Discover Why Your Tax Rate Should Not Be Higher Than 30%
What can we do to reduce my tax rate?
What can we do to reduce my tax rate?
Is a statement that is made by the majority of the medical professionals during our first meeting. The reason why the statement is becoming regular is because of the quality of results achieved. I clear up the misnomer that its o.k to create wealth and pay tax, though not as much as what medical professionals pay currently.
Transcript excerpt from IrevealTV Interview.
Mark: If were talking medical professions, wed be talking about 46 cent on the dollar tax rate, so close enough to half your money disappears into tax. But if we have those structures that weve talked about before, with the family trusts and the company structures all linked in together, then 30% should be a maximum tax rate. But if we, and Im saying maximum, because weve got, within the family trust, if we can distribute income to different members of the family in lower incomes, in lower tax brackets than 30%, then wed utilize that.
So we just make sure we never pay more than 30%. So yes, making wealth wed, maybe we pay more taxes, but we make sure that we dont pay as much taxes just because youre a medical professional.
Brian: Right. Its just that Ive thought, if Im going to go through all the trouble of getting the right investment and Ive got the right tax structure and Ive done everything to guard myself in regards to doing the right thing, and I know, I think, enough from my doctor himself and most of the people that I speak with, that are clients of mine, that are in the actual game themselves, they really dont have time to look at these things.
Mark: Yeah.
Brian: And theres not really much room for error, is there?
Mark: No. Extraordinary time for, and one of the, sort of one of the disadvantages of the higher incomes is often they think their performance is pretty good. Because if you start out with a million bucks, you know, its the old saying, you know, How do you create a small fortune? Just start with a big one. And then work back from there.
So its one of the issues that, sometimes they get a little bit, well, busy, as you mentioned, so they havent necessarily got the time to look at all this stuff and put in the research they need to, because theyre busy doing their thing. So as a consequence, they cant pay the attention to it, and if they see a result its sort of, in terms of, its a big number and its doing okay, you know, if were getting, if they see a yield of 4 and 5%, that sort of thing, they think, Oh, well, thats, you know, thats sort of what people get.
And unfortunately people do get that, but you should be able to get a lot better than that.
Brian: Right.
Mark: And, you know, the difference between 4% and 6%, if we put that out at a life of, of someones life, or the life of an asset, it makes a huge difference.
Brian: Right. So effectively what were looking at is the general sort of purchase thats out there, that hasnt been really researched, that would probably give you that 4 or 5% return.
Mark: Yes.
Brian: That realistically wouldnt, that really wouldnt be enough for me, really. I mean, Id be wanting something, a little bit more exclusive, especially if I dont have the time to do the research.
Mark: Well, if youve got the opportunity to invest larger amounts of money, then you should expect larger returns. And its not, I think its a fallacy that people talk about if you get bigger returns, its a higher risk. Thats not necessarily the case. Thats not necessarily the case. You can actually get higher returns that actually have more risk protection, more stability.
Med Summation: If your only settling for average results that your being offered by the bank or the market in general, then your actually getting less because your tax rate is higher than the average and of course so are your expenses. So what returns are you really achieving?
by: Medinvest
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