The More Money You Make, The More The IRS Will Take: START YOUR BUSINESS

Summary

The speaker emphasizes the impact of tax changes on everyday workers and highlights the numerous tax deductions available to business owners. They recount personal experiences of turning everyday expenses into tax write-offs and encourage owning a business for financial benefits. The speaker advises leveraging tax laws to pay children and family members for work, providing legal ways to reduce tax burdens. They also motivate listeners to embrace entrepreneurship, set goals, and seek support to overcome challenges, promising a prosperous future through strategic planning and positive affirmations.

Takeaways

• 💼 The speaker emphasizes the benefits of owning a business, highlighting the numerous tax deductions available to business owners compared to regular employees.
• 🏦 The 2018 tax code changes have impacted many deductions that everyday people used to claim, making tax planning more challenging for non-business owners.
• 🚗 Business owners can write off a wide range of expenses, such as meals, travel, and even family vacations, if they can be justified as business-related.
• 🧒 The speaker suggests hiring family members, including children, in a home-based business to take advantage of tax-free payments up to a certain limit, which can also be a tax deduction for the business.
• 💰 The speaker encourages leveraging tax laws to one's advantage, such as paying children for work in the business to both reduce tax liability and provide them with income.
• 🌱 The speaker motivates the audience to start their own businesses, suggesting that everyone has a talent or passion that can be monetized.
• 🌟 The speaker talks about the power of positive affirmations and the importance of declaring wealth, health, and abundance to attract these into one's life.
• 📚 The speaker offers resources for learning and development, suggesting that there are many opportunities to gain knowledge and skills to achieve financial goals.
• 🏡 The speaker mentions various financial goals people might have, such as buying a home, investing in property, planning for retirement, or getting out of debt, and offers help through a university.
• 🙏 The speaker concludes with an inspirational message, encouraging the audience to persevere, seek help when needed, and to live a prosperous life beyond their current circumstances.

Q & A

What is the main impact of the 2018 tax code overhaul on regular taxpayers?

The 2018 tax code overhaul took away many deductions that regular people used to get, such as mortgage interest, real estate taxes, and donations to charity, which impacted their tax returns.

How does the tax system treat business owners and self-employed individuals differently?

Business owners and self-employed individuals have access to over 400 tax deductions, allowing them to write off almost everything they do as a business expense, which is a significant advantage over regular taxpayers.

What is an example of a tax deduction that a business owner might take advantage of?

A business owner might consider a meal out as a business expense, writing it off as a business meal, and also write off the mileage and gasoline for the trip to the restaurant as a business trip.

How did the speaker use a family vacation to Disney World as a tax deduction in the past?

The speaker took their children to Disney World during a National Convention they were speaking at, and since their children helped at the convention, the entire trip was considered a business trip and thus a tax write-off.

What advice does the speaker give regarding starting a business?

The speaker encourages starting a business to take advantage of tax deductions and to monetize one's skills, passions, or dreams, emphasizing that everyone has something they can offer.

What is the tax benefit of hiring a child to work in a home-based business?

The speaker explains that you can pay each child up to $12,500 a year tax-free, and this amount is also a tax write-off for the business owner.

What is the strategy for hiring family members in a business to maximize tax benefits?

The speaker recommends hiring family members or those you already provide care for, ensuring the payment does not exceed their social security limit, thus keeping the income tax-free for them and deductible for the business.

How does the speaker suggest dealing with inflation and supply chain shortages?

The speaker suggests using strategic planning and positive affirmations to attract wealth and abundance, and to avoid being subject to financial hardships like inflation and supply chain shortages.

What resources does the speaker offer for those looking to improve their financial situation?

The speaker offers a university of resources through ask Glenn, which can help with money management, real estate, retirement planning, and other financial goals.

What is the speaker's overall message for the audience in terms of personal and financial growth?

The speaker's message is one of empowerment and optimism, encouraging the audience to declare their goals, seek help when needed, and take advantage of opportunities to create wealth and a legacy.