SimpleTaxes

02/15/2024

Brookings
www.brookings.edu
The difference in how the wealthy make money—and pay taxes ...
Sep 7, 2023 — Our work highlights another key difference: the most affluent Americans not only have more income; they receive it—and pay taxes on it—in vastly ...
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a.org
Ten Ways Billionaires Avoid Taxes on an Epic Scale
Jun 24, 2022 — Even a Billionaire's Hobbies Can Pay Off at Tax Time ... With so many options to reduce taxes, the richest Americans often manage low income tax ...

7 lessons on "Why the rich are getting richer" by Robert T. Kiyosaki

1. The power of compound interest: Compound interest is the magical force that allows the rich to get richer. It's the idea that when you earn interest on your money, you also earn interest on the interest you've already earned. This means that your money has the potential to grow exponentially over time.

2. The rich invest in assets: The rich don't just hoard their money; they invest it in assets that appreciate in value. This could include stocks, bonds, real estate, or other investments. By investing their money wisely, the rich can grow their wealth much faster than if they simply kept it in a bank account.

3. The rich live below their means: Contrary to popular belief, the rich aren't constantly spending money on luxury items. In fact, many of the richest people in the world live relatively modest lifestyles. They spend less than they earn and invest the rest, which allows their wealth to compound over time.

4. The rich take advantage of tax breaks: The rich have access to tax breaks and loopholes that the average person doesn't. They can use these advantages to reduce their tax liability and keep more of their money.

5. The rich have multiple streams of income: The rich don't rely on a single source of income. They often have multiple streams, such as a job, investments, or a business. This diversification can provide them with a safety net and help them weather financial storms.

6. The rich are risk-takers: The rich are not afraid to take risks. They understand that risk is often associated with great rewards. They're willing to put their money into new ventures, invest in emerging markets, and even start their own businesses.

7. The rich never give up: The rich are never satisfied with their current level of success. They're constantly striving to improve and grow their wealth. They're also very persistent and resilient, never giving up on their goals even in the face of setbacks.

I hope you find these lessons helpful.

Book: https://amzn.to/3UyGaPd

You can also get the audio book for FREE using the following link. Use the link to register for the audio book on Audible and start enjoying it.
https://amzn.to/3UANWbt

02/02/2024

We're proud to support U.S. Soccer and FIFA World Cup 2026™. What would you like the power to do?
Community guidelines: bit.ly/46vNGOq

11/24/2023

What are the IRS record keeping requirements for tax preparers?
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

Jul 5, 2023

https://www.irs.gov/businesses

Get tips on record retention -- Learn the period of limitation on income tax returns, connecting records with property and keeping records for nontax purposes.

10/08/2023

10/08/2023

Al Capone's Home In The 1920's
& Now.

☑️

10/08/2023

Have you heard of the book "How to Attract Money" by Joseph Murphy? It's a guide that explains how to bring wealth and abundance into your life, and here are some key takeaways.

1. Your thoughts shape your reality, so it's essential to cultivate positive and prosperous thinking patterns.

2. Visualizing your desired financial outcomes helps you align your subconscious mind with your goals. By imagining yourself already in possession of the wealth you desire, you attract the circumstances and opportunities that lead to its manifestation.

3. Use positive affirmations to reprogram your subconscious mind and shift your mindset. Repeat affirmations such as "I am prosperous," "Money flows freely to me," and "I attract wealth effortlessly."

4. Practicing gratitude for the money and abundance you already have in your life opens the door for more blessings to flow in.

5. Identify and release any limiting beliefs you have about money and replace them with positive beliefs that support your financial goals.

6. Positive thoughts alone are not enough, so it's crucial to take inspired action towards your financial goals. Act on opportunities, be open to new ideas and take calculated risks.

7. Building wealth takes time and effort, so persistence and perseverance are vital. Stay committed to your financial goals and trust in the process, even if results don't come immediately.

8. Giving and sharing your wealth creates a positive energy flow. Consider tithing a portion of your income as a way to keep the flow of abundance circulating in your life.

These principles require consistent practice and application. By incorporating them into your daily life, you can attract and manifest the wealth and abundance you desire.

Book: https://amzn.to/48HsaY8
Audiobook: amzn.to/3YW7pn1