Hey! What's up, my friends? Kris Krohn here. And we're talking today about "How do you
leverage your tax return to build wealth?" And I got 2 things to say on this. I
actually got a meeting going on right now with my CPA and also my CFO. And
we're strategizing how do I make my tax return as big as possible. And to do that,
you need to make sure you're getting all of the write-offs that you possibly can.
So, I'm going to talk to you about how you do that. But on top of that, I want to
talk about what you actually do with your tax return. Because most people are
like, "Dude, let's go on a cruise. Like let's go spend this. Let's go do
something fun." And the reality is when you get a little windfall over here, take
that money and go do something really productive with it. Because most people
aren't. What is the most tax advantaged way to structure your life? You have to
get a really good competent team.
Alright. Check it out. Meeting to the minds. I'm here with Matt and Tim. And
we're brainstorming what do I do about my tax situation.
Sorry, I know you guys like...
But what are we doing right now, Tim? -Strategizing your overall picture,
taking a look at how we can best to allocate the various adventures of your...
And then be tax efficient. -Yeah. -And why is that? -To minimize your
liability. So, you make as much money as you can.
-So, it's what they've said. If you want to make as much as money, keep as
much of it as possible. You have to get a really good competent team. It can
actually way through all the different issues. It's amazing how many financial
morons are out there that literally are not putting any effort or energy into
how to actually keep more of the money that they're making. And so, we're running
through right now my lifestyle. Some of my commercial buildings, my a real
estate, just my children. And some of the other expenses that they have been
asking, "Alright, what is the most tax advantaged way to structure your life?"
And so, I'm super fortunate because I've got Matt, Tim who or put their brain
around this thing, "Alright. Let's walk through these different issues. And what
is the best and safest the most mature way to do this so that we can create
maximum benefit but having it done the right way?"
So, check it out. I am basically trying to figure out the mastermind the best way
to increase what I get back from the government or in other words pay as
little as possible. And when you do that, what you're really doing is putting more
money in your pocket. So, in my situation, I'm paying maximum taxes. And there's 2
things you need to know first. Number 1, you can decrease your taxes by pulling
real estate and by owning business. Think about it for a moment. If you're
not aware of this, the 2 biggest benefits actually come from business and
they also come from owning real estate. Real estate because you get to
depreciate an asset. So, if I buy a home then I begin to depreciated over
27 and a half years. And the reason why that's a benefit is if it's a
300-thousand-dollar home, I get to buy it off almost $10,000 a
year. And if I'm not bringing in $10,000 of income,
there's leftover depreciation. So, I get the
get all that pocket all that money but then I also get to actually save more money in taxes for
my other normally. Business gives me white offs like crazy. Buy chairs or
buy this table of things events marketing is for really anything it all. I mean, can
actually write that off and that's a huge benefit. You know, think about the
car you drive, your cell phone, your home office. All these things become tax
deductions that ultimately account for you paying less taxes are actually
getting a bigger tax return. So, that's just the first thing for you to be aware
of is you need to be sitting with down with professionals and saying "How I
maximize my tax situation fairly?" I want to give the government everything owed
to them. But everything that I can be aware of for doing my taxes fairly and
actually paying less is more money than actually keep. Now, when you actually get
your tax return, what should you do? You should actually focus on investing it,
right? I mean saving and investing the difference is unfortunately something
that not a lot of people do, when in fact, they really should be. So, I'll tell you
right now when I got my very first tax return,
I had just saved up all my money all year and I bought my very first house.
The basement got rented out and paid for my mortgage. I got to live for free.
When my first tax return came, I went to... I kid you not. And one of the
most fun and I started to tradition of play, I decided after that that I wanted
to put as much money for short period of time into my investments. And that
included my tax returns. After just 4 and a half years investing, guess what
happened? I became financially free. Today,
I own commercial real estate. Almost every day, I'm buying real estate. You know, in some of the
hottest markets in the world. And so, ultimately you want to be smart
with your money. You would be wise with your money. A lot of people don't know
exactly how to do that. So, we get that tax return, do something smart with it. By
the way, if you want to know the smartest thing that you can do with it, in the
link below you have a chance to get a free copy of my book, Straight Path To
Real Estate Wealth. Let me show you what it looks like here in the studio. This book has created
millionaires, it's created multimillionaires. And there's no reason
why it can't do the exact same for you.
This book, I've always order extra copies. You can actually have this entirely for
free. All I ask you to do is to cover the shipping so I can get it in the mail to
you. But other than that, the $20 for the book itself is a gift from me to you. So
you can learn how to take those tax filings. And the other advice I've given
you here and start putting that money towards earning really smart
double-digit returns. So, one of the things that I was doing here with Tim
and Matt was advanced tax strategizing. Basically, I'm making more money than
I've ever made before. But at the same time, that means that not only am I going
to be paying more taxes, there's different ways of doing taxes. There's
losses on different things or cost segregation on a commercial building. I
could taken this year versus the next year. And what we were doing is we were
basically saying, "Alright, we have all of these write offs, when do we want to
use them? How we want to use them?" And there's a lot of room for this. It look
like this or does it look like that? And that's why I recommend sitting down.
There's a couple of cool things that kind of came out of today that I really
liked. You know, being a YouTuber, I feel a lot of my videos all over the world.
And so, we have to cook this conversation. What's personal write-offs?
What's business write-offs, right? If it's personal, you don't get to get a
write-off on that. But in my world, a lot of my personal business is actually
blended case. I'm out there traveling with my kids and we're visiting the
world in and making these videos. And they're in these videos. And these videos
help get my message out to the world. It's an important part of my business. It
helps me connect and communicate with you. And so, you should be finding out in
your life what is unique about your financial situation then ultimately will
help maximize the appropriate tax write-offs. If you're like, "Well, Kris, I
have a boring situation. I have a job outside of sitting down, H&R Block,
doing the standard stuff. What could I do?" You should start a business. And that
business, if you don't have one, should be real estate. In fact, if you click the
link below, any of my videos that get involved with me, you know or you decide
down the road to take one of my courses or come
events, those are business expenses. Those are write offs that you're using for your
business. Now, I'm not a tax specialist or tax advisor. You got to get that from
them who are licensed. But purpose of this videos just helping you understand that
there's a lot more that you don't know. And what you don't know can hurt you.
Don't financially get hurt because of lack of knowledge. Get with the experts.
Learn what you need to know and then take action on it. Thank you guys so much
for watching this video. If you're not a subscriber, take care of that right now.
And I will see you on the next video.