Uneducated Tax System V Educated Tax System

Uneducated Tax System v. Educated Tax System
The line under your income on​ your pay stub is​ where these two systems differ. With the​ uneducated tax system,​ you​ deduct the​ three lines under your income and the​ remainder is​ what you​ receive. With the​ educated tax system,​ the​ first line is​ your reported income as​ with the​ uneducated tax system. However,​ the​ second line is​ the​ money you​ spent on​ the​ business,​ and you​ pay taxes on​ what is​ left. This is​ because when a​ business spends money it​ is​ called a​ business expense or​ tax deduction. Therefore,​ having your own business and being in​ the​ educated tax system,​ you​ can reduce your taxes by 4070%. to​ break this down even further if​ you​ are making $35,​000 a​ year this could save you​ up to​ $10,​000. That means it​ does not matter if​ you​ are making millions of​ dollars or​ a​ few thousand dollars. These strategies apply to​ you! a​ marginally profitable business can become a​ thriving business by applying these strategies.
A case study One of​ my students,​ Stephanie,​ was making $50,​000 a​ year. She took these strategies to​ her CPA who had been working with her families for years and always had her best interest in​ mind. He replied that although this program sounded interesting,​ he was already utilizing every deduction available able to​ her. Stephanie’s CPA agreed to​ participate in​ a​ conference call with me at​ Stephanie’s request. Stephanie’s CPA explained that she was paying $12,​000 in​ taxes. While this was much less than the​ average person,​ she could have been paying even less. I ​ introduced three strategies helping her to​ reduce her FICA,​ deducting her healthcare,​ deducting education both her and her daughter’s. We were able to​ reduce her total taxes paid to​ $800. in​ 15 minutes and with only three strategies,​ we were able to​ save her over $11,​200!
I have had students save well over $100,​000. Just think what you​ could do with that money!
We can start by converting your largest expenses into business expenses. We can teach you​ lesser known deductions e. g. travel and entertainment,​ medical,​ seminars,​ books,​ etc. and shift them over to​ business expenses. you​ pay them with pretax dollars and not aftertax dollars,​ reducing your taxable income.
Uneducated Tax System V Educated Tax System Uneducated Tax System V Educated Tax System Reviewed by Henda Yesti on July 05, 2018 Rating: 5

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