This is
G&G Associates Tax & Financial Consulting
e-Newsletter
Get a Raise AND Lower Your Tax Bill
Imhotep (Wisdom To You) G&G Readers,
Want to get a big raise at work?
Want to greatly increase your ability to build wealth with little effort?
If the answer is "yes" to these questions, move to one of America's tax havens. Move to a state that doesn't charge its citizens with a state income tax. It's one of the easiest, simplest ways to increase your ability to build wealth.
I'll prove it to you with an example that will blow your mind…
If the answer is "yes" to these questions, move to one of America's tax havens. Move to a state that doesn't charge its citizens with a state income tax. It's one of the easiest, simplest ways to increase your ability to build wealth.
I'll prove it to you with an example that will blow your mind…
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Internal Sponsorship:
Internal Sponsorship:
G&G TAX PREPARATION SERVICES
G & G Associates focuses on easing our client's minds on tax compliance matters. With the ever changing and burdensome tax code, overwhelming and confusing federal and state tax forms and increasing IRS scrutiny over most tax items, taxpayers need to have at least this one part of their lives made easier, less stressful and more profitable.
Our expert help includes our:
In-Depth Interview — a thorough and complete experience designed to unearth every tax savings opportunity during the course of your tax preparation. We use these to the latest IRS guidelines to guide you through a painless, interactive session so that together, we catch every single detail that results in more tax savings for you.
We can service clients anywhere in the world and we look forward to assisting you in getting your tax return prepared for the 2014 and beyond tax season. (Referrals available upon request)
If you are a returning client you'll get a 25% discount off your tax preparation fees. If you are a new client you'll get $40 off our normal fees. If you are active duty or retired military you'll get a 15% discount. If you are a senior citizen (above 65) you'll get a 20% discount.
At G&G Associates, we GUARANTEE to beat "ANY" other tax professional’s price. We take pride in not nickeling and diming our customers with unnecessary charges & fees.
We are looking forward to doing business with you for the upcoming tax season.
For more information about G&G Associates, visit our website at www.gngnassociates.net
----------------------------------------------------------------------------G & G Associates focuses on easing our client's minds on tax compliance matters. With the ever changing and burdensome tax code, overwhelming and confusing federal and state tax forms and increasing IRS scrutiny over most tax items, taxpayers need to have at least this one part of their lives made easier, less stressful and more profitable.
Our expert help includes our:
In-Depth Interview — a thorough and complete experience designed to unearth every tax savings opportunity during the course of your tax preparation. We use these to the latest IRS guidelines to guide you through a painless, interactive session so that together, we catch every single detail that results in more tax savings for you.
We can service clients anywhere in the world and we look forward to assisting you in getting your tax return prepared for the 2014 and beyond tax season. (Referrals available upon request)
If you are a returning client you'll get a 25% discount off your tax preparation fees. If you are a new client you'll get $40 off our normal fees. If you are active duty or retired military you'll get a 15% discount. If you are a senior citizen (above 65) you'll get a 20% discount.
At G&G Associates, we GUARANTEE to beat "ANY" other tax professional’s price. We take pride in not nickeling and diming our customers with unnecessary charges & fees.
We are looking forward to doing business with you for the upcoming tax season.
For more information about G&G Associates, visit our website at www.gngnassociates.net
Most U.S.
states charge an income tax in the neighborhood of 5% to 8%. Some states
charge their highest earners at rates of more than 10%. When you add
local taxes like county and city taxes, the overall tax rate for
successful people in some areas (like California and New York City) are
even higher than 10%.
At first glance, 10% might not seem like a big wealth hit. But regularly having 10% of your income taken away by taxes causes tremendous damage to your ability to accumulate wealth over the long term. Especially if you aren't earning 10% on your investments.
It's like trying to fill up a bucket of water with a leak at the bottom. To get an idea of the damage a 10% annual tax hit will cause over the long term, let's look at the 20-year career of a middle income family.
We'll keep this example simple to zero in on the core idea.
Let's say our middle income family earns $150,000 per year for 20 years. That's $3,300,000 in earnings over the time period. Now, let's say our family lives in a region that hits him with a 10% annual tax on those earnings.
At that rate, they will pay $15,000 per year… for a total tax bill of $300,000 over 20 years.
A three hundred thousand dollars is a lot of money. But the damage is actually much worse when you factor in the "missed opportunities" that taxes take away from you. You see, that three hundred thousand dollars is money that could be directed into investment vehicles like blue-chip stocks, precious metals like (gold & silver) or real estate. By not being able to invest it, you're hit with a big "opportunity cost."
