When it comes to tax paid on wages, income or profit the IRS has two main ways to collect.
Is the previous statement an over simplification? Yes it is, so follow the thought and if you have questions or comments please post them consult with a Tax attorney, CPA or a tax professional Specializing in business.
One tax method allows you to keep your income, spend it, invest it, and pay taxes on what is left. The other tax system forces you to live on the remainder of your pre-tax check. The majority of us live on the remainder of our pre-taxed check while a minority pays taxes on the remainder of their income. You may be asking your selves, “Why they are so lucky and what do they know that I don’t”. The answer is they are business owners and they know that in order to control their outcome they first must have control of their income. It is very difficult to control what goes on in your life when almost 4 months of your earnings goes to the government. I don’t know about you but I don’t see how my money is spent wisely with the current economic conditions.
What would you do if you could keep an extra 2 months of your income?
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