How to Save Money on Your Taxes 💼

🔍 Unravel the intricate world of taxes with my latest YouTube video! 🧠💸 Join us as we delve into the philosophy of taxes and demystify crucial concepts such as W-4 withholdings, standard deduction versus itemizing, owner distributions from S-corps, retirement contributions, and tax loss harvesting.

📑 W-4 Withholdings Explained: Learn the art of navigating W-4 forms with confidence. We break down the complexities of withholdings, helping you optimize your paycheck and avoid common pitfalls.

💼 Standard Deduction vs. Itemizing: Decipher the age-old dilemma of whether to take the standard deduction or itemize your deductions. Discover strategies to maximize your tax savings and make informed decisions tailored to your unique financial situation.

🏢 Owner Distributions from S-corps: If you're a business owner, this segment is a must-watch. Understand the intricacies of owner distributions from S-corporations and learn how to optimize your tax position.

🌐 Retirement Contributions Planning: Plan for a secure future by mastering retirement contributions. Explore various retirement accounts, contribution limits, and strategies to minimize your tax liability while securing your financial well-being.

💰 Tax Loss Harvesting Strategies: Turn setbacks into opportunities with tax loss harvesting. Discover how to strategically navigate investment losses to offset gains and minimize your tax burden.

🎁 Bonus Section - The Wealthy and Tax Extensions: Gain exclusive insights into why the wealthy often file for tax extensions. Understand the benefits and strategies behind this common practice, and learn how it can be a valuable tool for optimizing your tax planning.

Whether you're a tax novice or a seasoned pro, this comprehensive guide has something for everyone. Don't miss out on the chance to elevate your tax knowledge and take control of your financial future. Hit play and embark on a journey to tax mastery! 💼💡💰 #TaxTips #FinancialFreedom #TaxPhilosophy #moneymatters

⏲️Time Codes:
0:00 Intro
00:25 Philosophy of Taxes
01:29 W-4 withholding discussion
02:43 IRS W-4 Calculator🖩
05:23 EITC discussion
08:17 Retirement Accounts
09:59 Roth vs Traditional strategy
10:44 Roth contribution limits
12:16 Retirement Contribution Calculator🖩
15:14 Alternate accounts to lower taxes
16:42 Standard vs Itemized
17:56 Magic of Business deductions/ from -$9000 to +$7000
20:27 S-Corp Owner Distribution Calculator🖩
22:14 1$ CEOs
22:50 Save the money
23:57 Tax Loss Harvesting
24:54 Bonus Why the Wealthy file tax extensions
27:54 Outro

🌟 About Me :
Former Submarine Officer/ Nuclear Operator turned into a Real Estate & Personal Finance Nerd. I was able to achieve millionaire status through real estate while continuing to work my 9 to 5 job. I want to help you achieve the same results. On my channel I try to give a realistic and honest prospective on building wealth through real estate and the stock market. I detail my greatest successes and failures on my journey and give actionable advice to help you on your financial journey. New videos released weekly.

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W-4 Calculator: apps.irs.gov/app/tax-withholding-estimator/income-…
401K Contribution Calculator: www.americancentury.com/plan/calculators/401k-cont…
S-Corp Owner distribution Calculator: bizee.com/s-corporation-tax-calculator
S-Corp Owner Distribution discussion: www.collective.com/blog/s-corp-distributions-2

For business inquires please email at [email protected]

📌Disclaimer:
I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal, or financial advice...etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a YouTube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Terrell may have an ownership interest in them – Please do not make buying or selling decisions based on Terrell’s videos. If you need advice, please contact a q