The Top 3 Actions You Can Take to Slash Your Annual Tax Bill – Ted Cohen | DO 83

Freedom Possible

Freedom Possible

We’re just two episodes away from wrapping up the Freedom Possible series!  That being said, the series wouldn’t be complete without an exciting discussion about your tax obligations.  Half the money you earn in your lifetime will go to pay your taxes, so pay attention.

What most people don’t recognize is that they pay a lot more in taxes than they have to, even more than what the government wants from them.  As you’ve set out on the fast track to building your passive income through running a business and rental real estate, your journey to financial freedom can be accelerated even further by decreasing your tax liability.

On this episode, Matt is joined by his own CPA, Ted Cohen, to share with you The Top 3 Actions You Can Take to Slash Your Annual Tax Bill.

Ted is making himself available to the Your Do Over audience to individually discuss how to decrease the amount of money paid to Uncle Sam each year – legally, honestly, morally, ehtically and even with the government’s blessing.

Feel free to contact Ted Cohen at:

(858) 336-2182

[email protected]

 

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5 Important Lessons from This Episode:

1 Unlike many “gurus” teach, Matt doesn’t suggest that you eliminate life’s luxuries such as daily coffees, eating out, and family vacations. Not only does he believe that you should live life to the fullest now, but these types of minor shifts are not enough to impact significant change.
2 Know your outcome before spending any income.  Work with trusted advisers and team members to create your financial gameplan so that you can begin with the end in mind.
3 Everyone should carefully consider starting a business.  The positive tax implications cannot be duplicated any other way.  If you haven’t already done so, talk with your tax planner about starting a business.
4 Real estate carries significant tax benefits and can be a great way for the average person to shed some of their tax liability.  Matt suggests every person purchase at least one property per year.  If you don’t have the time or desire to invest yourself, let Matt do it for you at CashflowSavvy.com.
5 Open up a retirement plan where your hard-earned money can grow tax deferred or even tax free!  Again, work with a competent adviser to help you determine the best retirement account for your specific needs.

  

 

What You’ll Learn:

  • How to speed up your journey to financial freedom by reducing expenses.
  • Why you should start by trying to eliminate your biggest expense.
  • Why everyone should talk to a qualified CPA before the end of the year.
  • What risk capital is and how to use it to your advantage.
  • Why you should consider your tax reporting in context.
  • Why Mark prefers reducing your withholding to waiting for a refund.
  • How to determine the real estate investing strategy that will assist you with your specific financial needs.
  • The changes you can expect in the 2014 tax code.

  

 

Resources Mentioned in this Podcast:

  

 

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