When it comes to investing and creating wealth, you’re going to have to deal with the IRS at some point. It’s just the reality of being an investor and living in the greatest country on Earth.
But, there’s so much to know about investing and the IRS, where do you get started?
First off, do you believe that the IRS, the Internal Revenue Service, has your best interests at heart?
For most people, the answer to that question is an absolute, “No.”
You don’t believe the IRS is out there to help you, right?
And think about this… What does “IRS” even stand for? Internal Revenue Service of course, but let’s break it down further
Internal. They’re internal to the government
Revenue. Their job is to get revenue for the government. And where do they get that from? They get it from you via taxes.
Service. They serve the government. Their job is to take as much money from you, small businesses, and corporations as possible and give it to the government.
But do you believe the government is the best custodian for your money? Once again, for most people, the answer to that question is “No.”
Look at the national debt. All you have to do is see the US national debt to know the government is not spending our money wisely and in fact, are going the wrong direction very quickly.
Once again… the IRS is in service to the government, not to you. And yet too many people are putting their future, their financial security of their next egg, into the hands of the IRS, the government and Wall Street. Yet intuitively, we know deep down that that is not the best decision and probably not the best option.
There are other options. There are other opportunities out there if you know how to get them.
Listen, taxes are part of life. It’s also one of the biggest expenses you have. So ask yourself this… “Do you mind paying taxes, yet would you prefer to pay less?”
If you believe you would be a better custodian of your money instead of the IRS, then you need to play the tax game.
Entrepreneurs and business owners play the tax game every day and they play to win.
If you don’t play, you can’t win.
Here are some steps you can take to get in the tax game and potentially start putting more of your money in your pocket (This is not tax advice or recommendations and is for educational purposes only, consult with your licenses tax expert prior to making any decisions.):
Start a home or hobby business around something you enjoy doing and has revenue potential. This will open up opportunities for deductions you may not be aware of.
Adjust your W4 withholdings so you don’t get a refund at tax time. This will increase your weekly/monthly income so you can direct that money to a more useful than giving the IRS a free loan.
If you have a business, get connected with a CPA firm and have them review your business for tax saving strategies.
If you’re filing your own taxes, make sure you’re aware of common IRS tax credits that are available to you.
Consider any courses or education you have spent money on for increasing your knowledge around investing and entrepreneurship. Those costs may be deductible.
Find a savvy business owner, investor, or entrepreneur and research their strategies either directly or by learning their methods.
To Your Success
The Living Legacy Association Research Team
