How To Pay NO TAXES In 2025 (What Nobody Tells You)
Published: 2024-01-17
Status:
Available
|
Analyzed
Published: 2024-01-17
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Contributing to a traditional 401(k) reduces taxable income by the amount contributed, up to $23,000 annually.
"contributing to a traditional form 401K this is a tax advantaged retirement account that allows you to contribute up to $23,000 a year of pre-tax money meaning every $1 you contribute reduces your taxable income by that very same $1"
Pending
A $15,000 contribution to a traditional 401(k) on a $65,000 salary can result in an immediate $3,300 tax saving in the 22% tax bracket.
"in a 22% tax bracket that's an immediate Savings of $3,300"
Pending
Contributions to an HSA are tax-free, up to $4,150 per year in 2024.
"you don't pay tax on any money that you contribute to this account which in 2024 is $4,150 a year"
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Money spent from an HSA on health-related expenses is tax-free.
"you're not going to be taxed to that money when you spend it on health related expenses which we're all going to have at some point in their lifetime so that's also completely tax-free"
Pending
The federal long-term capital gains tax rate is 15% for individuals earning between $47,000 and $518,000 annually.
"the federal long-term capital gains tax is only 15% if you make between 47 to $518,000 a year"
Pending
Married couples filing jointly earning less than $94,000 annually will owe no long-term capital gains tax.
"if you make less than $94,000 a year as a married couple filing jointly you'll owe nothing in long-term capital gains"
Pending
Distributions from an S-corp are not subject to Medicare and Social Security taxes, potentially saving 15.3%.
"distributions made from an S corporation are not subject to Medicare and Social Security taxes which could save you 15.3% in your money"
Pending
An S-corp structure can save over $9,000 in taxes on $60,000 of profit, when $60,000 is paid as a distribution after a $60,000 salary.
"if you have a business that makes $120,000 a year in profit and you pay yourself $60,000 a year you're saving over $99,000 in taxes by taking that remaining $60,000 as a distribution through an escorp"
Pending
30 states have approved the SALT cap workaround strategy, with guidance issued by the IRS.
"so far 30 states have already approved the strategy and the IRS even issued their guidance on how to proceed with it"
Pending
Homeowners can exclude up to $250,000 (single) or $500,000 (married) in capital gains from the sale of their primary residence if they've lived there for two of the last five years.
"this allows you to sell your primary residence and pay no tax up to the first $250,000 worth of profit if you're single or $500,000 worth of profit if you're married as long as you've lived in the property for two of The Last 5 Years"
Pending
A 1031 exchange allows indefinite deferral of taxes on rental property sales, provided the proceeds are reinvested in another property within a specific timeframe.
"if you own a rental property one of the benefits is that you're able to indefinitely defer paying taxes when you sell as long as you exchange that property for another one within a certain time period"
Pending
The IRS considers a property's structure to have a lifespan of 27.5 years for depreciation purposes.
"according to the IRS your property structure has a lifespan of 272 years"
Pending
A structure worth $275,000 can generate $10,000 in annual depreciation write-offs, calculated by dividing its value by 27.5 years.
"if you have a structure that's worth $275,000 you would take that divide it by 27 1/2 years and all of a sudden now you have $10,000 a year in depreciation that you could write off against any profits"
Pending
Loans taken against assets, such as a home refinance, are not considered taxable income because no sale has occurred.
"any loans you take out against assets aren't technically income because you didn't technically sell and as a result you don't owe any tax"
Pending
Qualifying as a real estate professional allows for the use of real estate paper losses to offset W2 income.
"if you or your spouse qualifies as a real estate professional that is where some of the magic happens in this case you would be able to use all of your real estate paper losses to offset your W2 income"
Pending
To qualify as a real estate professional, one must spend more time on real estate activities than all other business activities combined, and at least 750 hours per year on real estate.
"spending more time doing real estate activities than all other business activities combined and spending at least 750 hours a year in real estate"
Pending
Hiring a CPA early in the year can provide optimal tax strategies for structuring a business to minimize tax liability.
"a good CPA hired early in the year is going to give you the best Tax Strategies possible to be able to structure your business in order to pay the least amount of tax possible"
Pending