How the Rich Avoid Paying Taxes (and How You Can, Too)

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 Intro1:29 Meet Elliot Pepper2:47 There's a Tax Game4:50 Strategy Encouraged by the Government6:13 The Proactive Tax Approach9:54 Wealth Raises the Stakes12:01 Finding the Right Accountant 18:01 W2 vs. W9 Form19:42 Twillory21.59 W9 Form23:09 LLC Benefits30:09 Filling Out a W433:13 Pay Taxes Now or Later35:26 Standard Deduction & Itemized Deductions39:09 An Interesting Strategy 42:29 The Donors Fund44.51 Write-Offs47:35 401k and IRA Retirement Plans51:17 Roth Retirement Plan52:48 Setting Up Retirement Plan56:25 IRA Contributions57:25 Start a Plan Now 59:56 Scammer Risks 1:02:22 HSA - Health Savings Account1:05:59 Dependant Care Credit1:08:27 Colel Chabad1:10:15 529 Education Account1:14:41 Life Events & Saving Strategies1:17:46 Business Organizational Tips1:19:44 Tax Audits1:23:44 Elliot Pepper’s Work1:24:47 Book Recommendation1:26:01 Contact Info & Thank You1:27:06 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/@koshermoneypodInstagram - https://www.instagram.com/koshermoneypodFree Call-In-To-Listen Hotline:USA: (605) 477-2100UK: 0333-366-0154ISRAEL: 079-579-5088Need 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.