How To AVOID Paying Taxes Legally (Without Investing)
Published on: December 4 2022 by Hayden Bowles
How To AVOID Paying Taxes Legally (Without Investing)
Table of Contents
How To AVOID Paying Taxes Legally (Without Investing)
| startTime | durationTime | text |
| 00:00:00 | 00:00:03 | you want this money to stay this money |
| 00:00:02 | 00:00:04 | you don't want this |
| 00:00:03 | 00:00:06 | to turn into this where it goes in half |
| 00:00:04 | 00:00:08 | you know that's typically what happens |
| 00:00:06 | 00:00:08 | and it's not fun so |
| 00:00:15 | 00:00:18 | as a business owner there's a lot of |
| 00:00:17 | 00:00:21 | different expenses |
| 00:00:18 | 00:00:23 | that i have employees softwares |
| 00:00:21 | 00:00:25 | monthly overhead on different e-commerce |
| 00:00:23 | 00:00:27 | stores different things that i pay for |
| 00:00:25 | 00:00:29 | consistently it can be one-time things |
| 00:00:27 | 00:00:30 | monthly fees but one of the biggest |
| 00:00:29 | 00:00:33 | expenses typically |
| 00:00:30 | 00:00:34 | the biggest expense in anybody's life |
| 00:00:33 | 00:00:35 | that most people don't really think they |
| 00:00:34 | 00:00:37 | have much |
| 00:00:35 | 00:00:39 | choice over is actually the amount of |
| 00:00:37 | 00:00:41 | money you pay in taxes |
| 00:00:39 | 00:00:42 | business owners especially just like |
| 00:00:41 | 00:00:44 | real estate investors |
| 00:00:42 | 00:00:45 | have many things at their disposal that |
| 00:00:44 | 00:00:48 | they can do |
| 00:00:45 | 00:00:49 | to significantly lower or sometimes |
| 00:00:48 | 00:00:52 | completely eliminate |
| 00:00:49 | 00:00:53 | their tax bill so in this video i'm |
| 00:00:52 | 00:00:54 | going to share with you different things |
| 00:00:53 | 00:00:56 | you can do even if you don't have a |
| 00:00:54 | 00:00:57 | legal business set up |
| 00:00:56 | 00:01:00 | stuff you can do for free stuff that |
| 00:00:57 | 00:01:01 | costs 50 bucks they can save you tens of |
| 00:01:00 | 00:01:02 | thousands hundreds of thousands of |
| 00:01:01 | 00:01:03 | dollars |
| 00:01:02 | 00:01:04 | depending on how much money your |
| 00:01:03 | 00:01:05 | business is making we're going to go |
| 00:01:04 | 00:01:07 | through this because |
| 00:01:05 | 00:01:08 | something as simple as a 10 to 15 minute |
| 00:01:07 | 00:01:11 | youtube video like this |
| 00:01:08 | 00:01:12 | will by far give you more value than any |
| 00:01:11 | 00:01:13 | school will teach you about |
| 00:01:12 | 00:01:15 | taxes toking about different things |
| 00:01:13 | 00:01:17 | that even most business owners |
| 00:01:15 | 00:01:19 | don't know they can legally do and just |
| 00:01:17 | 00:01:21 | for clarification here and a little bit |
| 00:01:19 | 00:01:23 | of social proof i guess |
| 00:01:21 | 00:01:24 | i now pay less than four percent a year |
| 00:01:23 | 00:01:26 | in taxes |
| 00:01:24 | 00:01:28 | i'm not toking about state i'm not |
| 00:01:26 | 00:01:31 | toking about federal i'm toking about |
| 00:01:28 | 00:01:32 | total okay and that is absolutely |
| 00:01:31 | 00:01:34 | bonkers and i'm going to explain |
| 00:01:32 | 00:01:36 | by the end of this video how you can do |
| 00:01:34 | 00:01:37 | the same the different places that you |
| 00:01:36 | 00:01:39 | can do this the different structures |
| 00:01:37 | 00:01:41 | entity setups and stuff like that it's |
| 00:01:39 | 00:01:42 | really not all that complicated to do so |
| 00:01:41 | 00:01:44 | make sure to smash a quick like down |
| 00:01:42 | 00:01:45 | below if you're new to the channel it'd |
| 00:01:44 | 00:01:46 | mean the world if you subscribe |
| 00:01:45 | 00:01:48 | real quick and with that being said |
