Smart Money Tactics Masterclass (Part-2) | How to Fill Out a W-4 Form |Your Debt Free Journey

Okay, this is TJ with Solutions by tj. And I am back just like I said I would be, with my mentor, Mr. Robert Webster. And he has given us all the game today. So make sure that you like this video, subscribe to this channel, and watch to the very end, because the stuff that we have for you is absolutely incredible. This is going to change the game for you. Like everything that you've asked me for on the Sunday fundays, I'm giving it to you. What Mr. Webster is going to show us is you asked me for how to track mileage. Guess what? I got a product for it.

We're going to.

We're going to show you all of that, right? So follow this series that he and I are doing this week, and you will definitely, definitely, definitely see how all of this ties together. All right, Robert, we're ready for you.

All right, so first off, what we're going to do is show you why you should bring home 100% of your paycheck and, and how you can legally do it. And I'm actually show you where the IRS states that they want you to bring home 100% of your paycheck. So I'm going to share my screen real quick.

Now. First thing I'm going to show you is a study that was done by the IRS. This was done in 2005. All right, you can go to IRS.gov and see this very same study. It says, here's some refund facts. It says federal tax refunds to individuals totaled more than 215 billion last year. That's more than 101 million taxpayers who got refunds. That's 80% of our population. The average refund then was $2,126. I'm gonna read a little bit this to you, says, where does your refund come from? It comes from your wallet or purse. When you tell your employer, hey, how much to withhold from your paycheck? Or you make an estimated tax payment for the average refund, that's about $40 a week too much. All right, you're paying too much in the taxes. Remember that. You might be using the extra withholding as a forced savings method, but Uncle Sam doesn't pay interest on refunds except in special circumstances. And honestly, I haven't seen any of those special circumstances. This last sentence is very important. He says, putting the money in any type of savings account or paying down debts might be a better option.

And that's directly from the IRS.

Directly from the IRS.

Wow.

So if you're receiving a $5,000 refund every year. They're saying, instead of getting that refund, put that money back into your paychecks. Each paycheck, all right? Putting the money in any type of savings account, 401k, 403b or mutual fund, or paying down debts, car notes, student loans, mortgages, credit cards might be a better option. Well, you know what, I agree. It is a better option. And we're here today to show you exactly how we teach you how to do this. You see, first, we have to understand something here in America. We live in a capitalistic society. All right, Right now, a lot of people are waiting for stimulus checks. So what does that mean? That mean the government expects people to get that money and go spend it on products or services because it'll help stimulate the economy. So when you spend money on products or services, it helps the economy. It doesn't do anything for your economy, but it helps the national economy. So we have to understand, if you are a business owner and you have products and services and someone makes a purchase from you, or you make a purchase from your own business, you're helping to stimulate the economy. So the government says, you know what, you're an employee, but you're also a business owner, you own a home based business. So you know what? We'll let you legally pay less taxes so you can use that money to run your business because your business does what? Stimulate the economy. Capitalism 101. So now once we set you up with your business, we teach you how to bring home 100% of your paycheck, we would take you right to the IRS public, the IRS website, all right? And we walk you through the tax withholding estimator. So I'm gonna do a quick example. This is gonna be a mom, a single mom, all right? She's making about $60,000 a year. Okay, so I walk you through this real quick. She's head of household. Her filing status, can another person, another taxpayer claimer? No. All right, we walk you through each one of these steps. How many dependents? She's got one kid. All right. Does she have federal income tax taken out of her check? Yes. So we walk you through these very simple questions, and they're all questions that you can answer. How many jobs do you hold this year? Just one. Are you living off a pension? Nope. Are you getting any of this income? Sources of income? None of this. She's not over 65, not blind. She's not getting any of this. So we go ahead and we hit next. Now they're Gonna ask you about your job.

The IRS website, correct?

Yes. This is all on IRS.gov we'll walk you through this properly. Do you expect to hold this job the entire year? Most people, yes. How frequently is she paid? She's paid every two weeks. All right, what dated her most recent pay period end. We're gonna say on the 29th. So the only thing you're gonna need when you walk through this is you're gonna need your check stub. Your last and most recent check. Stubborn. All right, her total wages, we're going to say she's making 60,000 a year. She hasn't gotten any bonuses this year. All right, using her last pay stub, enter the total federal taxes withheld. So we'll say since it's about 15%. So we'll go with about $925 year to date. All right. And about.

