Tax Planning: Keep More of What You Make
Simple framing for why proactive tax planning pays off.
Read the transcript
Let's talk about tax planning for a second. The way that I define tax planning, it's really the art of helping you keep more of what you make.
Making money from capital, not labor
Behind the scenes, there's a couple important things that are going on. The first is: when you're 20, how do you make your money? You make your money to hustle through your labor. But at some point, we all are going to wake up at a certain age and say, "Hey, I want to make my money from capital, not from my labor." So part of your tax plan is about saving, making sure that you're paying the least amount of tax that you need to.
Tax planning is simply math
Tax planning is not magic. It's simply math. And the IRS has a number of tools and techniques that are available for anybody to use. And our version of tax planning is being really aggressive about implementing the legal stuff. And when you see a low-hanging fruit, the simple stuff that is 100% allowed, it would blow your mind. Not having a tax plan very often results in you having to pay 25% more, 50% more, but multiples more, in income taxes than needed over the course of your life. And I don't know about you, but I'd rather put that in my pocket instead of shipping it off to DC.
Transcript edited for readability from the video. Machine-transcribed; may contain minor errors.
