Teaching Millionaires

The truth about writing off your vehicle as a business owner that nobody tells you. My contractor buddy Mike bought a $92,000 truck thinking it was a "full tax write-off" - but is the IRS really okay with that?

In this video, I break down:

- The two methods for vehicle tax deductions (standard mileage vs. actual expenses)

- Common vehicle deduction myths that could trigger an audit

- How Section 179 REALLY works (and why people misuse it)

- When a vehicle write-off is legal and when it's an audit risk

- The documentation you MUST keep to protect yourself

FREE RESOURCES:

🚗 Best Mileage Tracking Apps: https://timeero.com/post/best-mileage-tracking-apps

💳 Top Credit Cards for Business Gas Purchases: https://teachingmillionaires.com/recommends/gas-cards

📊 Bookkeeping Tools I Recommend: https://teachingmillionaires.com/recommends/quickbooks

📖 Chapters

00:00 - Can You Write Off Your Car?

01:01 - Mike's $92K Truck Story

02:04 - Tax Deductions vs. Business Growth

02:37 - Two Vehicle Deduction Methods

03:12 - Standard Mileage Method Explained

04:19 - Actual Expense Method & Section 179

05:55 - Three Steps to Legal Vehicle Deductions

06:54 - Real Numbers: Mike vs. Emma

08:03 - Smart Tax Planning Advice

#VehicleWriteOff #SelfEmployed #Section179

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith: Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

Discover the legal strategy billionaires use to pay zero in taxes while building massive wealth. I break down how Buy. Borrow. Die. works—and how everyday people like my friends Andy and Corey are already using it.

You'll learn:

- How billionaires like Bezos, Musk, and Zuckerberg legally pay $0 in taxes

- Why buying appreciating assets is the foundation of tax-free wealth

- How borrowing against assets creates tax-free cash flow

- The "step-up in basis" loophole that eliminates generational tax liability

- Real examples of how a teacher and small business owner use this strategy

📥 FREE RESOURCE: Get my Tax Playbook here: https://pages.teachingmillionaires.com/bbd-playbook

🏦 The brokerage I use: https://teachingmillionaires.com/recommends/m1-finance

CHAPTERS:

00:00 The Billionaire Tax Secret

01:12 How Buy, Borrow, Die Works

03:23 Real-World Examples: Andy's Strategy

06:05 Why No One Teaches This Strategy

07:31 How Regular People Build Wealth

08:40 Take Action: Start Using This Today

#buyborrowdie #taxes #financialstrategy

⚡️ Connect with Rich:

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

The stock market just crashed, and everyone's feeling it. But before you panic or make rash decisions, watch this video for my proven approach to navigating market downturns.

In this video, I share:

- Why panic selling is the biggest mistake investors make

- The strategic moves I'm personally making right now

- How past crashes created the best buying opportunities

- A real-life example of managing a $1M windfall during market chaos

- Why consistency beats timing in building real wealth

I've survived multiple market crashes (2008, COVID, and now this one), and each time, the investors who stayed disciplined came out ahead. This isn't about "buying the dip" blindly—it's about maintaining perspective and sticking to your long-term plan.

📖 Chapters

00:00 Market crash reality check

01:04 The Bird in the Hand principle: what I'm not doing

02:40 Learning from past market crashes

04:08 Don't make permanent decisions on temporary feelings

05:36 Sticking to your plan despite market chaos

06:04 How to handle money decisions during volatility

07:34 Why consistent investors always win

08:33 Next steps and final thoughts

#MarketCrash #InvestingStrategy #StockMarket

⚡️ Connect with Rich:

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

That pit in your stomach when you know you should do something but don't? For me, procrastinating on forming my LLC cost me $12,000 in taxes that I could have saved.

In this video, I share how I went from teacher with a side hustle to business owner, and the expensive lesson I learned about S-Corp election deadlines. Perfect for side hustlers, educators with extra income, or anyone sitting on the fence about making their business official.

