WayneKirby.com

The Bible tells us to pay our taxes “Give to Caesar what is Caesar’s, . . . ” (Matthew 22:21 NIV)  But it doesn’t tell us to overpay. 

That’s what most Americans are doing - overpaying their taxes to the tune of Billions of dollars each year.  We can be better stewards of our money than that.

I really don’t mind paying taxes - it means that I’m making money.  Actually, you can say I enjoy paying taxes.  I enjoy it even more paying half as much.  

How do I do this you ask? Read on.

If you do only one thing this year– read this page carefully,
and learn what it means to your future. 
You can retire off of what you learn on this page.

You see, we have a Two Tax System.  No, not one for the rich, and one for the poor. But rather one for the business owner, and one for all others.

Robert Kiosaki, Best-Selling author of Rich Dad Poor Dad sums it up so well. He notes that:

• Most people: Earn money, pay taxes, and survive on the difference
• Business owners: Earn money, Enjoy Life,  and pay taxes on the difference

See the difference?  The rich buy on pretax dollars. Ordinary people buy on after tax dollars.  You’re at a 40% disadvantage.  Do me a favor, learn this, it will make your rich.

This may surprise you, it did me . . . at first.  In a one year study, 700 millionaires who made in excess of $750,000 per year were asked to document their activities.  Results were that before vacations, business meetings, family or sports the single most consistent activity was consulting with their tax strategists.  That’s right!  They all have learned that it is easier to keep what you’ve earned than to re-earn it.

This habit has made them millions.  This is the foundation of creating wealth.

It’s much easier in America to earn a lot than it is to accumulate wealth. Interest and taxes are two of the biggest roadblocks to wealth accumulation. Learn how to legally minimize both.

There are a few tax deductions for the standard wage earner taxpayer. However, our tax system is stacked against you. Most people only have three basic deductions:

1. Mortgage interest
2. Children
3. Charitable donations

The problem here is, as you grow older, these deductions can fade away. Your house is paid for, your kids are gone and you are left with only one deduction, charity. 

Some people try to plan ahead by having their spouse work and banking extra income.  Several studies have shown that after a second car, work clothes, child care, meals eaten out and a higher tax bracket, the spouse may actually only bring home about one dollar per hour!  The family is compromised and the bank account is barely affected.

To retain more of your income, all you have to do is start a home-based business.  Growing up, I often heard of people who had a “side business“.  Seemed like they always has more money than those who didn’t have such a business.  Now I know why.

If you have a business, you will benefit - significantly. Period!

“Every American Taxpayer that works a full-time job and does not have a ’side business’ is probably overpaying taxes to the tune of $3,000 to $9,000 every year.  Even self-employed people who do have businesses are collectively overpaying their taxes as a result of lack of tax knowledge to the tune of about $160 billion annually.” - Sandy Botkin, Nationally recognized tax expert

The key is to create as many deductions as possible for your income, assets and expenses. How do you do this? By converting normal activities into tax deductions.

To Your Success…

Wayne

This entry was posted on Friday, February 8th, 2008 at 2:38 pm and is filed under Business Ownership, Tax Savings. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.