I just lost $2 million dollars

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To Begin, here at the United States…we’ve 3 “main” types of taxes we all pay into:

The most usual is what’therefore called your “FEDERAL INCOME TAX. ”
This ranges anywhere from 10% for those earning under $10,000 per year…all the way to 37 percent for those making above $518,000 each year.

The SECOND type of taxation that pretty much ALL of us pay in, is what’therefore called PAYROLL TAX.
This is a 7.65% taxation on around the initial $142,000 of income you earn.

And ultimately, the THIRD to top it all off – is a STATE INCOME STAX.
This one depends on where you live…however if you don’t reside within one of those 9 states which have ZERO STATE INCOME TAX…you’ll need to pay something extra , too. 

Concerning decreasing your tax bill, here are a few options most of You’d Be able to readily use:

1. The Firstthat applies to ANYONE…is what’s called the “Standard Deduction. ”
This is literally a tax write off that reduces your taxable income by $12,400 if your single$24,800 if your married…no queries asked.

2. The SECOND option you need is when you yourself “ITEMIZE YOUR DEDUCTIONS”
View, the IRS gives you two options: take the STANDARD DEDUCTION at a flat rate, no questions asked….OR, itemize your deductions, and which lets you pay state and local taxes around $10,000, your mortgage interest, medical expenses that exceed 7.5% of your entire income, and so on…and, if this adds up to MORE than the normal deduction – you’fared better off taking this, instead, as it saves you extra money.

3. The THIRD alternative, as well as the above…is contributing to a 401K plan.
This is a tax-advantaged retirement accounts that lets you add up to $19,500 per year of PRE-TAX cash, meaning – each $1 you donate to your 401k will reduce your taxable income from that very same $1, so that way – you owe less in taxation, and also have more cash left over to make investments.  

You can also promote a Traditional IRA…which permits you to spend an ADDITIONAL $6000 per year and reduce THAT from your total income…plus, you may possibly have access to what’s called an HSA, which makes it possible for you ANOTHER $3500 to invest – COMPLETELY TAX FREE.

4. The FOURTH choice must do with a major motive to put money into REAL ESTATE…which could be a term called “DEPRECIATION. ”
See, the IRS states that something like a house won’t always be standing forever…in the majority of instances, it will deteriorate, and eventually it will have to be replaced…so, at a a way to compensate YOU for this loss of value, they permit you to deduct the cost of the house over 27.5 years.

5. Today, Fifth – yet another simple one is charitable gifts.
I believe this needs no introduction, but if you encourage a charity, then claim that on your own tax return, and also you ’ll low less taxation because of this …also you can simply help out a great cause at exactly the exact same time.

In terms of my own tax bill, that is because the vast majority of my income fell to the “EARNED INCOME” category, which – like I said is subject to the high degree of tax throughout pretty much anything. And ultimately, one reason I ended up because rather far more than initially expected …has been for the reason that I didn’t invest a lot of cash.

In my case, though…I didn’t even have THAT many expenses, relative to somebody hiring 30 individuals and leasing an massive office area with their name onto the side of the construction. Rather I Had as much as I would back to better gear, I’ve hired some excess assistance, and I’ve left some other investments to the growth of this channel that I hope would repay in the future.

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For company or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]

*Some of those links along with other products that appear on this video are from firms which Graham Stephan may earn an affiliate commission or referral bonus. Graham Stephan is a part of an affiliate network and receives reimbursement for sending visitors to partner websites. The content within this video is accurate as of the date. Some of the offers said might no longer be accessible.

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