Pay Less Taxes  

Happy November y'all! Our topic this month is Paying Less Taxes, and this is coming from the Wealth Series by Ben Kenney's Podcast called Win Make Give. If you haven't signed up for the series, please do (see below). This Pay Less Taxes part is the meatiest podcast and worksheet yet, it's part seven and the printable workbook is over 30 pages. It has a lot in there stemming from the Tax-Free Wealth book written by Tom Wheelhouse, which is fitting since he is the guest on this part seven in the podcast. He is the personal CPA to Robert Kiyosaki who is the author of Rich Dad Poor Dad.   

A few quick tax tips:  

1. Did you know the tax code is like 6,000 pages, listing pages, and pages of how to not pay taxes and some CPAs only use maybe the first 30 pages? Use a CPA who uses all the pages!  

1. If you own a business, you can pay your kids up to $12,000 a year and they don’t have to pay federal taxes!  

1. 1031 Exchanges: if you buy a home and live in it for less than two years and then sell it, you must pay capital gains on that equity earned. However, if you do a 1031 Exchange you can take the equity and use it as a down payment on the next house/investment saving thousands of dollars.   

At the very end, Ben Kinney lists off about 30 different kinds of trusts that are available to help one reduce their tax liability. Some may require a net worth in the multi-millionaire range, but you don't know until you ask!  

Our webinar this month is going to be on the topic of "Pay Less Taxes" with my CPA, Nicole Fisher. Join us! 

Next month, we're going to talk about real estate investing and I'm so excited about that one! We're going to have some awesome guests. Keep your eye out for more info to come! 

~ Emily Morris