We all know that starting a business is not easy, but there is nothing more exciting than being the owner of your own company and having the opportunity to make a difference in the world. It is important to remember that success is not achieved overnight; it is a process that requires effort, dedication, and perseverance.
Below, I share with you the 5 topics presented in this publication:
The truth behind tax laws: Are they really complex?
How do the rich plan to keep more of profits?
Did you know taxes also take time from you?
Are you afraid that the IRS will review your tax return?
Non-resident aliens: don’t risk your investments in the USA
1 - The truth behind tax laws: Are they really complex?
Many consider tax laws to be too complex to be understood by the majority.
However, the reality is that they are quite simple. Indeed, there are many details and you need a good tax advisor to navigate them.
However, the fundamental aspects can be understood by almost anyone with an initial educational level.
Taxes are part of our world and always will be, For that reason, the most appropriate option is to understand them better. And to use them well in our lives.
2 - How do the rich plan to keep more of profits?
Incorporate tax planning into your wealth strategy.
Remember that it’s not just about what you earn, but also about what you keep.
When planning your taxes, you can identify opportunities to reduce your tax burden and maximize your net income.
Sometimes, this may include strategies such as Investment in tax-saving accounts or the planning of asset sales at specific times.
When considering taxes while investing, you can make more informed and strategic decisions, that allow you to keep more of your earnings.
3 - Did you know taxes also take time from you?
Think of it this way:
Time is money and money is time.
People with a lot of money can buy more time, because they don’t have to work as much to earn it.
But people with little money have to work more to pay their taxes.
In fact, the average person in a developed country spends 30% of their life working to pay taxes. That means that out of every 8 hours you work, more than 2 are for the government.
Don’t you think it’s unfair?
That’s why it’s important for you to learn how to plan your taxes, and to invest your money wisely.
This way, you can reduce your tax burden and increase your income and have more free time to do what you love.
4 - Are you afraid that the IRS will review your tax return?
The audit is a process in which the IRS reviews your tax return to verify that it is correct and that you have paid the appropriate amount of taxes.
Although the probability of being audited is low, I’m going to give you some tips to avoid an audit:
Declare all your income
Review your numbers carefully and make sure that all the information in your declaration is accurate.
Be honest and reasonable. Don’t invent or exaggerate deductions that don’t belong to you.
Keep your records. Keep all documents supporting your tax return for at least three years.
Get professional advice, if necessary.
5 - Non-resident aliens: don’t risk your investments in the USA
If you are a non-resident alien in the US, you must file a federal tax return of type 1040NR or 1040NR-EZ.
These forms are specific to foreigners who do not reside in the United States but who have income from U.S. sources such as rental income, bank interest, stock dividends, etc.
In any case, it’s important that you consult with a tax professional or specialized lawyer to ensure that you are complying with all your tax obligations.
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Let’s pay zero taxes!
Antonio Coa, CPA
Tax Specialist &
Antonio Coa, LLC
Whatsapp: (561) 814-4558