Financial Advisors React to Horrible Tax Advice on TikTok
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So I actually only put my lunch in my margarita on my business card, which means now I have to make an attack. That's what this video is for.

Hey, hey, hey, it's brand and bow from the money I show. The team has put together some tax videos, but I on we did get out of him is not necessarily good stuff.

But I am so excited because I love that we can speaking into what's good and what's not, although on the internet, to help you do money Better. So with that, let's dive.

D is only one car and the rest fifty thousand ranged robber. He waited six thousand bound sexy once, seven, nine. Our anything over six thousand pounds, you can write off one hundred percent, you could buy IT one hundred percent first right off that year, even though you didn't even drop the car one hundred fifty eight thousand dollars, you get the right off that day against you earn the income if you have self in money or an L L C.

Producing other income, I would pay cash for the rainforest we did, but the colony, that is the least vehicle, at least IT with no money. I'll put IT on the twenty four months, least never longer than that. Whatever the payment is, if you can handle that payment, don't do IT.

And then every twenty four months I trade that korean. Why do I do? At least rather know.

Because I can write off a hundred percent of that least payment every month against shades. And when he is spot on the look, when a vehicle ways over six thousand pounds is when there's little corks to the tax code that now qualifies a piece of equipment or a machinery that you can accelerate the appreciation to that section.

Once every night the party is fAiling the mention, he says one hundred percent deductable is is going to make you track the knowledge. You're going out to compare what's business, what's personal use. And so and for a lot of people is hard to reach a hundred percent.

First of you can even consider this unless IT exceeds fifty percent. So the fact that he says you had to draw IT unless you're making youtube videos or other things like grants and me, maybe he's got some way that he can justify. But if you're running are just a small business, I don't know that IT necessarily works for you.

Who wants to have an auto payment every single month for as long as you exist? He going to let that for twenty four months to no and repeat, rest and repeat, rest and repeat, rest on repeat. no. It's Better than that, in my opinion, by a reasonable affordable car a day. Pay cash for IT have no during that car for seven, eight, nine, ten years and don't be wasting money on the automobile yeah so what if it's a hundred percent a doctor because the this payment you're still spending that money. You know it's Better than getting the test deduction, not spending the money at all.

That makes no sense. Well, deductable is not free. And I also remember, even when you take a reduction, you're even if you're in the hot tax bracket like grant, like clear, you're still paying sixty cents on the dollar. This is saving you .

the deduction. It's so if you want to pay thirty percent and taxes.

don't pay your tax.

Pay taxes. I R S, I S, this is not inside of my tax. Like is IT true that there is some sort of benefit if you turn in a tax evader?

I don't know about turning the that the whistle provision. sure. But I don't think that this is a tool or tactic that you want to do on your neighbors that maybe unroll the can behind the house are doing things like because look, I always wonder yeah you could probably go tell on somebody if you know they're doing something that's incredibly illegal. But i'd also be careful of just being a person that's going to go get on the radar of telling on neighbors or doing something I think was .

a joke and there is no magical way to do that. But I would do, what is interesting is if you get on the wrong side of the I R S, if you are shady and you are aggressive and how you fire your taxes, they can literally come and take your stuff. So you want to make sure you always stay on the right side of .

the area so that you don't .

have to turn yourself. Masterminds are tax deductable of your brain, your group of friends together. We should be talking about revenue generating activities. You're still going to have alcohol there. You can still have music there. Instead of just talking about how you're gonna party and get turned up, we're gona talk about how we're actually gona makes the money, help each other and push our ideas into the world and into the mark place. This is how you're able to leverage the tax system will still having fun and turn around and get right .

off for you and your friends. He is a he already in two videos that have experienced from this gentle man we've got our family is going to .

be eating free. This is how i'm able to afford having that private .

chat every single year, every single time, every single day. I F O daughters there, my millions that are running my enterprise here. And now he's figured out that he could have away for all of his friends to hang out and seductor.

