Garrett Gunderson – Wealth Factory
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Many accountants are trained in a reduction-and-cutting mentality. It’s vital to find a tax professional with a philosophy and skill set that suits your needs. It’s essential to know you have someone who truly understands what you want to accomplish.
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Garrett Gunderson – Wealth Factory
Tax Strategies and Savings:
How to Boost the Bottom Line in No Time.
9 out of 10 business owners overpay on their taxes.
The #1 key to savings with your taxes is being proactive rather than reactive.
By the time January 1 rolls around, many tax advantages that would have been open to you before the end of the year become unavailable.
It’s no coincidence that business owners with up-to-date, clean accounting records are more profitable than those that view bookkeeping as just a once-a-year activity for preparing their income taxes. Once you’ve gotten proactive with your accounting and planning, it opens the door to actually using accounting toward being productive rather than just cutting taxes. We call it “Production-Based Accounting.”
Lifetime support – Download unlimited when you buy Garrett Gunderson – Wealth Factory Course at Course Farm. The market leader in online learning – Offers a variety of diverse topics: Internet Marketing, Forex & Trading, NLP & Hypnosis, SEO – Traffic, …
Many accountants are trained in a reduction-and-cutting mentality. It’s vital to find a tax professional with a philosophy and skill set that suits your needs. It’s essential to know you have someone who truly understands what you want to accomplish.
Understanding the philosophy that guides your accountant’s actions is important: All tax professionals are not created equal. Each has a different agenda, serves a different market, and has different levels of awareness regarding tax strategy.
TIP: As a minimum, meet with your accountant at least one time per quarter to be proactive with tax savings and strategies
TIP: A tax deduction is very different than a tax credit. A dollar spent in a way that is deductible allows you to not pay taxes on the money, so it may save you 30% of the money spent. By contrast, a tax credit saves you from paying taxes dollar for dollar.
Different Tax Rates are a Big Deal
TIP: A tax deduction is very different than a tax credit. A dollar spent in a way that is deductible allows you to not pay taxes on the money, so it may save you 30% of the money spent. By contrast, a tax credit saves you from paying taxes dollar for dollar.
TIP: As a minimum, meet with your accountant at least one time per quarter to be proactive with tax savings and strategies. Effective Tax Rate: How much tax you pay on your income when you average out the rate you paid on your entire income.
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Marginal Tax Rate: How much you pay in taxes for a particular dollar (or in a particular tax bracket). So the first dollars you earned will typically be taxed at a lower rate than dollars earned after your income has hit specific income thresholds defined by the tax code.
These later dollars are taxed differently. They thus have a different marginal tax rate than those earned before the income threshold was met.No matter how much you earn, it will not change the tax on the first dollars you earned as it is not retroactive, hence marginal.
When evaluating the value of a tax-planning move, it is important to look at that move in terms of your marginal tax rate. The benefits you receive from tax deductions always happen at your marginal tax rate, because that is the rate of tax you are paying on your last dollars earned…
Lifetime support – Download unlimited when you buy Garrett Gunderson – Wealth Factory Course at Course Farm. The market leader in online learning – Offers a variety of diverse topics: Internet Marketing, Forex & Trading, NLP & Hypnosis, SEO – Traffic, …
Do you have answers to these critical financial questions?
- Do you have an emergency fund set aside?
- Are you creating a family legacy?
- Are you built to preserve your worth against the ups and downs of the market?
- Are you protected against financial pirates and predators?
- Do you have a plan around financial privacy and security?
- Do you have a process for finding hidden fees in your finances?
- Do you have a financial team?
You can build a wealth architecture that addresses all of these questions by focusing on critical areas of personal finance like asset protection, estate planning, tax, risk management, and your business.
Personal Finance is Different for Entrepreneurs
It’s not about handing your money over to the stock market, or putting it in a retirement plan, and hoping it works out. It’s not about diversification, it’s about focus. And it’s not about complexity, it’s about simplification, minimizing risk, and optimizing cash flow.
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