Don’t trust your financial Destiny to Fate (Take Charge)

It’s your Money It’s your financial destiny and if you don’t take control of it then someone else will namely the Internal Revenue Service. Look the IRS code is over 70,000 pages and it allows and disallows a lot of things navigating the tax code takes specific expertise. Why would you not seek the expertise if you could? Just like most fields of endeavor, there are tax reduction specialists. Last year only 1/3 of all the people in the US filed a tax return. If you are one of those people how much you paid in taxes is way more controllable than you may think.

Did you know that 70% of a person's wealth is gone by the second generation? That number jumps to 90% by the 3rd generation!

Heirs in the U.S. can expect to inherit $72.6 trillion over the next quarter century. A substantial portion of that will go back to the government in taxes in many tax forms. Income taxes that was not yet paid on retirement plan where taxes were deferred, Inheritance tax where proper planning did not occur. Still more in a variety of taxes that are levied on us all sometimes in a very stealth way we are not even realizing it is happening to us. If you put a frog in a pot of boiling water, he will jump right out but if you put him in cool water and gradually raise the temperature to a boil he will boil to death.

Most CPAs and accounting firms are General practitioners and Historians, they more document what happened than tell you how to plan ahead. With proper tax reduction planning, you can lower your taxes and even get to the Power Of Zero as talked about in the book and Movie by David McKnight. David tells us that getting to a zero-tax bracket is achievable. There are many different components but reaching tax efficiency through holistic tax planning requires a desire to get there, and a willingness to take action.

What would be the right tax plan for you would not be the right tax plan for someone on a different path, what’s right for a real-estate mogul, is not the same for a farmer, doctor, business owner, or W2 Employee. So when you hear someone giving general advice that advice will be right for someone but absolutely not right for everyone. If you are sick, you need a prescription tailored to cure your problem and not some random prescription bottle someone handed you that could kill you instead of curing you.

Did you know that taxes are voluntary!!?? If you don’t own real estate, you won’t pay real estate taxes. So that’s a choice we make and if you did own real estate did you know that you could challenge the amount that you're being taxed? There are experts like tax reduction specialists that can help you do that. You can pay them with the money you save and if you don’t save money you don’t pay. Did you know that income taxes are only owed if you have income? The gas tax is only paid if you buy gas. Capital gains tax is only owed when you realize a capital gain, all of these things you can choose and control. So, if you can choose then it is voluntary. Since most of us are not going to move off the grid and live in the hills foraging for food then we should seek out the most efficient process to take charge of our financial destiny and not leave it to fate. Isn’t it true, "we don’t know what we don’t know", and things are not always as they seem? You hear about wealthy people all the time not paying taxes. It’s true but it is not illegal to take advantage of the Rules and tax code that we are all given to live by. 

Just because someone has found a road map to pay fewer taxes, this does not mean they are not contributing to the collective, since there are many ways in which we all do that through charity, and deeds, as well as employing others so they can have a gainful lifestyle. I once had an employee to whom I paid over $150,000 in pay and benefits including providing a home rent-free for him. over a period of three years and did all I could to help him even though his coping skills were limited, unfortunately, our relationship ended on a bitter note since he felt cheated by life. He looked at all I had and found it to be unfair that I was able to have much, and he felt like he struggled to have little. My sister who also found her own success in life came across jealous people and she would just say to them "if you want what I have, then do what I do." She was early to rise and late to sleep she always made the most out of every day and got maximum value for her efforts yet could give to others like there was no tomorrow. I once heard that if you want to get something done give it to a busy person. My sister was that person.

Feel free to get a second opinion on your tax planning, after all, don’t you trust your current advisors enough to get that second opinion? If you said no, then you need that second opinion, and if you said yes then you owe it to yourself to do that since your expert must only want what’s best for you after all you trust them to want that.

By: John C. Gross III  

Tax Reduction Specialist

John@jcgrossagency.com