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Here are 15 ways the government keeps poor people poor but makes rich people richer, widening the wealth gap. We'll talk about taxes, real estate, retirement, investments, stocks, and more. Topics will include tax deductions, business expenses, IRS section 179, cars, leases, landlords, real estate investing, homeownership, tax deductions, missed tax deductions, R&D credits, HSA, health savings account, health savings accounts, SEP IRA, IRA, individual retirement account, s-corp, corporation, payroll tax, w-4, tax refund, necessary and ordinary, taxes, save taxes, save income taxes, rich vs poor, money habits of rich vs poor, credit, wealth, and money.
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By Stock Chat

where the coffee is hot and so is the chat

28 thoughts on “How america screws the 99% how to not get screwed.”
  1. Avataaar/Circle Created with python_avatars steven perry says:

    So basically this guy is explaining that income taxes are extremely inefficient and unfair and need to be replaced? Everyone who understands taxes has been telling this to people for years. And yet people fail to elect politicians that want a flat tax or better yet get rid of income taxes and replace them with a different tax system

  2. Avataaar/Circle Created with python_avatars John Labernik says:

    #13 is incorrect. You cannot do a backdoor Roth with a SEP-IRA. You need a Solo 401k

  3. Avataaar/Circle Created with python_avatars dharmatic Truth says:

    Don't you need to have atleast more than 12k in seductions or its wise than the Standard deduction?

  4. Avataaar/Circle Created with python_avatars Studeb says:

    Important note here, I bought some paintings for very little money a couple of decades back, then sold one for a lot a couple of years ago. The tax I paid for the profit would have been a lot higher had I treated it as an investment, not something I bought because I liked it.

  5. Avataaar/Circle Created with python_avatars אתי לוי says:

    מדןע אין כתוביות בעברית בכל הסרטונים שלך ??

  6. Avataaar/Circle Created with python_avatars Blue Eyes Shining Dragon says:

    As an up and coming Tax Professional, I have to say the amount of mis-information in this video is terrifying…..

    Some points here,

    Starting a "money losing side hustle" in order to siphon all of your personal expenses through the LLC is a VERY bad idea. First of all, all expenses need to be ORDINARY AND NECESSARY and your income stream needs to rise to the level of being a "business" before you can actually deduct anything.

    For instance, if you have losses in 3 out of the last 5 years, there is a rebuttable presumption that your "business" is not a business by the IRS, and that in fact this activity must be a hobby if you are consistently taking losses. The IRS can re-classify your business and rid all of your deductions creating a huge tax bill.

    His little trick for reducing your withholding by increasing your dependents (by the way you don't increase dependents on a W-4, you adjust withholding allowances on a W-4, I digress) is also a VERY BAD IDEA. In a case like this the IRS could issue a "Lock in Letter" by your employer correcting your withholding to the proper amount if you get caught with this. This alone can increase IRS scrutiny around your name, and oh by the way your employer gets a copy of the Lock in Letter, fun conversation to have with your boss about how you're way understating your tax withholding amount in order to invest the difference during the year.

    "Bad Donnie shouldn't have done that" slap on the wrist thing that he said. Something like this when it finally snaps back on you can create very significant penalties that can be life changing in some instances. It is definitely not a slap on the wrist, the penalties for playing fast and loose with the tax man can range from 25% to 50% or more.

    The way he walked about Section 179 depreciation is not correct.

    *He mentioned something about the R and D credit. The amount of substantiation, revenue, expenses to have records of, and the amount of actual time and effort it would take to be able to take this deduction is incredible. Unless I was running a biology lab I'm not sure I would feel comfortable even taking this deduction until I was a Fortune 500 company, this is a very rare credit you do not see very often except among Big C-Corporations.

    Not sure if this video was supposed to be satire or not, but my goodness if you ever come across a Tax Preparer talking like this, RUN they are running a fly by night operation at the very least.

  7. Avataaar/Circle Created with python_avatars Randy Pullman says:

    Whoah there warren buffet. One can only deduct from profits. I can't start a worm company and explain that the reason i didn't pay income taxes from my 925 job is because i invested it.

  8. Avataaar/Circle Created with python_avatars jacqueline Marie says:

    How come your Tesla buy isn’t long?

  9. Avataaar/Circle Created with python_avatars 比伯 says:

    I have a business I'd like to do with you

  10. Avataaar/Circle Created with python_avatars Jack Sycz, Jr says:

    Section 179 deductions are rather tricky. You have to get to a point where you can itemize. Most people don’t. I suppose most rich people do. Our state actually takes a portion of the 179 deductions back in state taxes. Go figure

  11. Avataaar/Circle Created with python_avatars Hooked on Jeepin' productions says:

    This is why I got married to an S corp

  12. Avataaar/Circle Created with python_avatars Love happy says:

    Thank you Kevin.

  13. Avataaar/Circle Created with python_avatars H z says:

    Do you recommend me any books to read to learn more about it

  14. Avataaar/Circle Created with python_avatars josh corbin says:

    Why does this not have 5 million views

  15. Avataaar/Circle Created with python_avatars Comitbomit says:

    How do you remember all of the tax deductions like if you bought your phone for the business at the beginning of the year how do you remember that at the end of the year when it time to fill out your taxes

  16. Avataaar/Circle Created with python_avatars Jason Crowley says:

    Donald Trump paid 70K on hair styling? Man he is getting ripped off.

  17. Avataaar/Circle Created with python_avatars PlayfulPlaintiff says:

    Do a CANADA video:)

  18. Avataaar/Circle Created with python_avatars amir sahba N says:

    Omg this is dangerous advice! I’m a tax professional and please have anyone with a tax background to review this!!

  19. Avataaar/Circle Created with python_avatars Lyssbert says:

    EXAC

  20. Avataaar/Circle Created with python_avatars Lyssbert says:

    i got a juicy one for ya

  21. Avataaar/Circle Created with python_avatars Random Rainforest says:

    lmfao

  22. Avataaar/Circle Created with python_avatars Christopher Frost says:

    More

  23. Avataaar/Circle Created with python_avatars Rock Dj says:

    Question kevin, and hopefully you see this comment, can make a s Corp business by using my friends dealership license? I buy the cars at the auctions with my own money and pay him a fee from whatever profit I made from that car. Can I write off "business expense" like gas, parts, phone for my contacts?? Please help I would really like to make more, on this side hustle 🙏,

  24. Avataaar/Circle Created with python_avatars Bosa Hemi says:

    Alright Bro I’m buying your stock course

  25. Avataaar/Circle Created with python_avatars Anthony Enos says:

    The Federal Reserve prints the money.Therefore they control its value.Jesus will put these satanist pricks out of business permantly.Thats means you Rothchild.

  26. Avataaar/Circle Created with python_avatars _ omarlives says:

    Its not rich vs. Poor as more as knowledgeable. N ignorant to tax laws.

  27. Avataaar/Circle Created with python_avatars _ omarlives says:

    Exact title would be, "all the tax write offs."

  28. Avataaar/Circle Created with python_avatars Kevin Devitt says:

    Kevin – Is there a way I can deduct all of my wife’s Starbucks and Dunkin Doughnuts? She spends thousands of dollars a year.

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