044. Tax Secrets of the Wealthy, How The Rich Avoid Taxes - Karlton Dennis
This week I sat down with Karlton Dennis, The Tax Alchemist, who specializes in tax strategies for getting you the maximum return. I am huge on health and wellness, but part of being healthy is being smart with your money. The very best in the world know how to maximize their wealth by being strategic with the tax game, and Karlton knows all the ins and outs. Karlton works with millionaires to influencers just starting out. He's licensed in all 50 states, is a Forbes member, and also has a robust podcast, "Tax Free Living."
I sat down with Karlton and in the first 3 minutes he showed me how I'm losing $24k/year by now utilizing this one, simple strategy. If you're not leveraging your taxes correctly, then you're not living to your fullest potential.
Check out Karlton Dennis over at his website for any tax questions or consulting.
Follow on Instagram @karltondennis:
Karlton is also launching a new course called the Tax Alchemist Academy which you can find in any search engine.
Timeline
2:55 - What’s a typical tax strategy session like?
4:35 - The 3 questions Karlton asks all his clients?
10:30 - Can “influencers” write off anything?
12:40 - What’s an overall tax write-off that most people are missing?
13:50 - How should people think about entities?
15:40 - Do you really get any more protection by forming an LLC?
17:30 - What are the top ways you can avoid an audit?
19:45 - Should you invest in real estate?
21:10 - Bitcoin (BTC), good or bad?
22:50 - What’s one of the most underutilized strategy for taxes?
24:30 - How to write off a $1.1 million yacht
41:13 - Why 2020 was the greatest gift…
Recommended Books
Robert Kiyosaki - The Rich Are Getting Richer