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September 29, 2020

Trump Tax Returns – How Did He Pay $0 In Taxes?

Trump Tax Return – How Did He Pay $0 In Taxes? How the heck did Trump get away with paying $0 taxes? Let alone $750… That’s probably what you’re thinking, right? You’re also thinking… Is this legal? So in today’s video, I’m going to explain in plain words as to how President Trump ended up paying $0 in his taxes compared to how much he makes and how you might also be able to take advantage of these tax laws. Today we are going to unpack how President Trump was able to pay $0 in his taxes despite his millions of dollars in income. So President Trump’s tax return was exposed and multiple news outlets swarmed to write about it. Multiple headlines like “Trump paid no income taxes in 10 out of 15 years beginning in 2000” And to the normal people out there, And multiple news writes how Trump has lost millions of dollars in several of his businesses. To normal people, it either looks like President Trump did something illegal to evade taxes OR Trump doesn’t actually make that much money. The short answer is actually neither… So I want to take a quick moment to break down what President Trump did exactly to pay little to no taxes for a fairly long time. And I’ll use a very simple story to do so. Now just a reminder that I’m not a CPA or a tax professional so don’t take any of this as tax advice – just my perspective as a business owner and an investor. Now in Tax laws, we call the $50 a qualifying business expenses in which we can deduct from the total income we generated. So instead of paying taxes on the $100, we only have to pay taxes on the $50. But let’s say we made $100 but we spent $100 on supplies, lemons, and we have an employee that runs the stand, we pay ZERO taxes because all of our income was spent on getting the business running. Now in Trump’s business, it’s likely that he spends MILLIONS of dollars on employees, building upkeep, and repairs. But unlike other businesses, Real Estate Business comes with special tax laws that allow for even more tax savings and “losses”. President Trump owns millions or perhaps billions of dollars of real estate. I’m talking about buildings, hotels, apartments, and golf courses. When you own real estate as a business, you get to take advantage of something called Depreciation. Now this is different from a stock depreciation where the market value drops. Depreciation is an accounting sense is when an inherit the value of physical good drops because of aging, wear, and tear.