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Believe it or not, some people actually go broke trying to reduce their tax bill down to zero. There are many different reasons why this can happen. Most of them involve irresponsible tax planning, or trying to make big moves without enough knowledge. Unfortunately, some tax plays are riskier than others.
In this video, tax expert Karlton Dennis explains exactly how some people go broke trying to eliminate their tax bills. He also explains what you can do to prevent this from happening to you. For example, Karlton explains some of the key mistakes that people make when selecting properties for real estate investment.
Watching this video can help you to learn how to avoid making the same mistakes that some other people have made when trying to implement advanced tax strategies. The goal of tax strategy is to reduce tax burden safely. So, the more you can learn about using tax strategy correctly, the better.
CHAPTERS:
0:00 Intro
0:16 Why Do Some People Go Broke Trying to Reduce Their Taxes to Zero?
0:54 Why Do Advanced Tax Strategies Require More Risk?
1:44 Taxes vs Making Investments
2:50 Where Do People Go Wrong?
3:03 Common Mistakes When Making Tax-Advantaged Investments
3:09 Mistake #1: Not Understanding the Tax Strategies Involved
4:13 Mistake #2: Not Caring Enough About the Actual Investments
5:01 Mistake #3: Thinking Losses from Investments Can Offset All Forms of Income
6:21 How Not to Go Broke Investing in Tax Strategy
7:44 Subscriber Question!
8:49 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#dontgobroke #taxstrategies #taxplanning
