There is a chance that you might have heard the old joke where a man hears a knock on the door. He goes to the door to find a man with an IRS badge held out in his hand, and a smile on his face.
The homeowner says, “Hello, how can I help you?” filled with dread as to what his visitor could possibly say next.
The visitor says, “Hello good sir! I’m an agent from the IRS, and I am here to help you with your tax and finance situation.”
You may have had a good laugh at that little joke, but the reality is that there are some instances in which the IRS is, in fact, trying to help you with your current financial situation
Keep in mind, I am not a certified public accountant and don’t pretend to be one in public or on the internet, but there are five ways that a High Cash Value, Dividend-Paying Whole Life Policy and The Finance Fixer can help you potentially save thousands, tens of thousands or even hundreds of thousands of dollars over the course of your life.
Here are 5 of our top advantages that High Cash Value, Dividend-Paying Whole Life Policies can provide.
1) Retirement Savings Withdrawals that Are Tax-Free
The tax rates are going up over time, which is why you may be better off paying your taxes up front, while you know what the rate is. This will allow you to keep more in the long run, and will help you save a lot of money on your taxes.
2) Cut the Taxes that You will Pay on SS Benefits
This can be misleading. Don’t think that just because you have your own 401(K) or IRA that the government can’t get your money. What you take in from the High Cash Value, Dividend-Paying Whole Life Policy will not be included in what the IRS includes in how much your social security is going to be taxed.
3) Get More Federal Student Financial Aid
The money in your High Cash Value, Dividend-Paying Whole Life Policy will not count against you when your kids are applying for aid from the government. This may qualify them for more federal financial aid.
4) Business Expenses
When you finance expenses for your business through your High Cash Value, Dividend-Paying Whole Life policy, this is a great way to some tax deductions for depreciation and interest.
5) The Death Benefit
The death benefit of this type of account gives you the ability to increase the value of your account exponentially, and gives you the ability to leave your loved ones income that is tax free.
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All whole life insurance guarantees are based on the claims-paying ability of the insurer. Excess policy loans can result in termination of a policy. A policy that lapses or is surrendered can potentially result in tax consequences. Dividends reflect profits and are not guaranteed.