YouTube Link:

https://youtu.be/s9HcPvzTpSg

Hello Friends! Would you like to pay less taxes? In today’s video I talk about some known and some unknown strategies that could help you keep more money in your pocket.

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-----Contents of this video-----------------------------------

0:00 - Intro

0:07 - Disclaimer

0:21 - Further Intro

1:00 - #1. Contributing to a 401K

1:59 - #2. Contributing to a Traditional IRA

2:45 - #3. Contributing to an HSA 

3:45 - #4. Special Way to Trade Stock, Index/Mutual Funds

5:37 - #5. Find the best tax professional

5:57 - Call To Action 

Disclaimer: This is for entertainment use only and you should contact your tax professional for your tax needs.

When You understand more how taxes work is like getting a bonus, paid more - keep more for yourself.

1. Traditional 401K - reduces the taxable income, but not eliminate since it only defer it to later
   1. In the future - may not need as much as today (kids are gone, house is paid for)
   2. Reduce tax today and plan to be in a lower tax bracket in the future as well. Other combinations with roth IRA, but that is for another video.
2. Traditional IRA
   1. similar to 401K, especially beneficial for those that do not have access to an 401K 
3. HSA  - aka - triple tax advantage
   1. Money you contribute reduces taxable income today
   2. The Growth grows tax free
   3. When you use the money for qualified medical expense it is tax free as well
   4. But wait after 65, you can use the funds for anything. You will have to pay the tax as you would out of the normal 401K, but no penalty
4. Special Way to Trade stocks/mutual/index funds
   1. If held for less than a year than you will pay ordinary taxes (meaning the gains will be added to your other income) - puts you in whatever tax bracket 
   2. When you hold a stock/index/mutual for more than a year (do not sell it) you get special tax treatment. (mention the wealthy) It is not combined with your other income and the taxes you pay are 0, 15, or 20%. Most of us will pay either 0% or 15%. Net income of more than 460K to pay 20%. You can find all these details by a simple google search. Capital gains tax.
5. Higher the Best CPA - You think that it is expensive. Wait until your friend messes up your taxes and you have to pay thousands of dollars in penalties to IRS and then You will say that it is expensive

My wife and I wrote the book: “LIFE LESSONS: From A Wiser Me to A Younger Me” In this book, we go into details of what were the biggest lessons we have learned up until now. Our intention for writing the book was for people to learn from it and not repeat the same mistakes we did. Also what we have learned in 10, 20 years, could be compressed in a few days of you reading the book. So there is a lot to gain :)

You could purchase it here: https://www.amazon.com/dp/B09JBHGSRF/ref=cm_sw_em_r_mt_dp_0QE4R3280AE5BMYH1SPK

*None of this content is meant to be interpreted as investment advice. It is for entertainment purposes only. The content in the video is accurate as of the day of the posting and may not be accurate in the future