IRS 'You'll NEVER Need to Pay Taxes Again... Legally'

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Some legal stuff or whateva

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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.

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[Knowledge.to_Come]

Basically you pay no taxes on ASSETS you own, you only pay taxes on SALARY. To sum up the video

[zedeyejoe]

Its simple. Don't earn money. You could of course accept payment in goods; rabbits, potatoes, whatever. Really difficult for government to figure out the taxes due on that.

[caelomarroquin]

Great video with only one warning to those looking to pay $0 taxes. I have been self employed since 2005 and have never looked back. And I learned early on that when I wrote everything off, did all the deductions I could and wiped out any and all tax obligations…it then became almost impossible to borrow money or buy a house because I wasn’t showing a profit. (It was all expensed and deducted out)
Since that time, I make sure I don’t completely write everything off or deduct absolutely everything WHEN I know I’m going to be applying for some sort of large credit.

If a business is a side hustle this is less of a concern because you have your income but still, you’re going to need to show creditors there’s money left over to pay for whatever you’re borrowing for.

[rexx]

Love it. No clickbait, no BS, you went straight to the goods.

[jorgeb]

I think there's a problem with those deductions in the rent example. Yes you have 9K deductions for your home office space, but this doesn't translate into 9K savings in taxes. It means that 9K of your business income is not taxed, but you can't subtract that from your taxes, only from the income.

[queensgambit]

If you deduct all the way down to 0 this is one of the audit risk red flags .. also when you have too many deductions on schedule C, meals, home office expense it also raises the chances of an audit ..if you continuously report negative or 0 the irs might consider it a hobby and not a profitable business .. I’m an Accountant ..

[nickschwear]

My favorite part of the video is when you describe an out of work individual selling 40k worth of stock for the year and not paying taxes as if it’s a work around paying taxes - as if income tax wasn’t already taken on the money he earned before it was used to purchase stocks

[nestoracuellar]

You don't save $750 or $9000 in taxes, you're just lowering the taxable amount. So on a 22% bracket tax on the 9k is about $1980 in tax savings for the year or $165/month.

[SpencerJohnsonOfficial]

Although most people find taxes to be a boring topic, I always get excited to learn more about them. As you showed here, there are SO many different ways to save yourself money on your taxes every year. Since I just started my own business, I am excited to start to write off my business expenses against my profits for the year to hopefully pay $0 in taxes for the next few years at least. This was an excellent video, Vincent! Great job on it.

[jorgedelucas]

This is my first time watching one of your videos and most deff subscribing, straight to it no running around in circles and making things more difficult than they should be good work man fr

[Scott-byks]

It is super important to point out that wealth and income are not the same thing! Someone who makes a million dollars in a year will pay a 37% marginal tax rate whereas somebody who has a million dollars worth of wealth will pay no income tax because they didn't earn income.

[palmersolga]

For 2023, it's difficult to make sure about unambiguous expectations for the real estate market is on the grounds that it's not yet clear how rapidly or how much the Central bank can cut down expansion and getting costs without failing purchaser interest for all that from homes to vehicles.

[LYFEAccounting]

Good video, Vincent!

Just remember tax deductions (like home office) reduce taxable income, but don’t always equal tax savings.

[megmathisen]

Vincent! Seriously this is the best YouTube video I have ever seen and I’m pretty sure I’ve watched hundreds of thousands of YouTube videos. It’s all I did during Covid. The way you present this information is so easy to understand. Thank you so much!! ❤️❤️

[kwill]

Been looking for vids like this thank you ✅

[timdefor]

Great video. Inspires me to rethink my small business. One observation. If you expense 25% of your living space and $3, 000 rent, you don’t save the full $750 a month in taxes. You only save the taxes on $750. At the 22% bracket that would be $165 a month or$1980 a year, not $9, 000 a year. Still worth it!

[EVA-kivw]

This video is a blessing for a business student like me. Thanks, buddy

[embodiedconducting]

Great information. Thank you for sharing.

[DanBelsky_Health_Money_Love]

Thank you so much for all your advice. Finally, I put it to use and slowly is paying off and I’m getting in return which you said, which is the greatest commodity of all times which is time itself and not paying taxes and now I’m trying to just work with other people and become the entrepreneur that I always wanted to be. Thank you again

[seanclarke]

Dude this is amazing value in this video. Thank you for reading the tax code and making it so simple and easy to understand! Time for the people to use the same tactics as the rich