Wealth Game

How To Turn Your Toys into tax deductions (RV, boat, 4 wheeler, Sports Cars) Do you want access to the videos, drawings, templates, tools, and be able to get your questions answered on the live calls or in the community? We'd love to have you join the Wealth Game basics today to get some additional free resources, videos, and tools: Visit www.wealthgame.io For specific one on one, or group support for tax planning, strategy, tax preparation, bookkeeping, accounting, or other CPA firm related services, we recommend going to www.bementcompany.com to connected with our team of CPAs and professionals. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Websites: www.wealthgame.io www.bementcompany.com You can also stream The Wealth Game on: Spotify: https://open.spotify.com/show/5vKCgwK9K7zw1FrXoNAdoh?si=b95d0293bb4b41ad Apple Podcasts: https://podcasts.apple.com/us/podcast/wealth-game/id1638735155 Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement X: https://x.com/brentbement Instagram: https://www.instagram.com/brentbement/

How to Use Real Estate Losses as a Passive Investor Do you want access to the videos, drawings, templates, tools, and be able to get your questions answered on the live calls or in the community? We'd love to have you join the Wealth Game basics today to get some additional free resources, videos, and tools: Visit www.wealthgame.io For specific one on one, or group support for tax planning, strategy, tax preparation, bookkeeping, accounting, or other CPA firm related services, we recommend going to www.bementcompany.com to connected with our team of CPAs and professionals. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Websites: www.wealthgame.io www.bementcompany.com Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement X: https://x.com/brentbement Instagram: https://www.instagram.com/brentbement/

Do you want access to the videos, drawings, templates, tools, and be able to get your questions answered on the live calls or in the community? We'd love to have you join the Wealth Game basics today to get some additional free resources, videos, and tools: Visit www.wealthgame.io For specific one on one, or group support for tax planning, strategy, tax preparation, bookkeeping, accounting, or other CPA firm related services, we recommend going to www.bementcompany.com to connected with our team of CPAs and professionals. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Websites: www.wealthgame.io www.bementcompany.com Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement X: https://x.com/brentbement Instagram: https://www.instagram.com/brentbement/

In this video, I introduce five tax personas to help you identify with specific tax strategies tailored to your unique situation. I encourage you to relate to more than one persona and focus on strategies that apply specifically to you. Acknowledging your persona will streamline your tax planning journey. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: https://links.wealthgame.io Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I analyze the tax proposals of Trump and Harris, focusing on different taxpayer personas like Investor Erwin, Employee Ed, Retired Roger, and Self-Employed Sheila. I discuss how each proposal may impact various income brackets and types of earners, ultimately declaring Trump as the winner with three points to Harris's one. I provide insights on potential benefits and drawbacks for different taxpayer profiles, aiming to encourage strategic thinking about tax planning.

In this video, I delve into the intricate details of the estate tax differences between Trump and Harris, focusing on the current $13 million limit and the proposed changes. I explain the implications of exceeding the limit, the tax percentages, and the impact on inheritances. Viewers are urged to consider estate planning strategies based on the potential policy shifts depending on the election outcome.

In this video, I delve into the tax strategies of real estate investors, focusing on the impact of policies by Trump and Harris. I discuss Trump's bonus depreciation and opportunity zones, highlighting how they can accelerate investments and reduce tax burdens. On the other hand, Harris's focus on low-income housing tax credits is explored, offering potential benefits for W2 employees and renters. Understanding these strategies is crucial for real estate investors to optimize their tax planning.

In this video, I delve into the specifics of green energy tax credits under the Biden and Trump administrations, focusing on solar, wind, and electric vehicle incentives. I explain the current solar tax credit benefits, potential future expansions, and the differences in approach between the two sides. No specific action is requested from viewers, but I provide insights and predictions on the possible directions of these tax credits.

In this video, I delve into the potential implications of replacing income tax with tariffs, exploring how it could affect businesses, prices, and overall economic dynamics. We discuss the concept of VAT tax, payroll taxes, and the shift towards domestic production. No specific action is requested, but it prompts viewers to consider the broader economic consequences of such a tax policy shift.

In this video, I delve into the intricate details of itemized deductions in the ongoing tax battle between Trump and Harris. Exploring the implications of removing the $10,000 cap on state and local tax deductions, I highlight how this change could impact high-income earners and the middle class. No action requested from viewers.

