Exploring Tax Deductions and Write-Offs for Business Owners

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. 

To contact Elliot with your follow up questions, comments and more, visit https://www.northbrookfinancial.com/

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

✬ SPONSORS ✬

► TWILLORY: Get $18 OFF your first purchase of absolutely comfortable clothing for today's casual professional look. Use code CHAI (which means 18 in Hebrew) at https://Twillory.com/KosherMoney - Limited Time Offer, On a $139 Purchase. ENJOY!

► THE DONOR'S FUND: More and more people are using this banklike system for charity. With a sleek mobile app or desktop solution, you can keep all your charity giving in a single place, plus there are about a dozen or more additional perks. Legit. Get your account here: https://thedonorsfund.org/koshermoney

► COLEL CHABAD: Please help Israel as the country and its people need all the help they can get! Visit https://www.ColelChabad.org/KosherMoney to make a much-needed donation! They're counting on us.

  __________________________________

Follow Kosher Money on Social Media for Bonus Shorts:

TikTok - https://www.tiktok.com/@koshermoneypod

Instagram - https://www.instagram.com/koshermoneypod

Free Call-In-To-Listen Hotline:

USA: (605) 477-2100

UK: 0333-366-0154

ISRAEL: 079-579-5088

Need financial guidance? Need a resource? Get help from our friends at https://LivingSmarterJewish.org/

WhatsApp us at 1-914-222-5513 - we love feedback, legit!

Subscribe to our YouTube channel for more great content! :)

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.

#podcast #money #taxes #writeoffs #accountant #koshermoney

Hosted on Acast. See acast.com/privacy for more information.