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Here’s exactly how the tax system works and how much I’d spend on taxes throughout my 7 incomes sources – enjoy! Add me on Instagram: GPStephan
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The subject of TAXES is one of those topics that’s SO important for you to understand, because this is the stuff they don’t teach you in schools. So hopefully this brings some clarification to everyone watching – and answer your own curiosity as to how much my tax bill is..
You first have whats called your federal tax bracket, which is how much you owe the IRS, depending how much money you make.
In addition to that, we’ve got state income taxes depending on how much net income you have.
Third, the income I make may be considered “self employment income,” meaning it’s subject to self employment taxes…which, here in the United States, is an ADDITIONAL tax rate of 15.3%.
The REALITY is that self employed business owners have the benefit of getting a LOT of tax deductions and write offs available to them to bring down their taxable income.
This encourages business owners to not only continually re-invest back into their business to reduce their tax bill, but also give them more PROFIT left over that will *hopefully* circulate back into the economy, whether they invest in real estate, buy stocks, spend more on avocado toast and 20 cent coffee…
I think this also ENCOURAGES people to start their own businesses, because you can fully utilize the tax code as its meant to be used.
In addition to that, if you’re self employed, you can chose to open up what’s called an S-Corporation. I have this setup, where all of my income and expenses first go through the corporation, and then to me SEPARATELY as an employee of that business.
So in terms of how much money I’d pay in taxes…It really depends on what my gross income is at the end of the year, and how much of that I chose to re-invest back into the business as a write off. At a certain point in my tax bracket, it makes sense to purchase a better youtube studio, buy better equipment, and purchase things that will improve this channel in such a way that also lowers my tax liability.
And if there’s any take away from this entire video, it’s this:
The reality of making money and becoming wealthy FIRST begins with saving money.
But when you get to the point where you cannot feasibly save ANY MORE MONEY, THAT is when you need to begin MAKING MORE MONEY.
But THEN you get to a point where you’re making a sizable income, and TAX REDUCTION becomes just as important as SAVING MONEY. These are strategies to KEEP the money you make, because the money you KEEP can be GREATER than the money you earn.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com