$300,000 Income Tax Reward Freedom Law School is offering $100,000 to the first person who can demonstrate any of the three propositions listed below. The winner can collect up to $300,000 if he or she can prove all of the propositions below. 1. Show what statute written by the Congress of the United States that requiring Americans to file an income tax “CONFESSION” (return) and pay an income tax. 2. Show how Americans can file an income tax “CONFESSION” (return) without giving up their 5th amendment right to not give any information to the government that may be used to prosecute them. 3. Prove that the 16th amendment to the United States Constitution, which, according to the IRS and modern American courts permitted the income tax to exist was lawfully added to the United States Constitution.

@zenps1719

3 ай бұрын

1. The requirement for Americans to file an income tax return is established by the Internal Revenue Code (IRC). Specifically, Title 26 USC Section 6012(a) mandates that individuals who meet certain income thresholds must file an income tax return with the Internal Revenue Service (IRS). Congress writes these statutes under the authority given by the U.S. Constitution. 2. The concern regarding the Fifth Amendment, which provides the right against self-incrimination, has been addressed by courts. The act of filing an income tax return is not considered self-incriminating because it's a mandatory financial disclosure required by law. The U.S. Supreme Court has established that the Fifth Amendment does not excuse taxpayers from filing their returns. However, in specific and rare instances where an individual believes certain information on a tax return may incriminate them, they might assert the Fifth Amendment privilege on a particular line item. This is complex and can invite further investigation by the IRS, so legal advice is usually recommended in such situations. 3. The Sixteenth Amendment to the U.S. Constitution was ratified in 1913. The process of ratification is specified in Article V of the Constitution. States ratify amendments after Congress proposes them. The Sixteenth Amendment was ratified by the requisite number of states (three-fourths), thus making it lawfully part of the Constitution. The amendment's legality has repeatedly been upheld by the U.S. Supreme Court, starting with Brushaber v. Union Pacific Railroad Co., 240 U.S. 1 (1916). Its legitimacy has also been affirmed in subsequent rulings.

This channel came into my feed today. I am glad that it did. I am learning a lot and wish I had known about this 20 years ago. I will be watching more videos on this channel. I can use some of these strategies when I do my taxes on turbo tax.

The teachings on this channel are always top notch so informative and easy to understand, it's very hard to find good content online these days

@elenakelly-ch5es

5 ай бұрын

Who exactly is this Mr. Robert? what does he do? And how can I take advantage of him

@elenakelly-ch5es

5 ай бұрын

Thanks for the help everyone, I will contact him as soon as possible

❤Excellent coverage. Brooklyn NY

Thank u for this amazing content😊😊

Other W-2 worker tax deductions: contributing to an HSA via payroll is FICA tax free. Also, some commuter benefits also lower taxable income, and some are also FICA tax free.

how do you separate your personal and business tax

Love it

Can't use for cosmetic expenses. What are the criterias?

Hi, I just recently discovered your channel! Please post content specific to singles in their mid 60’s. I’m working in a job I enjoy and need to work a few more years. Confused about filing for Medicare/Medicaid if I’m still working. Also, looking to transition into a side hustle soon. And should I be investing in a Roth at my age? Thank you!

@chrisgrassi4161

4 ай бұрын

What she said. I also have the same interests

First I have heard of it going to CTC to $3K........I read they were just increasing the refundable portion of the current $2K

First thing I bring up to prospective clients that are W2 - what small business do you want to start?

At what point does a side hustle become a hobby as far as the IRS is concerned?

Hi Mr. Mark I want you advise about unemployment fraud. During Covid I applied unemployment got around 4600.00 but I got 17000.00 to pay for IRS so I applied fraud but still I don’t get response. 😳 what do I do? Please I really your advice 🙏🙏🙏 I’m waiting…

How does that work if you can not take a loss on the business every year or they will consider it a hobby?

What could and what couldn't you write off !

Is there ANY possible way to add my employed teenagers’ W2 income to my taxes? They are qualified dependents who work part time. Would really love to find a way to include their earnings on my tax filing!!

@MarkJKohler

5 ай бұрын

To have a chance to get your question answered on a podcast, please submit it to podcast.mainstreetbusiness.com/ OR if you want to dive deeper into your question, please get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/ Thank you!

So a lightbulb went off when Mat hit the ringer on HSA at @08:07 . So, currently my DW EMPLOYER pay's for the HSA option, although we do have an annual amount that we contribute to the health care plan her W2 employer offers her and we subscribe to. So we get the max family $7,400 from THAT... but if My wife was not W2, and perhaps we owned our own self-employed HSA it sounds like we could THEN unlock the self-directed investing features and opportunities, vs the limits of the plan offerings and features of said W2 employer? WHICH could amount to larger growth and potential to invest in RE through an HSA??? AM I off on this, or is that an accurate statement?

@franticzenster8140

5 ай бұрын

Another thing to consider is that HSA contributions paid through payroll is FICA tax free. You lose that when you contribute to an HSA on your own. Does your wife's employer have an HSA salary reduction arrangement where they can contribute to an HSA of your choice (not their sponsored HSA) via your wife's payroll? You may then get the best of both worlds.

@korygrandy6133

5 ай бұрын

@@franticzenster8140 I would have to check on the arrangement with my wife's employer. Good question. Are their other payroll deductions that are FICA tax free?

Roth? As in the family name? … s child?

My cpa told me I couldn’t do Roth IRA because I didn’t work. I did have income from rental property. All these years I didn’t put money in Roth. Can I do it now?

@AlexCTwinB

3 ай бұрын

Your CPA was right. It has to be earned income. Rental income is passive.

