Examples of How To Keep Your Money & Pay Less Taxes – from Tax-Free Wealth by Tom Wheelwright

In this video training we discuss Examples of How To Keep Your Money & Pay Less Taxes – from Tax-Free Wealth by Tom Wheelwright.

How much did you pay in taxes in 2016?

Can you guess how much my friend worth $24 Million Dollars paid?

I recently hosted a private training with a local real estate investor/developer on June 7, 2017, and the shocking truth of his tax bill was revealed…

In 2016 he paid in taxes only $5,000!!!!!!!!!!!!!!!

How did he do it?

How is it he pays less in taxes than most people working pay check to pay check, and he is a multi millionaire?

The key to wealth is in the details…the tax details!

BUT how can a working class person learn to understand taxes like the ultra rich?

Well, that’s why I’m here, to make the secrets easy to understand for everyday people, just like you and me.

Watch this video training and be ready to finally understand how to use the tax laws to create more money in your pocket.

Tax Strategies That The Middle Class Miss Out On

Ever wonder what tax strategies that the middle class miss out on…and the wealthy seem to be using all the time?

Well, this blog will open your eyes to the possibilities that you may have not considered for yourself.

I learned entrance into a smarter way to live my life and do my taxes back in 2009, and haven’t looked back since.

Yet I’ve seen so many members of the middle class who never heard of these strategies.

Some of them have heard, however, still have not implemented them, paying thousands more to the IRS every year than they are required to by law.

Why is this?

In this live webinar starting at 6:30am HST / 11:30am EST, Joe Stauffacher and I will be showing you exactly what tax strategies that we are referring to, and how to implement them in your life today.

Be sure to get a pen and paper, or your tablet of choice, or just make time to pay close attention, as this webinar will have a positive impact on your life and the money you get to keep for yourself and your family.

P.S. I love blogging, researching and sharing what I learn and do to create financial freedom in my life and for others.  If you have a passion, and you want to learn how to use it to create your own online business, then CLICK HERE, watch the free video and get started!

 

How Much Would You Save in Taxes if You Made Less Money

…the other day I asked my accountant “How Much Would I Save in Taxes if I Made Less Money”?

…specifically, I had her show me the difference in the taxes our family would pay now and if I wasn’t working my job…

…my husband and I both work jobs now…

…and not surprisingly, we would drop a tax bracket, and we would pay $7,000 less in taxes if I hadn’t worked last year…

How Much Money Are You Really Making At A Job?

The reason I asked my accountant this question is because my husband makes a lot more money in his job than I do…

…so, it may be more cost effective if I didn’t work a job and concentrated more on my business, on investing our money for dividends and my family…

…Why would that be the case?

Read on to find out more…

Business Income vs. Employment Income

…so one of my options, instead of working a job, would be to spend more time on my business…

…since our business income increases when we make more sales, we can make more money in our business than in a job…

…for example, in my job, I make $2/sale…

…however, in my business, I can make up to $2,000+ per sale…

…in addition, business income is not taxable in the same way as salary or job income…

…business income is taxed only after business expenses are deducted…

…business expenses include the space where you do business, and if your business is from home, then it would be the portion of your home that is dedicated to your business, your wage from your business…

…it would also include any phone or internet service charges…

For a detailed list of business expense deductions CLICK HERE

…so it’s probably becoming clear that there are tax advantages to making money in a business…

…in addition to these advantages, I enjoy running my business…

…and I enjoy learning internet marketing, blogging and researching financial freedom…

…if you have a talent or interest in a particular niche, you can also start an internet blogging business, with very little upfront cost, CLICK HERE to learn more…

…I know other friends who have businesses, like baking wedding cakes, making leaf pressed stationary, personal training, writing books…

…whatever your business, you can improve it, leverage it, and increase income and make it more successful…

Dividend Income vs. Employment Income

…another option for me, instead of spending time at my job, would be to spend more time researching dividend paying stocks…

…first reason to spend time increasing dividends is because it’s fun, and I really enjoy growing our personal income through investing…

…second reason I like spending time increasing our dividend income: because it’s income that is not dependent on my job, and to me it’s more stable than job income…

…if you do it right…

…also, dividend income may not be taxed the same as employment income, depending on the type of dividend and also on your tax bracket, according to a Wells Fargo article for 2016:

“For tax purposes, dividends are considered either “qualified” or “nonqualified.” Qualified dividends are:

Tax-free for those in the 10% and 15% brackets to the extent qualified dividend income remains within those brackets
Taxed at a 15% rate for those in the 25% up to 35% tax brackets
Taxed at a 20% rate for higher income taxpayers whose income surpasses the 35% tax bracket
Nonqualified dividends are taxed at the same rates as ordinary income (currently a 39.6% maximum).”