In this video, I delve into the differences between Trump and Harris's proposals regarding corporate tax rates. Harris suggests raising the rate to 28%, while Trump aims to maintain it at 21% with additional incentives. I discuss the potential impacts on businesses, job creation, and the economy, emphasizing the importance of incentivizing domestic production. No specific action is requested from viewers.

In this video, I delve into the tax exemption proposals by Trump and Harris. Trump's proposals include tax-free tips, overtime, and Social Security income, potentially benefiting many. Harris, however, has not put forth any tax exemption proposals, focusing instead on credits for renters and child tax credits. No action requested.

In this video, I delve into the tax proposals of Trump and Harris regarding businesses. Harris suggests increasing the startup deduction to $50,000, aiming to support entrepreneurs. Trump's plan includes a 20% deduction on net income, benefiting small business owners. No government checks are involved; deductions reduce taxable income. The most significant proposal is the potential permanence of 100% bonus depreciation, aiding real estate investors and business owners.

In this video, I delve into the intricate world of tax proposals by presidential candidates, highlighting the impact on taxpayers based on their income levels. I introduce the first of a 10-part series focusing on child tax credits and earned-income credits, comparing current policies with proposed changes. Understanding these proposals is crucial as they directly affect how much you pay in taxes and can influence your financial decisions. No action requested from viewers.

In this video, I delve into three tax-free proposals by Donald Trump, focusing on tax-free tips, tax-free overtime pay, and tax-free Social Security benefits. Explaining the potential impact on various individuals and industries, I analyze the implications and potential strategies for maximizing benefits. No specific action is requested from viewers, but the discussion aims to shed light on tax planning opportunities and the significance of tax-free income.

In the video, I discuss various types of taxable income, focusing on earned wage income, ordinary income, and tax-free income options. I explain how different tax rates apply to each type of income and how strategic planning can help minimize tax liabilities and maximize net worth. Viewers are encouraged to explore tax-free cash flow opportunities and investment strategies to optimize their financial outcomes.

In this video, I explain the changes in bonus depreciation percentages from 2022 to 2024 and introduce the Section 179 Deduction as an alternative. Bonus depreciation has decreased to 60% in 2024, impacting taxable income directly. The Section 179 Deduction can offset taxable income by the full amount of the asset purchased, similar to 100% bonus depreciation. It's crucial for those with positive taxable income to consider utilizing Section 179 for tax planning purposes.

Today's video discusses strategies to withdraw money from an IRA without incurring penalties. Key points include the tax benefits of IRAs, options for penalty-free withdrawals, and the importance of documentation for certain exceptions. No specific action requested, but valuable insights shared on maximizing IRA funds. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: https://links.wealthgame.io Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this episode, I explain the concept of gifting equity, particularly in real estate scenarios, and the associated gift tax implications. I walk through a scenario where parents sell a house to their children at a lower price, discussing the need for a gift letter and the $17,000 annual gift tax exemption. No action requested, just valuable insights on gifting equity and tax considerations. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: https://links.wealthgame.io Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I introduce the POND method to determine if expenses are deductible for your business or rental property. The acronym POND stands for Purpose, Ordinary, Necessary, and Documentation. I explain how each factor plays a crucial role in identifying deductible expenses. No action requested from viewers. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: https://links.wealthgame.io Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I discuss how you can write off travel expenses and maximize your tax savings. I explain the importance of having a valid reason for your trip, such as meeting clients, attending conferences, or visiting properties. I also provide examples of deductible expenses, including flights, hotel stays, and food. Watch this video to learn how to take advantage of travel expense deductions and save money on your taxes. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: https://links.wealthgame.io Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

Alright, we have just passed the April 15th deadline for the 2023 tax returns. In this video, I will break down the reasons why we need extensions, when it makes sense to file them, and the potential issues that can arise. I will discuss the benefits of extensions, such as more time to file without penalties and the opportunity to implement tax strategies. However, there are also drawbacks, including longer wait times for refunds. Lastly, I will address the ugly truth about extensions - they do not give you more time to pay your taxes. It's important to understand these nuances to avoid any surprises. Watch the video to learn more! Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: wealthgame.io or www.bementcompany.com Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

