Understanding Taxes… 3 of 7.

Day 150 of the 365 Days CHALLENGE to Build Wealth!

Today,

Learning more about taxes and how you can take advantage of the tax code is essential to grow your business, your networth and your wealth.

Ignoring it will NOT help you in any way… so don’t be lazy and learn what you can do to reduce your tax liabilities… because anyways, the more you keep the more you can invest… and you can do this legally and confidently.

• Document. Document. Document.

The IRS loves it when you have receipts and proper documentation to show them. It makes it easy for them and for you to proof your point in case you get audited.

• Depreciation and Amortization. 

Taking advantage of depreciation and amortization will make you money instantly… and the best is that you can do it over and over again for many years.

• Types of Income.

There are different kind of income and they will be taxed differently.  You must know the main differences because then you can modify your tax planning strategy according and save yourself tons of money in taxes that you will be able to use to build your networth faster.

Earned Income… has many holes on it and you get heavily taxed.

Ordinary Income… also highly taxed, yet a bit better than earned income.

Investment Income… you can use to your advantage for the rest of your entire life when you know how.

Listen to Tom Wheelwright and get the best from his own mouth…click on this link: https://youtu.be/43GBsvmcRj4

Let’s make taxes fun!

P.S… To receive every piece of advice and recommendations up to now, to catch up with our “365 Days CHALLENGE to Build Wealth”… visit, www.GoNetworthing.com

P.P.S… To get a copy of my book, visit Amazon on this link, just click here!