Business
Lessons from gloves, glue and the power of planning by Vicky Wilson
hether you earn a little or a lot, tax planning leads to a solid financial life and is one of the most impor-
tant things you can do for yourself and your loved ones. From properly completing the W- 4 for your first job to complex IRS deductions understanding how to make your money and your taxes work for you is key. This is a true story of how one man and
one woman starting out around the same time, doing the exact same job, earning nearly iden- tical amounts, ended up in two very different financial places. Their names have been changed for privacy. Charlene and Sal had what some us might
think of as a glamorous lifestyle. For over ten years, each travelled from city to city all across the USA working for the same company. They were presenters, speaking to ballrooms full of people who paid to hear their pitch. Remember those late night TV real estate commercials? That’s what they taught. They were paid on product sales and both earned hundreds of thousands of dollars per year. Charlene retired 16 years ago with a seven figure, diversified, retirement portfolio. Sal is
still hustling, trying to keep his head above water. What made the difference? She sought out the advice of her tax professional, listened and implemented. “If it weren’t for my tax
A Tale of Two Taxes W
lady, I wouldn’t be where I am today. They are the most valuable member of my per- sonal power team.” As a young child, Charlene discovered the
concept of leverage. Every week her father let her stick one hand in his giant jar of coins to grab as much as she could for her allowance. Being clever, she decided she could snag more coins by putting on one of her mother’s long Sunday gloves, covering it in glue and sticking her whole arm in the jar. I’m sure she learned other lessons from mom, but this lesson stuck with her. The glove and the glue acted as lever- age to help her get more coins than she could on her own. By regularly consulting and strate- gizing with her tax lady, Charlene was able to keep more coins in her working life and make them work for her. Sal, on the other hand, said, “I can’t afford
it. I can’t afford to set anything aside.” He expanded his lifestyle to fit his in- come. He didn’t leverage the advice from his friend and co-worker. Nor did he see the value of paying for professional services. Sal will never be able to retire. Like most of us, Charlene started out with
nothing. As her income expanded, she sought help to maximize the most from her earnings. She visualizes every dollar she earns as her em-
ployee. Its job is to grow as tax-free or tax- deferred as legally possible. Her advice to us, “Do what you do best and
pay someone else to do what they do best.” Don’t settle for a handful when you can plan for so much more.
Liberty Tax Service can be contacted at (949) 271-1200 or (949) 441-2310 or online @lib-
taxsc@gmail.com.
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