Learn How to Reduce Income Tax
Most people are paying more than they need to in taxes. This is because the government makes it easy to take as much money as they can. If you want to pay less, you need to learn how to reduce tax obligations. The good news is that with just a little digging, you will discover that there are many options.
Tax Saving Investments
With a little restructuring of your accounts, less of your funds will be subject to tax, which can add up to significant savings. If you’re a small business owner, there are even more options for tax saving investments.
If you start looking around, you will soon discover that there are countries with no taxes. This means that if you work or establish a business, you won’t lose any of your income or profits to the government. Some countries also have incentives for investors and entrepreneurs to reduce how much they owe.
Even if you can’t move overseas right now, you can and should plan to retire abroad. Look for a country with low living costs and high living standards. Many places in Asia and Latin America fall into this category.
Other Tax Minimization Strategies
A few other options include:
- Splitting income with a lower-earning family member
- Moving your income to a tax shelter
- Managing the timing of your deductible expenses
- Selling your assets at the optimal time
- In the US, start a sole proprietorship (Schedule C business)
This list is just a small sample of the many ways you can legally reduce your taxes. Start researching and you will find that the amount you have to pay in taxes is likely much less than the government wants you to believe.