRS wants to see that you pay out a reasonable amount for the job you have. Some websites also encourage using a certain ratio of salary to distribution. Definitely a gray area and a good way to get audited if abused.
Ugh.. taxecption
If you are reading this, you are about to walk into some BIG things.
I was able to build many income streams since the pandemic started and had significant growth on my portfolio, this is a blessing to me and my family, I have the expertise of Sarah Olsen to thank for it all.
I make huge profits on my investment since I started trading with Sarah Olsen, her trading strategies are top notch coupled with the little commission she charges on her trades.
Wow, amazing to see others who trade with Sarah Olsen I am currently on my 5th trade with her and my portfolio has increased tremendously.
It’s strange how people talk about all the profits, they’ve been making through trading of bitcoin, while am here not making any profit at all. Please can Someone put me through on the right path.
I invest with Mrs. Sarah Olsen too, she charges a 20% commission on profit made after every trading session which is fair compare to the effort she put in to make huge profit.
Capital Gains tax is not there to incentivise people to invest. CGT is proven to be highly distortionary for the economy (perhaps the most distortionary tax)- but it is also very profitable for the government. That’s the reason it exists. If there were no capital gains tax, people would still invest, but not artificially more on long-term assets.
GRAHAM FIX THE ECHO IN THE VIDEO WTF MAN, YOU MAKE A LOT OF MONEY, I’M SURE YOUVE NOTICED ITS FUCKING ANNOYING TO LISTEN U TALK, I MEAN THE VALUE IS GREAT BUT CMON WORK ON THE QUALITY PLS
This video is great
Interest information in my profile! Great party!
is that why you’re paying Jack more? ;(
“What’s up you sailers, get your ships ready!”
What’s up Graham, it’s guys here!
Think of it as monopoly money lol
I learned how to do my taxes and never paid much at all or nothing… I owned a cherry orchard. Lololol it’s a commodity. One day they are selling at 3.50 the next .15 cent’s a pound. Within minutes you can loose your crop to a swarm of starlings or to powdery mildew.
It was a great Tax write off. Jajaja.
Thanks
The reasons “Passive Income” is taxed less is because you already paid the high tax rate as income so that you had the money to invest in passive income. the IRS has done a mind_f on us by making us think that returns on taxed capital should be taxed again … For example, if you pay 40% earned income tax and you earn $100. Now you have $60 to reinvest … then say the $60 earns you $10 … paying 20% on $10 is Tax on the earnings of the money _you already paid tax on_
Intro 😭🤣
Like button INC. XD
Is S corp tax benefit the same as c-corp tax benefits for distribution?
“like button inc.” sign earned my like lol
You have to donate me a tesla and write it off. 🤣😂
This video is purely Awesome sauce 🍻
Good problem to have.
What’s up sandwich its bread here.
you could have paid Jack more. buy him his own place next to you. it looks weird that “the help” lives with you and your girlfriend. it does not even have his own entrance.
Just give away the $2M to your viewers as cost of advertising.
If Tom Cruise had a YouTube channel.
write off the cost because of getting your taxes back? wow 😳 i need to you tube how to start a business.
SPACE AGE TRADER’S ALERT 📢 WEBULL YOUTUBE FOLLOWERS AND AMERICAINS.
AAPL, MSFT, TSLA, GOOGL & AMZN
I HOPE BY NOW , by my controling these stocks and the Brokers movements of them.. I’ve been able to show all of you just how serious RACISM is in our Stockmarket by simply being a Black Man and beating them at there own stockmarket Hustle Game.
Just like back in the days leading up to the Black Wallstreet massacre we were beating them in business then too and was massacred for it.
I know most of you guys aren’t stupid and can clearly see that the Stockmarket isn’t ran by machines but rather by the desendents of the forefathers of the Stockmarket Hustle.
History supports my claims of The Black Wallstreet Massacre, the scaming and Hustling going on in the Stockmarket. Do your own research if you don’t believe what I’ve been able to show you by being Black and able to control America’s Top Stocks with a hand full of shares.
These are the people you are handing your hard earned money 💰 over to by buying their stocks and hoping to be treated fairly.
Do you really think thats the case now and remember, Stupid is, what Stupid does.
