5 Ways To Legally Stop Paying Tax
Monday is Tax Day for all employed Americans.
Bet you didn't know that at one time there was no income tax in the United States... it only got started around 1913.
There are many ways to legally pay little or no tax at all:
- You can earn below the tax line - be in the lowest tax bracket. However much of an advantage this is, it's really not much fun living frugally.
- Instead of earning an income, you can sell stuff you have to get your tax-free spending money. For example, I read that many years ago a school caretaker bought paintings from emerging artists with his tiny $30,000 a year salary. He accumulated these over time and soon had a substantial collection. When he was about to retire they had all increased in value, and by selling off one or two a year he was able to keep up his standard of living. Because his earnings were from the sales, he paid no taxes.
- Others do it with property. They buy a number of rental properties, and as each one goes up in value they borrow from the increased equity. Done correctly, this refinancing gives a good annual income. Because the money is effectively a secured loan, there is no tax to pay.
- Business owners are in the best position to legally not pay taxes on much of their income. Travel writers for example, can travel constantly and claim all their travel and living expenses.
- This last suggestion is obviously the best of a lot... win lotto! Some countries and states give the option to collect your win with taxes already paid. Since it is a windfall anyway, you shouldn't worry about this tax coming off. Go ahead and enjoy your financial freedom.
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Ken,
I have consistantly won 3,4 and
3 times I have won 5 numbers in
the last 3 months in the Florida
lotto. Winning 5 numbers is a
win of between $5,000 & $8,000.
Steve B.
Sw*********@yahoo.com
(Genuine testimonial held on file)
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Enjoy your time off, Steve!
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