How To Lower Your Income Tax Bracket

How to lower your income tax bracket. Well we got a lot to say about this because why are you making so much in the wrong categories? So I'm going to talk about three specific things. One is how do you use corporate life? What I teach, how do you live corporate life in 81,000 pages of tax code? How do you then invest very differently so you have a depreciation schedule instead of capital gains problems? And then the third, let's talk about the tax brackets and how just a few of them just by one making one move, paying yourself under $47,000 will take you into like a 12% versus 22%. There's a huge difference on how you get paid. So let's begin. So how do you activate 81,000 pages of tax code? How do you actually really immerse yourself in intentionally paying less tax? Because you legally can, which is get under that $47,000 in payroll. So I make money in my companies. One of my companies pays me a $42,000 salary, pays my kids each $1,000 a month. That is enough to fund their Roth completely every year. And they actually do work for the company and they actually each have a job. My son's a travel agent for us, does all that kind of work for us, does other things for us. My point is you and your family need to be in a plan so you can affect this, right? The more you ever pay in taxes, the more you lose in investing, the more you just don't do this right, the less this is going to happen for you and your family. There's a lot of ways we know how to help you fix it and activate that tax code because I can tell you 81,000 pages. I mean, a lot of CPAs won't let you do wardrobe. They won't let you do vehicle. They won't even do a home office. Like I'm getting returns from people right now. I'm like, why don't they even do just a basic home office, even though they're sole proprietor, which is completely wrong. Now, the second thing we're going to talk about is alternative investing and depreciation schedules on how you invest. So why, when you can keep your money for nine months and 15 days, would you overpay any taxes? You're going to give them the most minimal amount strategically planned because of the way you made it, the way you deducted it and the way you invested it. And then you pay at the end, after you've kept your money for nine months and 15 days. The April 15th joke, and my current joke, I mean, I watched TurboTax, H&R Block, some tax relief program. We'll do your taxes and we'll guarantee you money back. Well, of course, they have to guarantee you money back. You guys are all looking for your little refunds. If you look for a refund in your conversation, well, what do I do with my tax refund? And then why did you get a refund in the first place? I don't get refunds. I pay the minimum amount at the time it's due, which is September and October of the year after I made it. So I don't know why you all get excited about April 15th, just make your money differently. You say, well, I don't know how to be an entrepreneur. Well, then you hire me and you hire our team. I have 28 financial experts around me. We will show you how to make money, how to invest money, like how to do it all. It's all the education you get here. And then you're going to figure out the strategy as we learn and you learn with us, coaching you and sequencing you. It's so fascinating that everybody just files on April 15th because then your CPA who's just wants, you know, there's I'd say 90% of the CPAs in the country or the world, which are also called accountants. In our country, an accountant doesn't have to be a CPA and they're different. And then there's a level above, which is truly a tax strategist and forensic accountants, which are even above all that. So our teams are very, very sophisticated. And that means if you're just a high W-2, we're going to help you take those down by the way you make additional money, by the way you invest money. So let's go to investing. So investing has to be for depreciation schedules. So you're not going to buy, say, Chevron, Shell, or Exxon stock anymore. You're going to go buy the well. You say, well, how do I find those wells? Well, I'll teach you and educate you on how to do due diligence and how to look for those projects. They're all over. You just, again, your head's down, you're in job, job, job, and then go home, home, home. And then you do it again and you don't have any time to think because you're doing instead of thinking and leading and you're just doing it all wrong. So you've got to pay attention if you want to do this right. And you've got to learn way more knowledge on how to invest in real estate, in gas and oil, in aviation, mineral rights, water rights. There's all sorts. I mean, crypto, there's life insurance. There's so many ways that you can invest. Roth IRAs, tax-free, tax-deferred, great strategy, huge strategy. You can do participating profits inside of there. Just there's so many creative ways to invest for tax strategies. It's fascinating. And most of you just park and pray. But the financial planner who, by the way, went to school for less time than it takes to be certified to cut hair. Yeah. How about that? Super fun, super exciting. I'm sure you're going to walk away from this video feeling so confident about your plan right now. So why pay tax in April when you don't have to? I just cannot campaign hard enough for don't do it. Call our office, 775-588-9200. Go to asklaurel.com, A-S-K-L-O-R-A-L. Say, help me extend my taxes. Now, some of you, because you're set up wrong, we can't extend this year, but next year we can. So there's all sorts of strategies. We're going to help you get it right. So how you make