Opportunities

With every adversity, we are provided with opportunities. I see our new president elect as providing more opportunities for many of us to better learn the tax laws and interpretation of them to use them to our benefit legally. I think it's also a great time to see what other tax shelters lie around the world where we can grow our money without having to pay into a system of things we do not believe in or to people who feel they are entitled. Entitled to what?

Granted, I'm a bit steamed right now, but there are opportunities.

Sure, we'll spend more money in getting a tax team to help us better use our money, but so what? One thing I am certain about the wealthy who have worked hard & smart to achieve their wealth, as well as those truly striving to be in this category, is to have someone dictate that you give what you've worked and sacrificed for to people who feel they have a right to your stuff when they've done nothing.

I'm going to cheer you on, and as I learn of different things over these next 4 yrs, I'll share as what is appropriate and wise in a public arena. Though I am not yet a part of the financially wealthy, my plans are I will be in the next couple years. Inspite of all the hard circumstances I've been in, what I've been called was to acknowledge my "sins" and wrong choices I've made, had to humble myself, ask for fogiveness & help, and take action to correct those behaviors/habits/mindsets and do something much better, much different.

There is no one to blame for where I am other than myself. These are my series of choices and it sucks, but I'm learning a great deal.

Let's say in the next year I make $3 million. That would more than pay off my debts, and the taxes on the remainder would be pretty high. However, operating under a business, and depends on how you structure that business and it's purpose, in the end, what is shown as profit could be $50K. One could structure the business to include all sorts of things like real estate, trading, other businesses, and we know we have operating expenses.

One of my friends earlier this year got a 2008 custom made Bentley that was over $200K. It was a business expense. I thought it was extravagent, but cool because if you personally bought it, the Bentley would be worth far less and you would've spent far more than that. As a business expense, taxes are taken after expenses.

The business astute will always be smarter than the common folk. I have a great deal to learn about business shrewdness & astuteness, but guess our next president is pushing me along that road quicker than I anticipated. Every cloud does have a silver lining.

Maybe under normal circumstances I might have bought maybe a $50K car, but that gets me less a tax break than a $200K+ car will, so I can see the rationale here. This is nothing I have to be concerned about now, but always thinking ahead, and perhaps some of my readers are in that boat and if they didn't know, well, here you go.

I would've probably had another $150K of extra income to pay taxes on at a lower rate, mind you, however, probably the taxes of that $150K of around $60K is still more than taxes off of $0. Go businesses and the wealthy, and those striving truly to be financially wealthy!!!

Send your write off ideas and maybe we can collaborate on how to have MORE tax deductible expenses to keep us in that lower tax bracket of Obama's. I think that would be so cool to make $10M or something of some big amount, but when all is said and done, legall there may be only $200K profits to pay taxes on.

I need to find a good book or resources that give me not just the common every day stuff to deduct, rather what the the financially rich and wealthy deduct? I wonder if the Donald deducts nearly everything, including his haircut.

So, I take this as a personal change. How much can we deduct to pay as little taxes as possible? For those of you who are do gooders and feel you need to pay more taxes, go right ahead.

I find I'd rather write out a big fat check or whatever amount to the places I choose to give (or God directs) rather than taking my taxes to fund things that I am against (i.e., abortion, illegal immigration, etc.). I'll personally give to United Way, or Cancer Research, or some Right To Life Movement, or Children's Education, which I've done all these things anyway.

So, if you have a philanthropy heart, I implore you to not pay more in taxes, but write out those checks to those organizations that support your values/beliefs. Make the checks as big as you'd like. I'm pretty sure they would be very appreciative. If you feel truly guilty for maybe the thousands you may be cheating people who want something for nothing, make the check bigger for donation.
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