So in determining if you should work less, take into account if you are growing your dividend income…

Time With Family vs. Employment Income

Let’s pretend you are on your deathbed, and you are thinking back on the most important moments of your life…

…most people will think back to happy times with their family…

…when their son or daughter first said “Daddy” or “Mommy”…

…or their first softball game…

…or their wedding day…

…these precious moments when we are spending quality time with our parents, siblings, children…

…these are the most cherished moments of our lives…

…and yet many people spend time away from their families doing unmemorable things at their jobs…

…some people don’t even know their own children because they are so caught up in their work life, that they are hardly ever home…

…it may be the case that the money that I’m making at my job is not worth the time away from my family…

…I’ve met plenty of people who couldn’t bear sending their kids to be raised by strangers, and left their jobs to raise their own children…

…some are internet entrepreneurs, some are spouses who have enough money with the other spouse working…

…so another option for me is to quit so that I can spend more time with my son, with my Mom and husband, and building a happy and healthy family…

Conclusion

I believe that anyone can become financially free, and it doesn’t matter what your profession is or your educational background…

…all that matters is that you decide you want it and you follow the steps to attain it (CLICK HERE FOR THE STEPS TO FOLLOW)…

…share this article with a friend and spread financial freedom throughout the world =)

 

13 Social Security Strategies to Maximize You and Your Family’s Income

This is Mey here on a breezy Thursday evening getting Wifi from my phone as the internet is down and writing a quick blog post on Social Security Strategies to Maximize Your Retirement Income

 

 

…in the training I was in I learned a few important tips that I want to share with you:

1) Go to http://www.SSA.gov and check that they have your earnings correct, as sometimes they make mistakes…how much time do you have to correct it?  You can go back 3 years only…

2) Registering at http://www.SSA.gov is so that you can obtain information on your Social Security, and does not activate your Social Security benefits.

3) You must work at least 10 years to qualify for Social Security, and the take the 35 highest income years to calculate your benefit…if you worked less than 35 years, then the years that you did not work count as ZERO towards your total.

4) You are entitled to full social security benefits at your retirement age (if you are younger then it’s probably 67, if you are older than it’s probably 66)…

5) If you are a spouse, you are entitled to 1/2 of your spouses social security benefits, and you can start collecting at 62 years old…waiting longer does not change your benefit at all…

6) If you are a spouse, and you also qualify for Social Security, you can start collecting the spousal benefit when you become 62, then wait until the maximum age of 70 years old, and then switch from the Spousal Benefit to your own benefit.  Why do this? Every year you wait to take your Social Security Benefit, the benefit increases…

7) If you are an ex-spouse and were a) Married for 10+ years, b) at least 62 years old and c) not currently married, then you can file to get half of your ex-spouse’s social security…if you get remarried though, the benefit stops…and it does not affect your Ex’s benefit at all and they don’t have to know unless you tell them…

8) If you have children under 18 who are your dependents, then they can claim half of your social security until they reach age 18…

9) If you decide to take your Social Security benefit at 62, then half way through the year you change your mind, then you can do a “do over”, and you can pay the government back and they will reset your benefit as if you hadn’t elected the benefits at all…

10) If you get to age 70, and you are just starting to take your Social Security benefit, however, you realize that you don’t have  much time left to live, you can do a “Do Over” and tell the government that you would like to change your election to start at 62 years old, and then they will pay you in a one time lump sum all of the payments that you would have gotten if you had been receiving them when you turned 62…

11) If you work before full retirement age AND take your Social Security Benefit, after the first $15,000 or so, you will have 50% of your benefit withheld and amortized and paid to you later after your full retirement age…

12) If you work after your full retirement age AND take your Social Security Benefit, after the first $15,000 or so you will have 30% of your benefit withheld and amortized and paid to you later…

13) Taxes – You have to take half of your Social Security Benefit and add up all other income that you make, INCLUDING non-taxable exempt bonds (like municipals), to determine your taxes!

 

As you can see, there is a lot going on in Social Security and in order to maximize your benefit, it’s recommended

How To Reverse Fees, Lower Interest Rates, and Keep More Of Your Money

How To Increase Tax Savings Through Categorizing Business Expenses

…do you know why starting a small home business can save you money on your taxes?

…it’s because the expenses from your business while you are building it most often create a loss which passes through and reduces your taxable income…

…this post explains what is taxable income, how can you calculate income and expenses in your home business…

  1. Taxable Income

    …the first important concept is TAXABLE INCOME…

    …that is the number that the IRS uses to figure out how much tax you owe…

    …the higher your TAXABLE INCOME, the more you may owe in taxes…

    …most people who have jobs will have their estimated tax deducted automatically from their pay…

    …at the end of the year, when they do their taxes, then find out if what they already deducted and paid was enough, or if they have to pay more…

    …they or their accountant takes their total wages, tips, commissions, rents and other income and adds it altogether…

    …this is your taxable income…

  2. Personal Deductions

    …most people will claim personal deductions…

    …what this is what you can subtract from your Taxable income BEFORE you figure out how much you owe in taxes…

    …deductions will reduce your taxes because they reduce your taxable income…

    …personal deductions include the standard deduction and also some other important ones…

    …health savings account…

    …retirement savings like 401K and traditional IRA…

    …unreimbursed work expenses such as meals on the road, car repairs and maintenance, parking…

