is Saving Money on Taxes Wrong

I made a video, on why I’m moving to Puerto Rico and I got a lot of positive comments from you guys, so I want to say thank you and I appreciate it.

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What my uncle told me: the key to being unhappy, is to try to please everyone. So you gotta make sure happy, and that you’re not hurting anyone of course, and your not doing anything illegal.

1. Ways to Save money on taxes
– There are a lot of ways to save money on taxes
– It just happens to be that for business, because they make so much money a small percentage can mean millions of dollars
– And when people hear a business didn’t pay taxes, they think that rich people are evil

The truth is this though: “ remember when you heard that Amazon paid no federal taxes “
– Well they paid over a billion in state taxes, local taxes, and international taxes ( don’t forget payroll taxes also )
– And the reason they didn’t have to federal taxes, is because they spent so much money on research and development and growing the business ( they could also carry losses )
– Which meant they could avoid those taxes, but imagine how much money was spent and how many jobs were created because of it

To give you an idea:
– Amazon has over 1M people working for them and hired around 400k in 2020 ( when people were unemployed they were hiring )
– But ontop of that, remember we live in a capitalist country, with free trades and free transactions ( meaning people are motivated by their self-gain
– So their has to be a benefit for a company to take action

Crazy extreme example:
– In Africa, you have a problem with hunter and porches
– In order for the park to finance safety and to motivate people that live in villages to protect the animals
– They literally offer the people the ability to hunt animals for a price ( this is something really bad to get you something good )

Point is:
– Business saves money on taxes but it usually benefits the economy. ( although it might be for the selfish reason it still helps people )

2. Why people don’t like this

– Because from a w2 job it’s very hard to get any benefits, they only take money away from you
– Especially if you are self-employed

Normal w2 individual:
– Have the max withholding
– Invest into your retirement accounts
– Save college ( tax-deductible )
– Fund your HSA or FSA
– Tax credit if you earn below an amount
– You get a deduction on your charity work ( not just cash but donations)
– Deduct medical bills

Tip: deducting the money you give does not make it bad.

3. Incentives definitions and my personal opinion on the rich
– You can’t be what you don’t like ( if you are then your hypocrite )
– And me moving to Puerto Rico, means more money in the economy, means me potentially buying real estate and investing in the country, and creating more jobs potentially.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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