Don’t Just Save in Taxes,
Are you investing in a qualified plan like an IRA, 401k, or SEP to get a tax deduction every year? It’s a quick and easy way to save a few bucks in taxes today, but what most people don’t realize is that these retirement vehicles are not designed to save you taxes. They are meant to make sure you are paying taxes forever. Now, through your entire retirement, and even after you die. They are part of the tax code after all, a set of words that has one purpose: to take money from your pocket and put it in the government’s coffers.
But there is a better way. Don’t step on a dollar to save a dime. Use tax savings strategies today that won’t cost you exponentially more tomorrow.
It doesn’t take huge tax-deductible purchases. It doesn’t require you to make millions. It takes knowledge, some planning, and the grit to take your tax future into your own hands. We can provide the knowledge and help you plan. The grit has to come from you.
As unbelievable as this may sound, there is a way to set yourself up for a 100% tax-free retirement, without paying through the nose in taxes today.
If you are interested in finding out how much you can save, schedule a free consultation with attorney Zach Parry at the Fortune Law Firm.
Have You Ever Sat Down With Your CPA While They Prepared Your Taxes?
If so, you would have noticed that they had software up on their screen that asked them to put figures from certain lines of your tax documents into fields in the software. After several minutes of data entry, they push a button, and the software tells them how much you owe (or if you’re lucky, are owed) in taxes. And that number probably isn’t what you wanted it to be.
So you remind your CPA that you spent money upgrading your home office, paid interest on student loans, and used your personal vehicle for work purposes. They adjust a few numbers, push the button again, and the output adjusts slightly in your favor. You are frustrated that you are the one who had to come up with these savings. And you wonder what other savings your CPA is missing that you don’t know to ask about.
The truth is, most CPA’s tax planning is limited to the software on the screen in front of them. CPAs aren’t tax planners. They aren’t even tax preparers or tax filers. Their software does that. CPAs are specialized data entry professionals. And unfortunately, many of them aren’t providing any more service than that.
I shared this view with a potential client once and he interrupted me to say “you should know, I am a CPA.” I blanched, hoping I had not offended him, but he continued, “100% of what you just said is true. Please continue.”
Most people don’t realize that their CPA, the one who charges $400 per year to file their taxes, is one of their biggest liabilities. As you write that check for $400, your CPA feels inexpensive. But they are likely costing you more than any other professional you hire.
If you want your taxes filed, go to your CPA. If you want tax planning, tax strategy, and tax savings, you need something more. You need the Fortune Law Firm.
Zach Parry earned his law degree from the University of Illinois, graduating magna cum laude, and has since taught several university-level law courses and published over fifty legal articles and a book currently used as the text for a legal course at University of Nevada, Las Vegas. Most recently, he published Unshackled: How to Escape the Chains of Conventional Wisdom that Keep You Poor, which exposes the ugly truth about qualified plans and taxes and reveals a much better path to true wealth.
For over a decade, Zach was a civil litigator and trial attorney who was able to win several multimillion-dollar judgments, expose the vulnerabilities of business entities, engage in veil piercing to destroy the corporate shield that litigants thought protected them, and find creative and diverse means to effectuate collection. As a first-chair trial attorney, he never lost. He lost twice as second chair, one of which was rectified on appeal. He is undefeated on appeal…
He also gained experience in administrative disputes, including with the Financial Industry Regulatory Authority (FINRA), which gave him a unique insight into the inner workings of the financial planning industry.
Along the way, Zach learned some unexpected lessons about how money works: how to earn it, grow it smarter, and keep more of it.
While thriving as a trial attorney, Zach started a second law firm, the Fortune Law Firm, which was dedicated to helping clients with tax planning, investments, and retirement. Zach has since sold his trial practice to dedicate his efforts to the Fortune Law Firm, where he currently helps his clients create a comprehensive tax and asset-protection plan to help them keep more of what they earn.