How To Maximize Tax Deductions On A Tax Return

How to maximize tax deductions on a tax return. Now, I'm not a lawyer or CPA. I've just done this for many, many years and taught millions of people around the world. I'm going to share with you the tax deductions that most of you never take, that you don't even know about, that are absolutely critical to getting a really, really great tax return. You can control it and it's completely legal. So today I'm going to talk about several things. Number one, the difference between employee income and corporate income. The tax deductions, again, that very few people have been know about and some big ones like wardrobe, beauty aids, going to get your hair done, getting your nails done, getting acupuncture, facials. How do you add all that in? And the number one mistake most people make. So stay tuned. I grab a pen and paper. So let's talk about employee income and corporate income. Well, we've been taught, and this is not just an American thing. This is all over the world. We are taught to go to school and go get jobs and everyone going through college is being groomed to get a job. My son's getting a finance and accounting degree and he's a senior this year, which means for those of you around the world, that's the fourth year in college, has never been taught what I teach. Not even one class on how you could become a company, how you become the entrepreneur, an S corp, a C corp, an LLC, a limited partnership, a trust in the United States, same principle around the world. You're not even taught how you can do it. You're taught how to run it for someone else. So again, being an employee. So the problem is that income, when it comes in, it's taxed right away. Most censorships, most data that comes around the reporting of income in countries comes from employee income, because that's mandated by the federal governments. So the money comes in, you get taxed to pieces, and then you have this 401k option, which is interesting. The very people who pay you, you're going to hand them back your money. Who do you think is going to invest this? One of your coworkers? I mean, come on. Like this is a crazy system that we've been taught to live in. And it's amazing. Now it's starting to change and shift, but I can tell you from the beginning of time, 1933, right? When the millionaire status and accredited investor status got defined, right? The creature from Jekyll Island book came out and taught you about the banking systems. 1933, companies began. And the best way, the way we teach you to live, to have the best tax return and have the most deductions is you have to live corporate life. So here's just a simple thing I want you to write down. Companies make money, individuals get taxed. Anyone above 18, anywhere in the world can have their own company. You just have to have the legal reason to have one. So what are you doing to generate income? So then you can do the deductions. Like, let's just put an easier word on your deductions. How you spend money, right? So if you have a personal card and credit card from now on, I want you walking around saying, if you go to Starbucks, is it a personal expense? Is it a corporate expense? If you go and buy a new car, are you buying it? Or is your company buying it? If you go buy a phone, is your company buying it or are you buying it? So as you spend, they can become legal deductions inside of corporate structure. There's 81,000 pages of tax code. Most people live with between about 20 to 30 pages, not 81,000 pages. So my question to you is why aren't you living fully corporate life? And that's probably one of my favorite things to teach you and how your kids become millionaires, by the way, is fully living corporate life. Your kids are employed by that company. You're employed by that company. Very small employee paychecks. That is a huge distinction that, I mean, I just say it is the number one mistake is most of you don't pay yourself a paycheck inside your company. And then when you do, you pay it too big, right? Lawyers, financial services, doctors, who else? Those are typically the three big categories, real estate. You pay yourself too much. You don't need to pay much because you got to go the other way, which is where I love the creativity of this conversation of how do you pay less on a tax return? You got to say, what can't I deduct? If you're fully living an integrated life, you have a personal life, professional life. No, you have a life. So start integrating it, integrate it with your family, bring everybody in your family into this financial literacy conversation and start living full corporate life. So if you're enjoying this conversation, go up to my channel and search for all sorts of different terms from taxes to deductions, how much in LLCs, how can you get funding? All this funding that's available right now in the world, really specifically United States, it's because you have a company. So your company might need some funding, but you don't. What do you need funding for? Right? You're just an employee. You make it, you spend it, you make it, you spend it, and you might put a little weight in your 401k. We're going to teach you a very different corporate life. I will give you an application to work with me at the end. We only do by application. So you have to qualify to come work with us. And I want to see what you really want and how can help you. Cause this, this tax issue for most people is extraordinary. One of the first things you do is you become a client of ours, a higher end client. I'm going to say it that way. We do a three-year tax return review. So right now, as we're recording in 2021, we would do an 18, 19 and a 20 review. The other thing we would tell you to do, if you're a company, you're not going to file taxes till September. And then you as an individual in October, that's how wealthy people and entrepreneurs live. So we need to repattern your life. So you have the lowest tax return with the most deductions. So how do you take advantage of all that? How do you take advantage of wardrobe? Well, there's a whole process. You can't just go out and buy clothes with your corporation. There has to be a resolution. You have to have voted it. It's specific. It can't be all your clothes. It has to be wardrobe. Also beauty aids. There's very specific rules around how to do that. You have to be within a certain mile. I think it's 75 miles of your home. If you want your hair done as a tax deduction, because it's what your business requires, you have to have name, image, and likeness. Look at the athletes right now. Even college athletes can have an NIL. It's called a name, image, and likeness and be paid for it. So what is your NIL? And how do you use that as a deduction to be paid for a lot of stuff? Even your dry cleaning. How about this one? Within 24 hours of coming back from a business trip, you take your clothes to the dry cleaners, which by the way, if you haven't done that before, it's kind of an interesting experience, but within 24 hours, it's deductible. After that, it's not. There are so many rules, 81,000 pages of code. We have the most brilliant tax code in the world. Why are you living in 10 to 20 pages or worse? You're a sole proprietor. You don't get any. Like you get a Schedule C. All right, I'll give you that. Get 20 items. That's all when you can have a total, huge deduction list. And I'm going to teach you how to spend. I'm going to teach you how to forecast. And I'm going to teach you how to manage your cashflow that you can be a millionaire. I got millionaires coming in 18 to 24 months right now. Are you ready to be one? To do that, I want you to totally binge watch my channel. So I'm going to give you a link at the end to binge watch my channel and actually give you some fun compensations towards tuition, because I really, really want you financially literate. So I'm going to incent you to become literate and I get viewing hours. Let's all be transparent about it. It's awesome. So in this, I need you to subscribe. You need to actually binge watch through your Google account, through on my channel. I want you to subscribe, hit the notifications. I'm here five days a week, teaching you about any topic you need. This tax topic is one of the most pivotal that will change you and your family's life and generation of wealth forever. So when you fill out the application, that's in the link below to work with me, I'm going to give you a free report after that conversation you have with my team. It's a free tax and entity report. Our team had put it together. It's up to date, current to the code, absolute things that I can promise you, your accountant is probably doesn't even aware of. And worse, if you're doing your own taxes, you know that you don't know these things. So fill out the application, talk to my team, and then they'll send you out after the conversation, our tax and entity report. If you want to binge watch, there's the link in below and come learn, be financially literate. I'll talk to you tomorrow.