Understanding Taxes with Joseph DeFazio - Part 1

Perennial Pride

Welcome to the first episode of our mini-series on personal finance, where we delve into the essential topics that impact your financial freedom. In this kickoff episode, we explore the complex world of taxes with expert Joseph DeFazio, an enrolled agent with deep knowledge of the tax code. Together, we'll demystify the tax system, starting with the basics and gradually uncovering strategies to help you legally mitigate your tax burden. Whether you're an employee, self-employed, a business owner, or an investor, this series will provide valuable insights to help you maximize your wealth and achieve the financial freedom you deserve. Tune in and start your journey towards financial empowerment today.

Highlights 00:12 - Taxes as a tool for personal financial freedom. 00:25 - Wealth as a means to live your best life. 05:30 - Importance of understanding taxes and foundational series goal. 06:00 - Historical perspective: Taxes in America, 1862-1913. 10:15 - The concept of legal tax avoidance. 15:00 - No obligation to pay maximum tax. 17:20 - Four main reasons for taxes: influence behavior, control inflation, redistribute wealth, fund government spending. 23:30 - Types of income and tax codes. 26:15 - Explanation of the cash flow quadrant: Employee, Self-employed, Business owner, Investor. 32:30 - Tax benefits for business owners and investors. 38:30 - Importance of understanding the tax framework. 42:00 - Encouragement to get educated about personal finances.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Joseph DeFazio
• https://www.10thstreetcapital.com/

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