Wealth Game

Oct 31 2024 124 ep. 8 mins 6
Wealth Game Podcast artwork

Ever wondered why the "wealthy" pay such a low tax rate? Grow your wealth through smart investments, and keep more of your wealth by reducing your taxes. Hosted by Brent Bement, CPA, CVA: Real estate investor and President of a CPA firm that provides tax and investment strategy services across the nation.

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125 - 5 of 10 Trump vs Harris tax battle - Itemized Deductions Removing $10k cap on Property Tax Deduction

Oct 31 2024 6 mins  
In this video, I delve into the intricate details of itemized deductions in the ongoing tax battle between Trump and Harris. Exploring the implications of removing the $10,000 cap on state and local tax deductions, I highlight how this change could impact high-income earners and the middle class. No action requested from viewers.

124 - 4 of 10 Trump vs Harris Tax Battle - Corporate Tax Rates

Oct 30 2024 6 mins  
In this video, I delve into the differences between Trump and Harris's proposals regarding corporate tax rates. Harris suggests raising the rate to 28%, while Trump aims to maintain it at 21% with additional incentives. I discuss the potential impacts on businesses, job creation, and the economy, emphasizing the importance of incentivizing domestic production. No specific action is

123 - 3 of 10 Trump vs Harris Tax Battle - Tax Free Income

Oct 29 2024 5 mins  
In this video, I delve into the tax exemption proposals by Trump and Harris. Trump's proposals include tax-free tips, overtime, and Social Security income, potentially benefiting many. Harris, however, has not put forth any tax exemption proposals, focusing instead on credits for renters and child tax credits. No action requested.

122 - 2 of 10 Trump vs Harris Tax Battle - 100% Bonus Depreciation or Business Standard Deduction

Oct 28 2024 9 mins  
In this video, I delve into the tax proposals of Trump and Harris regarding businesses. Harris suggests increasing the startup deduction to $50,000, aiming to support entrepreneurs. Trump's plan includes a 20% deduction on net income, benefiting small business owners. No government checks are involved; deductions reduce taxable income. The most significant proposal is the potential

121 - 1 of 10 Trump vs Harris Tax Battle - Child Tax Credits

Oct 28 2024 6 mins  
In this video, I delve into the intricate world of tax proposals by presidential candidates, highlighting the impact on taxpayers based on their income levels. I introduce the first of a 10-part series focusing on child tax credits and earned-income credits, comparing current policies with proposed changes. Understanding these proposals is crucial as they directly affect how much y

120 - 3 Tax Free Proposals by Donald Trump

Oct 22 2024 10 mins  
In this video, I delve into three tax-free proposals by Donald Trump, focusing on tax-free tips, tax-free overtime pay, and tax-free Social Security benefits. Explaining the potential impact on various individuals and industries, I analyze the implications and potential strategies for maximizing benefits. No specific action is requested from viewers, but the discussion aims to shed

119 - Possibly the worst way to be taxed - and some better alternatives

Oct 14 2024 15 mins  
In the video, I discuss various types of taxable income, focusing on earned wage income, ordinary income, and tax-free income options. I explain how different tax rates apply to each type of income and how strategic planning can help minimize tax liabilities and maximize net worth. Viewers are encouraged to explore tax-free cash flow opportunities and investment strategies to optim

118 - Bonus depreciation going away - Here's the alternative using 179

Oct 07 2024 4 mins  
In this video, I explain the changes in bonus depreciation percentages from 2022 to 2024 and introduce the Section 179 Deduction as an alternative. Bonus depreciation has decreased to 60% in 2024, impacting taxable income directly. The Section 179 Deduction can offset taxable income by the full amount of the asset purchased, similar to 100% bonus depreciation. It's crucial for thos

117 - Tips for avoiding the 10% IRA penalty for early withdrawals

Aug 19 2024 7 mins  
Today's video discusses strategies to withdraw money from an IRA without incurring penalties. Key points include the tax benefits of IRAs, options for penalty-free withdrawals, and the importance of documentation for certain exceptions. No specific action requested, but valuable insights shared on maximizing IRA funds.   Thank you for listening to another episode of the Wealth

116 - Gift Taxes and Understanding a Gift of Equity

Jul 19 2024 9 mins  
In this episode, I explain the concept of gifting equity, particularly in real estate scenarios, and the associated gift tax implications. I walk through a scenario where parents sell a house to their children at a lower price, discussing the need for a gift letter and the $17,000 annual gift tax exemption. No action requested, just valuable insights on gifting equity and tax consi