| 00:01:46 | 00:01:51 | let's jump inside of my computer okay |
| 00:01:48 | 00:01:52 | tax strategies for business owners |
| 00:01:51 | 00:01:55 | here's some of the basic |
| 00:01:52 | 00:01:57 | benefits of a business okay an llc |
| 00:01:55 | 00:01:58 | which is the most basic form that you |
| 00:01:57 | 00:02:00 | can set up a limited liability |
| 00:01:58 | 00:02:02 | corporation costs a couple hundred bucks |
| 00:02:00 | 00:02:04 | and llc provides you with basic legal |
| 00:02:02 | 00:02:06 | protection not much but there's |
| 00:02:04 | 00:02:07 | definitely some legal protection there |
| 00:02:06 | 00:02:09 | obviously all the stuff in this video is |
| 00:02:07 | 00:02:10 | an opinion get legal consultation if |
| 00:02:09 | 00:02:10 | you're actually going to do some of it |
| 00:02:10 | 00:02:12 | but |
| 00:02:10 | 00:02:14 | an llc or any sort of business entity |
| 00:02:12 | 00:02:15 | allows you to take proper write-offs |
| 00:02:14 | 00:02:18 | very easily |
| 00:02:15 | 00:02:19 | and have full deductible expenses inside |
| 00:02:18 | 00:02:21 | of your business okay |
| 00:02:19 | 00:02:22 | you can still do this and by the way |
| 00:02:21 | 00:02:25 | this is where things get crazy with a |
| 00:02:22 | 00:02:28 | dba which stands for doing business as |
| 00:02:25 | 00:02:30 | and no llc so for an example when i was |
| 00:02:28 | 00:02:32 | 16 17 starting to make money it was six |
| 00:02:30 | 00:02:33 | figures then multi-six figures and seven |
| 00:02:32 | 00:02:34 | figures in revenue |
| 00:02:33 | 00:02:37 | inside of my business when i was very |
| 00:02:34 | 00:02:39 | young i got terrible tax advice from an |
| 00:02:37 | 00:02:41 | awful cpa in minnesota |
| 00:02:39 | 00:02:42 | who said no you don't need an llc just |
| 00:02:41 | 00:02:45 | open a dba |
| 00:02:42 | 00:02:47 | 50 is all it cost it basically gives you |
| 00:02:45 | 00:02:48 | an ein like a legal tax number to open a |
| 00:02:47 | 00:02:50 | bank |
| 00:02:48 | 00:02:52 | but everything is still tied to you |
| 00:02:50 | 00:02:52 | personally so the tax benefits are |
| 00:02:52 | 00:02:54 | limited |
| 00:02:52 | 00:02:56 | you can't set up retirement accounts for |
| 00:02:54 | 00:02:58 | your personal self there's nothing you |
| 00:02:56 | 00:02:59 | can do in terms of legal protection it's |
| 00:02:58 | 00:03:01 | all you |
| 00:02:59 | 00:03:03 | personally and that's not a good idea so |
| 00:03:01 | 00:03:04 | getting an llc is super basic another |
| 00:03:03 | 00:03:07 | benefit of a business |
| 00:03:04 | 00:03:09 | payroll yourself a personal salary so |
| 00:03:07 | 00:03:10 | out of the company you'll be setting up |
| 00:03:09 | 00:03:12 | a payroll so for an example i'll explain |
| 00:03:10 | 00:03:15 | this by the end of the video how i pay |
| 00:03:12 | 00:03:16 | very very little in taxes my company can |
| 00:03:15 | 00:03:18 | pay next to nothing in taxes |
| 00:03:16 | 00:03:20 | and then i payroll myself a small but |
| 00:03:18 | 00:03:23 | reasonable salary |
| 00:03:20 | 00:03:24 | and pay normal personal tax on that so |
| 00:03:23 | 00:03:26 | there's different things you can do but |
| 00:03:24 | 00:03:28 | as a business being able to deduct money |
| 00:03:26 | 00:03:29 | from the businesses profit to pay |
| 00:03:28 | 00:03:30 | yourself there can be a lot of |
| 00:03:29 | 00:03:32 | advantages to that |
| 00:03:30 | 00:03:34 | now there's also different options for |
| 00:03:32 | 00:03:36 | personal and company matching |
| 00:03:34 | 00:03:37 | for retirement accounts so as someone |
| 00:03:36 | 00:03:39 | who's self-employed you could go set up |
| 00:03:37 | 00:03:40 | a step by array there's different roth |
