ilmscore | Prediction Details
"If you own a business, this could be a real estate investment business, this could be a business that you created, this could be a business that you bought. Now, this is completely flipped. Now, the way that it works is, you make money from your business, then you pay your expenses, right? Here. And then you pay taxes on whatever is left because now these expenses are deductions that you can take against your gross income, which is why you have a much slower tax liability, a lower taxable income, because you're paying for your expenses first. Now, the question is, what can these expenses be? Well, these expenses have to be used inside of your business to help grow your business."
By Minority Mindset | November 12, 2023 | Pending
From video
How The Wealthy Pay No Taxes (And How You Can Too) | Jaspreet Singh 00:05:10 - 00:05:51
Interpreted Prediction
Business owners can reduce their taxable income by deducting business expenses incurred to grow the business, effectively lowering their tax liability compared to individuals with only earned income.

Prediction Details

Topic
Business Expenses as Deductions

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