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TAP I am 64 years old I have a side hustle making over 200k per year. I already have over 4 million in my retirement account I want to build an aggressive account in my new Solo 401 k which will be converted to a Mega Backdoor Roth (putting in over 79,000 per year) I Would like to eventually have Monthly income generated without losing principal.

@benitabussell5053

2 күн бұрын

A_Francis....... Holding fixed-income assets in tax-deferred retirement funds as opposed to taxable accounts has additional advantages. If you don't know how to invest in the market, get some advice from a financial counselor.

@RickWatson-xu6gw

2 күн бұрын

You are correct benitabussell, The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, invt-advisors are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, my portfolio has yielded nearly 300%, summing up to 7-figure as of today.

@A_francis

2 күн бұрын

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one

@RickWatson-xu6gw

2 күн бұрын

*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

Facts. If I learned anything from my finance degree, it is to minimize those expenses and maximize revenue. Thanks for sharing.

Love the content, Toby!

Keep them coming. Thank you

@TobyMathis

2 ай бұрын

I appreciate your support =)

Great info Toby! After all the current tax deduction, if there's leftovers, do they get carried to next year for deduction? Thanks!

Great topic, thanks!

@TobyMathis

2 ай бұрын

Glad you liked it!

Useful content, thank you for taking the time to compile, organize, film, edit and post this information!

@TobyMathis

2 ай бұрын

Glad you enjoyed it!

Great video, thanks!

That was an awesome event last week!

@TobyMathis

2 ай бұрын

Glad you made it out!

Perfectly said as always

@TobyMathis

2 ай бұрын

Thank you for watching!

Can you do a deeper dive on the Oil and Gas? For example go over the K1 form and explain to us how exactly to reduce out taxes?

@TobyMathis

2 ай бұрын

Thank you for your suggestion! I'll definitely consider making a video on that topic.

Great informational video. Very detailed with plenty of examples. TAP

@TobyMathis

Ай бұрын

Glad it was helpful! Sign up for our next Tax & Asset Protection Workshop here: aba.link/92697c

CRE of course. Thanks i look forward to work with you in the near future

Can uou have access to all that money and use it for personal use when you put it in the Roth or charity?

Toby. In the start of your video, is that Linsmore Islay or Speyside in the background?

Loved the show. TAP

@TobyMathis

2 ай бұрын

Glad you enjoyed the video. Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

Waiting for the category Gold.

What is the best way to research and find legitimate "oil & gas" investments?

College savings account is another but will only check the last two boxes…and must be used for educational expenses. Most can be transferred to next of kin ( another added benefit).

Thank you for your great videos. Thanks for caring about others and helping us protect our harder earned money !

@TobyMathis

2 ай бұрын

I appreciate your support and I'm glad you find the videos helpful!

Thanks for an informative video! What about buying a vehicle under an llc with the earnings made?

@TobyMathis

2 ай бұрын

Glad you found the video helpful! Great questions, I'd recommend setting up a consultation with my team for a complete breakdown of buying a vehicle under an LLC. aba.link/ly8

Thanks a lot!

@TobyMathis

2 ай бұрын

You're welcome!

Thank you! A new subscriber here.

@TobyMathis

2 ай бұрын

Thanks for subbing!

Great insights, but does this commonly apply to any country or only in the United States?

I wished Toby would do a video on the tax advantages of subject to the mortgage acquisitions, which he has never done ☑️ I have watched all his videos since 2018 🙏💔💵🇺🇸

Great information. TAP

@TobyMathis

2 ай бұрын

Glad it was helpful! Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c

Good shop. TAP for next workshop

@TobyMathis

2 ай бұрын

Sign up for the next Workshop here: aba.link/92697c

Can you recommend a syndicator for oil and gas investments?

How could I learn about oil and gas investments??

Absolutely awesome info. Thank you so much. Quick question- do you offer help with tax planning? TAP for the additional information.

@TobyMathis

2 ай бұрын

Glad you enjoyed the video. Yes, my team offers tax planning assistance! Sign up for the next TAP event here: aba.link/92697c Or you can schedule a consultation here: aba.link/ly8

Is there any way I can do an HSA if I have Tricare? I'm full time Army National Guard so no high deductible plan.

So, and oil field/well is definitely riskier. You said you rec'd a K-1 with a $150K LOSS--can you write that off against cap gains?

