Tax Advice for EVERY Income Level ($25,000 to $1M)
I have some Tax Advice for Every Income Level… So I’m going to make sure you don’t give away free money, avoid costly penalties with the IRS, and ultimately how to pay less in taxes. And yes, you’re going to get some tax advice, but more importantly, if you go through this entire video then you will understand the tax system on a new level.
Tax Planning & Tax Preparation Services: bit.ly/3iC6FCI
Now, this tax advice is for people filing with the 1040 return, so this is advice for everyday people and not businesses.
And you really want to learn this information because there are a lot of tax professionals who give poor advice or simply don’t care enough to tell you what to do.
Time Stamps:
Intro (0:00)
Tax Advice (1:13)
Income Level #1 (1:49)
Income Level #2 (3:50)
Income Level #3 (7:09)
Income Level #4 (9:10)
Income Level #5 (10:56)
Bonus Tip (11:57)
Suggested Video to Watch Next: Tax Avoidance Strategies for Individuals - • How ANYONE Can Avoid T...
More Popular Uploads:
5 Grants to Start a Small Business: • 5 Grants to Start a Sm...
Single Member LLC, What You Must Know: • Single Member LLC: Wha...
Tax Planning for Beginners: • How to Build a Tax Pla...
Tax Secrets: • Tax Secrets: What “The...
How to Start a Business: • How to Start a Busines...
Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!
///
Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
Пікірлер: 59
Suggested Video to Watch Next: Tax Avoidance Strategies for Individuals - kzread.info/dash/bejne/k4B726ein5WWo5c.html
I found this video helpful because of its simplicity in explaining the different tax brackets. Thank you.
This is the best video you guys made so far. Im on level 4 right now but im on my way to 5. Happy to see that you guys also care about shielding hard earned income.
@LYFEAccounting
2 жыл бұрын
A large part of our audience we are trying to help get to level 4 but we also have content coming for 4 and above. Thanks for sticking with us.
Extremely helpful! This channel is my new obsession
Thank you for explaining the different income levels and how to avoid paying so much money in taxes 👏.
Income level #3. Yes we use all the strategies you mentioned.
y'all got a new sub, really appreciate all the information
@LYFEAccounting
2 жыл бұрын
Thanks for the sub and welcome to the family!
super helpful im saving this video when for when i level up .
Oooo I love this info so much
These tax tips are extremely helpful. Thank you for the time and research needed for this content. BTW I peeped the 410K typo 😂
@LYFEAccounting
2 жыл бұрын
Thanks for watching, Sean! And yeah that typo hurt 😂
Great content.
@LYFEAccounting
2 жыл бұрын
Thanks, Bill!
I am in income level 2 but I do use a Roth IRA and use the remaining to save. this was helpful information
Great information
Very informative video for everyone,especially for those people who are paying taxes that shouldn't be
@LYFEAccounting
2 жыл бұрын
Glad you agree, thank you so much
currently in level 3, I'm slacking I need to update my w4 (great video btw) I recently got a raise and a promotion is in the works. need to take advantage of all credits and deductions.. and YES! can't wait until you take new clients.
Yes
Waiting patiently for you to start taking clients
Very helpful learning about taxes now, my question is I’m in the 22%-24% tax bracket and file as single. Could I file for the standard deduction and do itemized expenses for my Real State investment? Or itemized is for everything? Ty
I need y’all for my business accounting and expertise. When will you all be accepting new clients?!? Your content is invaluable
@LYFEAccounting
2 жыл бұрын
Very soon! Stay locked in :)
@Xtremeproducts
2 жыл бұрын
I agree. Needs to start taking clients for business and personal.
@justducky8508
2 жыл бұрын
What exactly do you mean by “your content is invaluable.” ?
@billbarnes9718
2 жыл бұрын
@@justducky8508 The original (and current) meaning of invaluable is "valuable beyond estimation"; the word describes something so precious that one cannot assign a price to it. This, clearly, is the opposite of the meaning "having no value; valueless" that the word might seem to carry.
Thank for the video... My wife and I currently earn between Level 2 & 3. Jointly just under 100k. Do we fall into the tax bracket of Level 2 or 3?
Very helpful, i just started my first business. I haven’t made revenue yet but my adhd wants me to get everything done 😅
@LYFEAccounting
2 жыл бұрын
Haha I know what you mean. One step in front of the other will get you to where you want to be. 😉
I KNEW YOU GUYS WERE THE GREATEST..!!😓😓😇😇🤲🏾🤲🏾 didn't I show my admiration the other day?? 😓😓😇😇🤓🤓😎😎
@LYFEAccounting
2 жыл бұрын
Thanks so much, Bobby! Hey, we love when you comment! 😂💯
Please do a viedo about how the 15.00 per hour with out child tax credit can make someone now be in a higher tax bracket and now pay higher taxes.
I have a full time job and 2 businesses. A cleaning services and a beauty Supply store. How should I file my tax next year? Thanks in advance
I am a serior with a settlement do I paid taxes?
Can i ask..your topic is US tax? Or other countries tax?
I'm level 4 with 2 business
Question: I am on SSI disability, do I file taxes and if so I don't have a W-2 from SSA.
Should I take and keep loans on my investment rental properties or can I keep buying cash and still have benefits?
@LYFEAccounting
2 жыл бұрын
That is a question of risk tolerance and scale. You won't lose out on any major tax advantages by buying in cash.
@jamsessions41
2 жыл бұрын
@@LYFEAccounting how can I get a consultation with your business. I have questions and have attempted to hire you but it says yall are not Taking new clients
10-12%.. I'm also starting a business..what advice do you have for the Biden tax law about the $600 transaction
@LYFEAccounting
2 жыл бұрын
Well, that law is not in effect yet. That’s just a proposal, so we’ll see what happens
If you set up a trust, chances are your beneficiaries will not ever receive the proceeds. A few years after death the attorney will close the trust and there are no laws ordering them to ever pay the beneficiaries anything. Give your money to charity or relatives while your, living or they will never see a dime.
im on level 1 trying to invest and stay under 10k active income .
With retirement all the dollars put away, will it be worth the same in like 3 decades ??? 😩
@LYFEAccounting
2 жыл бұрын
With a retirement account, you can invest money so the money grows with inflation
@staceypachecos7452
2 жыл бұрын
@@LYFEAccounting awesome!
100k is luxury? In Murica 🤔😆 I'm trying to create a business and slide into REI. No idea how to do my book keeping. Probably taking the L by EOY 😶
@LYFEAccounting
2 жыл бұрын
The average annual wage in the United States is about $50k, and I guess it would depend on what your view on luxury is. If you’re eating out every weekend to me that’s luxury territory
@GojiCenter
2 жыл бұрын
@@LYFEAccounting facts. 100k is more than enough
More money more problems
@LYFEAccounting
2 жыл бұрын
Straight up
Family Trust Fund, u pay $0 taxes. Never sell your assets and get a Bank loan which is called Good Debt🎉
Bruh the intro joke really 😂😂😐😑
@LYFEAccounting
2 жыл бұрын
🤣🤣🤣🤣
This maybe Generic Tax Advise, but if you speaking...we listening:-)
@LYFEAccounting
2 жыл бұрын
I appreciate that, Mark! Yes generic but definitely needed for some