The More You Make… The More Taxes You Pay
Many years ago I helped one of my consultants triple her income in less than 8 months. She told me she was upset. I inquired as to why and she reported, “I now have to pay more taxes”.
I am reflecting on this today. Yes, the more money you make the more taxes you pay. However, you can keep your taxes lower if you understand things like incorporating. That’s what the wealthy know that many business people do not.
I like to make more money and then have more to give to my foundation or my family and have never cared that making more money means paying more taxes because unless you make a lot more money you will end up as a wage slave working to get out of the rat race.
As a business owner, you need to know some basic business concepts so you not only make more money, you also keep more money.
Learn how to read balance sheets and financial statements and monitor profit and loss statements in your business.
Learn how to play the game from investors.
Be aware of supply and demand. Know what the market needs and pay attention to what sells and who buys.
Follow corporate tax laws and state and federal policies. Have a good attorney and accountant you can trust.