My favorite is real estate merged with 501c3 and affordable housing

I love maxing out my HSA each year!

Oil and gas? Very first time hearing this

Toby, Is there an investment that can be owned by an estate trust, and pay dividends to a beneficiary? Meaning, lets say my family trust puts money into ETF or something, then that pays out monthly to an account of my choosing. Lets say I can put 10M into it, and it pays out say 5k a month forever. Is there something like that? Ofc that 10M would get larger over time and pay out more+/-. but is there something like this to invest in to keep passive flow for hundreds of generations to come?

@mrmarty1403

Ай бұрын

A well designed cash value whole life policy can do that. It's a touchy subject but check out some early cash value info KZread.

What is a DB did I miss it?

@ChicagoGringo

2 ай бұрын

Defined Benefit plan.

@shawn-wp2vs

2 ай бұрын

Basically a pension.

Coach Toby!! Good day

@TobyMathis

2 ай бұрын

It means a lot to have your support.

Wow great lesson.

@TobyMathis

Ай бұрын

Glad you enjoyed it

@ismaelhall3990

Ай бұрын

@@TobyMathis Thanks , in this day and age people have no excuse not to build wealth for themselves when all these goldmine information are readily available for free. Hundred years ago, only the wealthy had this knowledge over the masses.

Isn't there an age limit to starting an HSA?

A rental property today? What if your tenants refuse to pay? What if the squaters take over?

@thedcgirl202

10 күн бұрын

Easy fix = Housing Choice Voucher tenants. Guaranteed rents.

I am your most devoted student. If I left my work, deposited (rolled) my roth ira into a traditional roth (new account at my fraternal organization) and they took the interest (from my roth) and created a new traditional ira for that money separately, did they make an error (now I pay tax in interest earned by my roth ira in the future here)? I want to understand NOT paying tax on the monies earned by the roth. Forgive me if this is confusing. I am new and will sign up for future events. You’re rockin it!

@TobyMathis

2 ай бұрын

I appreciate your kind words and your commitment to learning more about your finances. Keep up the great work!

yes, I like ... ❣

I have a few questions. Can I take income I make from wholesaling & wholetailing real estate, & invest most of it into a new Ecommerce brand (other than what I pay myself), to pay little to no taxes? I know I'd be able to take that money & invest in properties to avoid taxes, but I'm not trying to do that quite yet & I'd rather invest that money into my brand. Is there a way to set that up or any loopholes that I'd get similar results? Let's say I make $600k from closing deals, pay myself $100k & put the rest into my Ecommerce brand. I still plan on buying properties later on, but my main focus is to keep wholesaling/wholetailing & launch my brand before, or by the end of the tax year. Is there a way to not have to pay taxes this way? Hopefully this makes sense. Thanks!

@TobyMathis

Ай бұрын

Thank you for sharing your question! It's awesome to see your ambition in both real estate and Ecommerce. I'd highly recommend you sign up for a free strategy session so we can provide an answer that is unique to your situation. You can sign up by visiting: aba.link/ly8

Had to pay 10K plus taxes due to my income, but I will definitely use these tips.

@CrazyDrunkAsianMonkey

2 ай бұрын

Only 10k? I paid 40k in taxes last year because of my income, I've already paid 10k in taxes this year alone

@afternoontiger9319

2 ай бұрын

@@CrazyDrunkAsianMonkey 10K still a lot. 40K just more. Someone is paying 1 mil. What I took from the video is just make wise investments in order to offset these taxes.

TAP. Thank you!

@TobyMathis

19 күн бұрын

Sign up for the next workshop here: aba.link/92697c

TAP HSA was my favorite

@TobyMathis

6 күн бұрын

Register for the next workshop here: aba.link/92697c

Please do a video on Oil and Gas Wells. If you have suggestions for firms to invest with please let us know

@TobyMathis

2 ай бұрын

Thank you for the suggestion!

roth is my fave

@TobyMathis

9 күн бұрын

Roth is definitely a great choice

I am always confused by the appreciation of property. Does it depend on the time that the owner has owned it or does it go by the age of the property? For instance, if we have a write-off period of 17 years for taxes, and the building is sold, would the clock reset for the new buyer?

@TobyMathis

Ай бұрын

Yes - it does. It always depends on the basis and when the asset is put into service. For example, if I added a roof to a property, that new asset is depreciated over its useful life (ie 27.5 years for a residential property). It does not matter when I purchased the property. Hope this helps.