| 00:03:39 | 00:03:41 | iras and different things that you can |
| 00:03:40 | 00:03:43 | set up |
| 00:03:41 | 00:03:44 | you can get very easy advice on these |
| 00:03:43 | 00:03:45 | and just read about the five different |
| 00:03:44 | 00:03:47 | types of retirement accounts that |
| 00:03:45 | 00:03:49 | are typically primary ones that people |
| 00:03:47 | 00:03:52 | select well not only can you contribute |
| 00:03:49 | 00:03:53 | to that either tax deferred until later |
| 00:03:52 | 00:03:55 | or pay the tax on the front end but your |
| 00:03:53 | 00:03:56 | business can also do certain levels of |
| 00:03:55 | 00:03:58 | matching |
| 00:03:56 | 00:03:59 | and that can be an additional write-off |
| 00:03:58 | 00:04:00 | that actually saves your mo your company |
| 00:03:59 | 00:04:02 | money |
| 00:04:00 | 00:04:04 | in the long run so there are a lot of |
| 00:04:02 | 00:04:05 | benefits as a business so let's get that |
| 00:04:04 | 00:04:07 | out of the way now now stay with me |
| 00:04:05 | 00:04:09 | now we're going to tok about the actual |
| 00:04:07 | 00:04:09 | tax advantages the different things you |
| 00:04:09 | 00:04:11 | can do |
| 00:04:09 | 00:04:12 | the very easy stuff this is what i |
| 00:04:11 | 00:04:14 | consider the low-hanging fruit and then |
| 00:04:12 | 00:04:15 | we're gonna get into the crazy stuff |
| 00:04:14 | 00:04:17 | where you can pay |
| 00:04:15 | 00:04:19 | little to zero okay so the tax |
| 00:04:17 | 00:04:21 | advantages that i've used number one |
| 00:04:19 | 00:04:22 | i moved to a lower income tax state i |
| 00:04:21 | 00:04:24 | lived in minnesota |
| 00:04:22 | 00:04:26 | minnesota is actually one of the highest |
| 00:04:24 | 00:04:27 | income tax the third or fourth |
| 00:04:26 | 00:04:29 | which makes no sense it's not a very |
| 00:04:27 | 00:04:30 | good state in my opinion but i moved to |
| 00:04:29 | 00:04:32 | california now that's going in the |
| 00:04:30 | 00:04:34 | opposite direction but i didn't |
| 00:04:32 | 00:04:35 | tiknically live there on paper |
| 00:04:34 | 00:04:37 | for long enough to need to claim |
| 00:04:35 | 00:04:38 | residency so i was still paying |
| 00:04:37 | 00:04:40 | minnesota tax |
| 00:04:38 | 00:04:41 | living in california for a bit then i |
| 00:04:40 | 00:04:43 | got a place in arizona so i started |
| 00:04:41 | 00:04:44 | splitting my time between arizona and |
| 00:04:43 | 00:04:46 | california and then eventually got rid |
| 00:04:44 | 00:04:48 | of my place in california |
| 00:04:46 | 00:04:50 | so i went to arizona where the personal |
| 00:04:48 | 00:04:54 | income tax bracket there is 5.5 percent |
| 00:04:50 | 00:04:55 | so that's almost a 50 reduction from |
| 00:04:54 | 00:04:57 | what i was previously paying |
| 00:04:55 | 00:04:58 | and i don't like to tok about my exact |
| 00:04:57 | 00:05:00 | income but that was a freaking nice |
| 00:04:58 | 00:05:01 | amount of change i mean i could go buy a |
| 00:05:00 | 00:05:02 | crazy car |
| 00:05:01 | 00:05:05 | i could invest in real estate i could do |
| 00:05:02 | 00:05:07 | something with just the personal savings |
| 00:05:05 | 00:05:09 | on the state income tax side of things |
| 00:05:07 | 00:05:10 | so a lot of people have been doing this |
| 00:05:09 | 00:05:12 | you see a lot of people moving from |
| 00:05:10 | 00:05:13 | california to texas like joe rogan |
| 00:05:12 | 00:05:15 | you see a lot of people moving from |
| 00:05:13 | 00:05:16 | california to las vegas there's a ton of |
| 00:05:15 | 00:05:17 | people who have done that i have friends |
| 00:05:16 | 00:05:18 | who have done that |
| 00:05:17 | 00:05:20 | there's also people who are moving from |
