There is no straight path to financial freedom. Neither is it easy to achieve a tax-free lifestyle. However, we live in a world full of impossibility but with gaps of converting them to future possibilities.
What drives any individual towards attaining their personal goals are the pains and obstacles they are facing and the need to liberate themselves from the world burden. In most governing states, the tax regime lies heavily on low and medium-income earners compared to those on the high-income earners.
As much as we would love to grow the regional economy, it is also vital to increasing yourself to financial stability. First, identify the gaps in the tax rules in your states, match your sources of income to minimize tax implications and lastly explore available options to investing in tax haven places.
A Sneak Peek About Gun Hudson
At the age of 32 years, Gun Hudson, a male of Australian origin, commonly referred to as a “Global Citizen” based on the way he identifies the whole world as his home. He is enthusiastic about helping others achieve financial freedom to enjoy life now other than after the retirement age.
Mr Hudson incorporated Global Tax Freedom which specializes in helping online coaches and consultants move their business and life offshore to become tax-free. He has been called “the tax-guy for ‘the new rich’ – referencing the new benchmark of wealth set by Tim Ferriss in The Four Hour Work-Week, of financial, time & location freedom rather than just a number. He is also the Founder and owner of Satoshi Holdings, which specializes in helping online entrepreneurs and global citizens invest legally and tax-free in the original Bitcoin. The “original bitcoin investment hedging fund”, is a hedging platform with several million assets under management through a tax-exempt Hedge Fund registered in the tax haven “Cayman Islands”.
Identify Gaps In Your Tax Rules Of The States
Different states have different tax regimes in place. To kickstart your journey, it is essential to critically analyze in detail what each rule entails and how it affects you. Explore the gaps the tax rules have and the loopholes that you can directly exploit.
The essential tips such as identifying exempt and zero-rated goods and services, capital allowances versus capital gains, taxable services and products and the direct deductible items is one way of positioning yourself on the weighing scale on where you fall.
There are some of the expenses that are deductible if they exceed a specific limit. It is therefore to your advantage if you delay such payments in a year or perhaps make pre-payments the following year to maximize the allowance limit.
Match Your Source of Income To Reduce Tax Implications
Analyze on what tax bracket you fall into and the possible leeways available to reduce your taxes legally. Gun Hudson advises on the ways you can craftily get off-hook from some of the obligations to free up some cash flows.
You may need tax experts’ advice to craft ways in which you can maximize the use of your disposable income while channelling it to the proper application. It is essential to keep records to avoid forgoing the adequate tax credits and deductions. Expenses such as business expenses, deductible travel and entertainment expenses and charitable gifts and donations can be “captured” in records. Therefore it’s essential to have the financial discipline of keeping records to enable you to identify the loopholes in your finances.
Explore The Available Options To Investing In Tax Haven Places
It is vital to evaluate the different platforms to channel your investment. The factors to consider while selecting a tax haven place depends on the availability of the services, flexibility of doing business, accessibility to your funds, privacy and security.
Tax payment on hard-earned money is challenging and very demanding at the same time. Therefore navigating around having tax freedom and obtaining financial stability is essential to gaining a peaceful mind.