Do you want to pay less #taxes legally? Of course you do! Nobody wants to pay more taxes than they need to. And there are many tax reduction strategies, but in this video I give you 3 easy ways to reduce your taxable income. Which means more money for you and that could lead to millions of dollars if you decided to invest it.
00:00 – Start
00:26 – Paying Taxes
1:04 – Contribute To 401k
4:33 – Traditional IRA
6:34 – Health Savings Account
8:23 – Final Thoughts
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21 comments
It is 100% every American's duty to pay the least amount of taxes they legally can!!!
I will definitely watch this after morning clinic is over. Comment for the algorithm!!!!!
One crazy loophole in the US tax code is if you move to Puerto Rico from the mainland us and have a business, you only have to pay a 4% corporate tax and 0% on dividends from that business. You also don’t have to pay any US taxes as Puerto Rico is a us territory
The tax code is there for a reason. If you can understand how it works then you can keep more money in your pocket
For HSA you can only contribute to it if you have certain kinds of health insurance
What about roth 401k?
Dave ramsey always promote roth 401k 15%. However it doesn't address high state like CA and NY and retire in lower tax state like FL or TX. I am doing 50/50 for now. So Dustin is it better to do traditional 401k?
I am doing 401k matching, HSA, roth ira then rest 401k
I have insurance through work and Roth IRAs and 401ks are a better deal for younger people.
Is there an income cap on traditional IRA?
Solid video! I'm going to open an HSA for myself early next year.
You can do all of these pretax options, retire early, and then do a Roth conversion ladder with your annual standard deductions and essentially never pay taxes on your deferred income. Mad FIentist has some great articles about it. 🔥
Great video! Thanks for mentioning the TSP for Government employees. I use the Traditonal and Roth TSP to have options of which pot I want to pull from when I retire.
I love the HSA. Not only do you avoid income tax, you can avoid social security and medicare taxes on contributions (if done as a payroll deduction).
I wish I can use a HSA but unfortunately I have some health conditions and can’t have a high deductible plan:(
Nice! Was waiting for a video like this. Thank you!
Something to also mention is a Roth 401k/403b. If you think you'll be in a higher tax bracket later, use a Roth account, pay the taxes now and then you won't have to pay when you withdraw the money in retirement
Anyone know if you can withdraw HSA money to pay for contact lenses or eye exams?
What a great idea for a video. We might open an HSA soon. Thanks for sharing this, take care Dustin and keep the family safe!
We use a 401k HSA and rent out 2 homes which all help to reduce taxable income
I got to say this is so methodical and excellent and comprehensive. I am just so glad I find your channel.