Tax Hacks & Deductions (2022) - Episode #262 w/ Karlton Dennis
Social Proof Podcast
Social Proof Network
5 • 2K Ratings
🗓️ 29 June 2022
⏱️ 75 minutes
🧾️ Download transcript
Summary
Reducing your Tax Bill legally takes a trusted advisor, strategic approach, and an awareness of what "Uncle Sam" lays down as the rules of the game! Karlton Dennis has helped thousands of people put together a proper tax strategy as they are on the path to building successful business, contributing to their communities, and becoming wealthy in the process. In this episode we'll uncover the Tax Secrets Of The Wealthy. We will discuss :
- Tax Strategies Vs. Tax Planning - What the major difference is between learning how to navigate the tax code and willingly paying what you think you owe the government.
- The Truth About Trusts : Why every entrepreneur should consider having a trust and the power, freedom afforded by and strategy of contract law.
- Tax Benefits Of Owning Real Estate : Why the rich take advantage of offsetting tax benefits that having a portfolio of real estate provides.
- Phantom Expenses : How to view depreciation, opportunity to upgrade current assets, and the cost of operating business as leverage to lower your tax bill.
- Shortening The Wealth Gap : What the government and big banks had in mind when mortgage programs were created and how it affects if/how the wealth gap can be shortened.
And so much more!
Text “TaxFreeWealth” to 74121 To Grab Karlton's TAX FREE WEALTH CHALLENGE!
http://Www.thetaxfreewealthchallenge.com
Connect with Karlton : https://www.instagram.com/karltondennis/
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Transcript
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| 0:00.0 | All of these people who showed up to these apartment owners events were sitting on |
| 0:04.1 | millions and millions of real estate, but you would have never noticed by the way that they |
| 0:09.0 | dressed. I'm talking about flip, flops, sandals, uh, everything that you see at Costco that you |
| 0:15.6 | can buy. That's what they were wearing, okay? So like in it, but they were dripped and money on |
| 0:22.1 | the tax return. And that just appealed to me. They had so much time. They never worked. When they |
| 0:28.4 | came into our office, you know, they sometimes even know what day of the week it was. |
| 0:33.1 | And three, two, one. |
| 0:38.5 | You're listening to The Real Social Proof Podcast with Mr. Sleeves for Sucka's himself, |
| 0:44.2 | David Shand. Let's get it. Welcome to another edition of The Social Proof Podcast, |
| 0:49.7 | where you find don't keep what they did, don't stop. You're no different, right? I'm no different. |
| 0:53.8 | You're actually, you are a don't be a little big, but other like successful people seek you out, |
| 1:01.2 | yes? Yeah. Why? Because they have big tax problems. They're trying to figure out how to mitigate it. |
| 1:08.4 | Got it. Got it. So first, give me your, and man, I don't know if you could even talk about this, |
| 1:16.1 | but the biggest income client that you have, what did they pay? |
| 1:25.3 | All right. So without giving details of who the client is, they're making north of $40 million |
| 1:30.8 | a year, right? And I helped them sell their company and pretty much was able to get their taxes |
| 1:37.8 | down to just over six figures. So they paid about what? Maybe $180, $180, $90,000 in taxes, |
| 1:46.0 | but we were able to offset everything else. And it's just about what we were doing from a tax credit |
| 1:52.1 | standpoint before they sold their company that was able to offset all of the taxes that they would have |
| 1:57.6 | paid and how we sold their company over the course of five years that deferred all the taxes that |
| 2:02.8 | they would have had to pay. How long have you been doing this? Been doing this for seven years now? |
| 2:07.2 | Seven years. But I got thrusted into it. Like I got thrusted into all the wealthy individuals. Like |
... |
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