I got the 200 Stimulus Check!

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How’s it going everybody this is beat the bush as the title says i am referring to myself as a rich guy in this instance and yes i did get 1200 dollars in stimulus check this video is brought to you by weeble now so time to jump on to this so that you get two free stocks i think they’re gonna end their promotion within a couple of days within the next video or two

Weeble will no longer give out two free shares of stocks just for signing up and deposit $100 they’re only gonna give one free stock so if you do it soon you will still get the two free shares check out my referral link down in the video description below i got it kind of late because last year i actually had to pay the irs taxes so i have to go on their website

Give them my checking information here is the exact statement line for my chase account $1,200 from the irs now if you guys watch this channel enough you know that i am semi-retired i technically don’t need this money i did not actually lose a job so then i’d not sort of missing any kind of income other than maybe youtube has reduced the avenue a little bit so

This might compensate for that a little bit but i feel like this money is probably not intended for my kind of people where i chose to quit a job i sort of don’t need that income and then i’m still getting this i think the stimulus check is more intended for people who lost a job this $1,200 could help them pay the rent put food on the table so definitely if the

Government did not pay me this $1,200 i would still live completely fine i’m not gonna be hurting i can still put food on the table i can still pay utilities and everything so this caused me to think about what the heck happened here why is it that i legally qualified for this $1,200 stimulus check the requirement is actually less than $75,000 of adjusted gross

Income now let me quickly go over what this exactly mean it does not mean you take that number right from your paycheck and that’s your income right no this is not it you subtract a whole bunch of stuff that you could take away from it and you also add a little bit of other stuff the stuff that you add is the wages if you get a w-2 which i personally don’t you

Add dividends you add alimony capital gains you also add interests add business income you add retirement distribution now there are things that you subtract from it such as student loan interest if you have a really large student loan you know the interest could be substantial and then you subtract out all the contributions you make to your retirement account on

Your hsa so to go over quickly how much value that you can actually subtract from your wages in your ira and you can subtract up to $6,000 if you have less than an income of 124k it phases out by 139 k your hsa you can just lop off three and a half thousand dollars right there if you have an se p ira it’s the lesser of 25 percent or fifty seven thousand dollars so

If you’re in a hundred thousand dollars a year from your business income you can just put 25 k of this in the se pr8 if you earn closer to two hundred thousand dollars then you might start to get closer to this 57 k limit here if you have an employer you would be contributing to your 401 k up to a limit of 19 thousand and five hundred dollars for the year 2020

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Now this gives you an idea not exact right but roughly like twenty thousand dollars worth of your income can be lopped off right off the top and you can still get under seventy-five k right so if you’re 95 k lop off twenty thousand dollars you can still get under this seventy five thousand dollars of adjusted gross income so going back to the wages over here i

Am not working for a company so i don’t have a w-2 so this is actually zero this is probably why i can get under 275 k but you might go well do you have miscellaneous income right beat the bush you have all these 1099 s and certainly those probably add up to more than $75,000 so that’s what’s so advantageous about having a business if you have so and so amount of

Business income you can in a way design it so that you spend a lot of it so that at the end you get very little business income for example amazon d might earn many billions of dollars and then they spend just as many billions of dollars and then they or zero income you can do this with the small business to earn a million dollars worth of income and then somehow

You go oh i’m expanding i am buying all this capital equipment to process the packaging or something to make more product and you spend a million dollars so right there it cancels out you earn nothing as reported on the taxes and somehow you can qualified for this stimulus check now the tricky thing here is that sometimes business and personal life just sort of

Blends together right for example you maybe need to go watch a movie with friends and this is purely entertainment and you cannot write this off however if you are a movie reviewer or something then you can certainly write this business expense of the movie ticket off so the idea here is if you own a business and you do everything that’s related your to your

Business day-in day-out maybe on weekends too then you might have a situation where a lot of your daily expenses becomes a tax write-off of course i have to remind everyone you have to do this illegally so let me just say if you get a w-2 if you work for someone it’s a lot harder to write off those expenses that you need in order to go to your job however if you

Own a business there is so much stuff that you can write off on under the schedule see that it becomes a lot easier to write off every single kind of profit that you have the other thing that adds to your adjusted gross income is dividends no i did not get more than $75,000 of dividends a year but you know it’s probably nice to get up there so that you can just

Live on your dividends interest or whatnot i did not get any alimony and now let me talk a little bit about capital gains how if you watch my previous video you know from 2019 i made a huge gain on buying and selling tesla stock i forget even if it’s short-term or long-term gains or anything because it did not matter why did it not matter is because i did all

