Tax Day is right around the corner, and tax strategist Karlton Dennis is here to make sure you don't leave a single dollar on the table. Today he breaks down the legal loopholes that you can still take advantage of before the filing deadline and the long-game moves that can keep thousands in your pocket.
Nicole and Karlton cover tax strategies for both W2 employees and entrepreneurs, how parents can use the tax code to build wealth for their kids and new deductions from the Big, Beautiful Bill that you should definitely be taking advantage of. Plus, Nicole and Karlton break down viral hacks like the Range Rover write-off, the Augusta Rule that lets you pay yourself tax-free, short-term rental deductions, and putting your kids on payroll.
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Here's what Nicole covers with Karlton:
00:00 Are You Ready for Some Money Rehab?
02:00 Last-Minute Tax Moves Before the Filing Deadline
02:38 Bonus Depreciation and the Big Beautiful Bill
03:26 The Range Rover Write-Off: How the Math Actually Works
05:26 The Best Part of the Tax Code for Entrepreneurs
07:26 How Karlton Writes Off Clothing
08:38 When Should a Side Hustler Set Up an LLC?
10:45 IRS Red Flags
12:01 What Actually Happens During an IRS Audit
13:28 Why Karlton Thinks of the IRS Like a Dentist
15:09 How to Pay 0% in Income Taxes (And Why That's Not Always the Goal)
17:00 How Elon and Trump Avoid Taxes
18:02 Short-Term Rentals 101
25:35 The Augusta Rule: Pay Yourself $28K Tax-Free
28:28 Why Karlton Is Obsessed with S-Corps
30:19 The QBI Deduction and How to Maximize It
31:26 What to Think About When Forming an Entity
36:35 QSBS: The Exit Strategy That Could Save You $40M in Taxes
40:38 How to Make Your Kids Millionaires
44:53 The Backdoor Roth IRA Explained
46:10 Self-Directed Roths and the Peter Thiel Strategy
49:29 How to Get Tax Breaks for Watching Movies
53:36 The Tax Scam to Avoid Right Now: Charitable LLCs
55:27 Why AI Is Not Your Tax Advisor
50:07 Karlton's Tip You Can Take Straight to the Bank
All investing involves risk, including loss of principal. This episode is for informational purposes only and does not constitute financial, investment, or legal advice. Always consult a licensed professional before making financial decisions.