Pretty sure HSA only works if you have a high deductible health insurance, correct? In Oregon, cheapest Bronze level policy was nearly $800 per month with a $7000 deductible and it covered very little and was just for me (no health issues at all). Too bad there are no HSA's for healthy people who just want to save for future health funds. I am looking sooooo forward to the Roth-SEP when they get that figured out.

Can a person still utilize the benefits of an HSA if they are not itemizing deductions?

@TobyMathis

25 күн бұрын

I recommend setting up a free consultation to discuss some strategies and how they apply to your unique situation. Sign up here: aba.link/ly8

Thank you i 61

Hey, you really believe that you can excape from the tax systems? It's pay now or pay later.

Hello I have a question of the HSA how can I contact you?

@TobyMathis

2 ай бұрын

Hi Ricardo, you can reach out to my team for a free consultation if you'd like to discuss HSA concerns. Visit aba.link/ly8

Hello, Investment in making more to pay debt it good but, bit risky, I have, " I can't save money" drama Australia have steady inflation, expensive money flying life, you must pay the cost of expenses payment:s. Thanks Amali Australia

"TAP",, 👍 💯

@TobyMathis

2 ай бұрын

Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c

Depreciation when you sell the house needs to be recovered at the sale at 25%. If you're in a tax bracket that's less than that when you're taking the depreciation, then you lose out because now you have to pay back at a 25% rate. If you want to sell your property and get the money to use yourself you need to deal with recovery. You spoke about 1031 exchanging until you die and stepping up the cost basis to your heirs. If you actually want the money for yourself, you will have to deal with all the depreciation recovery

@sunshinegarden1144

Күн бұрын

Great question. This has been my question. But no answer.

@micheleyoungblood

Күн бұрын

​@@sunshinegarden1144 I'v always heard and read recovery of depreciation is at a flat 25% this my statement. I'm now reading it is "up to 25% maximum" so now I'm wondering if in a lower tax bracket if the percentage will be lower. I'm now finding yet the brackets for the "up to" amount like you can find the capital gain brackets easily. So still confused. The problem I'm describing is still there however. If you're originally taking the depreciation which taken in small pieces annually and you're in a lower tax bracket like the 12% tax bracket for instance which I'm in, and then you sell your investment property at a much higher price then your raising yourself into a different higher tax bracket. Part of the sale will go under a capital gains tax rate but the total depreciation recovery will, I'm sure, put you into a higher percentage to pay on the total and the smaller lower tax percentage you took on your taxes annually taking the depreciation on your schedule E. So whether it is up to maximum 25% or less, without seeing the brackets foe recovery i have to think I'll pay more on recovery of depreciation than I received when taking the individual annual amounts on my taxes. Hope I'm explaining clearly my thoughts

What about over funding life insurance , doesn’t that grow tax free?

What if you’re on Medicare does the HSA make sense?

@PursuitOfWellnessVsLife

2 ай бұрын

If paying taxes

@joeystabile658

2 ай бұрын

Can’t contribute to one when you’re on medicare

@ArmageddonIsHere

2 ай бұрын

Joeystabile is correct.

DB?

@jehuhand8176

2 ай бұрын

Defined benefit plan. Especially if are older and have a high salary, you can deduct a lot

TAP!!!

@TobyMathis

2 күн бұрын

Sign up for your free consultation here: aba.link/92697c

As much as I love you and your channel, I am slowly realizing this is for wealthy investors and I am not one of those. Just a regular guy making less than 100K a year.. so not much to learn. Yes, yes, I know...I m an idiot for not making 100 K. Oh well, that is life.

@AscDrew

2 ай бұрын

Simplest way for you is a Roth IRA, grows and withdraws tax free. Pair that with more traditional 401K (or 457 plan for gov employees). That way when you are older some can come put tax free (Roth) and some (401K) can save you taxes now.