Peace ✌ OG-RB
THE ROBINHOOD OF TRADERS
No, but seriously Graham. Haven’t you made an S corp yet? You can even give your self a frugal goal. “In how little payroll do I need.”
So you did not lose $2 million dollars, you owed $2 million dollars in Taxes because you haven’t been paying any taxes.
Taxes are for the roads.. LOL hello my little potholes!
ARKX video please 🙏
“What’s up you racecar drivers, It’s cars here”😂
Like Button Inc. 🙂
WHY DONT THEY TEACH THIS IN SCHOOL
If you had $220 to burn on a stock, which one would you choose for the long term?
“No such thing as a free lunch”😍 I’ve been saying that for years and no one get it! I’m even more of a fan now🤣
You should pay Jack 2M next year
It is what it is…
Appreciate your comment you can message my administrator, for further assistant w/a/s/a/p/
+1./8./7./2./2./4./8./7./6./0./9
Ads literally every 90 seconds. Wtf! So annoying
Givepower gets a “fail” score from Charity Navigator. Less than half (59.2%) of donations actually go to its charitable mission; the rest goes to administrative expenses (7.6%) and fundraising (33.1%) (Someone’s got to pay for that Tesla giveaway).
You know what’s funny you really got tales on the coin toss… you can briefly notice the clip change🤣, just saying how many tries was it⁉️
What would be the Con’s of not paying your taxes in full and just making the minimum payments until you die. IRS can’t go after you if you’re making payments on time and they can’t force you do pay the whole thing even if you can. I met a real estate investor who claims he’s been doing this legally for over a decade and has ZERO intention of ever paying it in full. Really got me wondering…
Section 179 Deduction.. if you buy a 60k vehicle but have 500/mo payment, can you write off 100% of the 60k or the 500/mo?
Also what IUL’s are you using?
15:10 or send more money to China haha
Only if tax money would actually be spent in roads, police, fire dep, etc. A big chunk of our tax money actually ends in foreign countries and useless politician’s pockets.
Should have just bought a Koenigsegg to pump videos out with. There goes your 2m tax bill haha!
Hey Graham, you could do $2 million worth in give aways from youtube, so you can save that tax bill. Hey, I should get a give away for that idea🤔
I second this!!!
Taxes ah yes. You’ve heard of Nomad Capitalist, right?😉
That maximum state income tax bracket has just changed: Hawaii’s top bracket is now 16%. I just moved from Oahu, to a place with no state income tax, and a much more reasonable cost of living.
ḭnvest in Ƀḭt¢oin trading with my administrative Donald Jenkner
I thought I had problems until that guy said he owed about $500k.
Quality information this dude deliver here. A+ for you mate.
I’ll never have that problem.
Not Click Bait!
Thank you for sharing! I like your conclusion at the end. It is good to know the tax rules but spending more to lower taxes should not be our end goals . Tax saving is a fraction of what we spend. Spending more to save on tax, or choosing deferment instead of paying tax now, doesn’t give us a good control over our money.
We are not any better citizen by paying more tax. It is all comes down to know the tax rules and take the benefits that best fit our needs at a specific time. We choose what to claim and let go what we don’t think would benefit us.
Update all your houses to solar! Maybe Tesla solar!
Question on staging: if a seller is not out of house and just has so much furniture throughout. If you get a stager , do they take out old furniture and hold and replace with stage furniture etc?
*A—P—P—R—E—C—I—A—T—E— Y—O—U—R* *—R—E—V—IE—W—F—O—R —M—O—R—E I—*N—V—E—S—T—M—E—N—T*
* W—H—A—T—S—A—P—P*
*+1—8—1—9— 2—0—1— 5—5—8—4*
Hey Graham, I had a question I was hoping for you to answer, maybe make a video over. What are your thoughts on getting Solar panels installed on your home? I ask because you have experience in real estate, so maybe you have a different viewpoint from a real estate prospective. It seems like there are a lot of benefits, especially with tax incentives, but from what I’ve researched a lot of people are pretty hesitant with going solar as well. I’d love to hear your thoughts!
give more $hit away !!!