| 00:05:18 | 00:05:22 | california or other places to puerto |
| 00:05:20 | 00:05:23 | rico like logan paul he's joining me |
| 00:05:22 | 00:05:25 | down here that's where i'm sitting right |
| 00:05:23 | 00:05:26 | now there's different things you can do |
| 00:05:25 | 00:05:28 | to move to a no |
| 00:05:26 | 00:05:30 | or a low income tax state that's from a |
| 00:05:28 | 00:05:32 | personal income side your llc and s |
| 00:05:30 | 00:05:34 | corp depending on what your legal |
| 00:05:32 | 00:05:35 | structure is for example an llc filed as |
| 00:05:34 | 00:05:36 | an s corp |
| 00:05:35 | 00:05:38 | is still tiknically a pass through to |
| 00:05:36 | 00:05:40 | your personal self so there's still |
| 00:05:38 | 00:05:41 | personal income paid on that there's |
| 00:05:40 | 00:05:42 | again tok to a cpa on this side of |
| 00:05:41 | 00:05:43 | things |
| 00:05:42 | 00:05:45 | but there's a lot of different |
| 00:05:43 | 00:05:46 | advantages to paying lower state income |
| 00:05:45 | 00:05:48 | tax okay |
| 00:05:46 | 00:05:49 | writing things off for business use that |
| 00:05:48 | 00:05:50 | are legitimate so for example when you |
| 00:05:49 | 00:05:52 | have a business |
| 00:05:50 | 00:05:54 | i can write off home office space for |
| 00:05:52 | 00:05:55 | the last couple of years i've lived in |
| 00:05:54 | 00:05:57 | homes that are |
| 00:05:55 | 00:05:58 | about 6 000 square feet or larger i |
| 00:05:57 | 00:06:00 | usually lived with one or two other |
| 00:05:58 | 00:06:02 | people the cost really wasn't that much |
| 00:06:00 | 00:06:05 | i mean we're not toking about a 20 000 |
| 00:06:02 | 00:06:06 | a month house but nonetheless i had a |
| 00:06:05 | 00:06:09 | separate room |
| 00:06:06 | 00:06:11 | an entire room that was an office then |
| 00:06:09 | 00:06:11 | i'd have another room that's a studio |
| 00:06:11 | 00:06:13 | for filming |
| 00:06:11 | 00:06:15 | different things i'd work in the main |
| 00:06:13 | 00:06:17 | area you know we'd more so use this |
| 00:06:15 | 00:06:19 | room with a huge conference table so for |
| 00:06:17 | 00:06:21 | example one house that i had the entire |
| 00:06:19 | 00:06:21 | basement which was probably 2500 square |
| 00:06:21 | 00:06:23 | feet |
| 00:06:21 | 00:06:24 | was complete office space all the |
| 00:06:23 | 00:06:25 | bedrooms in the basement were office |
| 00:06:24 | 00:06:26 | space |
| 00:06:25 | 00:06:28 | it was just used as a home office and we |
| 00:06:26 | 00:06:30 | dedicated that extra space to it |
| 00:06:28 | 00:06:31 | so we were actually able to deduct about |
| 00:06:30 | 00:06:34 | 30 plus percent |
| 00:06:31 | 00:06:35 | of our home expenses under the business |
| 00:06:34 | 00:06:37 | because we use it |
| 00:06:35 | 00:06:38 | solely for business purposes so home |
| 00:06:37 | 00:06:40 | office space is a great thing i mean for |
| 00:06:38 | 00:06:43 | me i was easily writing off 10 to 20 |
| 00:06:40 | 00:06:45 | 000 a year in housing expenses just |
| 00:06:43 | 00:06:47 | because i had a home office |
| 00:06:45 | 00:06:48 | now at one point i had a home office |
| 00:06:47 | 00:06:49 | plus a real office |
| 00:06:48 | 00:06:51 | right before cove would happen when i |
| 00:06:49 | 00:06:52 | had all my employees go into an actual |
| 00:06:51 | 00:06:54 | office |
| 00:06:52 | 00:06:55 | well then obviously i was able to deduct |
| 00:06:54 | 00:06:56 | both because you can still work from |
| 00:06:55 | 00:06:57 | home i work from home part time i work |
| 00:06:56 | 00:06:59 | from the office part-time |
| 00:06:57 | 00:07:00 | you get to pick and choose so there's |
| 00:06:59 | 00:07:02 | different things when you have space |
