July Money Tip: Taxes

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How would you feel if you found out you were overpaying your taxes? Most people want to pay as little in taxes as possible but have no idea whether they are overpaying. Without going into detail (and boring your socks off), there are a few simple things to know about taxes that can make a big difference.

First, there is no better way to keep more of your own money than to make more. Oftentimes, people pass up income because they might have to pay more in taxes. That's just crazy. If you got to pay 25 cents to earn a dollar, how often would you do it? Never pass up a chance to make more money in congruence with your purpose.

If you own a business, do you have the proper entity structure to maximize your tax advantages? Not all entity structures are created equal, so if you have a partnership, sole proprietorship, or even the wrong type of corporation for your business, you may be missing out. Learn about how to take your income as well. Salary may be taxed differently than dividends.

Check with your tax professional on the best way to employ these ideas for your specific situation, but being aware of where to look for opportunities is the first step.

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For more information on Garrett B. Gunderson and to gain access to a complimentary Financial Health Assessment online, go to FreedomFastTrack.com/cfw.