This is a great article. I am a retired tax attorney, and I agree with almost everything in it.
The problem is that we are so tied up in our tax code, it’s like a giant red tape machine that we can’t escape. When we realize that we need to change it, we panic and start to take any action that will make it even worse. For the most part, though, we tend to think of taxes as a way to get rid of our money and make it go where we want it.
But really, these days, taxes are actually a tool that allows us to save money. We can use it to pay off debt, pay off our mortgage, and even get rid of unwanted expenses like utilities and car insurance. But it’s not just about getting rid of extra money that we don’t need. By making it easier for people to do their taxes, we are actually making the tax code much more efficient for both people and government.
Of course, people who are on “tax prepare” are often told they need to have all their deductions before the deadline to get a tax refund. But we often get a better rate by not getting our taxes done so we can start paying back our debt. In other words, we are actually helping the people who are on tax prepare by not getting their tax refund yet.
So how can you get out of debt without having any money saved up? The easiest way is to start saving. There are many tax saving schemes, but I think the best one for someone like you is to save up a little for your first year of college. You can get your start with the help of a Roth IRA, but the best way is to get your first job, pay off your mortgage, and invest the money you make.
When it comes to saving for college, you can also start saving for your first car. But you need to have at least $10,000 to get started. You can save up to $7,500 a year by going to a Roth IRA or a 529 College Savings Plan, which will transfer the money to the account of your choice when you hit your 25th birthday. You can also use your home as a tax shelter.
Here we go again. For a couple of reasons, one is that you still can’t get your first job: Your first job is to get a mortgage, and your mortgage is worth $300,000 a year. You can’t get your first job, too, so you need to make it up. But the more you spend your money, the more you realize that you have a first job.
Now that we know that you can spend your money like you make it, its time to start saving and investing. You can make up for the 500K loss you are facing by making a Roth IRA or a 529 College Savings Plan. The Roth IRA is taxed like a regular IRA, but the 529 College Savings Plan is tax-free.
In our experience, the biggest challenge with saving and investing your money is that you don’t want to lose it all. Like, you can never lose your job, so by all means spend your money on yourself. But if that means you have to stay unemployed and pay your rent with money you dont have, then good for you.
The best way to make up for your lost wealth is to invest it. That is, the best way to make up for your lost wealth is to invest it in the stock market. I get asked this a lot, and I always recommend a 401(k) (most people probably already have one, but some don’t). The 401(k) allows for you to make investments for tax-deferred retirement.