This segment is sponsored by Life Strategies.
We all would like to get the
most out of our daily lives.
So today, we're going to meet ae
strategist who can give us a rod
map in several important areas,
finances, relationships,
emotions and health. And today,
we are joined by Life strategis.
And Tommy is wise, and he's acty
going to explain how to bring ve
to society and create economic growth.
Thank you so much for being her.
Yes, thank you for having me. Appreciate
it. Can we talk about
the tax system to start?
Focusing on our financials toda,
what is the biggest myth
about our tax system? Well,
okay, well, let's,
let's go ahead and do a deep di.
So the biggest myth in our society right now,
especially when it comes to the tax system,
you know, most people think
it's rich versus poor or black
versus white or man versus woma.
It's simple, no,
it's EIN versus Social Security number.
Those that have an EIN,
you have up to 475 deductions.
And those that have a just using
your Social Security number,
you only have eight.
So what does that tell you?
I need to think about taking at least
take into consideration gettinge
EI in if I want to be rewarded h
tax breaks from the government.
Yeah, that's a big difference
in those two numbers there,
what the tax breaks are,
especially for high W2 earners. Yeah,
I'm glad you mentioned that.
OK, so if you are a high W2 ear,
what's the first stage to go
on to create some wealth?
Oh yeah, so as a high W2 earner,
the first stage of creating weah
is getting your own tax money b.
People do not realize that they seem,
when you hear these gurus, you ,
speak about it, you know, on the Internet,
YouTube and other channels,
you know, they just almost like
just quit your day job, you kno?
No, I don't advise that, you kn.
And the reason why is when
you're on a on a W2, you know,
it's almost like you get there
and it's like we were told to,
you know, get a job, you know,
and just work for someone you k.
So there's nothing wrong with t.
But The thing is too,
now we're living in the system, as in.
Within, you know,
inflation and things of that na,
whatever,
you really got to take other
things into into consideration.
So to get to a 0 taxable income,
what could a high W2 earner do?
Okay. So there's four ways
you see this, four
ways that you can become zero
taxable income at the high W Tu.
Number one is investing.
You know you have people like Grant Cordon,
Warren Buffett.
You know, they do a lot of investing.
Whatever. Most important,
when I say investing, investing in yourself,
you know, obtaining knowledge, you know,
where you can utilize, you know,
to have other streams of income,
#2 is real estate and land appreciation.
Now we had a certain president
that kind of specializes in tha,
the whole depreciation portion,
whatever, and his tax returns we
shown and that's what you saw.
Then #3 is entrepreneurship.
A KA side hustle,
would you hear a lot talking ab?
And then #4, this is a good one right here.
You guys nonprofit?
Yes.
Being a founder of a nonprofit is huge.
Okay. In what way?
I would say this.
So when you're a founder of a nonprofit.
You know, the government allowsu
to donate 60% of your a GI to yr
own operating nonprofit to get u
going because they do understand
that nonprofits have to have,
you know, seed money and things
of that nature to get going.
So a lot of people don't realize
that if you have this high W2
income and you really want to ge
back to the community or what n,
you start your own nonprofit
and it's very solution based.
And the government gives out mo,
you know, for you being able to do that.
You
mentioned being an entrepreneur for people
are maybe thinking of starting a business.
How do they know what business
entity that they should choose?
There's some options out there n
you're trying to set up an LLC, for sure.
Yes, yes, there are many options out there.
Always tell people,
especially if you're on the W2 right,
if your income is between 0 and 50,000.
We're talking about total incom,
bringing in everything.
If it's between,
basically you're starting off ad
if it's between zero and $50,00.
You need to be a single member ,
OK, If you're in
for your entrepreneur business r
in total OK, just not your day ,
just no this this total total, l
total yes. And the reason why is because now
you're you're setting yourself up legally.
You got to pay the state,
their fees, neither that nature.
That's the whole point about th,
setting yourself up legally so u
can get the deductions, whateve.
If your income is between 50,300 thousand,
you want to be a LLC tax
of the S corporation.
Is it going to be a little bit ?
Yes, it is. But guess what,
there's a little bit more freedom as well.
So a lot of people are going to
fall into that, that portion.
Now when your income is like 30d
plus like a lot of my professiol
athletes that come through,
have them take into consideratin
LLC tax as a C corporation,
C corporation, yes.
So with that,
you know now you're going to put
yourself in position where you'e
locked in as a 21% tax rate.
From that perspective,
you have a bonus tip for everyone out
there today, right? What is thi?
What should we all be doing with our W twos?
So for all the people that are at home,
and if you're working,
next time you go on your break,
I want you to pull out your W t.
I want you to look in box 2 and box 17.
You want to add those numbers together.
That's what your actual else before is a
refund, because you overpaid in taxes.
So when you take that into consideration,
what you want to do is like
you got to say to yourself.
And if your tax preparer or CPAs
not developing your strategy to,
you know, that money back,
you need to ask them,
are you working for me or for the IRS?
It's just that simple, you know,
and many times that many people
leave a lot of money on the tab,
you know, and I always advise if
you're bringing value to societ,
the government will reward you.
So you got to get into a relationship
with the government, you know.
This is the value that I want
to want to bring.
You know,
from a nonprofit perspective or
from an investing perspective or
from a real estate perspective
or for entrepreneur side hustle,
you know,
getting into that relationship
and you got to bring value.
And that's what any relationship
that you go on in life is
all about bringing value.
I know you have so much more
that you could tell us here.
I mean this is just the tip of e
iceberg of what you even cover.
So if you would like maybe a der
analysis of strategies for fina,
relationships, emotions or heal,
things we didn't even
get to talk about today,
you can always check out the website at
lifestrategies20.com.
100% of the proceeds go to wpsmg
which is a 5O1C3 that supports domestic
violence situations with which o
means it is all a tax deduction.