Get An LLC To Avoid Paying High Taxes?

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[rolandoflores]

I’ve noticed Dave dosent share tax loopholes that I’m sure he uses.

[abrahamlincoln]

As a single-member LLC (Limited Liability Company), you can use business expenses and losses from your LLC to offset other income on your personal tax return, including W-2 income from an unrelated job.

[Abidjan-weekly]

The tax comments/jokes on this channel are at another level 😂.

[Welcometothenow]

The IRS doesn’t care about LLC’s of an individual. You still have to pay taxes, and theyre still high lol.

[kayrealist]

Warren Buffett does have earned income but its capped at 200k per year or so.

[JustinCase]

Papa drops a sweet "vee-hickle" @1:16

[mrsmith]

People complain that the rich and the corporations don't pay enough tax, yet 47% of the ordinary people pay no tax. The sweet spot is to have no wages, and to live off qualified dividends and capital gains. Many people pay too much all year, make an interest free loan to the IRS, get a refund and feel rich for two days.

[lukabeast]

Makes me so mad that we didn’t learn taxes in sxhool

[teebaye]

Before watching this I tried to guess what Dave would say. I got it correct lol I think I've matured in my financial journey. 😌

[johnSmith-uznl]

What rental properties allow is depreciation and you can expense management fees or expenses you have. And you can do what our elected officials do, claim crazy amount of millage even if it is not realistic to lower your tax bill.

[braceyourselvesfortruth]

What hurts you on taxes and doesn't make economic sense?

- paying cash for rentals, obviously

[TrickyMickTrucking]

His cars are owned by an LLC because it's a write-off. I love Dave, but I wish it would be a little more honest about some of the things he uses to lower his own taxable income.

[devinantonovich]

Speak with employer about getting paid as a 1099 instead of a w2. File as a LLC or s corp. take business write offs etc. downside is you would need to provide your own benefits.

[renees]

Overall excellent but I think it would’ve been worthwhile to add that the tax benefits of real estate are generally deferred. For example - Loss are generally not deductible less you have other passive losses or until disposition.

[williamjohnson]

In lawsuits, 1) it has to be illegal 2) police investigate things 3) it is approved by the courts 4) they calculate "proof of loss" 5) you usually just get your money back and fine them for their behaviors 6) it is always class action

[billr]

I used Asset Protection Planners to set up my LLC and asset protection plan. Attorneys on their staff. Quite helpful.

[Billcornhole]

My parents never had money. I’ve heard the words, “Write-off” enough to make your head spin. They didn’t understand finance. This call was an example of, “I don’t understand money”

😂

[Pcj]

Warren Buffett investments pay corporate income taxes in addition to any capital gains tax the shareholders pay

[AJohnson]

LLCs for real estate are for limiting your personal liability and keeping your assets separate from each other. So if you own two rental properties, they need to each be in their own LLC. If someone who lives in one wants to take you to court then they have nothing to do with the other property. They also can’t go after your personal assets I believe. There are also ways to remain anonymous who owns them. So if for example you have to evict someone and her boyfriend who is living with her but not on the lease is a dangerous felon, they can’t find out who owns the property and where you live to stalk you, your family, and possibly hurt you. I’m not a lawyer or cpa but that’s what I understand.

[matthewgardner]

Poor Chris with having to pay taxes like the rest of us.