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How to be a millionaire and not pay any taxes

Some may not remember that Steve Martin was once one of our nation’s best known tax advisers. This in addition to his accomplishments as a actor, comedian, writer, filmmaker, and musician. The year: 1978. The show: Saturday Night Live.

The skit:

You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes!

You say.. “Steve.. how can I be a millionaire.. and never pay taxes?” First.. get a million dollars. Now.. you say, “Steve.. what do I say to the tax man when he comes to my door and says, ‘You.. have never paid taxes’?” Two simple words. Two simple words in the English language: “I forgot!” How many times do we let ourselves get into terrible situations because we don’t say “I forgot”? Let’s say you’re on trial for armed robbery. You say to the judge, “I forgot armed robbery was illegal.” Let’s suppose he says back to you, “You have committed a foul crime. you have stolen hundreds and thousands of dollars from people at random, and you say, ‘I forgot’?” Two simple words: Excuuuuuse me!!“

I’ll try that the next time I’m on the phone with IRS: “I forgot! Excuuuuuuse Me!” and see how it works.

Fortunately, we’ve come a long way in the past 40 years in developing effective and legal tax-free wealth management strategies. Many wealthy people pay little or no taxes now; it all depends on your financial planning strategies.

I’d love to discuss how you can be a millionaire and not pay any taxes. Send a message or use the scheduling link to plan a time for a no obligation conversation about your plans.

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