Let’s go back to 1989. The blockbuster, Indiana Jones and the Last Crusades is in theaters and is entertaining millions.
In the movie, Indy and the bad guys are searching for the Holy Grail which will grant immortality to those who drink from it. Indy gets captured and is forced to pass a series of traps guarding the Holy Grail. Once Indy gets through all of the traps, the bad guys step in to claim the prize… the Holy Grail. But things aren’t that simple yet as there are dozens of different cups to choose from. The bad guy chooses a heavily jeweled cup and drinks from it… with bad results.
Indy then makes his choice and selects one that appears to be one that a simple carpenter would use.
The old knight who is guarding all of the chalice’s states “He chose Poorly.” And “You have chosen… Wisely.”
This was a long introduction to get to my point. Which is!
There is only one tax that you owe. The one tax that you owe is the one when you earn the money. Where you choose to invest your money after the first tax will determine how many more checks that you will have to write to the IRS.
It is possible to disinherit the government from many things. From taking a portion of the sale of your business to completely tax free income during retirement.
So… don’t choose poorly!