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.

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 =)