Last-Minute Tax Tips: A Quick Guide to April 15th, 2024 As the tax deadline looms closer, it's time for some eleventh-hour tax-saving strategies. Join us as we dive into a rapid-fire rundown of five essential tips to consider before April 15th hits. From crucial reminders about extensions to savvy retirement contributions, we cover it all in just a few minutes. Host Brent Bement, a seasoned tax expert, breaks down these last-minute Hail Mary moves to help you navigate the tax season with ease. Whether you're a procrastinator or just seeking some final touches to your tax planning, tune in for practical advice on maximizing your savings and minimizing your stress. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: wealthgame.io or www.bementcompany.com Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I am excited to share the details of the Beemint blueprint. It consists of three entity structures that can help you build wealth, grow your business, and protect your assets. The structures include an operating company (S corporation), an investment holding company (LLC), and a private foundation for charitable goals. I highly recommend these structures for maximizing tax benefits and asset protection. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us:Website: https://links.wealthgame.io Connect with Brent Bement:LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this episode, I discuss potential tax updates outlined in the Tax Relief for American Families and Workers Act of 2024. These updates include changes to tax credits, business limitations, bonus depreciation, and more. I provide important information and recommendations for business owners, as well as insights into how these updates may impact individuals. Watch the video to stay informedand take necessary actions based on the proposed changes. 9 Key Updates: Tax Relief for American Families and Workers Act of 2024 Child Tax Credit Expansion: Increases the refundable portion of the Child Tax Credit for 2023-2025. Amounts per child will rise from $1,600 in 2023 to $1,800, then to $1,900 in 2024, and $2,000 in 2025. The calculation method for the refundable credit is also revised. Adjustments for Inflation and Earned Income: The Child Tax Credit will adjust for inflation from 2024 and includes changes in the rules for determining earned income. Research and Experimental Expenditures: The start of the five-year period for deductions in this area is postponed from 2023 to 2026. Increased Limitations on Business Expenses: Extension and increase in limitations related to the depreciation, amortization, or depletion for business interest determination, and expensing of depreciable business assets. Changes to Employee Retention Tax Credit (ERTC): The filing deadline for ERTC claims is moved up to January 31, 2024. The agreement proposes increased penalties for fraudulent activities associated with the ERTC, with significant financial consequences for non-compliance. Enhanced Penalties for ERTC Promoters: For those aiding in false ERTC claims, penalties increase to the greater of $200,000 ($10,000 for individuals) or 75% of the income derived from such activities. Promoters face a $1,000 penalty for each instance of failure in due diligence regarding a taxpayer's eligibility for the credit. Disaster Relief and Housing Initiatives: Extensions and exclusions in rules for disaster-related personal casualty losses, and initiatives to promote affordable housing, including specific provisions for the East Palestine, Ohio train derailment. US-Taiwan Tax Treaty: Incorporation of a tax treaty between the United States and Taiwan. Extension of 100% Bonus Depreciation: This benefit, which expired at the end of 2022, will be extended until the end of 2025. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: https://links.wealthgame.io Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I explain how you can get a tax deduction for state taxes that you're already paying. I discuss the problem of the cap on state and local tax deductions, and then present a solution called the pass-through entity tax payment. I provide an example and explain how prepaying state taxes through your business can lower your taxable income and save you money on taxes. I also offer important considerations and resources for implementing this strategy. Watch the video to learn how you can take advantage of this tax deduction opportunity. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Website: https://links.wealthgame.io Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement TikTok: www.tiktok.com/@brent_bement Twitter: www.twitter.com/WealthGamePod Threads: www.threads.net/@brentbement Instagram: www.instagram.com/wealthgame.io Facebook: www.facebook.com/wealthgamepodcast YouTube: www.youtube.com/channel/UCigDe1NmrAVG0jeG-6q1Rig

In this video, I discuss how to reduce the tax impact of capital gains. I explain what capital gains are and provide examples. I then share four strategies to minimize the tax burden: investing in opportunity zones, buying real estate and utilizing depreciation, harvesting capital losses, and accelerating deductions. These strategies can help reduce the tax impact and provide options for viewers to explore. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io

In this video, I discuss the importance of protecting yourself from identity theft, specifically during tax season. I explain how individuals can file fraudulent tax returns using your personal information and how the IRS may hold you responsible for the refund. I also highlight the significance of obtaining an Identity Protection PIN (IP PIN) from the IRS to prevent such incidents. I provide step-by-step instructions on how to obtain an IP PIN and emphasize the benefits of having one. It is crucial to take proactive measures to safeguard your identity and prevent potential headaches in the future. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io

In this video, I discuss six key tax strategies that can help you maximize deductions and reduce your taxable income. I cover topics such as deductions, deferring income, understanding tax brackets, utilizing tax credits, choosing the right entity structure, and investing in opportunities that provide tax breaks. By implementing these strategies, you can potentially save a significant amount on your taxes. Make sure to download the wealth game basics course for more detailed information and examples. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io. For additional information and links to all available platforms please visit our website at www.wealthgame.io

