One of myEcon leaders Mr. Keith Tucker told me this today about paying taxes
Are you over paying taxes? When most people want extra money, they look for a better job or a part-time job. They don’t realize that 500-1,000 Extra dollars are theirs for the asking! myEcon has the solution.
A second job means more taxes. Most people do not even know how much income tax they really paid last year. How much tax did you pay last year? See! If you are like most people, you will say the amount of tax you paid on April 15. Others will say none, they got a refund!
Most people are Underpaid because they are over paying taxes. It is amazing that so many people are unconscious of the fact that paying Taxes are their biggest expense. In most households, it totals more than housing, clothing and food.
To figure out how much tax you really paid, look at your pay stub and multiply the total taxes taken out, federal, state, local and social security, then multiply by 12 or 52, depending on whether you are paid monthly or weekly.
Add or subtract any additional payments you made on April 15 or deduct your refund from the annual total. Shocked? You should be, You are being Underpaid, and over paying taxes.
Ever heard of “Tax Freedom Day?” That is the day in the year when the average American has made enough money to pay his taxes for the year.
For most of the country, it is, ironically, approximately April 15. For heavily taxed North East states like New York and Connecticut. With their heavier tax burdens, it can be as late as May, 25!
Think about it. You are working on your job as much as 40% of the time, just to pay your taxes. That translates to working Monday, Tuesday and until 3:15 PM on Wednesday, every week, just to pay your taxes!
Think About This When Paying Taxes
Looked at another way, each day you work from 9AM-12:20PM just to pay your taxes! When you calculate take home pay after taxes. You are being Underpaid and over paying taxes.
How would you like to be able to stuff a lot of that money back into your wallet? You worked hard for it, don’t let the government confiscate it. Especially when you see the preferential treatment others get from our friend, Uncle Sam.
When time to pay income tax. The myEcon business owner, as opposed to the lowly employee; is under a very different, very lenient income tax system! You are not being Underpaid!
Don’t believe it? What percentage of all of the income taxes paid in this country by individuals and businesses is paid by corporations. You know, big businesses like Exxon, Halliburton, Mobil, etc?
Start A Business And Save On Paying Taxes
Seven (7) percent! How do they get away with that? Don’t get me started! But rather than complain, join them. As Robert Kiyosaki, the author of the Rich Dad series says, it is easier to bend the system your way than to break it. Learn how To stop Over paying Taxes and being Underpaid!
If you are a myEcon business owner, even part time, myEcon business owners can write off all of your necessary, reasonable and ordinary (IRS lingo) business expenses. And use minimum income to pay taxes.
If there is any money left in the myEcon business, you pay taxes only on that amount. That means the myEcon business owner has paid all of his/her salaries, travel, transportation, benefits and entertainment with before tax income.
If he/she has actually spent more than the business brought in. As it happens most of the time in a new business. He/she not only has no income tax to pay, he/she can write off the “loss” against other income, and stop over paying taxes.
Whoa! Did you get that? A business pays all of its expenses and if they exceed its income, can deduct that amount from other income. Which means you will not be Over paying Taxes or Underpaid.
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