If our family lived in an area with no state or city tax, they could keep that $15,000 per year… and direct it into good investments. If they kept "just one" of those extra $15,000 payments and put it into an investment that could compound tax-deferred at 8% annually for 20 years, they would have $69,914.
If they were able to plow each extra annual $15,000 payment into an investment that compounded tax-deferred for at least 8% annually for 20 years, they would have more than $811,258.
By living in a state with no income tax, our middle income family goes from down $300,000 to up $811, 258.
That's a "swing" of over $500,000.
At first glance, 10% might not seem like a big wealth hit. But regularly having 10% of your income taken away by taxes causes tremendous damage to your ability to accumulate wealth over the long term. Especially if you aren't earning 10% on your investments.
It's like trying to fill up a bucket of water with a leak at the bottom. To get an idea of the damage a 10% annual tax hit will cause over the long term, let's look at the 20-year career of a middle income family.
We'll keep this example simple to zero in on the core idea.
Let's say our middle income family earns $150,000 per year for 20 years. That's $3,300,000 in earnings over the time period. Now, let's say our family lives in a region that hits him with a 10% annual tax on those earnings.
At that rate, they will pay $15,000 per year… for a total tax bill of $300,000 over 20 years.
A three hundred thousand dollars is a lot of money. But the damage is actually much worse when you factor in the "missed opportunities" that taxes take away from you. You see, that three hundred thousand dollars is money that could be directed into investment vehicles like blue-chip stocks, precious metals like (gold & silver) or real estate. By not being able to invest it, you're hit with a big "opportunity cost."
If our family lived in an area with no state or city tax, they could keep that $15,000 per year… and direct it into good investments. If they kept "just one" of those extra $15,000 payments and put it into an investment that could compound tax-deferred at 8% annually for 20 years, they would have $69,914.
If they were able to plow each extra annual $15,000 payment into an investment that compounded tax-deferred for at least 8% annually for 20 years, they would have more than $811,258.
By living in a state with no income tax, our middle income family goes from down $300,000 to up $811, 258.
That's a "swing" of over $500,000.
It's a huge difference in wealth… caused by a seemingly small 10% tax.
I kept this example simple on purpose. I know not every family is going to
make $150,000 a year. And some states have tax rates of 4%, 5%, or 6%.
The "swing" for a lot of people will be $100,000… $250,000… or $500,000.
Still, those numbers are huge for most people.
Maybe a 20-year time frame is too long for you. So how about getting a raise next year? Don't hit up your boss for a raise. Move to a tax-free state and give yourself a raise. It's a way to immediately increase you earnings with no additional effort. And over the long term, it can drastically affect your level of wealth.
Moving is a pain in the neck, but it's could be worth it.
Maybe a 20-year time frame is too long for you. So how about getting a raise next year? Don't hit up your boss for a raise. Move to a tax-free state and give yourself a raise. It's a way to immediately increase you earnings with no additional effort. And over the long term, it can drastically affect your level of wealth.
Moving is a pain in the neck, but it's could be worth it.
Now, with the example above...imagine what you could save if you have your own home-based business and could save 15-30% of your income. The math is even more daunting. For more details on how you can do this ... setup a Financial Consultation with G&G Associates and we'll show you how.
Better yet ... get your 2014 taxes done by G&G Associates Tax & Financial Consulting Services and that consultation is FREE !!!
So, contact us today to schedule an appointment.
Visit our website for more information and free online webinar classes to help you make sure you are audit proofing your records, or contact us today to set your appointment if you need a “TAX” OR “FINANCIAL” one-on-one consultation.
Until the next time!
Tua (Thanks),
Asar Maa Ra Gray
Tax & Financial Consultant
866-361-3872 toll free fax
www.gngassociates.net
G&G Associates is on Facebook & Twitter ... join our fan page.
**You must be a G&G Associates tax client to receive the $40 referral fee
P.S. If you're not a GGIS Paid Subscriber reader yet, why not? Currently, our GGIS portfolio is packed with great plays to kick-start your portfolio for 2015.
Visit our website for more information and free online webinar classes to help you make sure you are audit proofing your records, or contact us today to set your appointment if you need a “TAX” OR “FINANCIAL” one-on-one consultation.
Until the next time!
Tua (Thanks),
Asar Maa Ra Gray
Tax & Financial Consultant
G&G Associates
757-271-6068 office866-361-3872 toll free fax
www.gngassociates.net
G&G Associates is on Facebook & Twitter ... join our fan page.
**You must be a G&G Associates tax client to receive the $40 referral fee
P.S. If you're not a GGIS Paid Subscriber reader yet, why not? Currently, our GGIS portfolio is packed with great plays to kick-start your portfolio for 2015.
