HOW MR. BEAST CAN LEGALLY AVOID PAYING UNNECESSARY TAXES
Mr. Beast aka Jimmy Donaldson is killing it on YouTube. I enjoy watching and sharing his content with all my friends. Great stuff Jimmy! You can watch Jimmy’s videos here.
Last night before bed I was clicking around on YouTube and came across this interview Mr. Beast had on the #H3Podcast with @h3h3productions @teddyfresh @HilaKleinH3. The topic was Jimmy’s complicated taxes. Here’s the YouTube link of the conversation.
Truth be told, most business/tax lawyers and accountants would cringe while listening to this conversation. I didn’t. I get it.
Mr. Beast is a creator. He’s doing what he loves to do and there’s nothing wrong with that. He’s pulling in millions of dollars a month from YouTube and the dude is super generous because he’s also giving away millions of dollars in cash and gifts each year on his YouTube channel.
In fact, it’s my understanding Mr. Beast wants to use his wealth to build hundreds of homeless shelters/food banks and give away all the money. That is so cool. Seriously, check out this content– pretty damn impressive and entertaining.
In any case, earlier today on my run I started to think about Mr. Beast and shot this video with my GoPro9. There are so many things that literally jump out at me that he can/should look at, and probably do, that will not interfere with the creative side of his content but will reduce state and federal incomes taxes and maximize the protection of his personal assets (bank account, house, favorite dog) from his business liabilities.
Doing so will allow him to create MORE wealth to donate or give away (BTW, there’s a right and wrong way to do this under the tax code). Hey, when you’re a trial lawyer with 34 years of experience, this is just how your brain works. Sorry not sorry. I’ve even discussed a few of these things over the years right here at my blog. Simply use the search bar for answers.
Hey Mr. Beast, if you haven’t done so already, surround yourself with a good business/tax attorney and CPA. Not only will you protect your wealth and business interests, you’ll also have more options than you ever thought possible and MORE money to give away to the homeless shelters and food banks because you didn’t pay as much in state and federal income taxes. And for the record, I have no problem paying taxes but I personally do wish our governments didn’t waste so much of our money. Maybe that’ll be a topic for another video in the future 😉
Update- after I shot this video I learned that Jimmy’s multimedia talent management company is “Night Media” which is a creative outpost for the largest creators on the internet. His manger is Reed Duchscher, who’s an impressive dude, so I’m sure Mr. Beast is in good hands and all this stuff is being covered. The idea behind this post is to give creators something to think about and hopefully get them to move in the right direction. You can connect with Night Media here.
OK. That’s it for now. Everyone please hang in there. I know we’re in tough times. I get that. But, I think it’s important that we all continue to try to move forward, lift each other up, and make each day our masterpiece.
Yours in service,
Mitch Jackson, Esq.
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