The snarky CPA’s Guide to High Income Tax Planning

How do you reduce your income taxes after you’ve exhausted all the usual middle income tax planning possibilities?

  • Ignore anything published online because it is crap.
  • Take a large tax deduction for donating something that is worthless because you already stripped its value.
  • Donate your labor to a charity that gives you something worth little as a ‘thank you’ but that you can sell later for a lot of money.
  • Get someone else to pay your personal living expenses without them or IRS knowing it.
  • Say “no thanks” to capital gains taxes when you sell small business stock.
  • Don’t draw attention to the number of wealthy people following these strategies.