This may sound a little strange, but there are actually ways that you can convert your taxable income into non-taxable income. You can also do this without worrying about getting audited by the IRS.
This is one of my favorite ways of dong this: Although this has been a part of our federal income tax code for over 30 years, many people still don’t take advantage of it. So what is it that I am referring to?
The IRA — Individual Retirement Account.
I can hear many of you say right now, “Oh, I know all about that one; what’s so great about an IRA?”? Just give me a little time, and I’ll explain three new benefits that the IRA rules have that you may not know about:
BENEFIT #1: How To Avoid Tax Rather Than Postpone Tax
First. There are actually now two kinds of IRA’s available.
The so-called Traditional IRA is the one that first came out way back in the 1970’s.
But there’s a newer version of the IRA that’s only a few years old. This one is called the Roth IRA. And the difference between these two IRA’s is very significant.
Your traditional IRA contributions are tax-deductible, which result in immediate tax savings. The growth of those contributions is also tax-sheltered while the funds remain in the account, but after some time all tax-deductible Traditional IRA contributions, as well as the growth of those contributions, will be subject to income tax when the money is withdrawn from the account.
In other words, Traditional IRA’s offer the opportunity to temporarily postpone taxes.
On the other hand, the Roth IRA offers the opportunity to permanently avoid taxes. With a Roth IRA, you don’t take a deduction for your contributions; instead, you make a contribution with “after-tax” dollars.
Whatever you put in not only grows tax-free, but can also be withdrawn tax-free.
Let me show you an example to demonstrate what I am saying:
Let’s say that you invest $2,000 per year for 20 years into a Roth IRA. At the end of twety years, you will have invested a total of $40,000. Now if that Roth IRA earns an average of 10% per year, that $40,000 will grow into $126,005.
Here is the interesting part: If we assume that the IRA has existed for at least five years, and you are at least 59 ½ years old, you can withdraw the entire $126,005 without paying tax.
On the other hand, if this money had been invested in a Traditional IRA, the entire $126,005 would be subject to income tax when it is taken out.
The $86,005 of growth is magically converted from taxable income status to non-taxable income status. Let’s assume that you are in the 15% federal tax bracket. You could possibly be saving $12,901. If you add whatever state income tax you might have, you could save over $15,000 in taxes.
BENEFIT #2: You can also take An Extra 3 ½ Months To put money into Your IRA.
The deadline for contributing to your IRA is April 15 of the year AFTER the year for which the contribution made.
So for Year 2015, you have until April 18, 2016 to fund your IRA.
If you’ve already invested the maximum (more about that in a moment) by December 31, 2015, then there is no more to do. You can’t put in any more money into the IRA for 2015, but if you haven’t maxed out your IRA, you have until April 18 to do that.
This brings me to:
BENEFIT #3: The Maximum Contribution Amounts have been increasing f
or many years. The most you could put into an IRA was $2,000. Now, the maximum is $5,500. (This assumes that you have at least that much earned income from wages or self-employment income).
And if you are over 50, you can put in another $1,000, bringing the total maximum to $6,500.
A married couple, both age 50 or older, can put a whopping $13,000 per year into a IRA. Not too bad if I say so myself.
Here is a final point about the Roth IRA rules: For a married couple, you can only contribute the maximum of $5,500 or $6,500 if your combined income is less than $183,000.
If you are single or head of household, you can contribute the maximum if your income is less than $116,000.
For most of us who are considered to be in the middle-class who are looking for a perfectly legal way to permanently avoid tax (rather then merely temporarily postpone tax), the Roth IRA is exactly what we need.
How do you get started on this? Well this is the hard part. Let’s examin how to actually implement this tax avoidance strategy.
“We’d like to save as much as we can for our golden years. But $11,000 a year? It’s hard to put aside that kind of money. We need every dollar we make just to pay the bills.” This could be your situtation, but a tax advisor or fund manager might find it easy to lecture you on why you should do it anyway. Realistically though; You’ve got to begin at some point, and you’ve got to start saving something, don’t you?
If you’d like to save for retirement, but think you can’t, it may be because you need to learn how to budget your money correctly. Also learn about other ways to boost your retirement income, check out this website:
Learn from this resource or other sources and go for it!
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Benefits of Coworking Spaces for Your Business
Coworking spaces provide small businesses, independent
contractors and other workers a space to work, network and participate in the local business community.
What was relatively an unknown concept 10 years ago,
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Currently, there are about 17,000 coworking spaces across the world,
which means understanding the benefits that come along
with using them is essential to planning your business’s success.
Benefits of a coworking space
From meeting other business professionals to collaborating on independent projects, coworking spaces can be
a shared location where people with varying business ideas can get
together and learn from one another. Joining a coworking space means pursuing a new opportunity and participating in a
community of business professionalism.
While there are countless benefits, the following are essential for any small business owner considering
a move.
More networking opportunity
One of the biggest benefits of a coworking space is the opportunity to connect with other individuals.
