It is rumored that some of the wealthiest Americans manage to pay less in taxes than some of their employees. They achieve this by one of two methods: doing their own financial and tax planning or paying someone to do it for them. Simple, isn't it?
The point is that the rich are able to avoid taxes through legal processes. Some mega-rich may use sketchy methods to avoid taxes, and everyone's definition of sketchy is different. However, most of the mega-rich use superior understanding of the tax laws to take advantage of all of the legal methods available to reduce their taxes. Here are just a few of those methods.
Perhaps someday you will be among the mega-rich and incorporate these and other tax-limiting methods in your financial strategy. If so, all we ask is that you keep the methods legal — and please do not forget about us if our advice helped you gain your mega-rich status.
Failing to pay your taxes or a penalty you owe could negatively impact your credit score. You can check your credit score and read your credit report for free within minutes by joining MoneyTips.
Originally Posted at: https://www.moneytips.com/how-the-mega-rich-avoid-paying-taxes
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