In this video, I discuss the exemptions to the Beneficial Ownership Information (BOI) form. I gothrough the 23 exemptions that may apply to many people collectively, but not necessarily to the viewers of this video. I provide a brief overview of each exemption, highlighting who does not need to file the BOI form. This information is crucial for understanding whether or not you are exempt fromfiling. No action is requested from the viewers in this video. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please emailadmin@wealthgamepodcast.com. For additional information and links to all available platforms please visit our website atwww.wealthgame.io

In this video, I will be discussing the Beneficial Ownership Information Reporting Form, which is a government form that will be required starting in 2024 for corporations and LLCs. I will cover the Who, What, Where, When, and Why of this form, including exemptions and important details. It is crucial to understand this form and its requirements to avoid penalties. Please watch the video to learn more and stay informed. Thank you for listening to another episode of Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point ofgrowing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please emailadmin@wealthgame.io For additional information and links to all available platforms please visit our website at www.wealthgame.io

In this video, I discuss three important tax credits that many people overlook. The first one is the dependent care benefit, which allows you to claim a credit for paying someone to take care of your kids while you work. The second is the energy-efficient home credit, which provides a tax break for making your home more energy efficient. Lastly, I explain the R&D tax credit, which can be a significant benefit for business owners who are creating something new. Don't miss out on these credits, as they can add thousands of dollars to your refund or reduce your tax liability. Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgame.io For additional information and links to all available platforms please visit our website at www.wealthgame.io

In this video, I will discuss how to write off expenses for your home, whether you are an individual homeowner or a business owner/investor. For individual homeowners, the main deductions are mortgage interest and property taxes. Additionally, if you sell your home after living there for at least two years, you can exclude a significant portion of the capital gain. However, for business owners and investors, a percentage of your house can become a deduction based on the square footage used for business purposes. This includes deductions for utilities, repairs, and even improvements made to the office space. Learn how to maximize your deductions and save on taxes by leveraging your home. Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email admin@wealthgamepodcast.com. For additional information and links to all available platforms please visit our website at www.wealthgame.io