it, how you pay tax, how you invest, it all comes together as one big plan. But how you make it, how you invest it is critical to affect that tax bracket. Now, before I go to the last point, I want you to subscribe to my channel. We're going to be doing a lot on tax during this year. We're going to be doing a lot on alternative investing, depreciating asset investing, because a lot of you are not getting the memo. You just keep doing the same behavior. And you say, God, it's so entertaining. I'm not doing this because I'm Comedy Central. I mean, I could be, because I could make fun of half of the crazy behaviors. You say you want to be rich and everything you do all day long looks like you're broke. And the way you talk is like you're broke, so stop it. So it's a little bit of a scolding behavior video here, because I want you to get it right. And when there's formulas to get it right, I just don't understand the put your head in the sand and just act like it's all going to work itself out. You have to choose to work it out and get committed to working out and decide you want this life. That's called corporate life. So once a month, I do a corporate life training. How do you live the way I'm teaching you right now? It's a whole day and a marketplace where you can make money selling goods and services to affect other people's lives. And it's once a month and it's free. So grab the tickets are in the description below. Make sure you show up and let's help you get this tax strategy right this time. So let's just cover the exact brackets and which one's going to get you into the biggest problems and the least problems. And I don't care if you're making four or 500,000, you're still going to call me. You're going to go to asklaurel.com because we got to help you get fixed this year, 2024. Do not overpay again. First, I'm going to read to you the tax rates, right? So these are the 2024 tax brackets. So a 10% tax bracket, you make 11,600 or less. Well, what's interesting about that is as a child, if you make 12,550, you still don't have to pay taxes. So why as an adult, when you make less than that number, are you still paying 10%? I mean, you've got to wonder how screwed up all this stuff is. It's fascinating. Now at 12%, you're making between $11,601 and $47,150. And then of course, married filing jointly is completely a different number. It's just more. If you move up to the 22% bracket, so you move immediately 10 points up, right? Notice there's a 2% difference. Now you move 10 points up if you're $47,151. So why do I make 42,000? I stay in the 12%, right? So why add the extra 10? And that goes all the way up to 100,525. Then you go up two more percent. So at 24%, it's everybody who makes 100,526 and all the way up. Now that's going to continue to go up and up and up because you are getting a paycheck. And I'm talking about those salaries at a paycheck, not an entrepreneur. Because if you're an entrepreneur and your company's making money, your LLC, your limited partnership, S Corp, C Corp. And if you're listening to this from other parts of the world, you have the same principle that they're just called something different. You're not called a C Corp or S Corp or an LLC in your country. It's a limited proprietary, proprietary limited, a partnership of corporations, different names, all the same principle. So if the only money you make is you personally, a worker, right? A paycheck from an employer, they're going to take all the taxes out. So there's two tax systems, right? You choose which one you want to live in. I'm going to suggest you live in both very efficiently. So in an employment tax structure, you make money. You're immediately taxed. It's taken out of your check. Then you get to live on what's left. If the money comes to a company in America, right? There's no GST like there's in Canada or other parts of the world. You make money in your company. You activate 81,000 pages of tax code with the right corporate structure. And then at the end of it all, after all those deductions, officer and director benefits, housing allowances, phone allowances, vehicle allowances, all these awesome allowances that the IRS, thank you IRS for letting us all do all these things, you pay tax on what's left at the end. And by the way, let's just put a big period on this. April 15th is a myth. April 15th is another one of what I call the sheepology principles of keeping you all in the herd. Don't look up, just stay, keep your head down and work and work and work and work. Don't think, just work and continue to overpay taxes and put your money in the stock market that's highly manipulated and controlled. So when you lose money, whoops, sorry, but nobody's accountable. The whole system didn't make sense to me at 17, 18 year old going to college. So I don't know how it makes sense to you as an adult either. But April 15th is for everybody who just has a paycheck. If you have a company, right? And I'm not talking to sole proprietor company, I'm talking to company. And LLC, Limited Partnership, S Corp, C Corp, they file taxes in September. The C Corp actually can file in any quarter. So it's actually has its own independent filing date and then you pay taxes. So those companies pay September 15th and you pay October 15th. Why don't you go to askloral.com, A-S-K-L-O-R-A-L, and just line up those questions. And when you join the membership, you can come live and at least two or three times a month, I bring people live. Tonight, we're going to be doing 10 people and going through and doing little mini makeovers on how to help fix their life. So be one of those people, get serious about this. And we'll talk tomorrow.