How to Avoid Paying Taxes in 2024

Tax evasion is illegal, but tax AVOIDANCE is highly encouraged and we have an entire tax code to substantiate that. In this episode we’ll discuss how you can save money by using retirement plans, investing in real estate, owning a business, and more.

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[BunkMasterFlex]

Hopefully Brian teaches us how to form our own religion and avoid taxes entirely.

[genxretiree]

Brian and Bo did a good job going over the business list. We're at that point where we're selling the business (S-Corp) but we're keeping the building (real estate) but we've been able to pay ourselves rent over the years. The property is fully paid for as well so we can reap the benefits of selling the business and collecting enough rent to cover the majority of our post sale personal expenses. It definitely works well over time.

[TopShotst]

Instructions unclear, I now owe the IRS $20, 000.😶

[Mark-oqfl]

One thing to think about with "low tax states" is all of the other tax bills. For example, my in-laws were shocked to pay 8% sales tax on groceries when they were in Gulf Shores AL. We pay 0% on food in the Midwest. So look at your total taxes, not just income taxes.

[sallyprzybil]

Some states have legislature that has changed their State taxes for seniors, reducing or eliminating them, starting in 2024. Some states also freeze property taxes for seniors so they won’t increase. If a Senior is planning their retirement those are a couple things it would be a good idea for them to consider.

[matthewmidea]

TMGs should make a shirt with their logo that says "I'm so excited about this". I'd buy that

[Twbrooks]

One of my fav episodes fellas! Always feel like I learn something new I should be looking into!🤑

[madrideentertainment]

Another option would be sending your money to the Cayman Islands, start a family office, and print IOUs.

[nickolasmiller]

Great information guys! I’m happy there are knowledgeable and qualified individuals discussing these types of topics to the public. Keep up the great work! P.S. It may be worth mentioning to folks that they should be careful with hobby income and mistaking it for a business

[mydadspulloutgametrash]

Thank you, gentlemen. I really needed this.

-Joseph

[arpitjain]

For those of us that have student loans, we can also deduct interest payments even with a standard deduction. Wish they talked about that

[GrantWillcox-uxcs]

The part at 6:18 is wrong I thought? Isn’t it the opposite way around with Traditional being before tax but your taxed when you withdraw and Roth being taxed now but tax free on withdrawal?

[cur]

Texas really isn't that low of a tax state when you factor in property taxes. For sure for high income earners the no income tax would make a big difference.

[JohnSmith-ktzm]

Regarding S-Corps, isnt there a profit threshold you need to meet in order for it to even make sense pursuing?

[demar]

15:15 In a 1031 exchange, you can select (at any one time in the 45 day window) up to 3 replacement properties....not four.... unless you go with a much more complicated replacement property election. So most folks use the '3 potential replacements' rule. You CAN also buy less than the value exchanged, but you will have to pay taxes on some of the gain (boot) - so it should be close... if not more... especially if you have lots of gain baked in. Still might result in some savings. Love the content.

[frederickvalencia]

😂😂😂 that first video clip 😂😂😂 my wife is an IRS agent. After she gets off work she attends my home and bedtime. She dosent watch this type of videos. My guess is like a mechanic working all day to go home to watch a DYI guys on youtube 😂😂. But I can tell you for sure... dont mess with IRS even cartel pays taxes that should tell you something

[kingbender]

in a s-corp wouldnt you just have to make sure you pay yourself market rate for your job title plus maybe 10% and take the rest as a dividend

[kennethwers]

In retirement a married couple filing joint should always make sure you have $27, 500 of taxable income as that's the personal exemption. Even if you don't need the money one can move the money from a ira to after tax. Before you are forced with mandatory withdrawals.

[buckibanker]

I dont have time to be a landlord and it seems like prices are stupid right now.

[michaelswami]

Regarding backdoor Roths, why would the government close a loophole that generates present tax revenue for the government?