Taxes. They take such a big bite of my income. What can I do?

WE NEED TO PAY TAXES

First, we need to remember why we need to pay taxes.  It’s important to pay our fair share but it’s also our responsibility make sure we only pair our fair share of taxes.  Not more.

Cars travelling the highways.Our taxes pay for:

  • Roads
  • Sewers
  • Emergency Services
  • Research and Development

and so much more.

DON’T PAY TOO MUCH!

Many of us pay more income tax than necessary.  Others cross over the line of reason and don’t pay our fair share.  In many cases, neither is intentional.  We just don’t know our rights.  What’s deductible and what’s not?  Governments create tax “loop holes” to win votes.  You hear all about it on the news and then we elect them.  Then we discover there are so many rules around the new tax breaks that we can’t figure out if we qualify or not.  How do we make sure we don’t pay too much?

We often hear people make a pitch for their home based business declaring the need to get started now and save taxes for the whole year.  There is certainly great benefit to operating a home based business but be careful with that one, there are rules around that too.  Now your rights and talk to your team of professional advisors when you are planning your tax strategies.

RESOURCES

There are some great resources out there to get your tax questions answered:

WHAT WILL YOU DO?

Will you risk running afoul of the law or will you know what your rights are?  There are enough resources out there to navigate the tax system if you just make that call.  Tax advice can be very expensive but it doesn’t have to be.  Many financial advisors don’t charge up front fees.  They get paid when you use their products and services.  Lawyers are only for the rich?  Not true!  Legal services can be very affordable.  But, will you click here to find out how?

Ask questions and know your rights.  That’s the best thing you can do to minimize your exposure to tax liability.

Make it a great day,

Barry

P.S.  What am I thankful for today?  I’m thankful for affordable access to the legal system.  I’m thankful for what I learned when I was in the financial services industry.  I’m thankful for opportunity.

What are you thankful for today?