How To Reduce Your Largest Expense - Taxes

expenses s.a.l.t taxes Feb 21, 2019
 

For most people, Taxes are their largest expense.  Therefore, unless you reduce your largest expense, Financial Freedom is elusive, and will always be an illusion, so be sure to watch the video where I share the three (3) choices one has to reduce their largest expense.  

If you a) reside in a high-income tax state and b) earn an above average income, you may find that you are paying more in Taxes as a result of the S.A.L.T deduction cap of $10,000.  

In the video, I provide the 3 choices you have in order to reduce your largest expense which will insulate you from the $10,000 cap.

Here are a few articles to help you in your journey towards Financial Freedom.

  1. If you are a high-income earner and live in a High Income Tax State, this is a great article which explains S.A.L.T, State and Local Income Tax Deductions.

  2. Here is a link to a tool that you can use to calculate your Freedom Number and how much on average you pay in Taxes.

  3. Here is a blog where I describe the different types of income (e.g. the left side vs. right side) and tax rates of the quadrant.

  4. Here is an article of Why the Rich Get Richer.  

If you have no idea the percentage of your income which is going to pay taxes, use this tool to find the answer.   If you are paying more than 20% of your income to pay taxes, then watch this video to learn how to reduce.

To Your Financial Freedom.

Gena Lofton

 

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