Nice to be back! Now that I know our new book, The Maui Millionaires for Business, is out on the shelves, I want to share with you one of the special, add-on items you’ll get when you buy and register your copy of the book on at http://www.mauimillionaires.com/free-offers.
It’s the TaxLoopholes Tax IQ Test, and it goes something like this:
The Tax IQ Test
How many of these things are true for you? Circle the ones that apply to you.
(1) I couldn’t get a current personal net worth statement within 1 hour of reaching home.
(2) I do not have a personal budget.
(3) I struggle understanding what should be on a personal net worth statement, and then interpreting the story when I do.
(4) I am not regularly able to put money away for investments.
(5) I don’t yet have a business or real estate investments.
(6) My business is in its infancy.
(7) I feel like I’m spending all my time in my business just trying to juggle too many balls in the air.
(8) I do everything (or almost everything) in my real estate investment business.
(9) I don’t have time to think about business structures yet, or if I have them, I haven’t kept them up to date with annual filings and minutes.
(10) I do my own bookkeeping or wait until year-end to hand it off to my accountant.
(11) I don’t have a personal banker.
(12) I don’t have a CPA who understands Pre-emptive Tax Strategies.
(13) I feel like I know more than my CPA does about tax strategies.
(14) My business is stable, but if I don’t work, I don’t get paid.
(15) I’m paying way too much in taxes now.
(16) My real estate investments aren’t creating the cash flow I need or had expected.
(17) I am investing – but it’s all from after tax income.
(18) My business is getting boring to me.
(19) My net worth is okay, but my R Score™ is way too low. (20) I invest mainly with self-directed funds.
(21) I regularly receive income that I don’t have to pay any tax on.
To score the test, take a look at what you’ve circled.
Questions 1-5 relate to Level One
Questions 6-17 relate to Level Two
Questions 18-21 relate to Level Three
If you find that the majority of items you’ve circled fall into one of these groups, that’s a good indicator of where you are with your Tax IQ. Remember, though – Your Tax IQ has NOTHING to do with the amount of money you make!
Not All Tax Strategies Are Created Equal!!
I just released the first installment of a brand-new 4-part online workshop series talking about tax strategies and how to make sure you’ve got the right strategy at the right time. My brand-new online workshop (featured through First Class Lounge) is called 12 Top Tax Strategies for Entrepreneurs and it’s loaded with tips as to what strategies work best for who … not to mention where and when! This first workshop should be available on our web site either later today or first thing Tuesday morning.
If you’re not yet a member of the First Class Lounge, join today! The first 30 days are free. If you have a business, or are thinking about starting a business, you won’t want to miss this ground-breaking tax-saving online workshop series.
When it comes to tax strategies, what you don’t know can hurt you … a lot.