Introduction
War On Wealth Series – Taxes
The “War On Wealth” is a war of many battles, and the “Battle Of Taxes” is by far, the most brutal of them all. This is the introduction post to a series of posts titled “Lower Your Taxes In 8 Simple Steps”. This series of posts is a series included in our War On Wealth Series, so it is a series within a series. Are you confused yet?
The Biggest Battle In The War On Wealth – “THE TAX BATTLE”
Without expert help, prudent tax reduction strategies and the ability to mobilize all of your tax reduction weaponry in your arsenal, your financial health not “can”, but “will” suffer catastrophic failure.The inability to effectively fight this battle is a plague that inflicts tens of millions of Americans. In California for instance, federal and state taxes and social security can eat up between Read More→
Popularity: 13% [?]
Trusts – A Basic Foundation
By · CommentsWar On Wealth Series – Asset Protection
Trusts are a key tool used in the game of asset protection, which means nothing more than making sure you hold on to the money that you currently possess. In this War on Wealth Series, I will teach you the closely guarded secrets of the wealthy that will enable you to grow and build your wealth for years to come.
What Are Some Common Uses of Trusts? Read More→
Popularity: 12% [?]
War On Wealth Series – Taxes
In my previous post “Why You Should Start A Personal Business”, I made the statement that obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. The greater the gap the faster your wealth pot grows and multiplies. The goal is to learn how to optimize what you currently have by learning how to keep less of your money from going out. The next step is to learn how to bring more money into the pot. Starting your own personal business is such an efficient weapon against ‘The war on Wealth” that in my opinion absolutely every one should have one. I also want to reiterate the fact that it is not necessary to plunk down $100,000 to start a printing shop. You can get started for as little as a few hundred dollars and a lot of sweat equity in any number of things that are available to you. The only thing that I would suggest is to find something that you love or can get passionate about. However for our purposes neither one of those is necessary. I just believe if I am going to spend my time doing anything, I am going to be passionate about and love everything about my life. I am also not concentrating on the earning of income in this post as I am going to assume that whatever you choose it is with the intent of making money. What I am going to dive right into is how you can keep more of the money that comes into your pot just by having a “personal Business”. Read More→
Popularity: 78% [?]
Taxing Hedge Funds
By · CommentsWar On Wealth Series – Taxes
Is this a good thing to tax hedge funds as ordinary income when they make profits for investors? What will this do to the costs of Hedge Funds and the resulting profits to the investor? check out the CNBC Power Lunch video below and decide for yourself.
Taxing Hedge Fund Managers - War On Wealth Series:
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• Dirty, Sexy Taxes (Tax Vixens)
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• Federal Tax Crimes (Jack Townsend)
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• Gina’s Tax Blog (Gina Gwozdz)
• Government Bytes (NTU)
• Int’l Tax Blog (Andrew Mitchel)
• IRS and the Law (Howard Levy)
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• PA Estate Planning Blog
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• Tax Blog (New Zealand)
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Popularity: 17% [?]
The Three ProActive Strategies Of Asset Protection
By · CommentsWar On Wealth Series – Asset Protection
Asset protection is the closely guarded secret of the Wealthy that enables them to build and grow their wealth on a continual basis. Obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. Through tax reduction, protection from lawsuits, and estate and retirement planning you can create a security system to protect your assets. In this writing I am going to talk about the three proactive strategies of Asset Protection in the War On Wealth. Within these strategies, exist a myriad of techniques that can be applied with infinite possibilities for any given situation, but here are the basics.
The Three Proactive Strategies of Asset Protection are: Read More→
Popularity: 12% [?]
Annuities, How They work And Their Tax Advantages
By · CommentsWar On Wealth Series – Asset Growth
Even though an annuity is sold like securities by insurance companies, they are much different from insurance policies. The best way to explain annuities is to imagine a hybrid product that combines the advantages of long-term investments with the advantages of life insurance. With an insurance policy you typically pay monthly premiums, whereas an annuity generally has you making a lump sum payment upfront to guarantee a periodic payout immediately or starting at some future date that you choose.The exciting part is these payments continue as long as you live.
In case you are thinking you do not have a large lump sum there are some annuities that will allow you to deposit a modest upfront say $500 to $2500 and allow you to pay into it like you would your 401k or IRA.
The length of time people are living is getting longer and longer and this is creating financial planning nightmares for financial planners and their clients. Outliving savings has become a major source of distraction around the typical financial planning model. Investing in an annuity will allow you to save for retirement and ensure that your money lasts as long as you do.
Annuities generally fall into two categories, deferred and immediate-income. Read More→
Popularity: 35% [?]
War On Wealth Series – Taxes
Taxes, taxes, taxes, we are taxed on everything. You paid a “whop” for the house, didn’t include escrows in your closing costs so you were able to come to the closing table with less money and now that $5,000 annual tax bill on that $400,000 purchase price is making you teeter on the edge of financial catastrophe, and you have no idea where the next payment is going to come from. So you ask, if my house in this market is worth half as much, why does my tax bill not follow suit? HA! Welcome to the new economy. As I told you before, we are fighting a “War On Wealth” like never before. Money is scarce all around us. Cities, Counties, States, and our entire Country is thinking of new and creative ways to pay their bills on “YOUR BACK”! Even if you had included the taxes in your escrow, imagine what $200 of that $416.67 a month tax bill (In Sacramento County) would do going into your investment account earning 6% interest compounding annually. In 10 years you would have $16,765.97. In 15 years, $29,607.03. What if you took the almost $17,000 in 10 years and leveraged it on a small rental property with positive cash flow, then sold it 10 years later for a nice gain. At that point you could take that money and put it into some asset protected, capital gains protected trust for maximum leverage. Wow! The possibilities are endless. Imagine if you instead paid $2 million for the house with a monthly tax bill of $2,083.33 (in Sacramento County), and you could put a $1,000 per month into that same investment account. In 10 years you would have $167,659.71, in 15 years $296,070.34. But I guess it’s really moot, because its all allocated to the “Tax Man” who is just going to foolishly waste your tax dollars and misappropriate as much as possible for good measure.
Don’t Despair
Luckily there are provisions in your county to remedy the situation. Every county is a little different, but here are the 9 basic steps that you are going to have to take to get your tax bill reduced. Read More→
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How Owning Real Estate Can Help Me Save On Taxes
By · Comments
There are several ways Real Estate can reduce the amount of tax you pay Uncle Sam? Here is a list of the most common methods to use as a tax saving tool and thus a Wealth Building and Wealth preservation tool. Read More→
Popularity: 23% [?]
War On Wealth – A Primer (Introduction)
By · CommentsWar On Wealth Series
This is the first in a series of writings designed to inform, educate, and instruct you how to win this battle that you have unsuspectingly been drawn into. Obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. It’s the amount that goes out that devastates most of us. In case you haven’t noticed, you are right smack in the middle of a war zone. Over the last century a stew of born entitlement, government inefficiencies and waste, continuing financial illiteracy, and greed (corporate and consumer) has been brewing and simmering to the point where the lid bursting from the top was all but inevitable. Well, we are at the point. At no other time in our young history Read More→
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Why You Should Start A Personal Business
By · CommentsWar On Wealth Series – Taxes
Remember, obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. The reasons are many why you should start a personal business. Some of these reasons include Insufficient income in retirement, supplementing income, achieving tax benefits, utilizing the benefits of modern technology, following a life long dream, and even realizing the desire to just continue working. Read More→
Popularity: 97% [?]