325. Now, that's on her current paycheck. Now she's living paycheck to paycheck. So she doesn't have any money to put into her 401k. So we're gonna say no there. She doesn't have a health savings account because she's, like I said, living paycheck to paycheck. Now we're at the adjustments. We're not gonna do any adjustments right now. So we're gonna go to the next step. Now we're at her deductions. She qualifies for head of household deduction, which is 18,800. So we're gonna take the standard deduction and we'll hit next. Now, tax credits. She has some tax credits. Her children, her child. So it says child credit. Enter the number of qualifying children under 17. So she's. We say she has an 11 year old child. Dependent tax care credit. There we go. She's got one child for that. She doesn't have any daycare and she has one child for the earned income credit. Then we're going to go down and we're going to see our results. So the results saying she's gonna, she's gonna pay about $8,700 in taxes throughout the whole year, but her tax obligation is only actually 2,600. So she's gonna get a refund of 6,000. Now, we don't want to get a refund, all right, because when you get a $6,000 refund, you have to understand you actually lost more than $6,000. Not the fact that you lost $8,000. You lost what that money could have done for you. You see, if you get a $6,000 refund. That means you gave them an interest free loan on your money. You could have been taking that money and paying off debt or taking that money and investing, and you're getting a return on it. So now, once you are a business owner, all right, we're going to teach you exactly how to do this and how to put this money back into your pocket. So we're going to go down here and slide our results. Slide this slider down close to zero. We'll say we'll put it at 300 so we can get a $300 refund. Now what it's saying is to get this desired refund amount, you'll only need $74 withheld from each paycheck, which is $250 less than your current tax withholding. So this person is going to put $251 back into each paycheck. That's $500 a month. But you know what, we're not done. We're gonna go back here and show you how to make some adjustments. Say you bring home an extra $500 a month, all right? Because you're a business owner. This is another strategy we're gonna teach you. All right? So say you bring home another 500 every month. And you know what, take 200 of that and put it into your 401k. So we're gonna say yes. So now we're gonna put $2,400 a year into our 401. And now you're also a business owner. So now we're going to make some adjustments, all right? We're going to say you got about $10,000 worth of business expenses, which is very easy to have. You just track your miles and your cell phone, all right? Very easy. So now we're going to go see our results. Now your tax obligation is only 1,000. You see, business owners get tax credits that employees don't get. And most employees who have home based businesses don't understand tax advantages of having a home. But that's why we want to share this with you. So now from a $6,000 refund, it went up to a $7,000 refund. So now we'll move that down again. And now she's getting $300 in each check. That's $600 a month. You see, understanding the tax advantages of having a business can change your life for the next two, three, four, five years of you working your job. You see, you could be debt free in the next two to three years, all right? And building A business that creates leverage and residual income. I love teaching these strategies.

You like this, Latonya?

I do, I do, I do. So most of us, a lot of us at least have a job and we are doing the notary signing thing on the side. So in the evenings we have a home based business. So as this, in order for us to use this, we can use this we're already doing. But do you recommend that we start another business in order to do this or can we use it with our notary business? How does that work?

You can use it with any business. But what I recommend is you join our income shifting membership so you can get this strategy plus five, four more strategies. You see, we have five cash flow strategies that teaches you how to build wealth in America. We have to understand that the next five to seven years there's going to be a tremendous wealth transfer and we want to take part in that. We want to make sure we get a piece of the pie this time. So I always teach people tax minimization, debt elimination, credit elevation and asset accumulation. These are the strategies we must learn in order to build wealth and leave a legacy for our next generation.

Absolutely, absolutely. Okay. Because I want to make sure that they can do this with what they're already doing. And it sounds like this is, you know, what you're talking about, can be a business in itself as well as an educational component. Is that correct?

That's exactly what it is. You see, I'll break it down how.

You want to do it.

Exactly. See, it looks like this. Steve Jobs are the creator of the iPhone, Apple. He didn't create the smartphone, all right, because the smartphone was already here. But he created an app system that made it so simple that a 2 year old or 3 year old could pick up the phone and run these apps and they can do it. Well, we didn't create tax advantages of having a home based business. It's always been here. But what we did is we packaged it in a membership and made it so simple that a person working at McDonald's all the way up to a person that's a corporate executive of a major business could, a major company could use these strategies and learn these strategies to benefit themselves.

You know, when you introduce this to me, what I love the most is that it's all in one place. So on our next video, Robert is going to show you sort of the back end to this system where you can track your expenses, you can track your mileage, you can do the debt elimination and all of the strategies that he talks about. And guess what, there's also in this system they deal with building your credit if you are having roadside assistance. So that's even in this outgoing program. And you know, as notaries we're all over the city, right? So this roadside assistance program is much cheaper than any other that I have seen. So it's just a plethora of things that we're going to show you. But stick with us, watch the other video because we have so much more to come. Make sure that you like this video. If you want to learn more right now there's a link within the description and you can just bypass, you know, all of this and just join now but keep going because I got so much more to show you. All right. Thank you so much. We are so blessed to have you. Make sure that you like this video. Subscribe to this channel and I'll see you on the other side. God bless.