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Money Guy Show

How to Avoid Paying Taxes in 2024

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Business, Investing

4.73.1K Ratings

🗓️ 1 December 2023

⏱️ 39 minutes

🧾️ Download transcript

Summary

Tax Evasion is illegal (ask Al Capone, Willie Nelson, or Wesley Snipes). Tax Avoidance, however, is HIGHLY encouraged, and we have an entire tax code to substantiate that. In order to help you with your Tax Avoidance goals, we are going to lay out 5 areas where you can legally hide money from the government from the easiest/most accessible options to the more difficult/lesser known options. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

You've heard others talk about it. You're wondering how to do it. How do you avoid paying taxes?

0:11.7

Brian, I am excited about this because we all know this there are only two things in life

0:16.7

that are certain death and taxes and so we can't necessarily tell you how to stave off death, but what we can do is talk to you a little bit about tax planning.

0:26.8

Now, wait a minute, you said it's certainty, death in taxes.

0:30.6

Yep.

0:31.6

I've been watching a lot of social media and I hear a lot of things are deductible. Do we have any proof of that?

0:37.6

You know what, that's a great point. Check out this clip of someone else trying to share some solid tax advice.

0:45.2

You want to know how I was able to write off this car as well as this car and even my entire mortgage payment.

0:54.3

I was able to write off all of these things thanks to one strategy. Tax fraud. I just call it a business expense when it comes

0:59.3

down to my bank account. It's great. I know a lot of people are like,, but if you get audited what would cause the iris to come an audit me? It's not like it's not like they know I'm even doing any of this

1:24.1

Look obviously Look, obviously tongue just pressed with as much pressure as he could into his cheek, but this is, there is so many content creators out there just like start a business you'll be deductible and remember everything is deductible until you get caught

1:29.6

but that's not what we're here for today though that's not that's right tax evasion is illegal you can literally go to jail for it

1:36.8

ask al capone or willy Nelson willy Nelson or willy Nelson or

1:40.7

oh we can even think about Wesley Snipes?

1:43.0

Well, it's nice.

1:44.0

You will go to jail for tax evasion.

1:46.0

However, tax avoidance is highly encouraged.

1:49.5

We literally have an entire tax code that substantiates this claim.

1:54.0

So what we want to do is walk you through

1:57.0

maybe some of the lesser known things that might be available to you

2:00.0

to help you decrease or avoid paying taxes in 2025.

2:05.0

So we're going to be hitting the five biggest ways to help you legally avoid taxes.

...

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