🔗 RESOURCES:

📋 Free Business Startup Checklist: https://pages.teachingmillionaires.com/business-checklist

💼 LLC Formation Service I Use: https://teachingmillionaires.com/recommends/incfile

💰 Simple Payroll System: https://teachingmillionaires.com/recommends/gusto

📖 Chapters

00:00 - The $12,000 mistake that could have been avoided

02:34 - The cycle of excuses and Bill's text message

03:39 - How missing the S-Corp election deadline cost me thousands

04:54 - Confessing my mistake and my wife's perfect response

05:41 - The 10-minute solution I'd been avoiding for months

06:40 - Breaking free from the teacher permission mindset

08:39 - The identity shift: from side hustler to business owner

#LLCMistake #BusinessTips #SideHustle

⚡️ Connect with Rich:

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

STOP PANICKING about your crashing portfolio! In this video, I reveal how I turned a devastating 40% stock loss into a powerful tax advantage using a strategy that 79% of investors completely ignore.

With the recent market crash sending portfolios plummeting, my tax loss harvesting strategy shows you how to:

✅ Transform market losses into immediate tax savings

✅ Potentially save $3,200+ on your tax bill (based on 32% bracket)

✅ Completely offset capital gains taxes

✅ Deduct up to $3,000 from your regular income

✅ Strategically bank losses for future years

This 15-minute portfolio refresh must be completed before December 31st, and it's 100% legal under Internal Revenue Code 1211. Learn exactly how my friend Adam saved $8,000+ on taxes during a market downturn and how business owner Greg eliminated his entire tax bill.

📖 Chapters

00:00 My 40% Stock Loss Story

01:35 Tax Loss Harvesting Explained

03:04 Capital Gains Tax Breakdown

04:04 Real Success Story: $8,000 Saved

05:30 Avoiding the Wash Sale Rule

07:03 Your Complete Harvesting Plan

08:06 Pro-Level Portfolio Refresh

#taxlossharvesting #marketcrash #taxlossharvesting

⚡️ Connect with Rich:

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

Discover how to legally hire your family members in your business and save thousands in taxes! In this video, I reveal:

✅ How to pay your kids up to $15,000 tax-free (IRS approved)

✅ The 10-step process to hire family members 100% legally

✅ Turn kids' activities into legitimate tax deductions

✅ Tax benefits of putting your spouse on payroll

✅ How to set up Roth IRAs for your children's future

This strategy saved my family thousands in taxes while keeping more money in our household. Perfect for small business owners, entrepreneurs, and self-employed professionals looking to optimize their tax situation.

🔽 RESOURCES MENTIONED 🔽

Payroll company I use: https://teachingmillionaires.com/recommends/gusto

My previous video on Roth IRAs for kids: https://youtu.be/0HLopzcUBFQ

My video on spouse travel deductions: https://youtu.be/KHpO2JNR4NM

📖 Chapters

00:00 How to Keep More Money in Your Family While Paying Less Taxes

01:07 Tax Benefits of Hiring Your Kids (Up to $15,000 Tax-Free)

02:37 Setting Up Roth IRAs for Long-Term Tax-Free Growth

02:54 Tax Benefits of Hiring Your Spouse

04:19 10-Step Process for Legally Hiring Family Members

06:34 How to Turn Kids' Activities into Legitimate Tax Deductions

07:52 How to Get Started Today

08:58 Beyond Tax Savings: Building Family Wealth

#TaxStrategy #FamilyBusiness #IRSApproved

⚡️ Connect with Rich:

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

Don't risk an IRS audit! Learn the REAL rules about writing off family vacations as business expenses.

In this video, I break down Internal Revenue Code 274 and show you exactly what's legal and what will get you flagged. Forget the misleading advice from influencers - I've researched actual tax court cases to bring you legitimate strategies that hold up to IRS scrutiny.

✅ FREE DOWNLOAD: My step-by-step guide on making business travel tax-deductible

👉 https://pages.teachingmillionaires.com/tax-travel

📖 Chapters

00:00 - The Truth About Vacation Tax Write-offs

00:33 - My Personal Experience with Business Travel

01:02 - IRS Requirements for Business Trip Deductions

01:32 - What Qualifies as Legitimate Business Purposes

02:03 - Real Examples: Success vs. Failure Cases

02:34 - The Travel Days Deduction Strategy

03:06 - Weekend "Sandwich Rule" Explained

03:37 - Family Member Travel Deductions: Facts vs. Myths

04:41 - W2 Employee Requirements for Tax Deductions

05:16 - Legal Strategies for Spouse Business Travel

05:49 - The 1099 Contractor Method

06:22 - Deductible Business Travel Expenses

06:51 - Non-Deductible Expenses to Avoid

07:25 - Documentation Requirements for the IRS

08:33 - Real-World Strategy Example

09:41 - Key Takeaways

#taxdeductions #businesstravel #taxstrategy

⚡️ Connect with Rich:

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

BREAKING: The Treasury and FinCEN have officially exempted most U.S. businesses from BOI reporting requirements in a new March 2025 ruling.

