Tax Issues? Ever wonder how the wealthy deal with Taxes ?

 

Did you know that 99% of the tax code is actually written to benefit you as a business owner, 1099 contractor, landlord and farmer? The truth is the IRS code is written for business owners but I like to say the only thing separating a business owner from a W2 only employee is knowledge and desire.

 

Sounds great but you say your are not a current business owner. If your CPA or tax preparer informs you there is nothing you can do to save taxes as a W2 employee you are getting bad information so let's talk. Schedule some time to start a tax strategy discussion Schedule Meeting 

 

If you’re tired of working just to pay the IRS and you wish you knew the loopholes to paying the least amount legally possible, you have come to right place for knowledge.  

Robert Kiyosaki - Creator of Rich Dad Poor Dad book series, argues that paying high taxes means you are not acting in accordance with government incentives, which are designed to reward, not punish, investors. He believes the tax code encourages producing goods, such as real estate and job creation, rather than consuming. Tax incentives are meant to encourage specific behaviors.

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• Taxes as Incentives, Not Punishment: Kiyosaki views taxes as tools for the government to encourage activities that boost the economy, such as building affordable housing, developing energy, and creating jobs.

• Producers vs. Consumers: The tax code favors producers (investors/entrepreneurs) over consumers (employees). Employees often pay the highest taxes (often 40%+), while investors can pay near zero by playing by the rules.

• How to Avoid Taxes: Instead of saving money (which is taxed), Kiyosaki suggests using debt to buy cash-flowing assets like real estate. He argues that using debt is a way to reduce tax liability.

• The "Rule" of Tax Strategy: If you are paying taxes, you are not investing in the areas the government wants you to, such as housing or energy.

• Real Estate Perspective: He views personal homes as liabilities (because they cost money and you pay taxes on them) rather than assets

 

BlackFin Wealth is here to help our clients learn lot and implement smarter tax strategies but we are not CPA's and do not desire to be as we love planning, so if your tax situation is more complex we like to partner with firms that specialize in this area. 

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Ever wonder why some business owners seem to have a secret weapon for paying less tax? My friend Carlotta Thompson, a former IRS agent who has been on the inside, is now sharing the secrets to legally minimize your taxes and acquire tax free wealth.  If you're earning over $40,000 net business income, it's time to stop overpaying and start saving.

 

Register to attend Carlotta’s free presentation on the Pathway to Zero: How to Legally Pay Zero Income Tax.    https://www.taxstrategiesnow.com

 

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Remember when President Trump was accused of not paying Federal Income Tax and he replied, “well that makes me smart” and really he was smart with the way his team navigated the IRS Tax code. 

 

The same goes for Elon Musk, Jeff Bezos, the Walton  Family, Warren Buffet and many more. 

 

Now the question is for you, how are you able to do the same thing in your business and life?

 

You see It's not just about being smart—it's about having the right strategy. 

 

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Tax planning and future cash inflows to account for taxes and inflation is the cornerstone of our planning.

 

Remember if you do what everyone else does you will get what everyone else gets. Read the blog to find out more on this topic and if interested in a more in-depth conversation, feel free to contact us.