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10 Ways for YOU to Save an EXTREME amount of TAX.
What would YOU do with some of the 30-50% of TAX you pay if you could AVOID paying it (legally)?
What would you do with that MONEY, YOUR MONEY, if you could avoid all income tax?
Here are 10 easy ways.
***Thread***
What would YOU do with some of the 30-50% of TAX you pay if you could AVOID paying it (legally)?
What would you do with that MONEY, YOUR MONEY, if you could avoid all income tax?
Here are 10 easy ways.
***Thread***
#10 - Take all deductions available to you
Value: $3k+ per year
Examples: Mileage, Meals, Home Office, Incidentals
Notes: These add up!
Value: $3k+ per year
Examples: Mileage, Meals, Home Office, Incidentals
Notes: These add up!
#9 - Become an S Corporation
Value: $8k+ per year
Notes: Generally needs to be done in the first 75 days of the year.
Value: $8k+ per year
Notes: Generally needs to be done in the first 75 days of the year.
#8 - Elections
Value: $50k+
Examples: Section 83(b) on Options/Restricted Stock, LIFO, Itemized Deductions, S Corp (see above),
Notes: Generally need to be made a on a timely-filed return.
Value: $50k+
Examples: Section 83(b) on Options/Restricted Stock, LIFO, Itemized Deductions, S Corp (see above),
Notes: Generally need to be made a on a timely-filed return.
#7 - Real Estate and all of its tax benefits
Value: $50k+
Examples: Depreciation, Cost Segregation, Section 1031 Exchanges, Home Sale Exclusion
Notes: The Tax Code is kind to real estate owners!
Value: $50k+
Examples: Depreciation, Cost Segregation, Section 1031 Exchanges, Home Sale Exclusion
Notes: The Tax Code is kind to real estate owners!
#6 - Structuring into exempt income
Value: $50k
Examples: Income in TX, FL, NV, SD, WY, WA, and AK; Municipal Bonds; Whole Life Insurance Borrowings; Gifts; Home Sale Exclusion
Notes: This income is not taxed!
Value: $50k
Examples: Income in TX, FL, NV, SD, WY, WA, and AK; Municipal Bonds; Whole Life Insurance Borrowings; Gifts; Home Sale Exclusion
Notes: This income is not taxed!
#5 - Buy your inventory EXEMPT from tax
Value: $20k/year
Examples: YOU DO NOT HAVE TO PAY SALES TAX ON ITEMS YOU BUY TO FLIP.
Notes: If you buy $300k of inventory per year from Walmart, Target, HD, Dollar Stores, etc, you should not be paying that 5-10% sales tax!
Value: $20k/year
Examples: YOU DO NOT HAVE TO PAY SALES TAX ON ITEMS YOU BUY TO FLIP.
Notes: If you buy $300k of inventory per year from Walmart, Target, HD, Dollar Stores, etc, you should not be paying that 5-10% sales tax!
#3 - Multi-State Operations
Value: $20k/year
Examples: Putting a warehouse/certain operations in a state with no tax can reduce your state business tax by 70-80%+!
Notes: This requires moving a substantial portion of your operations to another state.
Value: $20k/year
Examples: Putting a warehouse/certain operations in a state with no tax can reduce your state business tax by 70-80%+!
Notes: This requires moving a substantial portion of your operations to another state.
#3 - Whole Life Insurance
Value: $500k++
Examples: Funding a whole life insurance policy and borrowing against the invested cash value.
Notes: See @ChroniclesNate and @thegoswicks for all your needs here.
Value: $500k++
Examples: Funding a whole life insurance policy and borrowing against the invested cash value.
Notes: See @ChroniclesNate and @thegoswicks for all your needs here.
#2 - Tax Advantaged Accounts
Value: $500k++
Examples: ROTH IRAs, HSAs, 529s, 401ks, Solo 401ks, Pensions, etc, etc, etc.
Notes: The tax code has MANY types of accounts designed to encourage saving, by offering a tax break.
Value: $500k++
Examples: ROTH IRAs, HSAs, 529s, 401ks, Solo 401ks, Pensions, etc, etc, etc.
Notes: The tax code has MANY types of accounts designed to encourage saving, by offering a tax break.
#1 - Move
Value: $50/year
Examples: Move to a tax-free country, low tax country, Free-Trade Zone, special arrangement (e.g., PR), etc. Use FEIE if US Citizen or simply get a new residency of not a US Citizen.
Pay Zero Tax and invest this HUGE amount ever year!
Value: $50/year
Examples: Move to a tax-free country, low tax country, Free-Trade Zone, special arrangement (e.g., PR), etc. Use FEIE if US Citizen or simply get a new residency of not a US Citizen.
Pay Zero Tax and invest this HUGE amount ever year!
Want MORE DETAIL on these TEN and to find out even more tax saving ideas?
I have 60 THREADS on these tax savings subjects to help you save $1,000s, if not $10,000s, if not MORE!
It's 121 pages (21k words) of tax savings threads, all yours in one GUIDE for the low price of $27.
I have 60 THREADS on these tax savings subjects to help you save $1,000s, if not $10,000s, if not MORE!
It's 121 pages (21k words) of tax savings threads, all yours in one GUIDE for the low price of $27.
Buy today to start saving immediately.
Buy today because the price is going up soon.
Please stop paying more tax than you need to.
Yours,
Patrick https://gumroad.com/l/MbBbDf
Buy today because the price is going up soon.
Please stop paying more tax than you need to.
Yours,
Patrick https://gumroad.com/l/MbBbDf
