Building lasting wealth can elude you if you don’t have the right information. This information is not taught in college or law school. This information was learned the hard way by an attorney. He figured out that he didn’t make any money unless he was working. The moment he went home he stopped making money. To earn a lot of money he had to work 90 hours a week. This type of career meant that he was chained to his work. And unfortunately, this is the type of career that most people have.
The secret to being wealthy is to not work harder for your money, but to have your money work harder for you. While a college education is beneficial it doesn’t give you the tools to create lasting wealth.
What does it mean to build lasting wealth? It doesn’t necessarily mean making more money. Building lasting wealth is about being organized and growing your wealth. You are constantly expanding your wealth. It is not how much money you make, but how much money you keep.
Once your business is working well and humming alone you have two obstacles to face which include: taxes and lawsuits.
Obstacle #1: Taxes
The average person pays 42-55% in taxes. Federal taxes can be up to 39%, state taxes can be up to 9%. FICA/social security taxes take big chunks of your money. You can’t avoid the FICA and social security taxes. Social security is a 7-8% tax plus your employer has to match that so social security tax is really 15%.
If you own your own business then you have to pay the full 15% of social security tax plus self employment tax. If you don’t know any tax strategies then you could end up paying 50% of your income in taxes!
By utilizing the right tax strategies you can slash your 50% in taxes to only 4-5%! This is legal if you know the proper strategies. This is why the rich get richer because they know how to significantly cut their taxes. They use these tax savings for activities that earn them even more money.
All of these tax strategies are legitimate. They come directly out of the US Government tax code book. Your accountant may not even be aware of these codes. They may tell you that you can’t do such and such, but you can point out the exact code in the tax code book. These strategies are fully legal and will not cause any red flags from the IRS.
Essentially, these tax strategies are part of the “educated tax system”. Many accountants need to be taught these tax strategies as well. The IRS is not out to get you. They offer tax codes that you can take advantage of if you have the right knowledge.
So where can you find these tax strategies? They are listed in the IRS tax code booklet. Top tax gurus can point you in the right direction. The key is to acknowledge that these tax codes exist and experience significant tax savings.
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