| 00:07:00 | 00:07:04 | designated for work number three |
| 00:07:02 | 00:07:06 | spending money in advance before the end |
| 00:07:04 | 00:07:07 | of the fiscal year this is something i |
| 00:07:06 | 00:07:08 | did a good amount of before i moved to |
| 00:07:07 | 00:07:10 | puerto rico |
| 00:07:08 | 00:07:11 | i knew that there were employees that i |
| 00:07:10 | 00:07:13 | had absolutely no intention of letting |
| 00:07:11 | 00:07:13 | go and i knew they did not want to leave |
| 00:07:13 | 00:07:15 | the company |
| 00:07:13 | 00:07:17 | so i paid some of their base salaries in |
| 00:07:15 | 00:07:18 | advance i did not front anyone |
| 00:07:17 | 00:07:19 | commission |
| 00:07:18 | 00:07:20 | even though i thought about doing that |
| 00:07:19 | 00:07:21 | because i could take an average of the |
| 00:07:20 | 00:07:23 | last 12 months |
| 00:07:21 | 00:07:24 | how much money has this person made in |
| 00:07:23 | 00:07:26 | commission from sales commission |
| 00:07:24 | 00:07:28 | how much has this media buyer made from |
| 00:07:26 | 00:07:28 | their commission from the net profit of |
| 00:07:28 | 00:07:30 | sales |
| 00:07:28 | 00:07:32 | i could have paid that in advance i |
| 00:07:30 | 00:07:33 | thought about it i ended up not doing it |
| 00:07:32 | 00:07:34 | i probably should have |
| 00:07:33 | 00:07:36 | but i paid for a lot of stuff like that |
| 00:07:34 | 00:07:37 | in advance base salaries i bought a |
| 00:07:36 | 00:07:38 | bunch of business equipment you know |
| 00:07:37 | 00:07:40 | okay i needed a new laptop |
| 00:07:38 | 00:07:42 | i made sure to buy that a new phone new |
| 00:07:40 | 00:07:44 | camera i bought some basic stuff that i |
| 00:07:42 | 00:07:46 | needed a bunch of chargers and whatever |
| 00:07:44 | 00:07:47 | tried to buy some bigger tiket items i |
| 00:07:46 | 00:07:49 | also spent about three hundred thousand |
| 00:07:47 | 00:07:50 | dollars on inventory for one of my |
| 00:07:49 | 00:07:52 | e-commerce businesses |
| 00:07:50 | 00:07:54 | so i was able to take that right off on |
| 00:07:52 | 00:07:56 | the last year where it was really |
| 00:07:54 | 00:07:58 | making a big difference because now i |
| 00:07:56 | 00:07:59 | live in puerto rico so there's different |
| 00:07:58 | 00:08:00 | things like that that you could do even |
| 00:07:59 | 00:08:02 | just before the end of the fiscal year |
| 00:08:00 | 00:08:04 | to take a huge extra write-off |
| 00:08:02 | 00:08:06 | and try to somewhat deplete that net |
| 00:08:04 | 00:08:07 | profit on paper for the year |
| 00:08:06 | 00:08:09 | so spending money in advance can be a |
| 00:08:07 | 00:08:11 | great way now number four |
| 00:08:09 | 00:08:12 | moving to one of the few tax havens that |
| 00:08:11 | 00:08:14 | some businesses |
| 00:08:12 | 00:08:15 | can qualify for this is where we get |
| 00:08:14 | 00:08:17 | into the interesting stuff the stuff |
| 00:08:15 | 00:08:18 | that isn't really floating around you |
| 00:08:17 | 00:08:20 | certainly won't learn about it in school |
| 00:08:18 | 00:08:21 | but it's completely legal it's |
| 00:08:20 | 00:08:22 | definitely not for everybody so for an |
| 00:08:21 | 00:08:23 | example if you have |
| 00:08:22 | 00:08:26 | a you're a doctor and you have a |
| 00:08:23 | 00:08:28 | doctor's office or a massage parlor |
| 00:08:26 | 00:08:29 | you can't really do that because your |
| 00:08:28 | 00:08:31 | clients are located in one area you have |
| 00:08:29 | 00:08:32 | an office and employees |
| 00:08:31 | 00:08:33 | there are a lot of restrictions you'd |
| 00:08:32 | 00:08:34 | have to look into i've toked about in |
| 00:08:33 | 00:08:36 | other videos |