@AscDrew

2 ай бұрын

It’s not for wealthy investors! Always live below your means, invest in tax deferred and tax free methods; even $25/check ads up over time. Increase your investments every time you get a raise. Pay yourself first. Reinvest earnings. Be a homeowner. Eventually: Buy Real Estate for investments, great long term tax benefits. Reinvest and diversify in stocks, bonds/CDs, RE/Assets, cash (for future buying opportunities). For stocks simply buy low cost index funds that mirror the Dow/S&P/Nasdaq. Educate yourself on tax laws, power of compounding interest and time value of money. Watch “the assent of money”. Buy used when poss, avoid “keeping up with the Joneses”. Hold assets a long time (generally). Don’t buy new cars, but them a couple years old for about 1/2 price, keep them 10+ years and repeat as needed. Cook, and eat at home, don’t eat out very often (crazy expensive). Brown bag your lunch. Cancel cable tv, don’t buy a new iPhone every other year, keep it 5-6 years until you have to upgrade. Get out of and stay out of credit card/consumer debt. Of you can’t pay off the CC every month, stop spending on anything non-essential. Remember pay yourself first and eventually Credit cards will pay YOU 1-1.5% (cash-back Cards & you carry no balance so you pay no interest, means YOU make money on the credit cards). Just a few examples how to win at the financial game of life. But seriously, start investing and saving Now for your retirement. Compounding Interest (over time) is the 8th Wonder of the world!!

@user-py7wp6nw9h

2 ай бұрын

@@AscDrewwhaaaaaa???

@ArmageddonIsHere

2 ай бұрын

​@@user-py7wp6nw9h If you are employed and your employer supports these ,then they're your best available options: 1. 401K match. Get it, its free money 2. HSA plan 3. Roth IRA 4. Back to 401K is you still have money left over to contribute

TAP

@TobyMathis

2 ай бұрын

Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

I have five rental properties that I personally manage. I want to know more idea how I will engage my adult children to work and get the tax benefits.

@TobyMathis

Ай бұрын

You're permitted to deduct your child's wages as a business expense, provided that their compensation is reasonable and their role is essential to business operations. If your child is 18 or older, and your business operates as a sole proprietorship or a partnership, your child's earnings could be liable for Social Security and Medicare taxes. However, if your child is under 21, their work isn't subject to FUTA taxes. In cases where the business is a corporation, estate, or partnership (excluding situations where every partner is the child's parent), you're obligated to withhold Social Security, Medicare, and FUTA taxes, regardless of the child's age.

HSA usually has income limits / parameters.

@greenhat06

2 ай бұрын

False

@ArmageddonIsHere

2 ай бұрын

HSA has _contribution_ limits, not income limits. Not quite the same thing.

Learn how to use the IRS tax code to your advantage and keep more of what you earn during this free webinar. aba.link/25v

How do I get into your world? I file taxes online for friends and do anything that I can find for money to help our future. I am a hardworking mom of 5. I want them to live and not have to take care of me when I retire. Change our family tree. I have always been told I should do taxes or accounting. I need someone to show me the right way.

@AscDrew

2 ай бұрын

Take a tax course at your local community college. Work on a degree to be an accountant. Study to be a licensed financial advisor (tests only doesn’t require a degree, crazy huh!?).

@AllergicToMakeBelieve

2 ай бұрын

I admire your attitude and with your spirit directed into your studies you can accomplish much. There are quite a few online universities that would offer accounting courses that you can take right from home. That's a lot easier to do with kids than to have to go to class every night.

What if the property value doesn’t go down? You can’t deduct depreciation? Also, the IDC loss… is it real loss? If you actually lose 40k why is not paying taxes on that good for you?

@TobyMathis

2 ай бұрын

These are important questions that require a more detailed discussion to address fully. To ensure we can provide you with the most accurate and personalized advice for your situation, I recommend scheduling a free strategy session with my team. Sign up here: aba.link/ly8

@AscDrew

2 ай бұрын

You depreciate (deduct on taxes) the value of the asset you placed into service over the useful life of the asset. In the case of residential real estate that is generally over 27.5 years. You don’t depreciate the land value (only the improvements ie the structure/house). So if you buy a rental for $375K and the land is worth $100K (not depreciated) you would depreciate the $275K value of the improvements over the course of 27.5 years. $275,000 / 27.5 = $10,000 per year to write off on your taxes, just on the depreciation alone. So if you had $12K income/year, after all other expenses (mortgage interest, maintenance, management, insurance etc), you would then deduct the $10K depreciation which means you only pay taxes on a mere $2K of income for that property but you Actually Netted $12K. Just an example that the video author could have advised, but didn’t.