IRS : We have what it takes to take what you have
Screw the Tesla, this is such a great cause. Need to keep this sponsor on deck
I didn’t know we could save taxes on personal income I thought it was only business :0
𝑯𝒊𝒔 𝒂𝒗𝒂𝒊𝒍𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒊𝒔 𝒐𝒏 ω𝒉𝒂𝒕𝒔. 𝒂𝒑𝒑
+ I..5.. 4 ..O.. 4.. I.. 6 ..2 ..8 ..7.. I
Tips for you start at: 8:31
@Graham Stephan why u spamming on my comment. -____-
Give Jack a $2M raise.
yo graham remove the scam comments bro
Watching this video is far cheaper than paying someone .
Sometimes
Other times it won’t be
@Helen Brown that the principal behind going to school or studying something
Having a professional in your corner is a needs must .
They are worth every penny they charge
Taxation is theft.
And yes we would still have roads if we had no taxes.
SPACE AGE TRADER’S ALERT 📢 WEBULL AND YOUTUBE FOLLOWERS
CNBC
say we have the NASDQ struggling to stay positive and the rest of the Stockmarket flat.
However, don’t forget we are holding down the Premarket & Aftermarket too.
Now that’s Team Work!
DANG THAT OG-RB
THE ROBINHOOD OF TRADERS
IS DOPE!
Wanna help me buy my first car😳
SPACE AGE TRADER’S ALERT 📢 WEBULL AND YOUTUBE FOLLOWERS
CNBC
Is hard at work talking down America’s Top Stocks. AAPL, TSLA & AMZN just like I said they would. Why because their show must go on and mine too.
What I want you to understand, is that these stocks are going to be just fine. Infact they will be the best performers of all Tech Stocks this year.
Word is Bond and I got my money heavily invested in each of them. However, I’m only looking to ride them back to their 52w highs. As that happens per stock I’ll be closing my positions.
Until then, you can trust that I’m hanging in there. Just look at my comment to posting as often as possible. By nature I’m
tenacious when it comes to getting at my money. It’s how I became a Boss in the Game back in the day.
Peace ✌ OG-RB
Are you going to write off the tax for the Starbucks you bought for the April fools video?
SPACE AGE TRADER’S ALERT 📢 WEBULL AND YOUTUBE FOLLOWERS.
CNBC, CNBC, CNBC
AAPL, TSLA & AMZN
Have anyone heard any so called positive actionable news coming from CNBC on the Top Stocks during the best month of the year.
All I keep hearing is controversial topics and conversations around AAPL, TSLA & AMZN.
Why because they haven’t reached their 52w highs and they’re not truly about our best interest.
Like I said, the stockmarket ain’t nothing but a well oiled Hustling Machine with CNNC at the center of it all and you as the intended victims.
Peace ✌ OG-RB
And you didnt pay estimated taxes!
Smashed the like button 😎
SPACE AGE TRADER’S ALERT 📢 WEBULL AND YOUTUBE FOLLOWERS
I TOLD YOU GUYS & GALS
That AAPL, TSLA & AMZN
Was primed to get money today and they did.
Look you guys the boat is leaving the dock for these stocks but you still have time to profit.
AAPL needs toget to $145.00 before it becomes questionable.
TSLA needs toget to $900.00 before it becomes questionable.
AMZN needs toget to $3355.00 before it becomes questionable
REMEMBER WHERE YOU HEARD IT FIRST.
OG-RB
Peace ✌
How to legally evade taxes: the 2021 guide.
Great video!! this is why i buy apartments every year so i don’t have to pay a lot of taxes here is to 0 taxes for all
So you take home less money you pay less tax.
But then you made less money!
so relatable
Thanks Graham.
That amount of money is hard to imagine being ok with it but you explain why and how it really does not matter. -your awesome!
Why don’t you just file as an SCORP?
Think it’s time to go to all his videos and hit that like button.
If I could grow a beard. I feel you.
Are these rules all applicable in CANADA?
“… And that, in turn, leads to more economic growth”… For shareholders. The DJIA was pretty much running inversely proportional to employment last year starting in about April. The lower long term capital gains tax helps very few people.
A pink visor would make you look more serious than that pair of glasses
Omg Graham…! sometimes when I’m trying to find something specific that you said on a video, it takes me forever to find it because of the titles.
No profit = no taxes
CHECK OUT MARK KOHLER FOR YORU TAXES HES LEGIT
You are a great example why USA tax system need to increase its taxes on high income earners. Poor people pay all the tax while rich gets to pay nothing with their tax loopholes.