Taxes

8 Tax Strategies to Consider Before 2010

Working to lower your tax liability should be part of your “get out of debt” and/or “be financially free” game plan. There are a lot things you can do to save on taxes. But remember always operate with in the law. The guys over at the IRS are the last people you want to make your enemies. I found this article on mint.com. It has some good ideas that you can still implement in the last few weeks of 2009 and you can even use them in 2010. We here at Debt Wrench believe that every little bit helps when your are trying to fix your finances.

Here is the link for the article:

8 Tax Strategies to Consider Before 2010

Who Pays All the Taxes in the US?

It is so crazy to think about the fact that almost 47% of households in the US currently have zero or negative federal tax liability. I found this great graphic on Mint.com’s blog that shows the tax liability for American’s according to their income level.  We can take a closer look at the lack of liability across each income level. Note the percentage in each range that will not pay any taxes. The numbers are quite startling.  Also shown in this nice visual ad is a full breakdown of who is paying the bulk of all taxes collected by the Federal Government each year.

As you work toward your financial freedom it is important to beware of and plan to reduce your tax liability. You should always try to minimize the amount of money you give to the Federal government, always do so with the constraints of the IRS tax codes and within the law. One of the best legal ways to reduce your tax liability is to start a small business. The tax deduction are very limited as an individual, however as a business entity your number of possible deduction greatly increases. The money that you would have paid to the government can be use to pay off you debt completely. Once your debt is gone the saving can then be applied to your investments. This is just one of the many things that is taught in greater detain at the Intelligence Ways Academy. Wakeupnow’s membership offers all the tools and guidance you need to start your own business (i.e. free access accountants, a business plan, step-by-step information, and support from others). If you would like to find out more go to Wakeupnow’s website.

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Personal FinanceSoftware – Mint.com

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