Aug 17, 2023
Scott recently came across an article that discussed 8 ways the richest Americans avoid paying taxes. While many might think that these strategies wouldn’t apply to their financial situation, we’re going to discuss how you can apply these tactics to potentially reduce your taxes. Stay tuned as Scott breaks down these 8 strategies!
Here are the 8 strategies that we’ll discuss:
1. No Taxes on Unrealized Capital Gains: Both billionaires and regular investors with investment gains can utilize the strategy of not paying taxes on unrealized capital gains as long as they hold their assets without selling them.
2. Charitable Deductions: Philanthropy not only benefits causes you care about but also offers potential tax advantages through deductions on contributions.
3. Long-Term Capital Gains Rates: Discover the tax benefits of holding assets for over a year, leading to more favorable tax rates compared to ordinary income.
4. Roth IRAs: Understand the power of tax-free growth and withdrawals that Roth IRAs offer, and how they can be an excellent tool for long-term tax reduction.
5. Pass-Through Income: Learn how business owners and self-employed individuals can benefit from tax deductions on pass-through income, and why proper management matters.
6. Tax Breaks from Home Ownership: Explore the tax advantages available to homeowners, including mortgage interest and property tax deductions, provided they itemize their deductions.
7. Medical Expense Deductions: Consider the often-overlooked possibility of deducting medical expenses that exceed a certain percentage of your adjusted gross income, potentially resulting in tax savings.
8. Real Estate Investing Tax Breaks: Delve into the tax benefits of owning rental properties, including depreciation deductions, but also understand the complexities and potential implications when selling.
Links From Today's Show:
CTA: Tax Guide
Review of Article: Here are 8 Ways the Richest Americans Avoid Paying Taxes
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