| 00:08:34 | 00:08:37 | but there's different tax havens zero |
| 00:08:36 | 00:08:39 | percent in taxes |
| 00:08:37 | 00:08:41 | four percent in taxes it depends on |
| 00:08:39 | 00:08:43 | where you're going so to my knowledge |
| 00:08:41 | 00:08:44 | based on my opinion my research and all |
| 00:08:43 | 00:08:45 | the people i've toked to for u.s |
| 00:08:44 | 00:08:47 | residents |
| 00:08:45 | 00:08:48 | it kind of sucks because as a us |
| 00:08:47 | 00:08:50 | resident myself |
| 00:08:48 | 00:08:51 | there's actually less options than |
| 00:08:50 | 00:08:53 | someone who lives anywhere else in the |
| 00:08:51 | 00:08:55 | world so if you live outside the united |
| 00:08:53 | 00:08:56 | states you have more options |
| 00:08:55 | 00:08:58 | doesn't mean the options are better just |
| 00:08:56 | 00:09:00 | means you have more options so |
| 00:08:58 | 00:09:02 | to keep your citizenship i wanted to |
| 00:09:00 | 00:09:03 | keep my citizenship the only option i |
| 00:09:02 | 00:09:05 | had was to move to puerto rico |
| 00:09:03 | 00:09:07 | if i wanted to actually very much so |
| 00:09:05 | 00:09:10 | deplete my tax bill |
| 00:09:07 | 00:09:12 | i was going to move to texas or florida |
| 00:09:10 | 00:09:14 | and florida is very similar to puerto |
| 00:09:12 | 00:09:16 | rico it's only about two hours south |
| 00:09:14 | 00:09:17 | texas is obviously completely different |
| 00:09:16 | 00:09:19 | but that would just be minimizing my tax |
| 00:09:17 | 00:09:21 | bill by another 5.5 percent |
| 00:09:19 | 00:09:23 | so would it have made a difference yeah |
| 00:09:21 | 00:09:25 | absolutely but it's not |
| 00:09:23 | 00:09:26 | like enough of an incentive for me i was |
| 00:09:25 | 00:09:28 | like no i really like arizona |
| 00:09:26 | 00:09:30 | arizona is where all my real estate is |
| 00:09:28 | 00:09:32 | where my company is employees office |
| 00:09:30 | 00:09:33 | all my cars my properties i love |
| 00:09:32 | 00:09:34 | skydiving here just had a lot of friends |
| 00:09:33 | 00:09:36 | i was like no i'd rather just |
| 00:09:34 | 00:09:38 | pay the 5.5 and probably live there or |
| 00:09:36 | 00:09:40 | split my time i hadn't decided |
| 00:09:38 | 00:09:41 | but puerto rico was an option that |
| 00:09:40 | 00:09:42 | opened up that i'd been looking into for |
| 00:09:41 | 00:09:45 | some while |
| 00:09:42 | 00:09:47 | for some time which offers zero and |
| 00:09:45 | 00:09:48 | four percent tax depending on what |
| 00:09:47 | 00:09:51 | you're doing so there's different acts |
| 00:09:48 | 00:09:52 | there's act 20 act 22 act 60 exact 183 |
| 00:09:51 | 00:09:53 | there's a bunch of different things in |
| 00:09:52 | 00:09:55 | different groups that you can join |
| 00:09:53 | 00:09:56 | where depending on what you're doing |
| 00:09:55 | 00:09:58 | capital gains like if you're a stok |
| 00:09:56 | 00:09:59 | trader it can be zero percent |
| 00:09:58 | 00:10:00 | so i know multiple stok traders and day |
| 00:09:59 | 00:10:01 | traders out here that make millions of |
| 00:10:00 | 00:10:04 | dollars a year |
| 00:10:01 | 00:10:05 | they pay literally zero dollars now |
| 00:10:04 | 00:10:06 | there's a five thousand dollar filing |
| 00:10:05 | 00:10:07 | fee every year ten thousand dollar |
| 00:10:06 | 00:10:08 | donation different requirements you |
| 00:10:07 | 00:10:10 | gotta buy a property |
| 00:10:08 | 00:10:12 | um but i pay four percent corporate tax |
| 00:10:10 | 00:10:15 | here versus |
| 00:10:12 | 00:10:17 | 37 in the u.s for my llc |
| 00:10:15 | 00:10:19 | and s corps so it's a phenomenal |
| 00:10:17 | 00:10:20 | difference and then i still pay a |
| 00:10:19 | 00:10:23 | typical |
