The Tax Strategies You Should Stop Using (and What to Do Instead!)

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Not all tax strategies are equal. Some have the potential to dramatically increase the amount of money that you can save in taxes and some will barely save you anything. Some tax strategies are also just far too risky or present too high of an audit risk to be taken seriously. As a result, tax strategies have to be chosen carefully.

In this video, tax expert Karlton Dennis gives his take on the most overrated and underrated tax strategies out there. He breaks down these strategies in detail and gives context to help increase your understanding of them. Importantly, Karlton also explains how much money people could stand to save by implementing these strategies.

Unfortunately, countless people miss out on a fortune in tax savings every single year because they choose the wrong strategy. If you want to make sure that you optimize your tax savings, then you need to make sure that you choose the right strategies, and avoid the wrong ones. This video can potentially help you with your selection.

CHAPTERS:
0:00 Intro
0:20 Overrated Tax Strategies
0:22 Using the Simplified Method for the Home Office Deduction
1:55 Adding a Vehicle to Your Business
2:52 Automatically Claiming the Standard Deduction
4:29 Underrated Tax Strategies
4:33 Oil and Gas Investing
5:52 Bitcoin Mining
7:42 Cash Balance Plans
9:17 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.

#taxstrategy #personalfinance #karltondennis