Now look, I do want to give a little bit of a not i'm a member of a mastermind group, you are to. But the difference is these are other successful business people we meet in the city. We have, yes, we break bread, but we really are like we even have like an outline, we have an agenda.

We have forms that we're filling out to discuss. This is a true like I can tell you, i've learned about five o four loans on the S P. A. I've learned about relationship stuff, all kind of things that can be very beneficial not only to my business about personal life, but the purpose was ultimately for the good of the business. That's the key part that makes IT deducted. And he shared in the past, feeding your family for free or bringing a group of friends together with out a bunch of booze, IT might be deductable if it's business related and legitimate business. But IT doesn't necessarily mean it's always .

educable and that scare the I think let me give me that here he said, like, hey, rather than spending your time going out party wilding out, getting turned up, is the language said, hey, spend your time meeting with other like minded people to talk about how you can have successful business endeavors and have make wise, productive financial decisions I like that when much more than getting turned up. And if that happens to be inside of a business setting, then yes, IT would be deductable, but is probably not going to a bunch of ncl headed bodies sitting around party. I just move .

that maybe he really is just living the life where all hangs out with his business owners. Doesn't mean that his family medals are free, he shared in a previous video though.

So I actually really put my lunch in a margarita on my business card, which means now I have to make IT a attacks right off.

So that's what this video is for. Oh, my.

Way I have been, I have been at an event where says, hey, we got to .

talk about some business.

So make in some ways as long as you got the right key people. Now this, my point is also come out early. You can just be out with the family and you say, hey um and we will put on the payroll this month that makes this meal adoptable. But I think that you do need to be mindful the R S doesn't mind you running meals and there are fifty percent deductable to you if once again its business related, meaning it's actually necessary for your business but doesn't mean that you just get to go to disney world and say, hey, if I say the word emi zone, it's almost like cinerea or pixi does is fAllen upon this and its now magical.

I would just caution you from most your business launches maybe don't have Margarets every time。 I just seems like bad business, seems like aggressive.

More money you make, the more the air rise will take. So if you go from making seven, five thousand to one hundred and fifty thousand dollars, you're not gonna see twenty five thousand divided by twelve on your paycheck. As a matter of fact, I know people who get a raise from one hundred thousand on their job to two hundred thousand, and they've actually seen less on their check because the more money you make, the more tax brackets you enter into. I did not think the credit.

the cause which talk about make more money and get less.

that just didn't seem fear to me.

So yes, IT is we live in a progressive track tax system where as your income goes up, the percentage pay on your next dollar does get a tax to higher, higher rates. However, I don't know that I go to her assessment that I had someone who made one hundred thousand dollars, and then the next year, they made two hundred thousand and they saw less. That seems like too big of a change to me. We have seen IT at tighter income thresholds or high income result in in less take opaque because of losing credits are causing social security to become taxable or something along those lines. But a government, one hundred and two hundred thousand and sea less, that seems difficult to make because generally speaking, making more money is usually always Better than making.

The way that I seen that actually happened in practice is if you've now crossed over the tax credits, I think about child tax credits on a lowering come side might be earned income credit are some of the other things that always said now the fact that you made more money actually caught, you had less take home pay. But for people who aren't running a file of credits, it's mathematically impossible to go from one hundred thousand and two hundred thousand even if you're in a higher tax bracket to have less money now you might have a lower effective take home rate because your tax rates did go up because where a progressive tax stem. But IT doesn't necessarily mean that you're making less much.

Even if you're the highest tax Price, you're paying fifty percent taxes, everyone, additional dollar you make. Well, fifty cents of IT is going to tax. You still need to keep fifty cents. So it's not true that the more money make, the less you keep in .

most circumstances. So this is you and is your company to make. Company broke on paper. If company does make money, you don't have .

leg .

up for. You transfer your intellectual property into the trust. So all the money your company generates with your intellectual property has to go back to the trust. And because we set up the trust inside, you have to .

pay any income tax and hit og as where the crime.