Not all of us want to be entrepreneurs nor all of us should be business owners. I do not discount the content, information nor benefits of this. I personally prefer a real estate investment strategy but this is my personal preference. I just do not like the generic message that all of us should be entrepreneurs.

@TheSchwartzIsWithYouToday

5 ай бұрын

They're not saying what you seem to think they're saying. I've had some kind of what we call today a "side-hustle" for most of my career, because I learned a long time ago that having SOME amount of NON-W2 INCOME opens the door to all kinds of tax deductions that are simply not available to W2 employees. (They mentioned this in the video.) Trump's tax cuts made that even worse, which cost consumers BILLIONS OF DOLLARS during COVID! Only nobody talks about it. Your W2 income goes onto your 1040. Your "side-gig" income goes onto a Schedule C. It's like having a "mini-me" doing work on the side making some money SOMEHOW and ... the objective of this side-gig game is to find enough things the IRS considers "deductions" to put on your Schedule C to offset as much of that income as possible. You do not have to be much of an "entrepreneur" to buy and sell stuff on eBay, Etsy, Facebook, or even garage sales (except garage sales are usually quite unprofitable). Instead, you can go to garage sales, thrift shops and bankruptcy auctions lookin for stuff that cheap and then sell it at a net profit online and document all of that on your Schedule C. Simply find relevant deductions to zero-out all of that income and you're golden. Do your or your kid(s) like playing video games? Great! Start doing reviews and posting them on YT, Twitch, IG, etc. As you build up an audience and a subscriber list, you can pitch "merch" and other stuff to them -- INCOME that goes to a Schedule C. But now you can write off your computers, phones /cameras, audio equipment, cables and computer accessories, ISP chargers, and so on. If you or they are going to be sitting there playing games anyway, why would you avoid making some money at the same time? If that turns you off, then go crawl into a hole now while you're ahead because you're committed to paying far more taxes than you need to ... for the rest of your life. BTW, as a "rule-of-thumb", online marketers figure that for EVERY PERSON on a VIP list or mailing list or confirmed subscriber list is worth around $1 of income PER MONTH -- IF you make even a modest effort in selling stuff to them at once or twice a month. Teach your kids about this and how to do it, or learn it for yourself, and you won't need a W2 job after very long. Yes, that means you'll have a far greater income playing computer games at that point than working your 9-5.

@Bookem35

5 ай бұрын

Real estate is a form of entrepreneurship.

@jurczakc

5 ай бұрын

Being an entrepreneur doesn't fit in a box. I think your idea of what an entrepreneur is needs to be broader is all.

@drewbny78

5 ай бұрын

sad truth but entrepreneurship is the only way out

Medicine!

18:10, I hate that arguement about the super rich not paying taxes. Income for them doesn't work the same way it does for the rest of us. Sure, they don't pay taxes until they sell, why sell when you can take a loan out against your assets at an interest rate that is lower than what they would pay in taxes. The same type of taxes for the uber rich as for a teacher doesn't make sense as they experience 'income' differently. Make those guys pay equitable proportions - doesn't mean go California, but the current system is way too lax on them.

@jeffmeyers3837

5 ай бұрын

@aphromew4502 So that's what confuses me. They take a loan against an asset, but they have to pay the loan back with AFTER TAX money, right? So they have to get AFTER TAX money from somewhere, and it's after they've paid taxes, right? I'm new to this so trying to understand.

@aphromew4502

5 ай бұрын

@jeffmeyers3837 yes, you would use after tax money. Imagine you have 100 bucks. You need this money and based on your income you are taxed at 50%. So you sell and you only get 50 bucks. Alternatively you can go get a loan against that 100 at a lower rate, say 10%. So now that 50 dollar burden has been reduced to 10 (and you get the appreciation of the asset). Yes, you use after tax dollars to pay back the loan but the 'effective tax rate' has been lowered. Think of the extreme case. That 10 dollars gives you access to 90 dollars whereas it would have cost 50 dollars to get 50 dollars through selling. Any loan you pay, you pay with aftertax dollars, which is why when you use this strategy people often sell a tiny bit of their assets to cover the interest burden. The fact that this is done shows that its advantageous. I think, im an engineer, but i hate accounting. I could probably work out an expression to proof that, but thats the concept

@jeffmeyers3837

5 ай бұрын

@@aphromew4502 Lol, I'm also an engineer (computing), and also dislike accounting. But I've been ignorant about how to reduce my tax burden for way too long, so trying to learn. Thanks for the explanation.

@borisjoffe

5 ай бұрын

Where do you think the rich got those assets from in the first place? Most of them earned income and invested it, which is the same thing that everyone can do.

@aphromew4502

5 ай бұрын

@borisjoffe and, whats your point? The concept of a progressive tax system is that higher earners pay more taxes. There are so many back doors and loop holes that only the uber rich can benefit by taking advantage of. A teacher should not have a larger effective tax rate than a billionaire, full stop. People invest what they can, even if working class people never bought coffee, avocado toast, or experienced any pleasure in life 99% of them wont reach these mega-rich levels. You think i wouldnt mind to take a salary of 0 dollars and only recieve stock options? Of course i would, but 99% of people arent rich enough to do that. As you get richer how you experience income differs. If student loan repayment by a company is considered income, it blows my mind how giving someone stocks worth hundreds of thousands is not considered income. I reiterate. At the end of a calendar year a teacher (or other people of modest means where the majority of their income goes towards surviving) shouldnt have a higher effective tax rate than than billionaires. The billionaires have more pie and get to keep a higher percentage of that pie. Rotten.