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Revolutionize your entrepreneurial journey with the BAM Podcast - Business, Attitude, Money! This inspiring platform is led by the formidable Jayson Waller, a self-made mogul, seasoned CEO, and esteemed business coach. Each episode is packed with profound insights and wisdom gleaned from Jayson's experiences at the helm of multimillion-dollar enterprises. In the BAM Podcast, Jayson orchestrates intimate, revealing conversations with distinguished figures such as Mark Wahlberg, Sugar Ray Leon ...
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Lower Taxes Without Cheating
Manage episode 358620756 series 2394535
By Robert Kiyosaki. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
Host Robert Kiyosaki and guest and tax expert Tom Wheelwright discuss how to avoid paying taxes, one of the topics that will be covered at the upcoming April, 6th, 7th and 8th event in Scottsdale, Arizona, the first Rich Dad only event in 13 years.
Kiyosaki believes we are facing a three time crash. “The first crash is stocks and bonds, the second is real estate; the third is the dollar, because they’re going to keep printing money. This is not a time to pretend you’re Warren Buffet,” says Kiyosaki, who is concerned we’re going to slide into a depression.
If your wealth is tied up in your home, there are some things you can do in preparation. You don’t get to deduct losses on a personal residence. You might want to consider rental properties where you get tax benefits, instead of personal property where you don’t. “If your house is still high in value, get a line of credit so when it does drop, the money is still available to them,” says Wheelwright.
This could be the biggest bubble in world history. When you have deflation going and the economy slows, you are in trouble. You can’t adjust that fast.
“Most people have never seen an audit. Especially if you’re under 40,” says Kiyosaki. “Now, you’re going to. You’ll have new tech that can catch you making mistakes or things that are rightfully in the law, that they might not like.” 90% of audits are under 400,000.
Corporations can move anywhere they want. Apple has some headquarters in Ireland and Ireland pays a lower tax rate than the US. They can move where they perform. Individuals can’t do this as much. Entrepreneurs always have the biggest tax advantages.
The middle class, especially the self employed, are getting hammered. The poor pay nothing in tax. What can a person do? “There’s an opportunity to work locally, with the states,” says Wheelwright. “There are states that don’t charge any tax and states that charge a lot. California charges 13.3 %, Arizona charges 2.5; Texas charges nothing. You have an opportunity to work with the states. You just have to know the law.
This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5712278/advertisement
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continue reading
Kiyosaki believes we are facing a three time crash. “The first crash is stocks and bonds, the second is real estate; the third is the dollar, because they’re going to keep printing money. This is not a time to pretend you’re Warren Buffet,” says Kiyosaki, who is concerned we’re going to slide into a depression.
If your wealth is tied up in your home, there are some things you can do in preparation. You don’t get to deduct losses on a personal residence. You might want to consider rental properties where you get tax benefits, instead of personal property where you don’t. “If your house is still high in value, get a line of credit so when it does drop, the money is still available to them,” says Wheelwright.
This could be the biggest bubble in world history. When you have deflation going and the economy slows, you are in trouble. You can’t adjust that fast.
“Most people have never seen an audit. Especially if you’re under 40,” says Kiyosaki. “Now, you’re going to. You’ll have new tech that can catch you making mistakes or things that are rightfully in the law, that they might not like.” 90% of audits are under 400,000.
Corporations can move anywhere they want. Apple has some headquarters in Ireland and Ireland pays a lower tax rate than the US. They can move where they perform. Individuals can’t do this as much. Entrepreneurs always have the biggest tax advantages.
The middle class, especially the self employed, are getting hammered. The poor pay nothing in tax. What can a person do? “There’s an opportunity to work locally, with the states,” says Wheelwright. “There are states that don’t charge any tax and states that charge a lot. California charges 13.3 %, Arizona charges 2.5; Texas charges nothing. You have an opportunity to work with the states. You just have to know the law.
This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5712278/advertisement
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