Ccr, except tell if you have the .

one of the first things they going to ask you about, two things really, they will ask you about offshore r holdings because I want to know if you have money outside the united states, they want to make sure you're getting that reported. Oh, I don't want to sign your tax return is your tax repair and I rescue about crypto. And the reason is it's kind of unique here in the united states.

IT doesn't there are some exclusions, but the R S. And the the united states requires all citizens to report all sources of income. Now there might be some exclusions of the asset, but the government wants to know what you're earning world was. So don't listen to some crazy youtube video that says, go on up an account cyprus and law is now doesn't exist to the government that is a one way fast track trip into getting treated like alcoa. It's a full zero .

attacks and y're like know I don't get, but what's the not is no stipulation. IT is zero percent corporate, zero percent of and see. So the best part is I can go to vi. I can clean fifty million, eleven .

million .

and whatever is, and I can return back to U. K. And never pax on.

He just used the work in, I can go to dubai, hf, fifty million. I can clean fifty million, and then I can come back and have IT. Even that just makes my speed since go off a little because there are some truth to like corporate IT. The fact that i'm taking money from a jurisdiction, maybe I should be paying paying taxes and going somewhere, or I should not be paying taxes. I started to get a little bit of there.

Look, it's by the way, he's very clear he's not A U. S, and he's going back to the U. K.

And I don't know completely the rules for for U K. citizens. But here in the united states, you are required to report all income.

There could be some exclusions, other things i've talked about that previously. Now I think what's interesting is that there are places that you can live. They don't have income taxes like monocle and other things I mentioned. But the promise, the only way you'd have to become a citizen of that territory to truly be subjected to zero taxes. Now, another when I hear about all time, is porter reo, because there awesome, unique things that you can do if you wanted to move your business or live importer reo, that potentially could lower your taxes substances.

but actually .

have to live to be a shame transaction. That's the key thing I will want everybody know is that looked there are things written into the tax code. Typically, to incentivize certain behaviors, you have to ask yourself, why was this written? But what is never going to be in the time policy or tax code is basically for you just to hide your money or illegally not pay taxes.

That and expected the R S, S, be completely OK with this. And there is all kind of president we ve picked on alone before we picked westly snapp es. There's all kind of people that have thought they could not pay a damp of taxes because somebody misled and unfortunately found out the full weight and power the federal government is that you should pay your taxes.

Hey, tax tip tuesday, don't forget gambling losses are a tax right off every day for lunch.

Have story you pick up in .

an aluminum. Can you get what? Five cents this year, two, three doors apart. I having paid taxes in years g three s to the asses of got rats cuff. And there are losses even Better do to win, to have .

jack gaming losses are deductable. So I did to go pick up a bunch of losing scratch off, take IT and vola, offset all of your ordinary income and boom, you would have to pay anymore. That works like .

you can deduct gambling losses to offset. Here's the key party like that has to be a joke to offset gambling games. And so if you go and you're pull in the one ARM band, it's say, out in vegas and you win a major pot, IT has big enough.

They all say, sir, we're going issue a tax form. Of course, the the federal government then let you state what are your other losses to offset that gambling game. But they're not going to let you run around your mom's bingo match and write down and assume all those losing ticket bingo cards is going to be a great deductable last review. But that falls goal.

Remember, tax avoidance of highly curse. We have entire tax system set up to help you figure out ways that you can avoid paying taxes. However, tax evasion is illegal and IT will get you arrested and IT will have your stuff taken away from me.

So be so careful who you're taking tax advice from. Make sure the person you're listening to is qualified to be sharing the information they're sharing with you. And it's not some random person that you found on the internet.

That's the biggest thing. I think so many people are trying to tell you there's a short cut. I tell you to be smart with your tax planning, but it'll be a criminal. Where the money can I show on Brown? This is boo money got team out.

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