The taxman is getting ready to do his yearly rounds and squeeze every last penny he can out of you… but I want to show you how to turn the taxman’s visit into a profitable one.
Instead of taking money out of your pocket, you could be putting it back in!
Too many people end up paying way more in taxes than they ever should, but nobody’s ever kind enough to show you how to avoid that.
Let me tell you about a little tax trick from the new GOP tax plan that’ll legally cheat the taxman and put cash in YOUR pocket…
Now, you’re probably not used to me telling you about things like taxes, but when you’re missing out on a golden opportunity to put money into solid investments, it’s my job to let you know about it…
On yesterday’s episode of WSI TV, we showed you what you can do with the extra cash saved from the proposed GOP tax plan.
Now I’m going to show you how you can use a simple little trick to put even more cash in your pocket.
First, I want you to locate which tax bracket you’re going to fall under if the new plan is approved…
|
Single Income |
Married Income | Tax Bracket |
|
$12,000 – $45,000 |
$24,000 – $90,000 |
12% |
|
$45,000 – $200,000 |
$90,000 – $260,000 |
25% |
|
$200,000 – $500,000 |
$260,000 – $1,000,000 | 35% |
| $500,000+ | $1,000,000+ |
39.6% |
We’ve listed the single income entry and the married income entry as $12,000 and $24,000 respectively to account for the new tax deductions.
I’ll assume you’ve identified which new tax bracket you’d fall under, so now we can move onto the trick that’s going to legally cheat the tax man.
This trick works best if your income is on the fringe between two brackets… but there’s still advantages to it if not.
What you’re going to want to do is: aim to drop into a lower tax bracket. This can be done very easily without losing a single penny and, ultimately, it’ll end up putting that extra cash in your pocket.
The tool we’re going to use to take advantage of this legal tax-dodging trick is an IRA.
A standard IRA allows you to deposit up to $6,500 a year (if you’re over 50).
So, let’s say you’re married and each of you are able to deposit $6,500 a year to your IRA.
If your pre-IRA deposit income is less than $36,000, you’re able to bring your income down to $24,000 after the IRA deposits which would then bring you down into the tax-deduction zone, allowing you to dodge taxes almost entirely.
If your pre-IRA deposit income is less than $114,000, you’re able to jump from the 25% tax bracket down to the 12% tax bracket using this same trick.
You can then borrow this money from your IRA and use this extra, non-taxed cash to fund other investments.
This GOP tax trick helps you LEGALLY cheat the tax man and ensure you’re getting every penny you deserve (and more!).
