Financial Advisors React to the BEST and WORST Tax Advice

Great video fellas. There’s so much noise on social media related to “tax strategies”, it’s hard to know what’s real and what’s smoke and mirrors. I’m a CPA who helps business owners and real estate investors minimize their taxes and accelerate their wealth. I’d be happy to speak with anyone interested and see what opportunities apply to your specific circumstances.

If your income right now is higher than what you are planning to pull out in retirement then the tradional IRA is the optimal move. If your income is lower then a Roth IRA is better. This is assuming you invest the tax savings you get from the normal IRA immediately

Jasmine Dilucci is worth a watch, definitely not a grifter like the majority of YT tax 'advisors'

12:18 sounds great, but you also have to be able to live on under 2k a month is quite hard…

Brian, I really appreciated your point about becoming a “tax-free millionaire,” but when you run the numbers, there’s an interesting tradeoff. Using Tyler’s framework, if someone making $75k maxes out a traditional 403(b), IRA, and HSA, they can invest about $34k per year and reach $1M in roughly 14 years. But if that same person shifts to Roth contributions, they lose the tax deduction and end up paying several thousand more in taxes annually, which reduces how much they can actually invest each year. When you account for that, the timeline to reach $1M typically extends closer to 15–16+ years. So the tradeoff isn’t just tax-free vs. taxable—it’s speed vs. tax treatment. It really highlights that the optimal strategy depends on whether someone is trying to maximize accumulation early or minimize lifetime taxes over time.

Thank you, guys, such an amazing eyes opener

So… Lying on tax forms comes without consequences…huh?!

As a Canadian the American tax system is crazy to me. Taxes come off my pay automatically and it takes me 15 minutes to file my taxes. The refund I get is for making retirement investments. I wish you had an easier system.

You NEED some traditional money so you don’t pay taxes today and pay low taxes tomorrow. Fill the 0%, 10%, and 12% tax brackets with traditional withdrawals and then start pulling from Roth accounts.

EIC is the government giving you money.

I've been doing taxes for 40 years. The W4 tables prior to 2017 were perfectly functional. The tables clearly were based on the number of EXEMPTIONS, not the number of DEPENDENTS. What's the difference? A dependent provided some exemption from tax, but that was not the only exemption.

Dave is incorrect about the W4 tables being "wrong". But he was correct about projecting an estimate for the year, and then choosing the number of exemptions on the W4 table that would provide for the correct withholding.

Unfortunately, taxes are too complicated for the average person to comprehend, so most people think the number on the W4 is just the number of kids you have.

Okay, one more. THe guy that 'shields' 66% of his income. Yes, you can get those deductions by putting money in HSA, IRA, and 401k and he got his taxable income down to $26k. That means they have a $75k job and only $40k to live on. $40k to pay rent/mort, food, car, dining, whatever. Sure some can do that, but it's a pretty frugal lifestyle.

The second lady, (real-estate) mentions letting the house pass to heirs through will to get a stepped-up basis. That's true, BUT… with her plan the house is encumbered with debt that she used to live off. So they get a step up in basis, but the bank is holding a huge mortgage. Heirs will get hardly anything.

The first one, with Dave's 'anecdotal' case doesn't prove the W-4 is way off. For all we know, his daughter only worked part of the year. But the W-4 and the withholding tables her employer used are based on a full year. I would bet the next year, her taxes worked out a lot differently.

Sure, you have the time and wherewithall, run a 'test' tax return and see what happens. But otherwise, maybe talk with someone or just go with the W-4 and adjust from year to year. But keep in mind any changes from the previous year (like working a full year, getting married, etc…)

Great tips about how the tax works, also great edit!

Honestly, getting a small tax refund is not a joy killer. Neither is getting a big refund. Having to write a check in April would be a joy killer.

TAXATION IS THEFT!

Is the music while they are talking distracting to anyone else? I kept pausing to see where the noise was coming from.

In EVERY SINGLE ONE of these videos, the dude on the right says "I'm sooo excited" in the first 15 seconds. Every time.

Editors. Bravo. 🎉🎉🎉

8:00 they gave Bo the John Kiriakou special 😆

Reminder: IRS picks & chooses their targets based on their funding. Just because they chose not to pursue your evasion 1 yr doesn't mean you got away with it. They may just be building a larger case & pursuing their dues another year after evaluating how much they can gain vs how much you may cost in legal fees. Always. File. Don't. Try. To. Cheat.