If you’re working in a home office or independent office, you could be robbing yourself
of the important connections needed to drive your
business forward. Sometimes, the only thing a small business
is missing is the spark that proximity to other successful business owners can bring.
Increased productivity
This is especially true for small business owners working out of a home office.
When we’re at home, it can be easy to get distracted.
Kids need attention, the house needs to be cleaned or maintained and special
projects can constantly crop up in our minds. By going to another space, you can solidify a “work mode” that can increase productivity.
Many coworking spaces are accessible 24/7, so you don’t have to worry
about when you need to get something done.
Boost in creativity
By working with other individuals and exposing yourself to new perspectives, coworking spaces can provide bursts of creativity.
Sometimes, switching spaces and heading to a new office can allow
you to refresh your mind and consider alternative solutions to business problems.
Collaboration opportunities
This benefit goes hand-in-hand with networking. Coworking spaces expose you to chance
and opportunity. Who knows where a casual conversation may lead?
Working in proximity to others allows quick collaboration to occur.
Next thing you know, you could be hiring someone new.
Cost-efficiency
If you’re renting an office, there are a host of extra costs you may
have to deal with — especially if your employees are looking for perks like
free coffee, snacks and (occasionally) alcohol. Coworking spaces come
equipped with perks like these all at one monthly rate.
They also come with many built-in business services, like business mail, that can save you money in the long run. It’s important
to consider what features you need before choosing the
right space for your business. Cost-efficiency could be a crucial benefit to
small businesses locked into leases that are too expensive.
Greater flexibility
Many coworking spaces offer very flexible agreements.
If, for some reason, you need to cancel your membership, there are usually flexible
options to do so. This makes it an ideal business service to try out and see how you
like it. If you have a good experience, you’re set. If not, there’s no harm in canceling your membership.
Coworking spaces allow you to get out of your own bubble:
By exposing you and your employees to new perspectives, you can build a better business.
A comfortable and efficient workspace is essential to
any business’s success. While there are many benefits, choosing the right coworking space can be difficult.
It’s important to review our guide for how to choose the right coworking space for
your business before weighing your options.
In case you need
below is the contains for Inspace Virtual Office:
Office Space PJ For Rent Established in 2015, INSPACE is Malaysia’s preferred serviced office provider.
We pride ourselves in offering an exemplary coworking
space environment that is elegant, Serviced office in Petaling
Jaya with ergonomic and multi-media ready for small to medium business owners,
Startups as well as Entrepreneurs.
INSPACE coworking space and business centerPetaling Jaya comes
fully-equipped with luxury Serviced office suites, Virtual office plans, sophisticated Meeting rooms, cost-effective
Hot desks as well as Telecommunication and Internet facilities, not to mention, a passionate and dedicated team to support you with general office management at our virtual,coworking,
shared and serviced office.
INSPACE service office is all about diversity with
our members ranging from different industries and backgrounds, bringing forth their own unique
experiences and knowledge. We create that
trusted setting of our coworking, serviced and virtual office for like-minded peers, partners and patrons to exchange thoughts and collaborate, giving new business
opportunities or even just to meet new people
INSPACE coworking space, serviced office and virtual office in Petaling Jaya understands
that financial controls and good budgeting is key to business
success. As such, our flexible office solutions enable you to cut costs and
save more on your overheads but at the same
time allows you to enjoy premium quality services even if it’s a shared office, coworking space or virtual office.
INSPACE offers incredible flexibility and nothing
short of impeccable service to ensure genuine support
network is constantly provided.”
INSPACE is Malaysia’s preferred co-working space and serviced
office provider. Located in the prime location of central Petaling Jaya &Klang Valley, you can expect
nothing less of modern and stylish offices
with complete facilities to create that first impression you would want your business to portray.
We offer different packages to meet the requirement of each, ranging from virtual offices, shared office space, private offices and even custom office.
“Diversity : the art of thinking independently together”
INSPACE is all about diversity with our members ranging from different industries
and backgrounds, bringing forth their own unique experiences and knowledge.
We create that trusted setting for like-minded peers, partners and patrons to exchange thoughts
and collaborate, giving new business opportunities or
even just to meet new people.
“When you know better, you do better”
Looking for a single hot desk, private offices or even a customised office for 50 pax, INSPACE has your back.
We are proud to offer you the space and amenities to give your business that edge over
others and appeal to promising talent.
“Dream it, Believe it, We will help you to Achieve it.”
We at INSPACE can help you create your ideal HQ Office
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This have never been easier and cost effective with
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WHAT TO EXPECT?
If you are looking to create your own office environment
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We focus on creating a conducive environment with workstations fully equipped to
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Amenities ranging from private discussion room,
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From soundproofing to high-end presentation systems, rest assured your meetings and discussions will
run smoothly.
WHY INSPACE?
NO UPFRONT COST
Fund zero capital to start operations in an office space customized
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FLEXIBILITY
We are ready to grow as your business grows. Our flexible agreements ensures your office space expands as your business
changes.
FROM A TO Z
Fret not as INSPACE offers operational support from front desk services to maintenance and utilities, all under one roof.
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