101 - Understanding Capital Gains Tax Do you want access to the videos, drawings, templates, tools, and be able to get your questions answered on the live calls or in the community? We'd love to have you join the Wealth Game Alliance today! Thank you for listening to another episode of Wealth Game podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For topic suggestions, questions to cover, or collaboration requests please email questions@wealthgamepodcast.com. For additional information and links to all available platforms please visit our website at www.wealthgamepodcast.com Transcript: 0:00 So don't you just love when the IRS can make something that's super simple at least seemingly super simple and just Complicated like crazy. 0:08 So let's jump into the capital gains tax like on one end. It just seems like it's really basic So if you hear a capital gains tax Which is different than ordinary income tax rates, which we've covered in the past, but say you sold like you bought stock for A hundred dollars and you sold it for a thousand 0:27 dollars. That would be a capital gain It's something that you held an asset that you held went up in value and you sold it when you sell it. 0:34 That's when you realize the capital gain and that's when it becomes taxable and whether it's stock or, or it's a business or it's a rental property. 0:43 All of those have capital gains with them and the tax rates are different for those. So these are this. This is where it starts to get complex. 0:50 So these are just some of the high level things that you should know about capital gains tax. If you hold something, if you own it for less than a year, it's not technically a capital gain tax. 1:01 It's not taxed like a capital gain if you hold it less than a year. That's a short term. A short term capital gain is really just treated like your ordinary income and the tax rates are normally higher. 1:12 That's a, that's, that's like the regular tax brackets. That's if it's short term. If you hold it for more than a year though, that's when it's a long term. 1:20 Long term capital gain. So this just real quick. We're talking about long term. They'll put that up here. That is long term. 1:29 Okay, here, here are the tax brackets. Like you may have heard like, oh, a long term capital gain. It's a 15% tax rate. 1:37 And that's correct. It is a 15% tax rate. But as your other income changes, that could also change. And I'll give you an example of that here in just a second. 1:46 And right now, we're just going to talk about the federal taxes. We're not going to get into the state tax rate at all. 1:52 Okay, so sleep. As an example, let's say you make, we'll stick with $100,000. Example, you have $100,000. That's your gain. 2:00 We're not talking about sales price or anything. This is a gain and you sell it. What's the tax on that? 2:08 Just very simply put. You might think it might be this. It could be a 15%. So if you go, well, if we're just using that 15%, you'd have $15,000 of tax. 2:19 Here's where it gets a little complicated because your other income that you earn in a year, that will change. How much tax you're going to pay on a capital gain. 2:28 Kind of weird, right? So if you have, in this example, if you've got, if you're married, and you file a joint tax return, this, what this number right here, this $89,250 means, if you're taxable income is up to $89,250. 2:45 And anything up to that point, your, your capital gain can actually be tax free. And you would actually be using the 0% rate if it's less than $89,250. 2:56 So here's, here's the example. We'll continue this example. You, say you earned $50,000 on a W2, okay? So you got $50,000 on a W2. 3:09 So $50,000 W2. You have $100,000 again. That's what we're talking about. This is the capital gain. We're not, we're not even going to calculate the tax yet. 3:20 What's your total income right there? Your total income is $150,000. Right now we're ignoring personal deductions and standard deductions. We're just, we're just going to keep it simple. 3:31 We're just going to say this is your taxable income. If that's your taxable income, this first $50,000 right there, that will go towards this $90,000, the $89,000 that's tax-free. 3:45 So if we get some exact numbers, you take $89,250 minus $50,000, you have $39,250 remaining. So we're filling up this bucket. 3:57 We're filling up from $0,000 to $89,000. We just, we have to start with the W2 income. We just went up to $50,000. 4:05 Now we have $39,000 remaining. And what this means is $39,000 of this, $39,000 of that, $100,000. So $39,250. And then right there, we'll see what this is, $60,750. 4:30 That capital gain, I just wrote that out. That capital gain is taxed in two ways. Well, the first way is a 0% rate. 4:40 The second is a 15% rate. You just move through this tax bracket where you're considered tax-free. So part of it was tax-free. 4:48 And then when you get over that, it gets up to the 15% rate. So there's, there's the first step. But then look at this. 4:55 Now we have these other income levels. So now look at this. We'll delete that. The next step as your income goes, it's over $553,000. 5:08 That's when you're going to be taxed at 20%. So all your income, it would be like this same bucket here. 5:17 If we change this to a million. Oh, I haven't pre-done these estimates or anything yet, so we'll see how this goes. 5:27 But let's say you have a million of capital gain. Let's move all this up here. You are going to have, You're in those same brackets, the 0%. 5:40 That doesn't change. Even if you had a million of gain, that 15%, that's gonna change. Because between 89,000, the difference between these two, between 89,000 and 553, 850, that's where you're gonna be taxed at the, that's where you're gonna be taxed at the yeah, the, the 15%, and then above that 6:07 it goes up to 20%. So, let's see, 553, 850, minus, well, we have an 89250, 464, 600. I know, this is, yeah, this stuff is just insane. 6:31 I know, you're probably just like, what is going on? I'm sure, if you're just rolling your eyes at this crazy stuff, but it's good to know, like, if you're, if you're in a situation like this, and you want to know why there's different tax rates and stuff, you gotta, you gotta know. 6:45 Or you gotta know why you might be paying more in tax. So now let's go back. We have, remember, we have a million dollars a gain total, $4.64, $600, tax to 15%, $30,000. 6:56 $39,250 is taxed at zero, so the remaining $4,96,150 is taxed at 20%. That's how the gain is broken out. So you just do the math on each of those, that's how you get the total tax on it. 7:13 And that's why it's not a flat 15%. And I'm gonna just throw a wrench in the whole thing before I wrap up. 7:19 Not really a wrench, it's just the tax law. There's a 3.8% right here, a 3.8% net investment in cost. You know what, I'm, I gotta look that up real quick. 7:37 Because it's gonna be different when you're married, filing joint, or filing separate. So if you're married, filing joint, That's when it's, it kicks in at $250,000. 7:47 Married, filing separate, it's $125,000. If you're single, it's $200,000. So what that means, is as you're moving through these different income levels here, as it's going down, Once you get over the $250,000, filing a married return, you're still paying those, those rates that we talked about here. 8:07 Those rates don't change, but there's an extra tax, an extra 3.8% on a big portion of that, and a big portion of that. 8:18 Once you're over the $250,000 of taxable income. So you can see how pretty quickly you could be paying 23.8% federal tax on a lot of that gain, plus your state tax on that. 8:30 So that's the that's the capital gain calculation that that covers quite a bit of the capital gain the different implications of it shows you the different tiers, but hopefully that breaks it down. 8:41 If you're going through this, you need to calculate your capital gain.

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