#Ad Big thanks to Bizee for sponsoring today’s video – they make starting an LLC super simple: https://bizee.com/ich Range Rover Sport: Start designing your Range Rover Sport today at https://www.rangerover.com/us/sport Shopify: Sign up for a $1 per month trial period at https://shopify.com/ich Follow Karlton Dennis : On Youtube - https://www.youtube.com/@karltondennis On Instagram - https://www.instagram.com/karltondennis/ Website - https://karltondennis.com/ On TikTok - https://www.tiktok.com/@karltondennis Apply for The Index Membership: https://entertheindex.com/ Add us on Instagram: https://www.instagram.com/jlsselby https://www.instagram.com/gpstephan Official Clips Channel: https://www.youtube.com/channel/UCeBQ24VfikOriqSdKtomh0w For sponsorships or business inquiries reach out to: tmatsradio@gmail.com For Podcast Inquiries, please DM @icedcoffeehour on Instagram! Timestamps: 00:00:00 - Intro 00:01:10 - Is the tax system rigged? 00:05:23 - Can the average person pay $0? 00:05:53 - Abolish taxes? 00:09:09 - Big Beautiful Bill tax impact 00:10:46 - No tax on tips 00:17:18 - Sponsor - Bizee 00:18:29 - $40K deduction cap 00:21:46 - 8150 tax law 00:23:57 - Trump account explained 00:26:00 - $10K auto write-off 00:28:33 - Bonus depreciation 00:29:49 - Self-rental strategy 00:37:17 - Sponsor - Range Rover 00:38:22 - Tax winners and losers 00:43:59 - What an IRS audit is like 00:45:38 - IRS audit red flags 01:01:13 - Why IRS won’t calculate your income 01:02:51 - Declined clients & horror stories 01:03:47 - Jail for unpaid taxes? 01:04:18 - Do some never file? 01:05:25 - Sponsor - Shopify 01:06:57 - Shadiest tax moves 01:08:12 - Biggest IRS fines 01:10:14 - Biggest tax bills erased 01:12:29 - Tax loopholes 01:17:09 - Tactics to reduce taxes 01:19:08 - When to stop using TurboTax 01:19:51 - Luxury goods write-offs? 01:20:28 - His income & tax bill 01:27:55 - What luxury items he buys 01:28:38 - Tracking expenses 01:31:55 - 3 tax tips for $60K–$200K earners 01:39:02 - If you rewrote the tax code 01:40:35 - Move to Puerto Rico? *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan 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.