Trump taxes | The Kwak Brothers

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Pay Off Your Loan Or Invest? Know What’s Better For You

Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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BREAKING! The Eviction Problem Just Got WORSE 😧

The eviction moratorium has completely expired and the US Supreme Court ruled against the CDC wanting to extend the moratorium. In addition to this, recently the Federal Unemployment Benefit also expired this week and the Biden Administration has no intention of bringing the unemployment benefit back as the economy is starting to open up. In this video, I’m going to unpack what this all means and how real estate investors could potentially benefit from the eviction

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Older Posts

October 14, 2020

Biden Tax Plan Vs Trump Tax Plan: Explained Simply

A very VERY important topic for everyone in this year’s election is the Biden tax plan vs Trump tax plan. In this video, I am going to breakdown what Joe Biden will implement in regards to his tax plan and I also talk about what Trump will be changing if he get’s reelected during this year’s presidential election. Now, I have tried, to the best of my ability to provide both Biden’s Tax Plan and Trump’s Tax Plan, with just the plain facts, no bias, and I want to show you whos tax plan will benefit the American people the most. The Biden Tax Plan has definite increases in comparison to the existing Trump Tax Plans, including changing existing policies in the real estate investing realm, which would effect a lot of our business and the business of our audience. So check out what I found in the Biden Tax Plan vs Trump Tax Plan video! Joe Biden’s Tax Plan shows an increase in taxes in several different arenas. Now the key number for Joe Biden’s Tax Plan is $400,000 and this number seems to be the benchmark for a lot of Joe Biden’s Tax Plans. For instance a 12.4% tax will be imposed on social security income over $400k. Additionally anyone making over $400k as an individual tax payer, will pay 39.6% on income instead of the current 37%. The child tax credit will increase to $3000 for children 17 and under, while introducing an additional $600 credit for children 6 and under. Also under Joe Biden’s Tax Plan, first time homebuyers’ would provide $15,000 for first time home buyers. The corporate tax rate under Joe Biden’s Tax Plan will increase to 28% from 21% it’s currently at now. Also within the Joe Biden’s corporate tax plan, small businesses will receive a credit if a retirement plan is implemented. Now, Donald Trump’s Tax Plan has not changed very much, but the President is looking to introduce some new ideas for his Tax Plan. This year there was a tax deferral on payroll taxes within the stimulus packages. As part of Donald Trump’s Tax Plan, he is looking to forgive all those payroll taxes that were deferred this year. Secondly, President Trump is looking to cut Capital Gains Tax down to 15% from the current Capital Gains Tax rate of 20%. This would encourage many Americans to get into investing and other money making avenues and a lower capital gains tax rate would help encourage that. Another thing that Trump’s Tax Plan would do would cut taxes on the Middle Class. The Middle Class is the biggest group of tax payers in the US, doing this would surely impact the economy as spending would go up from the biggest class in America. I hope you enjoyed this breakdown of each tax plan!
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.