Who likes to pay taxes? Nobody! Some even call it robbery. However, it has been around for thousands of years. So every time we see an opportunity to pay less we take advantage of it. We constantly cling to credits and deductions. However, most don’t focus on the main tool out there. Postponing the payment of taxes.
Why POSTPONE or DEFER this? Because doing so prevents you from paying taxes on that money today and allows you to pay it (maybe you don’t even have to pay anything!) in the future.
Do you know how much tax you pay today?
It is important to remember that the amount to be paid to the IRS is progressive. For example, I leave you this table that helps you with what you will owe per person this year (single):
However, you have the ability to defer (in some cases up to $61,000 per year) taxes on that hard-earned money. How?
TRANSFERRING YOUR INCOME TO A RETIREMENT ACCOUNT
Let’s be clear, that is not your savings or checking account. Retirement accounts are similar and offered by both banks and investment companies.
There are several types of accounts and you have to consider several factors in order to choose the right one for you. Some of those factors to consider are:
1- Initial amount of investment
2- With or without the participation of your employer
3- The way you earn your earnings (Salary or Own Business)
4- Years left for retirement
5- The interest that you expect investment accounts to generate
6- Liquidity (The facility that you have to withdraw money when you need it)
If you need help to find out which account best suits your needs, I can help you. Just email me at eliam@marrerobernal.com or call 702-997-2982 for more details.
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