    …moving expenses…

    …qualified child or adult dependent care expenses…

  3. Small Business Income and Expenses

    …here’s why a small business can reduce your taxable income…

    …if you have a small business where income and expenses pass through to your personal tax return, then your business losses will reduce your TAXABLE INCOME…

    …this is why most home based business owners will stay in business and stick it out until successful…

    …because they make back what they invest in their business in their taxes…

    …what you need to give your accountant is your business income (your total sales)…

    …then you need to categorize these important business expense deductions…

    Wages
    Rent
    Taxes and Licenses
    a.Payroll Taxes
    b.General Excise Tax
    Depreciation Expense
    Employee Benefit
    Bank Charges
    Dues & Subscriptions
    Gifts
    Insurance
    a.Liability
    b.Disability
    Legal & Professional
    a. Legal
    b. Accounting
    Office Expense
    Outside Services
    Parking & Tolls
    Postage
    Telephone
    Travel
    a.Airfare
    b.Lodging
    c.Auto
    d.Travel Meals
    e.Other
    Professional Development
    Auto & Truck Expense
    a. Gas
    b. Repairs & Maintenance
    c. Insurance
    Internet
    Merchant Fees
    Equipment Expense
    Meals & Entertainment
    Marketing/Advertising
    Supplies
    Storage
    Uniforms
    Utilities

    Click Here to Learn More About Small Business Income and Expenses

…did you find this useful?

…let us know in the comments below!

Conclusion

…I actually keep this post bookmarked to keep track of the categories of expenses that my accountant wants me to use on my deductions…

…providing value and ways to help others become financially free is what I LOVE to do =)

…if you have something that you absolutely love, and want to teach others your skills and value…

…then CHECK OUT BLOGGING, watch the free video and get started =)

Essential Tax Deductions For Home Business Owners That Keep More Pay And Reduce Taxes

…just heard that one of our business colleagues are getting a $15,000.00 refund in their taxes this year!

…in the United States, it really is important to properly categorize your business deductions…

…we also save thousands every year in taxes because of our business and our deductions…

…read this now and make sure you are making these essential tax deductions in your business…

  1. Rent

    …if you work from home, what percentage of your home is dedicated to your business?

    …do you store merchandise?

    …do you have an office space?

    …where do you do your webinars?

  2. Internet, Telephone, Utilities like Electricity, Water and Gas

    …if you have an internet business then what percentage of your internet is used in your business?

    …do you need a telephone in your business, what percentage of your phone use is for your business?

    …what about the utilities you pay to keep your house with power and so on?

    …all of these are valuable deductions…

  3. Office Expenses and Equipment Expenses

    …did you buy pens, paper, post it notes…

    …these are OFFICE EXPENSES…

    …did you buy a new computer, a printer, a speaker…

    …these are EQUIPMENT EXPENSES…

    …claim the Office expenses and Equipment expenses for your business…

  4. Travel Costs

    …did you travel for a seminar?

    …claim your Lodging expenses…

    …claim your auto rental expenses…

    …claim your airfare…

    …claim your travel meals…

    …claim other travel expenses…

…how much have you saved on your taxes from deductions?
P.S.
…I loved it the first year when I started my home based business…
…I spent about $1,000 to set it up and get started, and I made back over $3,000.00 in taxes!
…if you are single and working a full time job you really should consider opening a home based business!
…I love blogging about financial freedom and creating abundance in our lives, so I chose an internet business…
…if you love writing and teaching others about something that you are passionate about, then consider blogging…
CLICK HERE, watch the free video and get started =)

Video Reviews of Best IOS Apps For Tracking Small Business Expenses

…financially free people spend their time doing what they love…

…they are also extremely organized about their money and their expenses…

…after all, what you organize you prioritize…

…this post shares top apps to make business expense tracking a lot simpler and faster…

…so you have more of the time freedom that you desire…

  1. Three Great Expense Tracking Apps

    …this video shares apps for tracking expenses that will save you loads of time…

    …in terms of receipts, you just have to take a picture..

    …in terms of mileage, some have GPS trackers…

    …in addition, you can even track billable hours be connecting to your google calendar…

    …the apps are Expensify, ProOnGo, Concur…

    …Expensify at the basic level costs $5/mo….

    …ProOnGo works with Quickbooks, so you would have to pay for quickbooks and the app is between $49.88 to $239.88 for a year subscription…

    …Concur is $8/mo for the basic small business set up…

  2. Taxbot – One Touch Tax Relief

    …taxbot also can track mileage with GPS and scan your receipts as well…

    …the cost of this app is $19.99/month…

  3. One Receipt for iPhone

    …this is a FREE app for your Iphone that will extract data from your receipts…

    …all you do is take a picture of them…

    …in addition, and the best part, you can download all of the receipt information in a CSV file…

    …a CSV file is a comma separated file that excel, quickbooks and most spreadsheet softwares can read…

    …this may be all that you really need…

…did you find the information in this post useful and informative?

…did you know that the knowledge and expertise in your head can be used on the internet to make you money…

…find out more about it by clicking on the image below…