LOL on the tax refund reaction! 😂

Orrrrrr hear my out. Pay your taxes

1:14 You guys are misunderstanding. The 6 claimed dependents is what his daughter told her employer, so that they would withhold less taxes. He's not saying she claimed 6 dependents on her actual tax return.

That is why you shouldn’t take financial advice from Dave. He says some really screwed up things.

I once met someone at a gold storage facility in the UK. We talked about privacy, decentralization, and off-grid movement. When I asked what influenced him most, he didn’t say a course or a mentor- just quietly said, “What Elites Hide From You by Jeff Rogan” No context. No explanation. Just a book that opened a door I didn’t know existed.

Like🎉

Stories like this are inspiring, but the real transformation usually isn’t the jet, it’s the mindset shift that happened when the bank account was at 78 dollars. Standards, decisions, and long term positioning change first. That’s something I’ve been reflecting on while reading What Elites Hide From You by Jeff Rogan, especially how upgrading behavior and clarity sets the foundation before the big results show up.

I was at an event with a millionaire who casually mentioned how he hadn’t earned a paycheck in over a decade. I couldn’t wrap my head around it until later when he recommended What Elites Hide From You by Jeff Rogan… That book explained exactly how people like him live off systems, not salaries. I stopped obsessing over income and started focusing on assets. Now my whole mindset is different, and Im slowly starting to turn my life around.

No more gatekeeping just go and read the book What Elites Hide From You by Jeff Rogan and thank me later for changing your life

I ignored this book for months because of the name. Then I actually read it… and I finally understood why the rich stay rich. What Elites Hide From You by Jeff Rogan hits like a hidden manual they didn’t want you to find

They got the Dave Ramsey comment all wrong. (If you have the same job)The EASIEST way to know what you need to pay this year, is just look at your tax return LAST year. Generally speaking, as long as you pay 100% of you last years taxes, you are covered (Unless you make a REALLY huge amount of money in a very short period of time like in Vegas.) But for MOST filers, this year if you pay 100% of your tax liability from last year, you won't have to pay penalties if you underpay. If you end up overpaying, think about shaving a few bucks off witholding next year. I'm in business so most people are worried about underpaying.

The worst part of being a small business owner is paying OTHER people's taxes. HOLY CRAP! You think, oh cool I have so much business I can hire someone to do some of this for me, and then ALL the money you thought you were going to get by having them do the work, goes away in payroll taxes. There is this horrible grey area where you can either overwork yourself OR hire people and possibly take a pay cut just to have employees to get the work done. Because every employee costs their salary PLUS15% more in taxes and then even more for employee insurance, workers comp, etc.

Bo, Anyone in real estate is already comfortable living with debt. Nobody owns 10 properties outright. Its all a debt game. Having a high "net worth" isn't as important when you have 10 income streams.
The thing with 1031 exchanges is they are a HUGE PAIN IN THE A$$. You have to set up the exchange BEFORE selling and you have to identify a new property within 45 days. You have to Close on the new property within 180 days AND it has to be WITHIN the same tax year. So no selling a place in November and buying in January, even if its within 180 days. And the final kicker, for most private equity type deals, they wont even talk to you if the amount isn't $1 Million+ .

The "business loss" guy is going to get annihilated if he sells the property. Everything that you cost seg is going to be treated as INCOME and taxed at you tax bracket when you sell it. So if you buy a rental and cost seg 50,000 of bathrooms and kitchen, then sell it 10 years later, you are getting hit with 50k of INCOME straight off that sell price. Also what they said about having to be a real estate professional is right.

I agree with the Roth IRA. My biggest pet peeve is the HSA is you can't take it if your employer offers an employer sponsored health plan with a deductible of less than $3,400 for a family, which is like 90% of most health plans. So even if you NEVER go to the doctor or use more than a hundred bucks a year, you are LOCKED OUT of taking tax free HSA money and forced to accept whatever plan they offer.

Last thing, always file your taxes, even if you don't pay. Not paying is just racking up debt, not filing is racking up jail time. I would rather be free and have debt than to be in JAIL and still have debt.