Of that trading within my retirement account if you buy and sell within a 401k within an ira you don’t incur capital gains tax so in my taxes for 2019 i actually did not say anywhere where i like $70,000 worth of tesla stock which i eventually turned that into an actual car that’s in my garage right now so if you think about this i i just bought a model to repr

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Formance and i still got the stimulus check so this is like pretty unfair so all of those gains that i made on my tesla stock not counted as capital gains most people have a retirement account and also a brokerage account which is taxed so if you do your trading in there and then you do a sell and you realize the gains or losses then you have to put those in your

Taxes so before i jump into buying a certain asset in each of those accounts i would go hmm you know do i have a chance that i might actually sell this and net a huge gain in the future if i do like the tesla stock then i chose to actually do that trade within my retirement account that’s why when i sold it i did not have to pay any taxes until of course i do the

Withdraw for retirement or anything then i have to pay income taxes on those no capital gains of course because it’s in that retirement account also if you ever buy any kind of tax-free municipal bonds if it’s state tax free and also federal tax free it makes no sense to buy those within your retirement account because it’s already tax-free so if you purposely put

Those in your broker’s account not your retirement you’re going to reap the rewards of those tax-free things so what you buy in which account does really matter for the income portion there’s also retirement distributions i did not distribute anything and you think because i am sort of in semi-retirement that i need to start withdrawing from my retirement account

Or i don’t know my investment account or something but that’s not the case because my burn rate is so extremely low it’s close to like 1,200 to 1,400 a month right this moment it’s around 1,200 a month and in that sense you might go well because my burn rate is so low maybe i do deserve a stimulus check because i spend so little because you know i’m kind of living

Like you know a poorer person after all not a rich person this is just the way i normally am and this is the way i am comfortable with so then it works out – every year my expenses are sixteen to eighteen thousand dollars if i don’t go traveling if i don’t go buy a whole bunch of new electronics so i made this video sort of like a shock factor right because in the

Title you go oh rich guy gets us name let’s check rich car should not get a stimulus check right it should be those people that lost a job if they lost a job due to this infection stuff then they should get it right and this bill that’s passed that gives everyone money it’s not perfect in the way that they designed who gets what i would say adjusted gross income

Is an indicator of how much work you do how much wages that you earn but it’s no indicator of how much benefit you get every year if you somehow like me can purposely reduce your burn rate then that automatically means you don’t have to earn as much money therefore your income bracket goes way down and then all of sudden in these situations where they do look at

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Your adjusted gross income somehow i am able to qualify for this now you might wonder how can we dole out this twelve hundred stimulus check in a more fair way so that it goes to people who actually deserve it or actually need it and i would have to say it might be a mixture of checking how much wealth people have but this is a really hard thing to do people

Don’t report how much wealth they have how much money they hide in some switzerland account or something and on top of this each person’s expenses vary greatly so there probably should be a income cap each person has a different burn rate people who built an empire on airbnb with like ten properties or more they might have rent payments to their landlords of let’s

Say ten thousand dollars every month or so and then all of a sudden they’re not getting any income so does that mean they have a need for ten thousand dollars do they deserve to somehow get a ten thousand dollar check from the government so if you try to dole out a stimulus check based on need only you might have someone out there that has a great need of a ten

Thousand dollar check in a single month i think most people would say that no you should not indulge to those people because before then they’re like a really really high earner maybe they earn a million dollars just the year before so there probably needs some sort of wealth measurement some sort of income measurement and you can start with a modified adjusted

Gross income and also how much need do you have the need is a very high variable thing because they might depend on which part of the country you live in if you live in the more densely populated area rent is higher therefore your need is higher sometimes if you live like a monk like myself you only need $1,200 every single month so just because i need less does

That mean you actually deserve less stimulus probably the fairest thing to do is a universal basic income where everybody just gets a flat amount and this flat amount will just sort of guarantee a very very basic style of living so that you can at least feed yourself at least you can live at a very minimal type of place maybe they can even adjust this based on

Your zip code because some zip codes are more expensive to live in than others me getting this stimulus check it’s certainly not that i am gonna refuse it because i certainly enjoy having $1,200 more i can take this and go take a trip on the government and you know live out my dreams of eating kobe beef or whatnot so i can buy some gadgets or something you know

Just to entertain myself so while i am not fully retired and not swimming in money or anything i am living comfortably and i do accept the stimulus check still thanks for watching this video i hope this shed some light on what modified adjusted gross income is and how people like myself were you have a small business can actually and really greatly reduce what you

Apparently earn every single year just based on sort of financial finesse thanks for watching this video don’t forget to give me a like comment down below let me know what you think of modified adjusted gross income and as always don’t forget to push that subscribe button and ring that bell icon thanks for watching

Transcribed from video
I got the $1200 Stimulus Check! By BeatTheBush

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