How Millionaires Get Into the 12% Tax Bracket

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Finance & Crypto taxes tax expert karlton dennis tax brackets tax brackets explained 2024 marginal tax rate taxes explained how tax brackets work taxes 2024 financial freedom motivation

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Many people mistakenly believe that just because their income puts them into one tax bracket that they are stuck there. This just isn't true. In fact, tax strategy can be used to reduce taxable income so that even high earners can move down into the lower tax brackets such as the 12% tax bracket.

In this video, tax expert Karlton Dennis explains why it is so important to stay in the lower tax brackets, and how almost anyone can do this. Some of the tax strategies that he discusses in this video include the short-term rental rule, accelerating depreciation, maxing out 401(k)s, and IRAs, and more.

This video is ideal for anyone who feels like he or she is stuck in a high tax bracket but wants to learn how to move down into a lower one without making less money. The tax savings associated with moving into a lower tax bracket can be quite substantial. So, anyone who moves into a lower tax bracket without reducing earnings can potentially benefit enormously.

CHAPTERS:
0:00 Intro
0:54 The Mindset Shift
2:56 The Numbers
4:48 The Best Tax Strategy
7:22 Using Rental Real Estate to Offset Active Income
8:31 Accelerating Depreciation with Rental Real Estate
9:34 Example: How a Millionaire Pays Only 12% in Taxes
11:12 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.

#taxes #taxbrackets #millionairetaxes

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