Another Key to Long Term Wealth Building – Taxes
Here in America we all pay taxes. It is our God-given right to have this privilege. However, it is not a fair payment system the government has installed for our convenience. Most Americans pay according to how much income they make, which on the surface sounds fair. But some Americans are able to write-off much more by using a tax-reduction system, which is another key to long term wealth building. Do you want to list tax deductions you can bank on?
Long term wealth building is a strategy that reduces the debt by eliminating unneeded spending. By using a tax-reduction system, you can legally and ethically save thousands of dollars that you would normally be paying to the government. To accomplish the wealth building strategies I speak of you must have a tax reduction system in place. It has nothing to do with the amount of income you make.
Taxes represent the single largest bill the average American employee pays! In fact, the amount withheld from your paycheck every week for taxes is probably more than your food, clothing and transportation costs combined! These taxes include Federal, State, and Medicare, sometimes even City or County. Does this sound like a “fair system” to you?
Some Americans will end up paying as much as 37% of their hard earned income to taxes. To give you an idea of how much this percentage means to your pocketbook, let me give you heads up. If you were to receive $1000.00 in every paycheck, the amount you give Uncle Sam would be $376.00 out of this total. So you receive only $624.00 of the full amount of your paycheck. Wow!
These taxes are automatically withheld from your paycheck before you ever see it. Why? Because if you saw just how much was being withheld you might want to institute a tax revolt! But seriously, what this means to most Americans is that they are paying above and beyond their fair share of government taxes each and every paycheck.
There are two kinds of tax systems in America. One tax system is for employees, which includes most Americans. The other tax system, a much better tax system is for businesses. Employees get to write-off almost nothing whereas businesses get to write off almost everything!
To better understand the difference between the two tax systems, let’s compare. For employees, there are very few tax deductions Uncle Sam allows you to take:
Mortgage interest on your home
Standard deductions for dependents
Gifts to church or charity
Contributions to a retirement plan
The second tax system is for businesses. Businesses get to write off almost everything, from rent to phone bills, from furniture to janitors, to even their coffee and donuts!
Mortgage interest or rent
Office equipment – computers, copiers, fax machines, telephones
Office supplies, Paper, pens, ink cartridges and postage stamps
Desks, furniture, coffee machines
Paintings, wallpaper, carpeting, and other repairs or remodeling
Phone bills, cell phones, pagers
Newspapers, magazines, books and online media
Airplane fares, hotel costs, meals and rental cars
Lunches, dinners, ball games, theater tickets and health clubs
Security alarms, hidden cameras and guard dogs
Health, life, dental, vision, disability and unemployment insurance
Company cars and boats, plus mileages
Gifts to charity, non-profits, libraries, etc
Contributions to employee retirement plans
Lawn care, landscaping, snow or leaf removal, driveway repair
Holiday cards, gifts and postage
And just about any other expense a business has in the pursuit of deriving an income
The late Arthur Godfrey once said, “I’m proud to pay my taxes, but I’d be just as proud to only pay half as much.”
So what do you think if you only had to pay taxes on what was your “left-over” money from all these expenses, like businesses do? Do you think that you would have the income to better support your family? Could you afford to quit that second job you have to support yourself if you were allowed to just pay what businesses are required to pay?
I am not saying to stop paying your taxes. It is a necessary requirement of all Americans to pay their share of taxes. But instead of paying more than your fair share, why not just pay what you owe?
This article is all about what every American could, and should do to prevent their taxes from consuming all their hard earned money. If the income you were to pay in taxes was instead diverted to your bank account, you would have the means to building wealth, just like the already wealthy people do. It is one-hundred percent legal and ethical.
What am I talking about here? What I am suggesting is to give you the chance to build wealth by paying fewer taxes! How to do this is simple. Based upon the #1 New York Times best selling book, written by Scott C. Turner and Ronald R. Mueller, “It’s How Much You Keep That Counts, Not How Much You Make.” To get this incredible book to learn how to save thousands off your taxes, click on the link below, http://ecommercemakemoneysolutions.com/homebusiness.
Merrick Global Industries LLC
Also remember to read:
List Tax Deductions