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015FF: FI Friday Feedback | Tax Optimization & Paying Taxes as an Entrepreneur
Connect with Chris at Monzon Wealth
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🚀 Get ready for an episode dedicated to optimizing taxes and paving the way to financial freedom!
**Segment 1: The Purpose of Taxes:**
💰 Uncover the true purpose of taxes - funding essential services and influencing economic and social aspects.
🤔 Dive into the debate on whether taxes and government services are the most effective way to provide for citizens.
**Segment 2: Decoding the Progressive Income Tax System:**
🔍 Explore the intricacies of income tax rates and brackets.
📊 Understand the crucial difference between marginal and effective tax rates.
🎯 Learn how the progressive tax system aims to alleviate the tax burden on lower-income earners.
**Segment 3: Strategies to Reduce Your Taxes:**
💡 Discover powerful strategies to minimize tax liability and maximize wealth-building.
💸 Embrace the importance of tax reduction strategies for your financial journey.
**Segment 4: Controlling Your Tax Rate through Retirement Investments:**
🔄 Differentiate between pre-tax and post-tax investment accounts for ultimate tax control.
💡 Unlock the potential tax savings by contributing to pre-tax retirement accounts.
**Segment 5: Exceptions and Considerations:**
🔍 Understand that tax strategies are unique to individual circumstances, including filing status.
🚀 Explore exceptions, like considering Roth for those anticipating substantial pensions during retirement.
🔮 Delve into the uncertainty of future taxes and the wisdom of adopting a blended strategy.
👀 Get a sneak peek into Roth conventions, coming soon in a future episode.---#
**FI Feedback (Viewer Mailbag):****
$15,500 total income for 2023 – do I really still owe $2,100 in self-employment taxes making that little?**
🔍 An entrepreneur's tax dilemma - earning $15,500 and facing a potential $2,100 self-employment tax burden.
💡 Seeking guidance on understanding tax obligations, the substantial burden, and how to rectify missed estimated quarterly tax payments.
🤝 Join the journey of an entrepreneur navigating fiscal complexities, aiming for clarity and compliance.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Disclaimer: The FI Guys is a podcast dedicated to providing general information and insights on a wide range of wealth-related topics. The views and opinions expressed in this podcast are those of the hosts and guests and do not constitute personalized financial advice. The content provided in this podcast is for educational and informational purposes only. It should not be considered a substitute for professional financial advice. Your financial situation and goals are unique, and the information provided here may not be applicable or suitable to your specific circumstances. We, the hosts and guests on The Fi Guys are not acting as your financial advisors. We are not aware of your individual financial situation, risk tolerance, or investment objectives. Any decisions or actions you take based on the information provided in this podcast are your own and made at your own risk. This video podcast is sponsored by Monzon Wealth. The content in this podcast is for informational purposes only and should not be considered financial advice. We do not endorse specific products or services. Past performance doesn't guarantee future results. The opinions expressed are those of the hosts and guests, not the podcast sponsors. It is crucial to consult with a qualified financial advisor or professional who can provide advice tailored to your specific needs before making any financial decisions, investments, or taking any other actions. If you are seeking specified help, you can reach out to Chris at MonzonWealth.com
View all episodes
By The FI GuysConnect with Chris at Monzon Wealth
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
🚀 Get ready for an episode dedicated to optimizing taxes and paving the way to financial freedom!
**Segment 1: The Purpose of Taxes:**
💰 Uncover the true purpose of taxes - funding essential services and influencing economic and social aspects.
🤔 Dive into the debate on whether taxes and government services are the most effective way to provide for citizens.
**Segment 2: Decoding the Progressive Income Tax System:**
🔍 Explore the intricacies of income tax rates and brackets.
📊 Understand the crucial difference between marginal and effective tax rates.
🎯 Learn how the progressive tax system aims to alleviate the tax burden on lower-income earners.
**Segment 3: Strategies to Reduce Your Taxes:**
💡 Discover powerful strategies to minimize tax liability and maximize wealth-building.
💸 Embrace the importance of tax reduction strategies for your financial journey.
**Segment 4: Controlling Your Tax Rate through Retirement Investments:**
🔄 Differentiate between pre-tax and post-tax investment accounts for ultimate tax control.
💡 Unlock the potential tax savings by contributing to pre-tax retirement accounts.
**Segment 5: Exceptions and Considerations:**
🔍 Understand that tax strategies are unique to individual circumstances, including filing status.
🚀 Explore exceptions, like considering Roth for those anticipating substantial pensions during retirement.
🔮 Delve into the uncertainty of future taxes and the wisdom of adopting a blended strategy.
👀 Get a sneak peek into Roth conventions, coming soon in a future episode.---#
**FI Feedback (Viewer Mailbag):****
$15,500 total income for 2023 – do I really still owe $2,100 in self-employment taxes making that little?**
🔍 An entrepreneur's tax dilemma - earning $15,500 and facing a potential $2,100 self-employment tax burden.
💡 Seeking guidance on understanding tax obligations, the substantial burden, and how to rectify missed estimated quarterly tax payments.
🤝 Join the journey of an entrepreneur navigating fiscal complexities, aiming for clarity and compliance.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Disclaimer: The FI Guys is a podcast dedicated to providing general information and insights on a wide range of wealth-related topics. The views and opinions expressed in this podcast are those of the hosts and guests and do not constitute personalized financial advice. The content provided in this podcast is for educational and informational purposes only. It should not be considered a substitute for professional financial advice. Your financial situation and goals are unique, and the information provided here may not be applicable or suitable to your specific circumstances. We, the hosts and guests on The Fi Guys are not acting as your financial advisors. We are not aware of your individual financial situation, risk tolerance, or investment objectives. Any decisions or actions you take based on the information provided in this podcast are your own and made at your own risk. This video podcast is sponsored by Monzon Wealth. The content in this podcast is for informational purposes only and should not be considered financial advice. We do not endorse specific products or services. Past performance doesn't guarantee future results. The opinions expressed are those of the hosts and guests, not the podcast sponsors. It is crucial to consult with a qualified financial advisor or professional who can provide advice tailored to your specific needs before making any financial decisions, investments, or taking any other actions. If you are seeking specified help, you can reach out to Chris at MonzonWealth.com