Going To War Without A Shield

We've all been taught that we must make money.  Not simply make a living or make money alone, but try and make as much money as possible.  And, we should endeavor to make money.  Make money to feed ourselves and our families, make money to pay our bills, make money to save for a rainy day, purchase property.  All to often in an attempt to do this people take on second jobs, work overtime on the job we may have.  Those of us that are business owners work to increase the volume of whatever product or service to increase income.

Unfortunately, in our all out effort to increase income, no matter the way we do that, we may not be taking the proper steps to keep what we make.  I am not simply talking about putting money away, saving.  But, shielding those funds from the biggest gangster in the U.S.  The U.S. government, taxes.  There are so many stories of people raising themselves up from nothing to becoming wealthy or at least wealthier than they were and end up returning from where they started.  We've all read their stories, seen and heard their testimonials, but rarely are there stories on how to survive the tax onslaught that may hit them.  This is going to war with a sword but no shield.

There are several solutions for protecting your money.  Simply going onto the IRS website is a first step to search for certain tax breaks.  Investing in a Roth IRA provides some tax shelter, a traditional IRA is another form of tax protection.  There are certain spending accounts available that can help to reduce your tax liability, and if your are a wage earner investing in a business of your own will provide not only additional income but, also provides some tax benefits.  Of course there are other measures one can take.  Creating 501(c) 3 charitable organizations not only provide certain tax exempt status' but, in turn you will help to better your community.  There are certain ecclesiastical benefits for religious organizations, in addition to being a not for profit 501 (c) 3 incorporation or Unincorporated associations may provide some tax benefits.  These are just tidbits that may be helpful along your journey, however nothing exceeds your own ability to learn and study the system in which we all live inorder to protect the money we all work so hard to attain.  Don't be a fool and go to war with a sword never giving mind to protecting yourself with a shield.