Tax Advice For The 99%

What would you say is the most practical step to save on taxes? And it's okay if you don't know yet.

One thing we see on instagram and tik tok is about Wyoming S Corps and trusts and holding companies. And yes, those are all legit and legal ways to lower your taxes. More though, do those specific actions apply to and/or benefit you, Drew?

The majority of people do NOT have millions in the bank nor paparazzi following them and these types of tax "advice" videos are really speaking about these more edge cases that sound cool to the average person.

When you see these tax videos on social media, just know that many of them do not apply to the average person or the average person's tax situation.

Me and JT... do we have multiple trusts with holding companies in Wyoming or Delaware? Absolutely not. We have one LLC in Iowa, where we're based, and that's it. Otherwise we'd have a pile of self inflicted and unnecessary filing fees, plus a sh*t ton of headaches.

Instead, the most practical tax advice for most people, including ourselves.... save for taxes. I promise you'll never scream in anger, "uh! I have all this extra saved money! curse those accountants!" :)

Here's JT explaining why complicated tax plans may not be a good fit for you. Enjoy https://www.instagram.com/p/C8a-S_GMqtI/