Its true the wealthiest often pay the leastin taxes.
That may seem crazy, but he didnt break any laws.
Instead, he took advantage of tax loopholes.
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For example, lets say you sell beanies online.
Doing so will save you a lot of hassle when it comes time to pay Uncle Sam.
For more information on whats considered business expenses, checkhere.
Drowning in Expenses?
Maybe youre scrambling after your car broke down.
Or you got a medical bill you werent expecting.
Or inflation has finally pushed your budget over the edge.
You dont need to go it alone.
When money is tight,these resourcescan help you manage unexpected expenses without stress.
Donate to Charities
Its no secret the ultrawealthy often use philanthropy as a way to reduce their tax bill.
However, its important to note deductions to a charity are deductible only if you itemize.
Take Advantage of Tax Credits
Wealthy individuals are often masters of minimizing their tax liability.
Instead of lowering your taxable income, tax credits directly reduce the amount of tax you pay.
In other words, it gives you a dollar-for-dollar reduction of your tax liability.
Here is a list of tax credits you should know about:
4.
If you sold it today, you would have to pay taxes on the gain of $200,000.
This strategy is widely used by the rich to pass down wealth while minimizing tax liabilities.
So, be sure to keep this tax loophole in mind when planning your estate.
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Claim Depreciation
Wealthy people who own rental properties or businesses often deduct depreciation to lower their taxes.
Calculating depreciation can be complicated.
If you plan on claiming depreciation on your tax return, be sure to consult with a tax professional.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
