In this video, I delve into the tax proposals of Trump and Harris regarding businesses. Harris suggests increasing the startup deduction to $50,000, aiming to support entrepreneurs. Trump's plan includes a 20% deduction on net income, benefiting small business owners. No government checks are involved; deductions reduce taxable income. The most significant proposal is the potential permanence of 100% bonus depreciation, aiding real estate investors and business owners.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

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Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I delve into the intricate world of tax proposals by presidential candidates, highlighting the impact on taxpayers based on their income levels. I introduce the first of a 10-part series focusing on child tax credits and earned-income credits, comparing current policies with proposed changes. Understanding these proposals is crucial as they directly affect how much you pay in taxes and can influence your financial decisions. No action requested from viewers.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I delve into three tax-free proposals by Donald Trump, focusing on tax-free tips, tax-free overtime pay, and tax-free Social Security benefits. Explaining the potential impact on various individuals and industries, I analyze the implications and potential strategies for maximizing benefits. No specific action is requested from viewers, but the discussion aims to shed light on tax planning opportunities and the significance of tax-free income.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In the video, I discuss various types of taxable income, focusing on earned wage income, ordinary income, and tax-free income options. I explain how different tax rates apply to each type of income and how strategic planning can help minimize tax liabilities and maximize net worth. Viewers are encouraged to explore tax-free cash flow opportunities and investment strategies to optimize their financial outcomes.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I explain the changes in bonus depreciation percentages from 2022 to 2024 and introduce the Section 179 Deduction as an alternative. Bonus depreciation has decreased to 60% in 2024, impacting taxable income directly. The Section 179 Deduction can offset taxable income by the full amount of the asset purchased, similar to 100% bonus depreciation. It's crucial for those with positive taxable income to consider utilizing Section 179 for tax planning purposes.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

Today's video discusses strategies to withdraw money from an IRA without incurring penalties. Key points include the tax benefits of IRAs, options for penalty-free withdrawals, and the importance of documentation for certain exceptions. No specific action requested, but valuable insights shared on maximizing IRA funds.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this episode, I explain the concept of gifting equity, particularly in real estate scenarios, and the associated gift tax implications. I walk through a scenario where parents sell a house to their children at a lower price, discussing the need for a gift letter and the $17,000 annual gift tax exemption. No action requested, just valuable insights on gifting equity and tax considerations.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I introduce the POND method to determine if expenses are deductible for your business or rental property. The acronym POND stands for Purpose, Ordinary, Necessary, and Documentation. I explain how each factor plays a crucial role in identifying deductible expenses. No action requested from viewers.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I discuss how you can write off travel expenses and maximize your tax savings. I explain the importance of having a valid reason for your trip, such as meeting clients, attending conferences, or visiting properties. I also provide examples of deductible expenses, including flights, hotel stays, and food. Watch this video to learn how to take advantage of travel expense deductions and save money on your taxes.

Thank you for listening to another episode of the Wealth Game Podcast.  

The goal is to get informal yet actionable advice directly to business owners and investors.   

The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io

Contact Us:

Website: https://links.wealthgame.io

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

Alright, we have just passed the April 15th deadline for the 2023 tax returns. In this video, I will break down the reasons why we need extensions, when it makes sense to file them, and the potential issues that can arise. I will discuss the benefits of extensions, such as more time to file without penalties and the opportunity to implement tax strategies. However, there are also drawbacks, including longer wait times for refunds. Lastly, I will address the ugly truth about extensions - they do not give you more time to pay your taxes. It's important to understand these nuances to avoid any surprises. Watch the video to learn more!

Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes.

For topic suggestions, questions to cover, or collaboration requests please email [email protected].

For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us:

Website: wealthgame.io or www.bementcompany.com

Connect with Brent Bement:

LinkedIn: www.linkedin.com/in/brentbement

TikTok: www.tiktok.com/@brent_bement

Twitter: www.twitter.com/WealthGamePod

Threads: www.threads.net/@brentbement

Instagram: www.instagram.com/wealthgame.io

Facebook: www.facebook.com/wealthgamepodcast

YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig