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    Tax Strategies of the Wealthy
    Tax Strategies of the Wealthy
    Tax Strategies of the Wealthy
    Ebook42 pages46 minutes

    Tax Strategies of the Wealthy

    By Greg Vanderford

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    About this ebook

    The American Tax Code is the longest and most complicated tax code of any country in the world. It currently stands at a mind boggling 74,000 pages and is growing every year. It's no wonder hardly anyone really understands how taxes work!

    In this eBook you will learn EVERYTHING YOU NEED TO KNOW ABOUT TAXES including:

    1. How to save money on your taxes

    2. How to build wealth in a tax efficient way

    3. How to retire without paying any taxes on your income

    4. How to avoid an audit by the IRS

    5. How to set up your finances to pay nothing in taxes at all!

    After years of studying and teaching business, one thing is clear: most people pay too much in taxes.

    If you implement what you learn in this eBook, you will not be one of those people!

    LanguageEnglish
    PublisherGreg Vanderford
    Release dateDec 26, 2016
    ISBN9781370972050
    Tax Strategies of the Wealthy
    Author

    Greg Vanderford

    My courses are designed based on my many years as a teacher and student of education and business. I hold a master's degree in curriculum and instruction and have been designing curricula for over a decade. My business, language, and chess courses and eBooks are a reflection of this experience and dedication to education. My goal is to reach as many people as possible with my courses, which is why I have chosen the internet as my ideal mode of delivery. The following is a little more about my expertise and background. I was born and raised in Sandpoint, Idaho. I attended the University of Idaho where I earned a bachelor's degree in Business Administration in 2004. After a few years in the work force as an account manager I moved to Vietnam where I lived for over 5 years. While in Vietnam I taught English as a second language for almost 2 years to students of all ages and backgrounds. For the 3 final years that I lived there I opened and ran a sports training company called Saigon Sports Academy. We coached sports such as soccer, tennis, and basketball as well as ran large sporting events such as tournaments and leagues. My positions while at the company included Director of Strategic Initiatives as well as Director of the Chess Program. While living in Vietnam I became fluent in the Vietnamese language and developed a deep love for teaching and traveling internationally. I then came back in the United States to work on a masters degree in education so that I would be an even more effective teacher in the future. It is my wish to be a positive force for education in the world, and to inspire my current and future students and readers to be the best that they can be in whatever they do. I am now a full time real estate investor and online entrepreneur specializing in flipping properties, showing others how to do the same, and having a great time doing it!

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    Book preview

    Tax Strategies of the Wealthy - Greg Vanderford

    THANK YOU FOR PURCHASING MY eBOOK!

    Please use this coupon for 95% off my best selling online tax course: https://www.udemy.com/everything-you-need-to-know-about-taxes/?couponCode=STUDENTSPECIAL

    Table of Contents

    Introduction-Why the Rich Get Richer

    A Brief History of Taxes

    Understanding Marginal Rates

    How to Maximize Tax Deductions

    How to Maximize Tax Credits

    Building Wealth Through Tax Efficient Retirement Accounts

    Tax Treatment of Foreign Income and Assets

    CPAs and Tax Preparation Software

    Tax Tips and Tricks of the Wealthy

    How to Avoid and Audit by the IRS

    Introduction

    Needless to say, most people don’t exactly enjoy paying their taxes. Not only can the tax bill hurt your pocketbook, but if you’re doing them yourself it can be a huge pain in the neck. On the other hand, if you hire someone else to do your taxes, not only can that cost a significant amount of money, but research shows that a large number of tax preparers make numerous mistakes on the typical return.

    These are some of the many reasons that thinking about taxes is considered one of the least pleasant aspects of being a modern citizen (accountants are an exception!). However, taxes are one of the few things in life that all people share and that if understood, can have a huge impact on your financial situation. In fact, the rich understand this deeply, which is why they spend a large amount of their time and wealth increasing their tax efficiency so that not only do they pay less in taxes than their less wealthy counterparts, but they reinvest the savings that result from their sophisticated strategies and become even wealthier and at an accelerated rate.

    This scenario causes a positive feedback loop wherein the wealthy individual eventually becomes so rich, that their capital compounds on itself by itself, making work unnecessary. While taxes are only one facet of an individual or family’s (or company for that matter) overall financial picture, understanding how to minimize your taxes legally through strategies mostly used by the wealthiest households, will accelerate the wealth building process no matter what your current level of income is.

    It’s amazing that in the 21st century, the average school curriculum not only doesn’t teach students anything about a subject that literally everyone needs to understand, but most schools have very few courses on personal finance, investing, or business. Many have no courses related to these subjects at all. No wonder most people know nothing about building wealth and reducing their tax bill!

    In this book, you are going to learn not only how to reduce your tax bill through such strategies as maximizing your deductions and credits, but also by maximizing the use of tax efficient retirement accounts and investment vehicles such as the Traditional and Roth IRA accounts among others. In addition, you will learn how to think about taxes like the wealthy, which is really what it’s all about.

    Saving a penny or two here and there won’t make much difference to your overall financial situation. But if you learn to think about the tax consequences of your decisions, and learn how to maximize your tax efficiency using the material we will cover in this book, not only will you be a step ahead of the vast majority of your peers, but you will have made a giant step toward becoming financially independent and building the life that you deserve for yourself and your family.

    A Brief History of Taxes

    For a large part of America’s history, there were actually no taxes at all (after

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