224: Tax Savings Hacks 101 with Johnny & Sam
Invest Like a Boss
Sam Marks Johnny FD Derek Spartz
4.8 • 518 Ratings
🗓️ 7 April 2022
⏱️ 65 minutes
🧾️ Download transcript
Summary
It's tax time in the United States, so Johnny and Sam go over some of the (legal) tax hacks they've learned about and taken advantage of over the years. Many of these may apply to other residents of other countries as well, so find out what you may be missing out on in this episode. If you have more hacks to add, make sure to let us know!
Listen to ILAB 224 on iTunes here or subscribe on your favorite podcast app.
Where we are:
- Johnny FD – Greece / IG @johnnyfdj
- Sam Marks – Thailand / IG @imsammarks
- Derek Spartz – Los Angeles / IG @DerekRadio
Sponsor:
- Indeed
Receive a $75 credit for a sponsored job post when you visit Indeed.com/ILAB - Support Invest Like a Boss: Join our Patreon
Like these investments? Try them with these special ILAB links:
- ArtofFX – Start with just a $10,000 account (reduced from $25,000)
- Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK)
*Johnny and Sam use all of the above services personally.
Time Stamp:
- 10:19 – Would you consider giving up your American citizenship?
- 15:45 – What is earned income?
- 20:39 – What is FEIE?
- 28:18 – What are the tax advantages of living in Puerto Rico?
- 32:09 – What is the Self-employment tax and how do you work around it?
- 36:02 – What is Capital gains?
- 43:27 – How is starting your own business one of the biggest tax breaks?
- 55:09 – What is a health savings account?
- 57:31 – What is a donor advised fund?
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Transcript
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| 0:00.0 | Hey, what's up bosses? Before we kick off this episode, I want to tell you about our sponsor this |
| 0:04.3 | week, Indeed.com. You're ready to take your business to the next level, but you'll need the right |
| 0:11.2 | team to make it happen. Indeed makes it easy to hire and build a team with the right skills |
| 0:16.6 | to make your dreams a reality. So if you're hiring, you need Indeed. |
| 0:22.0 | Because Indeed is the hiring partner where you can attract, interview, and hire all in one place. |
| 0:29.1 | Now, one of the things that I love about Indeed is that they deliver four times more hires than all other job sites combined. That's according to Talent Nest. |
| 0:39.9 | So there's nowhere else to go. Just head over to Indeed and you can join more than three |
| 0:45.6 | million businesses worldwide that have used Indeed to hire great talent fast. And they know great |
| 0:51.8 | talent. That's why Indeed is our longest running sponsor of Invest |
| 0:56.9 | Like a Boss. So help them support us by heading over to Indeed.com slash iLab. If you go there, |
| 1:04.5 | you'll get a $75 sponsored job credit now through April 30th. You just got to go to Indeed.com slash ILab to claim |
| 1:13.8 | your $75 credit before April 30th. That's Indeed.com slash ILAB. Terms and conditions apply. |
| 1:22.5 | Need to hire. You need Indeed. All right. I'm going to tell you even more about Indeed during |
| 1:27.0 | the break in the show. But for now, let's kick off this episode. Welcome to the Invest Like a Boss podcast. I'm Sam Marks. And I'm Johnny FD. We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss. Join us each week for exclusive interviews with our network of modern investors, business owners, and multimillionaires |
| 1:44.2 | to discover new ways to invest our hard-earned cash. |
| 1:49.6 | Hey bosses, this is Johnny and welcome to episode 224 of the Invested Like a Boss podcast. |
| 1:55.6 | Today, we have a very special episode. |
| 1:58.7 | And I think Sam is a shirtless in Thailand again. Welcome to the show. Thanks, buddy. I didn't catch were you, actually, yeah, it's a good question. Where are you? I am in Greece. I'm still in Athens right now. Okay. How do you like the city? It is a piece of crap. would hate it but it has its charms it's a very |
| 2:19.3 | it's like a dichotomy of uh like this old ancient history and beauty and then tons of graffiti |
| 2:27.1 | and tons of like drug users everywhere um but good food kind of laid back scene it's kind of like Barcelona on fire a little bit |
| 2:38.5 | grimey just a bit seetier a bit grimeier way more I used to go to Athens every year I had a bunch |
| 2:46.4 | of Greek friends when I was living in Scotland and I loved it. It was like my favorite city and it was |
... |
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