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

Kosher Money

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 Intro

1:29 Meet Elliot Pepper

2:47 There's a Tax Game

4:50 Strategy Encouraged by the Government

6:13 The Proactive Tax Approach

9:54 Wealth Raises the Stakes

12:01 Finding the Right Accountant

18:01 W2 vs. W9 Form

19:42 Twillory

21.59 W9 Form

23:09 LLC Benefits

30:09 Filling Out a W4

33:13 Pay Taxes Now or Later

35:26 Standard Deduction & Itemized Deductions

39:09 An Interesting Strategy

42:29 The Donors Fund

44.51 Write-Offs

47:35 401k and IRA Retirement Plans

51:17 Roth Retirement Plan

52:48 Setting Up Retirement Plan

56:25 IRA Contributions

57:25 Start a Plan Now

59:56 Scammer Risks

1:02:22 HSA - Health Savings Account

1:05:59 Dependant Care Credit

1:08:27 Colel Chabad

1:10:15 529 Education Account

1:14:41 Life Events & Saving Strategies

1:17:46 Business Organizational Tips

1:19:44 Tax Audits

1:23:44 Elliot Pepper’s Work

1:24:47 Book Recommendation

1:26:01 Contact Info & Thank You

1:27:06 Outro & Bonus Tip

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