Uncle Sam who, Uncle Sam two, Which Uncle Sam are you – Justin Starks
You either will Let Uncle Sam (Stealing all Money) continue to rip you off in taxes or learn how to save more (Saving all Money) and develop better strategies to stop paying so much in taxes. This is a game played by the rich very well. Through investment vehicles they learn very quickly that dodging taxes is the way to go to accomplish and prosper in a wealthy life. I will describe some simple methods you could stop paying so much in taxes and what I did to receive tax cuts in the previous year that I wasn't even aware of until I filled out my taxes and new to still very new to investing. Please be advised that this is my experience and my experience only, thank you.
Tax Breaks with the 401K
While filling out my tax form for the 2016 year, I ended up saving some money on the back end, which made me an very excited man. That following year I was contributing about only 5% towards my 401K at the time. By having my deferred account open, which was my 401k, I didn't know my contributions wouldn't count what I made throughout the year, until I witnessed the tax benefit it gave. This was huge because I was actually encouraged to save more and more for the following 2017 year. This is a great way not to pay taxes and put your income to work. They are basically telling you to save more and take care of your finances.
ifts of Love (Charity)
Another great tax benefit was giving to charity. I didn't know that making a contribution to hospitals or for a cause was a tax break. Meaning you could donate to something you are truly passionate about and that monies is not counted towards your income. This will be written off as a gift and you will receive a nice gift when it come towards your taxes. They always state that giving back 5 to 10 percent of your income will open up many doors to your life. It may seem like a lot of money but don't think about that. Think about the lives and people you are helping. In order to be a great servant with your wealth you must be willing to help others in need. This will help you get rid of your selfish ways and prosper.
In conclusion, these are two simple ways you could be awards tax breaks and possibly earn more money in your tax returns. Their are many other ways to get great tax benefits but these are the two I know anyone no matter the income could accomplish. Remember, the government wants you to save and be a entrepreneur.
Question: Where these tips helpful?