Tax Loopholes the Rich Don't Want You to Know
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 25 April 2024
⏱️ 27 minutes
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Summary
Ken McElroy and his tax advisor, Eric Freeman, talk about effective strategies for legal tax minimization, focusing on retirement plans, Roth conversions, and business-related deductions. Discover how structured retirement savings, smart tax planning, and strategic consultations with CPAs can protect and enhance your financial health.
You can learn more about Eric on his Instagram page: https://www.instagram.com/ericfreemancpa/
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. |
| 0:02.8 | Let's get right into this episode. |
| 0:04.7 | These are four tax loopholes. |
| 0:06.6 | The rich do not want you to know. |
| 0:08.8 | And this is exactly why I don't pay any tax legally. |
| 0:12.6 | And other people, of course, can do the same. |
| 0:14.8 | Welcome, Eric. |
| 0:15.7 | Thanks for having me again. |
| 0:16.8 | So let's start with number one retirement accounts. |
| 0:19.7 | These are some of the main strategies. |
| 0:21.6 | Right. This is, this is big because this could apply to pretty much anyone. So this isn't just a trick for the wealthy, although they use it quite frequently. But most people can use this. So I'm actually shocked most of the time how few people actually take advantage of this. So most employers |
| 0:39.1 | are going to offer some type of 401k or retirement plan. And it's not just that they offer the |
| 0:44.8 | plan. A lot of times they're going to offer some type of match with it. And so that's essentially a way |
| 0:50.7 | to increase your salary, right? If they're matching whatever it is, |
| 0:54.3 | they typically will match 50% to 100% of whatever you put into the plan. And so this is an |
| 1:01.0 | easy way to take advantage of those tax savings. And there's different types of retirement plans, |
| 1:07.0 | too. So you can layer them on. So even if your employer doesn't offer a 401k, you can actually |
| 1:13.8 | use things like Roth IRAs or traditional IRAs to contribute. And those are great because you don't |
| 1:22.6 | have to make those contributions until after the year is over. People in certain situations like younger, |
| 1:29.9 | meaning longer time until you retire and they typically have lower income, Roth IRAs can be a |
| 1:35.8 | huge tax benefit. And the wealthy have used this too, but a Roth IRA, what makes it different |
| 1:41.6 | is it's almost like the reverse of a traditional type |
... |
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