| 00:10:20 | 00:10:25 | personal income salary on my income |
| 00:10:23 | 00:10:26 | from a personal perspective so that's |
| 00:10:25 | 00:10:28 | where things get a little bit shakier i |
| 00:10:26 | 00:10:29 | pay about 33 |
| 00:10:28 | 00:10:31 | but i'm not paying myself a million |
| 00:10:29 | 00:10:32 | dollars i'm not paying myself 300 000 |
| 00:10:31 | 00:10:34 | i pay myself a very reasonable salary |
| 00:10:32 | 00:10:35 | right so you can really lower your taxes |
| 00:10:34 | 00:10:37 | to where it's really on average like |
| 00:10:35 | 00:10:38 | five to six percent |
| 00:10:37 | 00:10:40 | definitely under 10 depending on your |
| 00:10:38 | 00:10:41 | income and how diluted that personal |
| 00:10:40 | 00:10:43 | salary is going to make it |
| 00:10:41 | 00:10:45 | and you can save a ton of money now if |
| 00:10:43 | 00:10:47 | you're a us resident who wants to give |
| 00:10:45 | 00:10:48 | up your citizenship which is not an |
| 00:10:47 | 00:10:49 | option for me |
| 00:10:48 | 00:10:51 | u.s virgin islands i know two people who |
| 00:10:49 | 00:10:53 | live there dubai i know three people who |
| 00:10:51 | 00:10:53 | live here panama i don't know anybody |
| 00:10:53 | 00:10:56 | who lives there |
| 00:10:53 | 00:10:58 | there's also many many more options |
| 00:10:56 | 00:10:59 | again the door opens up if you are not |
| 00:10:58 | 00:11:00 | from the u.s |
| 00:10:59 | 00:11:02 | or if you're willing to give up your |
| 00:11:00 | 00:11:03 | citizenship so it's a little bit harder |
| 00:11:02 | 00:11:04 | if you're just trying to give up your |
| 00:11:03 | 00:11:05 | citizenship and go anywhere but like |
| 00:11:04 | 00:11:07 | dubai |
| 00:11:05 | 00:11:08 | zero percent u.s virgin islands i |
| 00:11:07 | 00:11:10 | believe zero percent panama |
| 00:11:08 | 00:11:13 | i think zero percent there's different |
| 00:11:10 | 00:11:15 | work visas so like work visa programs in |
| 00:11:13 | 00:11:16 | portugal and different spots to give you |
| 00:11:15 | 00:11:18 | some tax benefits it's definitely not |
| 00:11:16 | 00:11:19 | zero i don't know if you have to give it |
| 00:11:18 | 00:11:21 | your citizenship |
| 00:11:19 | 00:11:22 | citizenship on those but it's just all |
| 00:11:21 | 00:11:24 | dependent on what you want to do so |
| 00:11:22 | 00:11:26 | as a business owner if you're someone |
| 00:11:24 | 00:11:27 | that has a lot of flexibility |
| 00:11:26 | 00:11:29 | you might have friends and family in one |
| 00:11:27 | 00:11:30 | location but if you can take advantage |
| 00:11:29 | 00:11:32 | of a different tax haven |
| 00:11:30 | 00:11:34 | and save a ton of money you're actually |
| 00:11:32 | 00:11:35 | eliminating the single biggest expense |
| 00:11:34 | 00:11:38 | most people say oh |
| 00:11:35 | 00:11:38 | housing is my biggest expense no it's |
| 00:11:38 | 00:11:41 | probably not |
| 00:11:38 | 00:11:42 | most people don't consider the tax side |
| 00:11:41 | 00:11:43 | of things and they don't think that |
| 00:11:42 | 00:11:45 | that's something they can change so |
| 00:11:43 | 00:11:47 | as a business owner the options open up |
| 00:11:45 | 00:11:48 | but the tax game |
| 00:11:47 | 00:11:50 | requires that you have some amount of |
| 00:11:48 | 00:11:52 | money to play around with |
| 00:11:50 | 00:11:54 | if you have no money there's no game |
| 00:11:52 | 00:11:55 | that you can play with the taxes |
| 00:11:54 | 00:11:56 | so that's always why we always go back |
| 00:11:55 | 00:11:58 | to that original thing of build the |
| 00:11:56 | 00:11:59 | business get the income |
| 00:11:58 | 00:12:01 | then the doors open up for things you |
| 00:11:59 | 00:12:02 | can do from right off perspectives |
