ilmscore | Prediction Details
"If you own a business or if you're a side Hustler or you're an independent contractor, now you have opened up the doors of tax deduction possibilities. When you only earn your money from your job, your financial statement looks something like this: You earn money, and then you pay taxes, and then you can spend whatever is left. But if you own a business or if you're a side Hustler or you're an independent contractor, now you have a different financial statement because now you earn just like before, but then you can spend your money, and then you only pay taxes on whatever is left. Things switch because of how you earn your money because the government and the IRS want to incentivize you to invest in your growth and they incentivize you to go out and take a risk and start a side hustle and start a business because, well, it's risky, and so you get rewarded with less taxes."
By Minority Mindset | November 12, 2023 | Pending
From video
How The Wealthy Pay No Taxes (And How You Can Too) | Jaspreet Singh 00:12:12 - 00:12:59
Interpreted Prediction
Starting a business, side hustle, or working as an independent contractor allows for a shift in financial management where expenses can be deducted before calculating taxable income, thereby reducing the overall tax burden. This is an incentive provided by the IRS for taking on entrepreneurial risk.

Prediction Details

Topic
Tax Deductions for Business Expenses (General)

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