Carter Cofield, CPA
Region: US
Wednesday 26 August 2026 03:53:50 GMT
75711
1858
73
1349
Music
Download
Comments
Flyinghighagain1 :
The family member who draws the salary from the nonprofit has to pay taxes on the salary. Secondly, if any of the nonprofit donation is spent on the taxpayer or their family and not claimed as income, it’s income tax evasion. Lastly, a 30% donation to a nonprofit will definitely trigger an audit.
2026-08-26 20:46:12
21
Michael Ruminer :
Do this with many millions and it might work. Do it with whatvis your income level, and be prepared to spe d all that money on attorneys/CPA fees for your audit
2026-08-27 21:27:27
0
jason__197 :
so tax evasion
2026-08-27 12:43:26
2
This Old Fart :
I've seen bad tiktok advice but this one may top them all
2026-08-27 21:34:12
7
carbohydrating :
Whats the smallest amount that can be used to create a family foundation?
2026-08-26 22:29:55
2
camahone :
building a nest egg or giving to a charity? is the family the charity...like a legal charity?
2026-08-27 17:03:57
0
RJBtch :
When do you cash in?
2026-08-27 23:49:58
0
Dropit888 :
smh you still have to pay 37% tax on the remaining $700k.
2026-08-26 05:12:15
0
fritzagain :
Terrible advice
2026-08-26 22:55:48
5
AntiZionist08 :
You have to be careful with paying family to run the foundation. If you don't have enough non-related employees you risk "intermingling" funds and losing your charitable status.
2026-08-26 11:38:07
2
myrealtormike2 :
How do you get the money out of the foundation? You just have to pay a family member to run the foundation but you can’t liquidate it
2026-08-27 07:49:09
0
midwestern_ope :
It’s a bit more complicated than that. If you’re making that kind of money and just want to help your family, you might as well hire the. and provide max contributions to their hsa,401k,Roth,etc and provide health insurance. Business gets the 300k writoff and they will be set up for retirement. That makes it cleaner on both ends and the irs isn’t going to bat an eye if your actually having them work with you in your business.
2026-08-27 03:54:58
0
KingofTexas :
IRS has entered the chat. 👀 carry on ..
2026-08-27 00:04:06
4
Kay Lynn :
I think if we want to donate to welfare you can or if you want to donate to healthcare for all you can. That’s how we fund those. All these people that want to have socialism can give their money to them and if you don’t want to you don’t.
2026-08-27 11:39:27
0
Geneva eagle :
Hence the Clinton foundation
2026-08-26 21:43:28
1
whatashakar :
Don’t you have to pay for the salary of the family that runs it?
2026-08-26 22:31:46
2
Senorita Especial :
Does it matter how much your income is?
2026-08-27 20:37:57
0
user3354977013084 :
Is that better than a CURT?
2026-08-26 05:09:12
0
Mr. Bubbles :
Sounds illegal
2026-08-26 16:38:47
1
Steve Peters :
Tax deduction not tax credit
2026-08-27 02:32:11
0
Richard Kollauf :
Use a DAF instead. Less rules.
2026-08-27 04:31:55
0
CC :
What's the name of the foundation...F the IRS?
2026-08-27 06:48:51
0
vintageismyjam :
If you donate to your own foundation and you’re the only significant donor, the contribution is limited to a 30% deduction on the total, not 100%.
2026-08-27 14:41:25
0
Jane Doe :
See Clinton foundation for reference. 🙄
2026-08-27 11:01:56
0
sissy :
Clinton foundation 🤣🤣🤣🤣🤣🤣🤣
2026-08-27 11:19:32
0
To see more videos from user @cartercofield, please go to the Tikwm
homepage.
