We’d all like to pay lower taxes. However, when looking at the big picture, we see the important initiatives and benefits brought by our tax dollars. Yet, there’s a way to learn tax secrets that aren’t actually secrets. These secrets can actually be found by looking at the tax code itself.
Most people think that because the tax code is an extensive set of rules, it’s restrictive. However, knowing the tax code or partnering with people who do, can guide you to smarter investments and bigger returns. So, why are the wealthy good at making taxes work for them? If we take a closer look, government initiatives are funded by commercial dollars (not taxes), because of tax incentives, and the tax code is your map to finding tax incentives.
Here’s an example of how the tax code is your guide to teach you how to not pay taxes and create a win-win for everyone. Samantha learns that investing in low-income housing offers great tax incentives, and that’s not coincidence—the government wants to swing investment money toward certain industries that take care of the poor (and other places as well, depending on political influence that we won’t get into here.) Samantha supports funding low-income housing and she also gets a great tax break for putting her money there. Everyone wins.
Whether or not you’re a fan of government intervention or how you feel about the IRS, you may as well take advantage of tax incentives. Let’s face it the way tax incentives are set up dramatically shifts the cash flow within the U.S.—and many programs wouldn’t even exist if you remove the tax incentive.
The tax code is complex, no doubt about it, and frankly that’s one of the reasons it works well. The key to taking the mystery out of this important investment concept is to educate yourself on it and partner with others who already know it extensively.
Tom Wheelright of ProVision Wealth Strategists™ is a friend of ours. His book Tax-Free Wealth is a great place to start understanding how the tax code can save you money. Here are four ways he recommends for growing your wealth while paying fewer taxes:
- Analyze the income tax rate you pay now. Your tax rate goal should be 25% or less.
- Learn about the tax code and network with partners who know the tax code.
- Decide what is important to you and the best places to invest your money, get tax incentives, while supporting the industries you believe in.
- Free up cash to invest in causes that align with your values.
Where do you get available cash to put this strategy to work? Well, we can help you with that too. It’s a concept called Infinite Banking and we want you to learn all about it. It provides you with the cash you need to make investment choices that align with your values, ditch your 401(k) and earn dividends while you do it.
As a FREE offering to you, we’ve put simple videos together in the eCourse to show you how it’s done. It only takes 2 minutes to sign up and receive access to video tutorials, articles, and podcasts. It literally costs you nothing to become educated on this strategy as well as how to be your own bank!
