Do Deductions Lower Your Tax Bracket

Do deductions lower your tax bracket? Absolutely done legally and correctly and documented. So I'm going to talk about the 81,000 pages of tax code and how underutilized it is because so many of you are on TurboTax or you're going to H&R Block or I don't know what you're doing. You're not activating the tax code and you wonder why you overpay taxes because you have to lean in and have an expert do it. Number two, why strategic investing, diverse alternative investing is absolutely part of lowering your tax base bracket. In fact, I'm going to share with you what I call the tax trifecta. I made up that word because it's what it is. There's three big things that can lower your taxes. And the last thing, the common mistakes that keep you exactly stuck the way you are. And just to give you a gross number for every 10,000 a year, which that could be because you didn't do enough home deductions, vehicle deductions, technical. I mean, there are so many things. Did you know that you could write off your dog for home security done right? You could write off any of your guns for home security done right. You could write off wardrobe if you have the right kind of business. There are so many things. If your kid's working for you, I could go on and on and on. All of that easily would make up $10,000 of deductions. Now you have to have a company, right? And now I'll see S-corp, C-corp, limited partnership to activate this code. Now you have all these deductions you can do. So absolutely, but $10,000 of overpaid taxes, because you just can't be bothered. In 20 years compounded at around 12, 13% is $1.1 million. So don't tell me you have to do a lot of hard work to be a millionaire. You just don't have to keep overpaying taxes, but that doesn't mean you're looking for a refund. You don't ever want to have to pay in and wait for a refund because why are you giving the government your money? They're not paying you any interest while they hold it all year. And then you have to fill out a whole bunch of paperwork to get some money back. That's the insane process when you can actually posture yourself in a completely different way, but you got to lean in closer to us. In the notes below, I have three chapters, my millionaire maker book, a gap analysis. I want you to read it. I want you to talk to our team one-on-one immediately. Say, how can you help me lower my taxes in 2025? Now, if you're hearing this at a different time, the minute you hear it, you say, okay, I got to go. I got to go talk to Laurel's team. Critical, like I would put this imperatively, like you could be a millionaire just by using the tax code properly. So let's just summarize the use of 81,000 pages of a tax code and how it helps. So when you activate corporate benefits, you're going to shift your income, your business to take advantage of the deductions. Again, like the home office vehicle, technical, your kids working for the company. I mean, there's so many 81,000 pages. Again, invest investing for depreciation. I call it like there's the top, I was talking five and 24, I now have added six to it. So you have gas and oil is number one. These are depreciating alternative assets. This isn't gas and oil like owning the stock, like Chevron, Texaco. This is owning the well, aviation, the airplane, real estate, the actual buildings, not a REIT on the stock market. None of this is stock market investing. This is owning the real asset. This is finding mineral rights in your area. It's finding water rights. It's finding carbon credit rights, conservation easements. Those are the kinds of assets that wealthy people invest in. Yes, we have some money in the market and I actually use a software called iFlip. You can go grab a free copy of that software app in the link below. So you can grab the iFlip because that's the way that I put mine to work. But again, that doesn't help in your taxes because all that's doing when I make gains is creating capital gains. So now you have too much income. And then the only investment, if you're in the market, now you have capital gains. Where's your depreciation, which is a deduction against your highest income when you file taxes. Taxes is this thing that you need to be focused on at minimum quarterly. See, the problem with most bookkeepers and CPAs is they're historians. They're just recording what you did all year. They're not in front of you, which is what we are forecasting. What are you going to do this year? What kind of company do you have? What kind of deductions? When you pay yourself personally less than $47,000, it activates two things. 12% tax bracket versus 22. So even 48, like I paid myself $42,000. I give myself a demotion because I want to stay under that. The other thing that no one talks about is that low paycheck of say $42,000 to $47,000 or even lower. It gives you some of the greatest healthcare benefits because all they want is your past few months paycheck stuff. So it has to be a paycheck, not a distribution. You just can't take money out of that company and then give that to a healthcare company like a Blue Cross or a Kaiser or any of those kinds of companies and better. So the insurance company, all they're looking for, whether they will give you good health insurance, is a paycheck stub. So when you pay yourself very little money, lower than 47, you qualify for, for example, my daughter and I are $115 a month this year. Super, super low deductible and super low premiums and no office visit costs. So there's a lot to all of this maze that you're working through in business and life. Most of you are just looking on ads online and doing cheap stuff. You're not doing the right stuff that's going to help you get wealthy. Let's move to strategic investing. Again, I talked about the six absolute pivotal depreciating assets. So the way our teams work when we forecast forward, we're looking at how are you making money? How much of that money are you now using to invest properly? So then together, it's one big formula that comes in in a single digit tax return. Some of you are paying double, I mean, 30, 40, 50% crazy amounts of taxes because you have a historian. You don't have a strategist. So we have tax strategists. So I'm your family navigator, your advocate, and I have a whole team of experts around me. The biggest mistake is to do nothing. The number one thing I would have you do today is call our office, get the right company structure, activate deductions right now in the beginning of 2025. And as you make money, then we'll continue conversations about what are the best ways to invest that based on your taxes. I don't make those decisions, a licensed tax strategist does, but I'm side-by-side for your behavior because if you still use your debit card and your personal card and you're commingling your funds, the whole thing doesn't work. The trifecta of tax is how you make it, what company, how you activate as many deductions as possible, and how you invest. That together is a tax plan. If you have somebody in your life that's not doing that, you got the wrong team. I can tell you, you've got to lean in. So for those of you that are here, I need you to subscribe to my channel. Like right now, once you're five days a week, make sure you binge watch. There's actually a link to binge watch. You can earn up to $750 in tuition credit by binge watching for 25 hours. I'd rather have you here for an entire weekend than on Hulu, Paramount, Prime, and any of those other channels. Get your head in the game about making money and being successful. Many of you, you want the results. You're not willing to do the work. Please call our office. Let us help you today. If you have any questions as we go through this, you can always go to askloral.com, A-S-K-L-O-R-A-L, ask a question, make a request. We'll be back tomorrow.