| 00:12:01 | 00:12:03 | searching for tax havens |
| 00:12:02 | 00:12:05 | different things that you can do |
| 00:12:03 | 00:12:06 | completely legally and completely |
| 00:12:05 | 00:12:08 | ethically |
| 00:12:06 | 00:12:09 | to help take advantage of different |
| 00:12:08 | 00:12:10 | systems to benefit your business i'm now |
| 00:12:09 | 00:12:11 | able |
| 00:12:10 | 00:12:13 | to hire more people i can pay them |
| 00:12:11 | 00:12:14 | better i can outbid my competition for |
| 00:12:13 | 00:12:15 | customers |
| 00:12:14 | 00:12:17 | we can offer better customer support we |
| 00:12:15 | 00:12:18 | can build a better product because we |
| 00:12:17 | 00:12:21 | have a higher net margin now |
| 00:12:18 | 00:12:22 | so there's actually so many benefits as |
| 00:12:21 | 00:12:24 | well as now i have more personal money |
| 00:12:22 | 00:12:25 | to invest i take some of those savings |
| 00:12:24 | 00:12:27 | put it right back into the company money |
| 00:12:25 | 00:12:28 | that i couldn't and wouldn't have spent |
| 00:12:27 | 00:12:29 | before |
| 00:12:28 | 00:12:30 | and i take a chunk of that and i go |
| 00:12:29 | 00:12:31 | invest it back in the states in real |
| 00:12:30 | 00:12:32 | estate |
| 00:12:31 | 00:12:34 | so there's a bunch of things you can do |
| 00:12:32 | 00:12:36 | this is just my perspective on different |
| 00:12:34 | 00:12:37 | tax strategies so that i got my money |
| 00:12:36 | 00:12:39 | prop it's actually a real hundred |
| 00:12:37 | 00:12:39 | dollars it's my only hundred dollar bill |
| 00:12:39 | 00:12:42 | that i have |
| 00:12:39 | 00:12:43 | but you save some money right the goal |
| 00:12:42 | 00:12:45 | is to make it |
| 00:12:43 | 00:12:46 | and then keep it you want this money to |
| 00:12:45 | 00:12:48 | stay this money you don't want this |
| 00:12:46 | 00:12:49 | to turn into this where it goes in half |
| 00:12:48 | 00:12:50 | you know that's typically what happens |
| 00:12:49 | 00:12:52 | and it's not fun |
| 00:12:50 | 00:12:53 | so yeah i hope you enjoyed this video a |
| 00:12:52 | 00:12:54 | lot of different tax benefits we're |
| 00:12:53 | 00:12:55 | looking for something to help make some |
| 00:12:54 | 00:12:56 | money |
| 00:12:55 | 00:12:58 | we have a bunch of fun videos on this |
| 00:12:56 | 00:12:59 | channel real estate ecommerce you can |
| 00:12:58 | 00:13:00 | also check out the ecommerce programs |
| 00:12:59 | 00:13:02 | linked in the description below |
| 00:13:00 | 00:13:04 | teaching you all things e-commerce drop |
| 00:13:02 | 00:13:05 | shipping branded drop shipping |
| 00:13:04 | 00:13:07 | um holding inventory we toked about |
| 00:13:05 | 00:13:08 | facebook ads bunch of different things |
| 00:13:07 | 00:13:11 | that i've been doing for over five years |
| 00:13:08 | 00:13:12 | that is ultimately what i do to this day |
| 00:13:11 | 00:13:13 | so it's been a lot of fun i hope you |
| 00:13:12 | 00:13:15 | enjoyed this video make sure to drop a |
| 00:13:13 | 00:13:15 | quick like if you have any questions at |
| 00:13:15 | 00:13:17 | all |
| 00:13:15 | 00:13:18 | again i just i think i legally have to |
| 00:13:17 | 00:13:20 | say this is just my opinion |
| 00:13:18 | 00:13:22 | but i mean i've spent a lot of money in |
| 00:13:20 | 00:13:24 | consulting and done a lot of research |
| 00:13:22 | 00:13:26 | so this is obviously what i do right now |
| 00:13:24 | 00:13:28 | and i'm sitting in puerto rico |
| 00:13:26 | 00:13:29 | as i speak so hope you enjoyed this |
| 00:13:28 | 00:13:30 | video if you have questions |
| 00:13:29 | 00:13:35 | ask it and with that being said i'll see |
| 00:13:30 | 00:13:35 | you in the next video peace |
