Will this be the year that you reduce or eliminate your federal income taxes?
I help reduce taxes for clients with income income ranging from $50,000 to $4,300,000. There are plenty of legal and well-proven tax shelters available to taxpayers in every category. The top ten most common tax avoidance strategies are covered here. Tax shelters are just one of those ten strategies, It is up to each of us to find and employ the tax shelters that work best in each situation. Two of our recent US presidents have proved that it is possible to completely avoid taxes for many years by utilizing a combination of legal tax shelter and tax avoidance strategies. Some of those are listed below:
Real estate
- oil and gas partnerships
- tax-free home gains
- utilize lower capital gains tax rates
- non-cash depreciation deduction
- interest and property tax deductions
- tax-free exchange
Employment based
- deferred compensation
- retirement plans
- tax-free health care
- future medical care
Tax-free organizations
- deductible donations
- no tax on most income
- asset management strategies
- executive compensation allowed
Not all strategies are appropriate for all taxpayers. Some clients are surprised to learn that the success of some strategies depends largely on your past tax returns and quality of bookkeeping. My role as a tax adviser also includes helping clients avoid overly aggressive and illegal strategies that will backfire. I am happy to arrange an exploratory conversation to begin to plan a strategy that will work best to reduce your taxes this year.
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