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Converting Income Tax to Family Wealth

In: The Financial Storm Warning for Investors

Author

Listed:
  • Jeff Camarda

    (Family Wealth Education Institute)

  • Steven James Lee

    (California State Polytechnic University)

  • Jerusha Lee

    (Claremont Graduate University)

Abstract

This chapter discusses the inherent disadvantages W-2 workers face when trying to control their tax bill. After the Tax Cuts and Jobs Act took away many of the itemized mainstays that people relied on for decades, many workers struggled to find ways to cut tax. The best way to avoid many of the high-tax problem areas that employees face is to become an independent contractor. Starting your own business is a great way to write off expenses, keep more of your money, and stop making sizable interest-free loans to Uncle Sam every single year. The rest of the chapter shares the tips, tricks, and techniques you can use to drive big deductions on your return, minimizing your income tax burden while maximizing family wealth rather than handing over too much of your hard earned money to the government.

Suggested Citation

  • Jeff Camarda & Steven James Lee & Jerusha Lee, 2021. "Converting Income Tax to Family Wealth," Springer Books, in: The Financial Storm Warning for Investors, pages 141-154, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-77271-0_15
    DOI: 10.1007/978-3-030-77271-0_15
    as

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