In this video, I talks about what learning to own and control assets, like real estate, can mean to your bottom line come tax time. This requires you to develop new skill sets learned in the correct order.
By providing functional, useful housing to other people – not your residence – you can get a tax break! That’s just one quick tip covered in this video. Adjusted gross income is also discussed and how when you take responsibility for doing something for someone else, like providing housing, you get rewards in the form of paying less in taxes.
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Jay Massey here, with the CashFlowDiary.com and in this video we’re going to explain how to pay less taxes.
Now I’m not an accountant in any way shape or form in trying to get the accounting or tax advice but here’s what I am going to say. One other thing that you and I and we all have the ability to do is instead of being just the consumer we could become a producer we can learn to own and control the means of production.
And if we learned to go out there to do one simple thing we could end up paying significantly less in taxes than we already do.
That simple thing is learning to control the asset now known as real estate. You may say to yourself all that:
• Great Jay, but how do I put a piece of property owner-contractor?
• How’d I get the money for it?
Those are all skill set and things that came be learned.
It doesn’t mean that you are somehow barred from entering into the industry, you can totally learn those things and you just have to learn them in the correct order to make that happen. The thing to understand is by providing housing for other individuals more than just yourself.
So this isn’t talking about okay I’ll go do real estate get a second house no you want to provide housing that is functional and useful for other people on a monthly, daily, weekly basis in various different forms, so that you have the ability to go out there and tell the government to look here’s what I’m doing I’m housing these tens are dozens or hundreds or if not thousands of people and because I’m doing this mister IRS mister government will you please give me a little bit of a tax break.
And you get a master what we typically call are ingested gross income and more importantly in just simply says you get to lower the amount of income that you say you’re reporting to the government and those entities. It’s an interesting concept that if you take responsibility for doing something for someone else that you get a reward, that rewards are simply called less taxes.
Thanks for watching.
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