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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