How the Rich Avoid Paying Taxes (and How You Can, Too)
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According to a 2021 study, the wealthiest 400 billionaire families in the United States paid an average federal individual tax rate of just 8.2 percent. For comparison, the average American taxpayer in the same year paid 13 percent. So, what do the rich know that you don't? For one, the rich are proactive tax planners. Me? You? We're reactive when it comes to our taxes. We pay AFTER the fact when there's so much we could've done ahead of time to help us keep more of the money we make. We sat with Elliot Pepper who has got a heck of a lot of initials after his name. He helps people plan their financial futures through ACTIONABLE and PROACTIVE tax planning and preparation.  This episode of Kosher Money is anything but boring. It's informative and fun.  To contact Elliot with your follow up questions, comments and more, visit https://www.northbrookfinancial.com/ CHAPTERS: 0:00 Intro 1:29 Meet Elliot Pepper 2:47 There's a Tax Game 4:50 Strategy Encouraged by the Government 6:13 The Proactive Tax Approach 9:54 Wealth Raises the Stakes 12:01 Finding the Right Accountant  18:01 W2 vs. W9 Form 19:42 Twillory 21.59 W9 Form 23:09 LLC Benefits 30:09 Filling Out a W4 33:13 Pay Taxes Now or Later 35:26 Standard Deduction & Itemized Deductions 39:09 An Interesting Strategy  42:29 The Donors Fund 44.51 Write-Offs 47:35 401k and IRA Retirement Plans 51:17 Roth Retirement Plan 52:48 Setting Up Retirement Plan 56:25 IRA Contributions 57:25 Start a Plan Now  59:56 Scammer Risks  1:02:22 HSA - Health Savings Account 1:05:59 Dependant Care Credit 1:08:27 Colel Chabad 1:10:15 529 Education Account 1:14:41 Life Events & Saving Strategies 1:17:46 Business Organizational Tips 1:19:44 Tax Audits 1:23:44 Elliot Pepper’s Work 1:24:47 Book Recommendation 1:26:01 Contact Info & Thank You 1:27:06 Outro & Bonus Tip ✬ SPONSORS ✬ ► TWILLORY: Get $18 OFF your first purchase of absolutely comfortable clothing for today's casual professional look. Use code CHAI (which means 18 in Hebrew) at https://Twillory.com/KosherMoney - Limited Time Offer, On a $139 Purchase. ENJOY! ► THE DONOR'S FUND: More and more people are using this banklike system for charity. With a sleek mobile app or desktop solution, you can keep all your charity giving in a single place, plus there are about a dozen or more additional perks. Legit. Get your account here: https://thedonorsfund.org/koshermoney ► COLEL CHABAD: Please help Israel as the country and its people need all the help they can get! Visit https://www.ColelChabad.org/KosherMoney to make a much-needed donation! They're counting on us.   __________________________________ Follow Kosher Money on Social Media for Bonus Shorts: TikTok - https://www.tiktok.com/@koshermoneypod Instagram - https://www.instagram.com/koshermoneypod Free Call-In-To-Listen Hotline: USA: (605) 477-2100 UK: 0333-366-0154 ISRAEL: 079-579-5088 Need financial guidance? Need a resource? Get help from our friends at https://LivingSmarterJewish.org/ WhatsApp us at 1-914-222-5513 - we love feedback, legit! Subscribe to our YouTube channel for more great content! :) Oh, and all investment strategies and investments involve risk of loss. Nothing contained in this episode or any of our episodes, ads and videos should be construed as investment advice. #podcast #money #taxes #writeoffs #accountant #koshermoney Hosted on Acast. See acast.com/privacy for more information.
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