Tax season is upon us! As previously mentioned we will be doing monthly series and this month of February will focus on taxes. Why? Because as we do our homework on investing we see the importance of understanding taxes and how they play a big part in investing and when you are retired. For this reason we are sharing what we are learning with you and how we are applying what we are learning to our journey.
Many of you may already know all about the American tax system but we don’t know as much as we think we do and so, as our site says, we’re sharing as we figure it out. There are many discussions on taxes and them being unfair to help the rich get richer and the poor get poorer and it’s always good to understand how things work to see how to use them to your advantage.
This February Series will focus on:
- Why we pay taxes: what is the reason we pay taxes in this country, was it always the way it is now or have things changed for the better? What are our taxes used for?
- Tax brackets: there’s been a lot of talk about tax brackets and if they’re fair, taxing the rich more and how many wealthy people agree they should be taxed more, and understanding how the tax brackets work
- How to best lower your taxable income: yes, we all have to pay taxes but is there a way to lower the amount of taxes you pay so that you keep more of your money and give less to the government?
We’ll take a look at all of these topics over the month of February and look at how to best use all of these resources to our advantage. That is what we want right? Even though we’re not millionaires yet, we don’t want to pay more taxes than you have to right? So let’s learn and grow and share together!
