Ultimate Guide to Understanding Taxes for Young Professionals
Taxes are a necessary evil in our society.
It's difficult to see a portion of your hard-earned money get sent away to the government.
Why do we even have to pay them?
Because the government needs funding and they take our tax dollars to fund state & federal programs such as Medicare, and projects such as new road development.
I won't speak to how well the government is at managing the money they receive from us... but I believe we should pay our fair share of taxes, and not a cent more.
Unfortunately, a lot of people are paying way more than an extra penny.
It's reported that 73.2% of taxpayers overpaid their tax bill in 2019 and received a refund. While a refund can feel good at the time, you're essentially giving the government an interest-free loan for a year and then they're giving you the money back.
Many people started investing for the first time in the past couple of years and have been shocked at the amount of taxes that can come due when day trading stocks and cryptocurrencies.
It's no secret that the world of taxes is confusing, but I'm here to help in whatever way I can so we wrote a 16-page Ultimate Guide to Understanding Taxes for Young Professionals.
We walk through everything you need to know about:
- Income tax rates
- How to reduce your taxes through credits & deductions
- Short term capital gains
- Long term capital gains
- And more
Learning just a few strategies mentioned in the guide and implementing them could save you thousands of dollars in taxes over your lifetime.
I hope you take a few minutes to check it out and if you have any questions or need any help, just hit reply and let me know!
Bonus: Ray Dalio's Principles for Dealing with The Changing World Order (40 minute watch)
If you've felt like the world is going through massive change but haven't quite been able to make sense of it, you need to watch this. Ray Dalio is one of the greatest investors in history and has taken the time to extensively study historical economics, and this video is an animated, engaging presentation of his findings and assumptions about the direction we're heading.
A weekly financial show for our generation
🎥 YouTube | 40 min watch | by AllStreet Wealth
In this week's episode of the Crossroads we talked with Tyrone Ross - crypto & digital asset advocate and founder of Learn to Money - about how bitcoin is different than other cryptocurrencies, the impact it's had, and what investors should be aware of.
Just keep swimming,
Treyton DeVore, Certified Digital Asset Advisor