In this video, I break down:

- What the March 21st, 2025 interim final rule actually means

- Why most domestic businesses are now exempt from filing

- What to do if you already filed a BOI report

- How to avoid scams targeting confused business owners

- What's happening with legal challenges to the CTA

📄 FREE DOWNLOAD: BOI Update Guide 👉 https://pages.teachingmillionaires.com/boi-filing

🔒 Need expert compliance help? Get personalized assistance from the service I personally trust 👉 https://teachingmillionaires.com/recommends/boi

📖 Chapters

00:00 - Introduction: BOI Requirements Overturned

00:48 - New Treasury & FinCEN March 2025 Ruling

01:38 - Corporate Transparency Act Background

02:27 - Original BOI Requirements Explained

03:07 - March 21st Ruling: U.S. Businesses Exempt

03:52 - Billions in Compliance Costs Saved

04:44 - What To Do If You Haven't Filed

05:25 - What To Do If You Already Filed

06:27 - Avoiding BOI Reporting Scams

07:31 - Pending Legal Challenges

08:17 - Action Steps for Business Owners

09:37 - Staying Ahead of Regulatory Changes

#BOIreporting #CorporateTransparencyAct #FinCEN

⚡️ Connect with Rich:

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

🎯 FREE Real Estate Tax Playbook: https://pages.teachingmillionaires.com/re-tax-playbook

Do you know the secret tax strategy that wealthy real estate investors use to pay almost NOTHING in taxes - completely legally? Learn how depreciation can save you thousands on your tax bill!

In this video, I break down:

✅ How real estate depreciation works in simple terms

✅ The cost segregation strategy that saved me $10,000+ last year

✅ Why bonus depreciation is disappearing FAST (act now!)

✅ How to avoid the depreciation recapture tax trap

Depreciation isn't just for businesses - even ONE rental property can save you thousands in taxes. I'll show you exactly how I used these strategies to reduce my taxable income and build wealth through real estate investing.

📖 Chapters

0:00 - How the Wealthy Use Real Estate to Pay $0 in Taxes

2:11 - Understanding Depreciation: The Secret Tax Weapon

3:23 - Cost Segregation: How I Saved $10,000+ Last Year

4:39 - URGENT: Bonus Depreciation Ending Soon

5:48 - Avoiding the Recapture Tax Trap

7:03 - The Complete Tax-Saving Strategy for Any Investor

#realestateinvesting #taxstrategies #realestate

⚡️ Connect with Rich:

▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe

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✖️ X: https://teachingmillionaires.com/twitter

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🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

🎯 FREE Tax Credit Playbook for Business Owners: https://pages.teachingmillionaires.com/tax-playbook

Is your CPA or accountant leaving thousands of dollars on the table? In this video, I reveal the hidden tax credits and deductions that most CPAs overlook, including one that saved my client $250,000.

You'll discover:

- The R&D tax credit that even non-tech businesses qualify for

- How a simple change saved one client $70,000 without spending a dime

- The one question that reveals if your CPA is truly looking out for you

- The 179D energy-efficient building deduction worth up to $6 per square foot

- How cost segregation can accelerate your property depreciation

📖 Chapters

00:00 The $250,000 tax credit most CPAs miss

01:50 R&D tax credits your business can claim

04:01 Property-related tax credits explained

07:02 Why CPAs overlook these opportunities

08:08 The question that can save you thousands

09:17 How to claim your tax credits today

#TaxStrategy #TaxCredits #BusinessTips

⚡️ Connect with Rich:

▶️ Subscribe for weekly financial insights: https://teachingmillionaires.com/youtube-subscribe

📱 Follow on Instagram: https://teachingmillionaires.com/instagram

✖️ X: https://teachingmillionaires.com/twitter

📘 Facebook: https://teachingmillionaires.com/fbgroup

🌐 Website: https://teachingmillionaires.com

🎧 Apple Podcasts - https://teachingmillionaires.com/apple-podcast

🎧 Spotify - https://teachingmillionaires.com/spotify-podcast

👥 About Rich Smith:

Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.