tonywalthall_tamucc
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People who use paid accountants for their return pay less taxes. Also, having kids, paying on a mortgage, being a full time student, and being disabled get the greatest tax deductions!!!! Also, the first 2 years of owning a business, you can deduct ALL your loses. This is another great deduction. It does not matter what business you try to start either. |
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missy
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we would all like to know the answer to that one |
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Frank Castle
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There is not enough information to answer your question.
Do you have a job or do you have a business?
Are you married?
Do you have children?
Do you have a Retirement Account?
Do you have a 529?
There are many ways (Legal Ones) to pay little or no income taxes.
Top 10 Answerer in Business & Finance. |
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philbertpheinstein
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Make less than $3000. |
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BaFfler
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Earn less. Have a bunch of kids.
Or earn a lot, and stop whining. |
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Orlando57
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if you are in a bracket thats high enough to pay the big bill ,then the only thing is to incorporate ,and place all your belongings in the corporation and rent or lease them back at 1.oo dollar then pay all your exspenses out of company funds as part of you employment package, your meals ,food, cars ,and entertainment ,then the salary should be modest enough to give part to charity ,and get that back, talk to a pro accountant ,or tax advisor, its worth a lot ,also place your profits in childrens accounts., but know how much is too much ,your banker can set up trusts that arent taxed on , or just give half of your salary to charities, and get back most, you can save 1/3 to one half by starting a scholarship ,or giving lumps to feed the hungry, or build habitat homes ,land is a way to hide income also.. talk to some pros in the know |
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®PsychologyGuy
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Spend $25,000 to buy a condo in Mexico and make that your place of residence. Then turn your American home into your "non-homestead" property. You pay a slight increase to your property taxes but then you pay no more income tax. |
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Clogged-Up
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Itemize is the best way. Write off all your expenses. |
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camping_girl
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For 2005, it's too late, but at your job, claim zero for everything so they take the maximum out of your paycheck everytime. Then, next year, you will either pay minimum or get money back. I do it and it works! |
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kearneyconsulting
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Keep good records and fill out the forms correctly. |
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jveryrad
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The way taxes work, the more you make, the more taxes you pay. It depends on your priorities. Do you just want to pay very little taxes? Then just work a little and get paid a little. Do you have a business? Then you talk to your accountant about business expenses to reduce your taxes. Are you rich? Then you try to make money from real estate or stocks so you can get away with less taxes. Are you dishonest? Then you have a lot of options, but you risk going to jail or at least feel bad that you are cheating the system. |
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sneezes1234
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dont be greedy. taxes are for the good of america. |
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mrfrudd2006
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If you are really serious about this, it would be advantageous to consult with a CPA or tax attorney. It will cost you some bucks, but could save you a substantial amount taxes, an it's legal! |
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Steven2006
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Earn less than 8,200 dollars per year, have lots of deductions, make large donations to childrens funds, and have your check direct deposits divided up into 35 different bank accounts. Good Luck! |
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rosanamod
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You will have to cheat I'm afraid. |
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evensout
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don't work....no work-ee, no taxee |
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Mona
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When u find out let me know...
I get soooo much $$ deducted every paycheck and get NOTHING in return at the end of the year!.... I bet if i was sitting in my lazy *** all day long, working part-time and had 4 kids w/ 4 different baby-daddies i will get a nice return.... |
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freddie
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get paid under the table. |
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happybirthday
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Claim 1 exemption on your federal tax withholdings and if you have any dependents, claim 1 exemption for each of them. The more exemptions you have, the less money will be taken out of your paycheck. (NOTE: Claiming 0 exemptions will take MORE money out of your paycheck.) Also try to take advantage of any pre-tax benefits your company may offer...i.e. 401k, flexible spending accounts, health care accounts, commuter benefits, etc. That way, the money is taken out before the taxes are figured and the less money it appears you made, the less taxes you pay. And this is all legal. |
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Winston
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Teach English in South Korea.
Income tax is only 3.3% for teachers in South Korea, and if you're an American, for example, you will be exempt ("excluded") from U.S. taxes. You will technically only have to fill out a Form 2555, and as long as you're making less than $80,000 (You will probably make a lot less than that but still make a pretty good income, much of which you won't need to spend on living expenses.) you don't have to pay U.S. income taxes. |
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