According to a 2021 study, the wealthiest 400 billionaire families in the United States paid an average federal individual tax rate of just 8.2 percent.
For comparison, the average American taxpayer in the same year paid 13 percent.
So, what do the rich know that you don't?
For one, the rich are proactive tax planners.
Me? You? We're reactive when it comes to our taxes.
We pay AFTER the fact when there's so much we could've done ahead of time to help us keep more of the money we make.
We sat with Elliot Pepper who has got a heck of a lot of initials after his name. He helps people plan their financial futures through ACTIONABLE and PROACTIVE tax planning and preparation.
This episode of Kosher Money is anything but boring. It's informative and fun.
CHAPTERS: 0:00 Intro 1:29 Meet Elliot Pepper 2:47 There's a Tax Game 4:50 Strategy Encouraged by the Government 6:13 The Proactive Tax Approach 9:54 Wealth Raises the Stakes 12:01 Finding the Right Accountant 18:01 W2 vs. W9 Form 19:42 Twillory 21.59 W9 Form 23:09 LLC Benefits 30:09 Filling Out a W4 33:13 Pay Taxes Now or Later 35:26 Standard Deduction & Itemized Deductions 39:09 An Interesting Strategy 42:29 The Donors Fund 44.51 Write-Offs 47:35 401k and IRA Retirement Plans 51:17 Roth Retirement Plan 52:48 Setting Up Retirement Plan 56:25 IRA Contributions 57:25 Start a Plan Now 59:56 Scammer Risks 1:02:22 HSA - Health Savings Account 1:05:59 Dependant Care Credit 1:08:27 Colel Chabad 1:10:15 529 Education Account 1:14:41 Life Events & Saving Strategies 1:17:46 Business Organizational Tips 1:19:44 Tax Audits 1:23:44 Elliot Pepper’s Work 1:24:47 Book Recommendation 1:26:01 Contact Info & Thank You 1:27:06 Outro & Bonus Tip
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Oh, and all investment strategies and investments involve risk of loss. Nothing contained in this episode or any of our episodes, ads and videos should be construed as investment advice.
