Julien and Kiersten Saunders are celebrating financial literacy month (and tax season) by diving into tax jargon. While the mere word “taxes” can conjure up feelings of irritation, they do pay for community essentials like roads, schools, defense, social services and more. The existing tax system was set up “to incentivize certain behaviours, things like charitable giving and homeownership… But then, in the 1950s… [governing bodies] introduced tax write-offs as a way for businesses to reduce their taxable income, and things have just gotten more complicated since then,” says Kiersten.
Learning about taxes is the key to unlocking wealth. The Saunders cover how to increase your wealth using your knowledge of tax credits, the difference between tax deductions and write-offs, the perks of going green and the importance of tax-advantaged 401K contributions.
You don’t want to leave deductions on the table just because you don’t know how to identify them. As Julien observes, “Rich people—if there’s one thing they know, it’s taxes.” Pull back the veil of secrecy around taxes this week so you can get the most out of your yearly donation to the public coffers.
Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. Support rich & Regular by sharing and rating it five stars on Apple Podcasts. Check out their video podcast Cashing Out on YouTube.
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**SUCCESS Enterprises and its affiliates and guests do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.