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.