Shocked by the number you owe in taxes when it comes time to..
🕑 Added 2021-03-23 15:46:33 +0000 UTC
Shocked by the number you owe in taxes when it comes time to pay? I highly suggest opening a separate account to stash your tax money away MONTHLY! In this video I explain the type of account to open, which will earn you a higher interest rate on your cash vs. your average checking/savings account. Doing so, you will be able to keep all of the money you will owe the IRS organized and in one location. It's easy to set up and you can freely transfer funds to and from your existing bank account at any time. You can also invest in retirement funds with this account, which can sufficiently lower your Federal taxes. I advise taking 40% of your OF profit (how much you made minus your deduction) monthly and putting it directly into this account. The reason being is 40% is a safe approximation of what you will owe at the end of the year, depending on your living/personal situation. If you wound up over saving, the left over cash can be your “tax refund” to yourself. We can determine a more personalized percentage suited for you during your free consultation. Here is a link to the Money Market Fund I am speaking about in the video. https://investor.vanguard.com/mutual-funds/money-market?WT.srch=1&cmpgn=PS:RE&gclid=CjwKCAjwgOGCBhAlEiwA7FUXklIQ1o05M0NqbugLAx3ft3pqDlaEVXuRt8jrYJ4-RsPY_im0LLjf6BoCA8sQAvD_BwE&gclsrc=aw.ds DM questions!
