Two questions on reducing taxes

[Arty Fresh]

So today I stumble upon something new that you the reader of this post probably learned years ago. I burn some time on YouTube watching videos on paying less taxes.

One popular real estate youtuber grant Cardone says don’t pay taxes on anything while keeping it legit xyz but he doesn’t say how to do it.

He says you can lease for free and get the money back at the end of the year but he doesn’t tell you how to do it.

Then it looks like I need to start a business from home in order to get this going.

So my questions are

1. Can I reduce my %40 taxes from my corporate job ? I changed my allowances to 9 like grant cardone recommends but I will just be charged at the end of the year for those taxes while my paychecks will be bigger

2. What type of businesses can I start from home to start ripping the benefits of reducing my taxes. Getting my car write off, getting paid off $0.55 per mile I drive etc.

Is there any mentor or program that could walk me through this that works.

[Ashish Acharya]

Originally posted by @Arty Fresh:

So today I stumble upon something new that you the reader of this post probably learned years ago. I burn some time on YouTube watching videos on paying less taxes.

One popular real estate youtuber grant Cardone says don’t pay taxes on anything while keeping it legit xyz but he doesn’t say how to do it.

He says you can lease for free and get the money back at the end of the year but he doesn’t tell you how to do it.

Then it looks like I need to start a business from home in order to get this going.

So my questions are

1. Can I reduce my %40 taxes from my corporate job ? I changed my allowances to 9 like grant cardone recommends but I will just be charged at the end of the year for those taxes while my paychecks will be bigger

2. What type of businesses can I start from home to start ripping the benefits of reducing my taxes. Getting my car write off, getting paid off $0.55 per mile I drive etc.

Is there any mentor or program that could walk me through this that works.

Most of the time these are all the hypes. I do not think anyone has time to start a side business  just to reduce taxes. Taxes should not be first priority while stating a business and it’s also should not be the reason to start a new business. 

Yes, if you/ spouse have free capacity/willingness to work more, there can be some planning done to reduce the taxes of the business you will start. Not to generate a loss and offset your W-2. 

How much do you think .55 per miles deduction will save you on taxes? To a high earner, it’s almost immaterial. It’s a deduction, not a tax credit.Even a thousand dollar deduction would give you 200k in tax savings on average. Same thing with other deductions.

If you really want to start a business for business sake, that different story and we can draft a good tax saving plan.