6 Ways to Reduce Your Taxable Income in 2020 (Loopholes You Need To Start Using!)

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Reduce your taxable income in 2020. With tax season just around the corner, who doesn't want more ways to pay fewer taxes?

In this video, I explain 6 tax loopholes that will help you reduce your taxable income in 2020. I show you some easy ways to avoid taxes (legally!). Tax laws are structured wayyyyyyy in favor of investors, and you can take advantage of these rules even if you don't have a ton of money, to begin with.

Using these tax loopholes will stack the odds in your favor and make the system work FOR you versus against you.

*⏱️ TIMESTAMPS*
* 00:00 – Intro
* 01:11 – Loophole #1
* 03:03 – SEP IRA
* 03:44 – Health SAvings Account
* 04:37 – Municipals Bonds or "Munis"
* 05:46 – 1031 Exchange
* 07:21 – Roth IRA

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*⚠️ DISCLAIMERS & DISCLOSURES*
This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

*🚨 IMPORTANT*
@itsrosehan is my social media handle on all platforms. I will NEVER message or email you about investment schemes, so please be careful and block & report any scammers posing as me.

[itsrosehan]

I wrote this for YOU... the guide I wish I'd had when I was starting my financial journey. To freedom! 🚐 💸

[Riggsnic_co]

I might have missed this but another big advantage to Roth IRAs is they do not have Required Minimum Distributions (RMDs). This gives you better control over how much money you must withdraw (heavy liquid) and declare as taxable income, after age 72. For anyone with a large traditional IRA, they might end up in a higher tax bracket when RMDs kick in. I've heard it called a Tax Bomb.

[thelifeofnicx]

1) 401k 2) SEP IRA 3) HSA 4) municipal bonds 5) 1031 exchange 6) Roth IRA

[meifang]

1) 401k 1:10 2) SEP IRA 3:02 3) HSA 3:42 4) municipal bonds 4:36 5) 1031 exchange 5:44 6) Roth IRA 7:20

[DaniAdams]

This made me feel relieved that I have a Roth IRA but now inspired to also start a 401k! Great information, thank you!

[charlesclimineda]

While others are pissing at the rich for not paying taxes they should learn what they know and apply it. If It is 100 % legal I say learn the game and master it. Thanks again Rose that was another great video from you.

[sarahsummers]

Thank you Rose. I just learned 1031 today. I’m just getting into the stock market and the real estate. I think 1031 is a great tax hack 🤑

[kyleolson]

My favorite is the HSA. Triple tax advantaged on qualified medical expenses. And when you turn 65 you can use on whatever else to supplement retirement, just pay the income tax. Take advantage people!

[paulaslittlethings]

Just getting started on investing and savings .I am 54 and relized my habits were not good ones.i have raised a family on very little a year but have found myself in a position to gain some wealth.i like the Roth and 401 k so far my goal is to have an investment property.

[TheMenty]

you are the best. can you post more? I think i’ve gone through each video. I’m about to start the playlist again. It’s been so helpful in me understanding financial literacy.

[Kasercion]

Hi Rosa,
Thanks for sharing the good info. I was so happy to hear about the SEP-IRA. I am a contractor and didn't know about the SEP-IRA.

[txbraveheart]

Hey Rose. An additional benefit to the HSA account. Not only can you use this money for medical expenses but if you don't use it (which I try not to do) you can move the HSA funds into stocks or funds. Last year my HSA grew 19%. So, my favorite tax free fund is either my Roth IRA or my HSA.

[martinnavarro]

Favorite tax loophole:
1. Traditional 401k
2.roth IRA
3. HSA

[susymanrique]

I’m currently binge-watching all the videos on your channel!! I just graduated from college and I’m freelancing until I find a job and THIS IS SUCH HELPFUL INFORMATION. I’ve been searching up a ton of these basic “how to invest” videos and basically found a bunch of entitled white men giving me a bunch of information that is not really relevant to me. It was SO refreshing to see a woman of color like you do what they’re doing, and BETTER. So simple. So straight-forward. So approachable. I’m so sure that you’re gonna blow up on YouTube pretty soon!! :) keep doing what you’re doing. U rock.

[ln]

Charitable contributions also reduce taxable income. I already give to my parish and other causes so it's a great benefit that my donations are also deductible. Consider becoming a member of local cultural institutions. I joined my local museum but will also join the botanic garden, a local arts institution, and become a park donor. I would give to my library but I work there, haha! These reduce my tax burden, help me support my local community, and I get tons of entertainment for free or reduced pricing as part of member benefits. Being civic minded has its rewards.

[robwin]

An alternative phrase to loophole is “Tax shelter vehicles” | SEP, Solo401k, 401(k), 403(b), et al.

[sschraufnagel]

I love the Roth IRA. Invest in a Roth IRA and: 1). Every dollar is tax free (as long as you don't withdraw before age 59 1/2 and have the account for at least 5 years)! 2).There is no required minimum distribution (RMD). 3). Beneficiaries are not taxed. Yippee! These are just 3 of my favorite benefits of a Roth IRA.

[doenemoos]

1031 exchanged. I’ve used this program a few times already and it’s a wonderful program.

[matthewszasz]

This really is a great video. I've put some time into researching ways to grow weath, and taking advantage of the tax code. I've come across the things you've mentioned here. Absolutely a great 9 min brief on tax conscious investing. Telling people to do their own research is excellent point to make explicit in your videos. Much appreciated, keep up the solid content creation.

[CaptainCovaOfficial]

Going to research the option of opening a Roth 401k vs SEP IRA🧐