A tax deduction reduces taxable income, often due to expenses aimed at generating more income. Tax deductions, along with credits and exemptions, are forms of tax incentives. Deductions and exemptions lower taxable income, while credits reduce tax liability.
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Employees pay about 40% in taxes on average. Self-employed pays 60%. As business owners, we can reduce our tax rate to 20%, and as inside investors, we can lower it to zero, as the law allows us to do. It’s important to understand that our money belongs to us, not the government.
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Our focus is to acquire cash-flowing assets. Prioritize the assets column. It means investing in financial education and actively managing our own investments. Gaining financial experience comes from hands-on involvement, preventing us from relying on others to invest our money.
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The cash flow pattern for employees and the self-employed is: Earned Income → Tax → Expense/Invest. In comparison, to us using a corporate entity and investing, it is: Passive Income → Invest/Spend → Tax (if applicable, as investing income and debt can be tax-free under law).
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A winning business plan with a lucrative exit strategy is essential. It requires time and effort for comprehensive, thorough research on our specific business. The key terms in business are Cash Flow and Due Diligence. A financial statement and business plan will help us succeed.
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Successful business partners collaborate for mutual benefit. They should be generous and share similar values. We work closely with partners during deals, so enjoying our time with them is important. We will communicate frequently through texts, emails, meetings, and calls.
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Every business aims to solve a problem. A successful business operates automatically to sell to potential customers. We use the profits to acquire other cash-flowing businesses and investments. Learning to build a business is essential for securing our financial future.
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To maximize tax savings, we must understand tax credits and deductions. Credits directly reduce the amount of tax we owe, whereas deductions can greatly decrease our tax obligation by lowering our taxable income. Knowing how to use these can help us keep more of our money.
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We must understand the relationship between the essential business and investing words in our personal financial statements: 1. Income, 2. Expenses, 3. Assets, 4. Liabilities, 5. Cash, 6. Flow, 7. Buying, 8. Credit, 9. Net. Mastering these words rises our financial intelligence.
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