Thinking in 'hourly' mentality limits the amount of legal tax deductions which are available to each and every income earner in America. You might be a W-2 employee at your day job, but you can also have your own business at the same time.
Did you know that a financial advisor can usually make your MORE money by finding you tax deductions as opposed to raising your risk tolerance level in your stock, bond and mutual fund portfolios? Whether you are a Sole Proprietor (default) with a Lemonade Stand, a Single member LLC (Limited Liability Company), and S-Corp (usually explored to open up more tax deductions) or you've graduated to a C-Corp, businesses are afforded a plethora of 'tax deductions' from their Gross Income.
Thinking as an Employee, versus shifting to the mindset of being a Business Owner, can be contrasted, quite literally, in simple 'You-Really-Cannot-Afford-To-Miss-These-WriteOffs' as seen in the video below.
You will make, on average, $1,000,000 that you pay to taxes over your entire lifetime; $2,000,000 if you have a working spouse. Are you really so wealthy that you can afford to give your own retirment dollars to the IRS in the form of irresponsible allowing of taxation that could have simply gone into your own account with a little help from our office?
Let us help you. You simply cannot afford to keep living this way. Nor will you be able to retire without hitting some kind of elusive and unstatistically achievable 'jackpot'.
Perfect planning is impossible, but you can do these basic tax savings strategies to build up a nest egg that becomes your money tree in retirement.
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