Mr Beast On His Complicated Taxes

bro what is your what are your taxes like because you give away so much money yeah i hope that that's all deductible i do too if it's not which that is brutal if it's not i'm i might have a go fund me i'm coming up but we'll see because this year's taxes are coming up and that's when it's gonna i mean like millions you're about to find it yeah i'm gonna be i'm glad you got it yeah exactly i mean we have it all documented we have receipts and stuff but it's like the hard part is like when i give my boys a hundred grand to spend like i just brought that up that video up who pays taxes on it right them they can't pay taxes on it so then i guess i have to pick it up but it's not i gave away the money so it's like it's rough if i was your accountant and i'm not at all uh they all tell me i throw the taxes on my voice but like that's kind of shitty they tell you don't they tell you what like someone has to pay taxes yeah give away money either and you're in the video you're like here's 40 000 someone has to pay taxes on that yeah exactly either me or them for the most part so i don't know how that's gonna go and that's even like if you go give like a homeless dude a house is there tax implications on that yeah i'm pretty sure think about that it's like it's getting yeah people don't think about that yeah i know people need to know about that well we're gonna find out when this tax season happens i want to find that mystery this is going to be your craziest like tax yeah of course yeah last year was stupid the amount of money we spent i mean like someone's like 500 grand on videos so it's it's gonna be dumb i don't i don't know how it's gonna go i wasn't really so like game shows if you win a car i didn't know this but apparently right after the game show they have you sign a document where you say like you're gonna pay the eight thousand dollar tax on it or you forfeit the prize like you you don't even get it at all like you don't they don't even give it to you to sell for real yeah like you either pay taxes or not because i talked to someone who was on a game show and he won a prize and didn't even get to keep it yeah about prices right yeah they're like you win a hundred thousand dollar vacation you're like exactly it's more you owe us uh 50 000 yeah so i think that's why they do vacations because you can't liquidate it so then most people don't even take the prize so are you [ __ ] my all right i don't know if most people don't but like yeah yeah so that's where it makes things a little weird on me because like you know if i make them pay taxes on stuff then i look like a piece of [ __ ] but if i pay taxes on it on something that's already not really profitable hold on hold on hold on i don't think so because it's really when we're talking about your staffers yeah okay well other besides them so your staffers should pay tax because for them it's like a bonus now if we're talking about like here you go up to a waitress and you give her thirty thousand dollars i even then like that one they would pay taxes it's a little more messy when i give someone a question i guess they have to claim that yeah yeah that one's an easy one it's more like literally like i gave like six cars and so like who pays taxes on these like 40 30 20. i wonder if there's not room for an argument that it's just a tax deduction for you because it's part of your it's probably it's it's kind of like a um an expense yeah it's an expense of doing business but i'm pretty sure someone has i i i hope you have a slick accountant yeah we're gonna find out i hope you have a slick jewish accountant with a brooklyn accent yeah well do you i don't i'll i need to switch them up you're fine i just signed over to a slick uh jewish accountant with uh brooklyn accent did he help you save money from bro clinton he dude yeah yeah i need one of those i think i have one of those i don't i don't deal with any of that we don't know i have a friend i hope well yeah this year he's going to save us a lot in taxes uh i have a friend in show business who's pretty big in showbiz who recommended him to me and i get on the phone his name's like harvey and he sounds like straight out of the [ __ ] corner deli in brooklyn dude just like that deep jewish accent yeah and i was like how old are you dude because he sounded like an old jewish man and he's like i'm 40. i was like bro you have the cadence of an old jewish man and you have my business yeah all right i mean yeah that's the anecdote that you i can help you gotcha you can help me long story short you can help me thank you actually speaking of taxes i was talking to someone i won't name them but you know how like trump like passed the new tax bill where it's like well 99 yeah and he was supposed to like make it where like uh you know lower income people pay less and higher people pay whatever like the you know make companies pay less or whatever something like that but i was talking to one of my friends and um it's funny because he ended up paying like over like half a million dollars less than he would have before that tax bill and his employees actually ended up paying like five percent more in taxes but trump pitched it like it was the opposite so i've i've been obsessively learning about that it's so so it's kind of the so the 1998 is the new deduction and it's a 20 corporate