@user-dz1zj9xr3s

2 ай бұрын

@@AscDrew that’s a great explanation, thank you for that! I’m still confused why you get to claim the house depreciates when the home actually goes up in value. I guess it’s a way to account for new roof / painting, and other wear and tear. But can you also deduct those improvements as business expenses, so it feels like double dipping. If that’s how it just is then yes what a great write off.

@AscDrew

2 ай бұрын

@@user-dz1zj9xr3sgenerally you depreciate a business asset over it’s useful life. Basically over that time you will have to maintain it or after 27.5 years do major overhaul (in theory). In reality yes you will have to have additional maintenance expenses. Basically it’s a tax Deferral since by taking depression on the property it is lowering your “cost basis” for that asset. So, if you sold it for say $500K after 27.5 years of depression your remaining cost basis is only the land at $100K, so at that point you would be paying takes on $400K of gains vs $125K of gains had you not taken the depreciation over the last 27.5 years. Think of it as that: tax Deferment. But you are not forced to sell it after 27.5 years, and if you choose to, you can do a 1031 exchange into a higher value property ($1+ higher) and guess what, they you get to depreciate that New property all over again, so you can keep the deferral going even longer! But think of how much taxes you would save over that 27.5 years, reinvested that additional savings would continue to compound, etc. If you have multiple properties the tax benefits compound further. Also if, later in life, you can leave the property as an inheritance to your kids and they get a Stepped Up cost basis equal to the value of the property when they inherited it. So if your basis was $375K and you depreciated it down to just the land value of $100K, then years later you pass away and the property is now worth $750K they get to depreciate that $750K (minus land value) over another 27.5 years. So if the land was now worth $200K they depreciate $550K over 27.5 years = $20K/year ($1666/mo) of depreciation to offset the rental income. So it gives them reduced taxes on the income that asset would produce for them. Starts to create generational wealth.

TAPS

@TobyMathis

2 ай бұрын

Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c

Tap

@TobyMathis

2 ай бұрын

Sign up for our next Tax & Asset Protection Workshop here: aba.link/92697c

TAP Please send me info/link. I LOOOVE to learn & your videos are SUPER informative! Thanks!! Are you accepting new clients? I’m self employed & need to find a smart tax advisor like yourself❤

@TobyMathis

9 күн бұрын

Glad you enjoyed the video! Sign up for the next workshop here and ask about our Platinum membership. aba.link/92697c

Very interested in learning how to move my HSA to my Roth ? May I please get the details on how to accomplish this? I’m 68 yo. Ty. Phil

@TobyMathis

2 ай бұрын

Hello, I would recommend setting up a free consultation with my team to get started. aba.link/ly8

@ArmageddonIsHere

2 ай бұрын

You can't. You can, however move a traditional 401k or IRA to Roth. But at 68, that's not advisable.

real estate is starting to become a real big problem in many states .....cross that one off the list

@ArmageddonIsHere

2 ай бұрын

For now. Eventually he will be correct again.

I plan to mass produce affordable tiny off grid homes with almost free land

@TobyMathis

2 ай бұрын

Thank you for sharing your vision!

Taxes

I Have a health issue I’m a make appointment to come down

Bitcoin is the new asset of all assets

@leoramirez3146

2 ай бұрын

Facts

Find something to flip. You’re welcome.

I feel like I am in middle school

tap

@TobyMathis

19 күн бұрын

Register for the next work shop here: aba.link/92697c

Isnt 401k max $23k for 2024? Is that 69k combined employee/employer? That’d be what? 150% match? 😂

Too bad all that depreciation comes back to bite us as recapture. And it comes back as ordinary income. Also if you want to avoid the capital gains through the 1031, you become permanently trapped as a landlord for the rest of your life, or you suffer a massive tax bomb. This is misleading advice because it’s not “tax free” it’s “tax deferred”. Shame on you.

Tap please

@TobyMathis

2 ай бұрын

You can sign up here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

You can register for the next Tax & Asset Protection Workshop here: aba.link/92697c

Tap

@TobyMathis

Ай бұрын

Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Reserve your seat for our upcoming Tax & Asset Protection Workshop now at: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

You can register to my next Tax & Asset Protection Workshop here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Secure your spot at our upcoming Tax & Asset Protection Workshop by registering here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Reserve your spot for our upcoming Tax and Asset Protection Workshop by clicking here: aba.link/92697c

TAP

@TobyMathis

2 ай бұрын

Sign up for our next Tax & Asset Protection Workshop here: aba.link/92697c