Like many other entrepreneurs and other citizens in your country, you may have resigned yourself to the fate of high taxes from the regulatory bodies. You may as well begrudgingly accepted to enroll your children in a school as much as you don’t believe in the system and would prefer for them to learn at their own pace and in their free environment. Well, Mr Hudson shares some ways you can protect your hard-earned cash from state exploitation. Options such as identification of tax haven countries, protecting your savings, Tax avoidance strategies and taking advantage of tax deductions to reduce your taxable income.
A Brief Glance on Gun Hudson
Gun Hudson is a born Australian male,32 years of age. He is jet-setting his global citizenship while focusing on helping others on ways of living to achieve financial freedom and enjoy life now other than after retirement. Having established Global Tax Freedom and Satoshi Holdings, Hudson is inclined towards helping coaches and consultants to move their lives and business offshore to become tax-free.
Besides, He spearheads online entrepreneurs and other global citizens to invest in legal and tax-free in the original bitcoin. Hudson 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. What drives Hudson towards a tax-free life?
Identification of Tax Havens
Tax havens are a place where foreigners may receive income or own assets without paying high tax rates. In most cases, you will face no or only nominal taxes. Investing your assets in tax haven countries enables you to free up the limited resources through tax savings.
You may need to evaluate the best savings strategy with high-interest rates and low tax rates. You will as well come across some ideas of diversifying your investments to increase disposable income in the long run. Most savings account and money market funds require you to pay taxes on the interest you earn, on the other hand, government bonds and treasury bills, as well as other financial instruments, are exceptional to this rule. They may, therefore, be worth considering if exploring ways of reducing your tax bill and stretch your savings.
Tax Avoidance Strategies
Tax avoidance is a means of lowering your taxes legally. The crucial criteria are to take advantage of the shortcoming in the tax rule by finding ways of avoiding the payment of fees that are within the limits of the law. You may need to create a combination of tax-deductible items, thus having reduced your taxes significantly with a keen focus not to violate any tax rules.
Some cunning ways of avoiding taxes such as capital gains is through borrowing from an investment bank in exchange for their shares as collateral; therefore, setting a fixed rate. Some wealthy individuals have adopted the way of incorporating companies rather than being an earner at the top tax bracket. By channelling your salary into a corporation enables you to pay yourself a small interest-free wage, claim expenses, and reduce income tax.
Tax Deductible Items
Explore items that are tax allowable such as mortgage interest, retirement schemes and insurance schemes. You will be able to reduce the disposable income while acquiring valuable assets at the same time postponing the payment of taxes, therefore, freeing up cash for the contingency fund.
You can as well provide in-kind services and payments thus other than cash payments; you can be “compensated” through other valuables and tradable commodities. Investors may opt to receive their dues in the form of securities rather than cash.
With the current scarcity of resources and increase in human wants and needs, it goes without doubt that everyone requires maximizing the use of their hard-earned cash. The combination of different factors will be necessary to reduce your taxes significantly.
Living a tax-free life is everyone’s dream as Hudson realized, therefore getting a glimpse of what it takes to experience freedom is essentially the core reason why Hudson incorporated his business. You can quickly get in touch with him through his site.