Taxes advice needed please?

Question

Hi Bigger Pockets Fam,

I was listening to Grant Cardone  youtube channel on how to turn taxes into income this morning and something stood out to me. He mentioned multiple ways to save on taxes but one thing he said that can really help us as investors on saving money on taxes and definitely assure investors keep most or all of our money around tax time is by joining a multi networking company. Is anyone apart of any and if so can you share which ones?  These businesses have various tax advantages over ordinary employees. In the words of Robert  kiyosaki“ It’s not about how much money you make, it’s about how much money you keep!

Fulton Abraham Sanchez · Answer

@Shawn Corcoran, how are you? For the S Corp you can only deduct the expenses related to the business and report the income received. Corporations don't have personal exemptions like individuals do.

Shawn C. · Answer

@Fulton Sanchez Does that also include if you have an S Corp since the taxes are pass through? Also, thank you for the education. I am ALWAYS looking to learn.

Shawn C. · Answer

@Tamka Brown I have also heard Grant Cardone state that everyone should take the maximum of 9 exemptions and you do not have to have that many kids in order to do so. I still have to check with a CPA to see if this is legal or look it up on the IRS website or call them directly.

As far as joining a multi networking company, I would like to hear more about that. I have heard him say before if you do not have a business then join a networking company right away to start having business write offs.

I am not sure I am the network company type but then again I guess I have not seen one I am interested in or passionate about.

I will be closely following this thread for additional information.

Thanks for postin.

Alvaro Velasquez · Answer

Hello, I also watched the Youtube video and would like to know how to enter 9 exemptions in my w4. I am starting a new job soon.

Tamika Brown · Answer

Hi Everyone! It's been a while since I've post to this topic; Had some issues with my account. I'm back now ready to get educated and knowleagable with my bigger pockets family! Thanks for the feed back Fulton Sanchez! Very informational. Shawn Corcoran can you visit douhatetheirs.com? " DO U HATE THE IRS" is a extreme network marketing company that promotes saving on taxes. Check it out and lets connect and  keep in touch you guys:)

Fulton Abraham Sanchez · Answer

@Shawn Corcoran how are you? To take that many deductions you need a valida SSN for each exemption. If you are employed and get W2 you can claim on the W4 form when you are hired, several exemptions even more that the number you actually have BUT when you file your taxes you will not get a refund and maybe you have to pay taxes.

@Tamka Brown Regarding the networking company, you can deduct expenses but related to the income that the company is producing. There is no magic taxation for this type of company. Maybe you can even take losses (more expenses than Income) but it is not sustainable on the long-term and the IRS can audit you.

Taxes advice needed please?

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