tax deduction yeah so and then so first of all what they also did to pay for that is remove the state income tax so there's certain states mostly liberal states that have a high personal income tax to the state california new york specifically i don't know what it's like in north carolina is that like five percent so in california and five percent there that was a huge huge deduction that would come deducted from your federal taxes so in states like that your taxes for for a lot of people are actually going to be going up and they also capped personal expense to 10 000 too so a lot of people are non-corporations yeah for your personal deductions so a lot of people in blue states um are going to have their taxes increased and they also did this was that he did us dirty dude entertainers people who derive their money i'm learning stuff yeah people who derive their their income from performance yeah where like it's a personality-based uh okay company cannot take the deduction the ten thousand dollars straight up the twenty percent entertainers cannot take it and then not only entertainers like lawyers and accountants and [ __ ] like that like uh professionals but he specifically went after like businesses he went after like entertainers specifically it's like a little revenge play well see now we're getting out of my realm of knowledge i don't know anything yeah i just know funny stories where my friends who are supposed to pay less and people that were supposed to be helped pay more and it's just like i just like i'm not a political person i know nothing about politics but when they just blatantly lie and you know it's kind of like wow you know well i dude it's so [ __ ] up like uh when that happened i was like yeah i'm i'm gonna get all this money off taxes and then our accountants are like no you're gonna pay more this is gonna go up oh you're saying what the [ __ ] yeah because we're enter because um i should just like literally text yeah like yeah i need because taxes are due soon you should find out what he's doing yeah all right i'll just take care of that yeah you're like [ __ ] too we have like a month to finalize well i i just if i it's not easy if i didn't if i didn't plan properly oh i thought that was the guy out there that's a little sound it's a lance stewart uh welcome to papa's house that's a good one to push yeah but if i didn't prepare properly you're just gonna see my videos go from a hundred thousand dollars a video down to like five yeah today we're gonna be giving out a packs of gum yup no seriously so that might happen we'll see no i don't i don't think you're a big spender i'm sure you're you're you're what i am not on yourself yeah i mean but it's all business you're spending money on your business but you got to make sure someone has to pay attention exactly either me or the people but i'm just saying it should be deductible because it's a business expense you got to get a slick jewish accountant to make sure it's it's categorized as a business experience can you go to the supreme court and tell them that it's not a supreme court it's a it's a good faith argument based on because we're in a new vertical in terms of business traditional we don't really fit the traditional mold of how people spend money on entertainment like what you're doing is a legitimate business if you're not giving out a hundred thousand dollars people aren't watching your videos yeah so i see that and i think it's a good faith uh legitimate argument to make to the irs that hey this is all deductible expenses because this is what you do yeah i guess you want me to be your accountant yeah do you want to just do everything for me yeah this [ __ ] gets me riled up because look it's it's ridiculous if you spend that much money on the video it's not enriching you it's [ __ ] you're you're producing content yeah but at the same time like some of it goes to my boys and things like that so that's deductible yeah i mean that's a that's they should pay the taxes on that yeah so so anyways i buy him a car and then it's like pay eight thousand dollars on this car i gave you that's when they don't have eight thousand dollars yeah that's tough that's basically sum it up with that we can move on it's just like yeah because they especially because i know a lot of the prices i give away that people can't afford the taxes that's the dilemma that's crazy man yeah that's a tough one so then i just have to kind of pick up myself that is a really interesting peak behind the curtain yeah that people don't think about good luck to your accountant this year thank you as well [Music] you

Channel: H3 Podcast Highlights

Views: 6,699,988

Rating: 4.878284 out of 5

Keywords: h3 podcast, podcast, h3h3, h3h3productions, ethan klein, ethan and hila, mr beast, mrbeast, mr beast giveaway, mr beast money giveaway

Id: ruq3s0RTKIQ

Length: 9min 22sec (562 seconds)

Published: Sat Apr 06 2019

Reddit Comments

[u/GaniB]

Hmm so him paying his employees for winning contests would probably be like compensation expense? And for when he gives money to strangers wouldn't that be a gift tax?

[u/TheDegy]

Idk how it goes with GAAP in the USA, but won't you consider it as an expense? Technically, he spends to get views which in turn is money right?

[u/Jo_Backson]

Live in the same town as this guy, have met him a few times. He’s a massive cock.