ilmscore | ACCOUNTANT EXPLAINS: How to Pay Less Tax

ACCOUNTANT EXPLAINS: How to Pay Less Tax

Published: 2023-01-29
Status: Available | Analyzed

Predictions from this Video

Total: 6
Correct: 0
Incorrect: 0
Pending: 6
Unrated: 0
Prediction
Topic
Status
Roth IRAs in the US shield investment profits and gains from taxes.
"in the US it's a Roth IRA and this is essentially an investment account that Shields your profits and gains from the tax man"
Tax-advantaged investment accounts
Pending
Contributing to a pension reduces taxable income by deferring taxes on the contributed amount.
"you're able to put a portion of your paycheck away into your pension port and then you'll get taxed on whatever is left so the end result will be you pay income tax on a smaller amount"
Pension contributions
Pending
Operating a side hustle or business through a company can lead to lower overall tax rates compared to individual income tax, especially after deducting business expenses and utilizing lower corporate tax rates.
"as an employee working for a corporation you earn you pay taxes and then you spend whatever's left... say I earn the same amount through YouTube as a side hustle I earn 60 000 I'll then deduct my expenses... and then you pay tax on the remaining amount and on top of that the company or the corporation tax rate isn't the same as the income tax brackets"
Company structure for income
Pending
Potential changes to tax-free savings rules were being considered by Jeremy Hunt in the UK.
"in the UK you may have seen the recent headlines that Jeremy Hunt is looking to introduce some new rules around this tax free saving"
Tax-free savings accounts
Pending
Offshore accounts will be discussed in future videos as a possibility for everyday citizens, not just large corporations.
"in future videos I can go over how to set up offshore accounts which again is available to Everyday citizens like you and I not just the Facebook and linkedins of the world"
Offshore accounts
Pending
Energy-efficient cars may be obtainable for approximately half price due to tax savings.
"how to get energy efficient cars for nearly half the price for the tax savings"
Energy efficient car purchase
Pending