The first Strategy, Minimize Taxes is essential because Americans lose about 1/3 of their income to taxes. We help our Associates minimize their taxes by three methods.

The first method is Correct Tax Withholding. According to the IRS, 80% of all employees have too much money withheld from their paycheck for taxes. When too much money is withheld for taxes, the employee loses money because he is unable to use that money.

We help our Associates maximize their take home pay and use it for investing or debt elimination. The strategy is powerful, because if an employee increases his take home pay by $500 monthly and invest it at 8% ROR, he will have over $173,000 in 15 years and over $745,000 in 30 years.

If the employee uses the extra $500 monthly for debt elimination, he can pay off a $200,000 mortgage in 14 years and 11 months instead of 30 years. The bottom line is, maximizing take home pay and using it for investing or debt elimination can be life changing.

Our second method for minimizing taxes is Income Shifting via Home Based Business Deductions. Home Based Business Owners have access to hundreds of deductions that employees do not. The concept is straight forward, we want to shift some of the thousands of non-tax deductible dollars we spend annually on vehicles, travel, cell phones, internet access and children into tax deductible business expenses. Let’s look at a few examples. You bought your car for personal use, but if you use it in your business, some of the expenses become tax deductible business expenses. The same concept applies to your cell phone, internet access and travel. We can also hire our children as employees and pay them tax deductible wages instead of giving them allowances. The concept is powerful and is referred to as Income Shifting. According to the Tax Reduction Institute, the average Home Based Business Owner realizes thousands of dollars in additional tax deductions annually.

Tax Record Keeping is our third method for minimizing taxes. myEcon provides every Associate with easy to use online tax record keeping software. The software tracks income and expenses, captures a picture of all receipts and creates reports which makes tax preparation simple and fast. Imagine saving $5,000 to $10,000 annually on taxes, that’s a really smart cashflow strategy.