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Wealthy Way

Trump’s New Tax Plan Could Eliminate Income Tax | Karlton Dennis

Wealthy Way

Ryan Pineda

Business, Entrepreneurship

4.82.1K Ratings

🗓️ 10 September 2025

⏱️ 70 minutes

🧾️ Download transcript

Summary

Save thousands on taxes in 2025 with these powerful tax strategies for entrepreneurs, investors, and business owners! In this episode of The Wealthy Way, I sit down with tax strategist Karlton Dennis to reveal proven tips that help you maximize deductions, reduce taxable income, and keep more money in your pocket. We cover everything you need to know about Trump the Big Beautiful Bill, how it impacts tip and overtime deductions, the return of 100% bonus depreciation for vehicles, real estate,...

Transcript

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0:00.0

Today I've got the biggest tax strategist on social media.

0:03.8

And we're going to talk about all the things that Trump is doing right now with the big beautiful bill,

0:08.3

potentially eliminating income tax, the tariffs, bonus depreciation, and all these other cool things that are happening.

0:16.6

So we can break it down in one spot.

0:19.3

I got my man, Carlton Dennis. What's up? What's going on, Ryan? How are you? Dude, I'm excited. You know, not just for this podcast. We're going to be golfing after this. And I don't know how many strokes you're going to get, but we're going to have fun. I promised my team. I was like, hey, I am going to beat Ryan at least one hole. And I have a call with

0:38.5

my team on Monday. I need to bring back good news. I told you, I'm like, bro, I'm heading straight from the office to the course. And I'm like, dude, where's your golf gear? I got it packed, man. This is, this is my podcast gear, but I got a bag. All right. I'm used to change and on the go. I'm the same guy everywhere.

0:53.7

I'm just going from here to the course and we're rolling.

0:56.8

This is how you write off golf right here. I'm used to change and on the go. I'm the same guy everywhere. I'm just going from here to the course and we're rolling.

0:56.8

This is how you write off golf right here. You make sure you show up and you wear your clothing and this is how we make things deductible. Yeah. Yeah, we'll talk about that too because I'm curious now that I've got M19, like what actually can be deducted? like private country club memberships,

1:09.8

because there's people who are like,

1:10.5

bro, you can't write off private country clubs.

1:13.0

And I'm like, but what if it's a business?

1:14.4

Mm-hmm. actually can be deducted, like private country club memberships, because there's people are like, bro, you can't write off private country clubs. And I'm like, but what if it's a business? Like you're telling me, like, and I'm not saying I'm a professional golfer, but like a professional golfer couldn't write off their country club. Like, that doesn't make sense. I believe a professional golfer can write off country club membership because they have to go practice somewhere and you can

1:28.0

bring your coach onto a country club pay for your coach. This all becomes ordinary, necessary in the

1:34.3

pursuit of income under Code Section 162A. There we go. Well, dude, most people aren't professional

1:39.3

golfer, so we'll go down that rabbit hole later. But for those who don't know who you are,

1:44.0

give them the one minute rundown. Yeah, Carlton Dennis, licensed enrolled agent, and I'm a tax reduction strategist. When you think of most tax accountants, you probably think of a CPA that you go to in the months of January, February, March, and April to file a tax return. Well, as a tax strategist, I'm working 365 days out of the year to help you leverage the

2:01.7

tax go to the fullest extent. And we are running a tax advisory firm with close to about 50 employees

2:07.6

and helping business owners and W2 employees that have over half a million or more in net worth

2:13.4

offset their tax bill. There we go. I love it. So, dude, Trump's been doing a lot of stuff. I mean,

2:20.4

we recently had the big beautiful bill. I've heard them float that, you know, they're going to

2:26.3

get rid of income tax for people making a certain amount of money. I've seen people talking about it

...

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