How NOT to pay the IRS - Cardone Zone
What if I told you that you can buy a swimming pool or hot tub and deduct it? What if you could join the country club and write it off? No one is going to tell you this kind of stuff. My Rolls is a business expense. I only use it to drive to and from work. I write it off.
Pay attention to money. All the big boys pay attention to the small things. You can’t do any of this if you don’t have money. Cash flow is the holy grail of all finances. You have to have money to do this game right. Did you know that heavy vehicles over a certain weight are a tax write off? Why do you think I bought a Range Rover for my wife? Because it’s heavy. I write it off.
Last year I had my biggest tax problem. I asked my accountant if there was anything that we could. He said no. I called every day asking the same question, “how do we not pay this?”
I bought a 40 million dollar jet and wrote it off as a business expense. What do you think I’m going to get with the jet? More opportunities for expansion. Would you want that or would you just pay the 40 mil tax bill to the IRS? What would you get from that?
Everyone should take 9 tax exemption claims. Max out your exemption so they take less money from. It puts you in a different withholding bracket. You have to get your game tight.
Deductions:
● 10X Growth Conference 2
● Networking Party
● Charity
● Employees
● Gifts
● Extra bedroom in your house or apartment
You should hire employees to get the deduction and the production.
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Sadly I'm not quite at the point where I have an independent small business or crypto fund but good advice. All the more reason to push to become your own entrepreneurship!
You might want to be careful with this because there are rules in place to insure you can’t just say “oh this house, dinner, lambo, etc. is a business expense”. Also the IRS is waaaay more powerful than most people would guess.
I don't even have a car anymore.
Great advice Uncle G!
Great advice, I think a lot of people don't take advantage of all the benefits an LLC or other business structures afford oneself. That said to what extent does this raise the chance of an audit? I realize to some extent if your doing everything by the book and paying your taxes worst thing that happens is you go through a painful and expensive audit and come out clear, maybe the IRS won't count some deduction you took and you have some small interest to pay for that.
Definitely cars, education, training are all no brainers, even a jet makes sense for business but a hot tub?
Thanks Grant!
Will there be a 10X Growth Con later this year?
September-October?