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How To Avoid Paying Taxes

lower your income taxes

This is a post from Gary Dek at Gajizmo.com. Enjoy! Benjamin Franklin said “The only two certainties in life are death and taxes” but with loopholes in the tax code, a little research and planning with your CPA or tax attorney may significantly reduce or altogether eliminate your tax liability. The mega rich know all the ways to avoid income and capital gains taxes, but those with lower incomes can find ways to cut their tax bills, too. Here are a few strategies to teach you how to avoid paying taxes. Not all our tips may apply to you so pick the ones that are feasible and discuss them with your accountant for the coming tax year. Tax Credits Would you like the government to pay part or all of your tax liability? It can happen if you accumulate enough tax credits. You may qualify for an Earned Income Tax Credit if you have a low to moderate income – $37,870 to $51,567 (depending on the number of dependent children in your household­­). At these income levels, your refundable tax credit may be larger than the amount of federal taxes you owe, resulting in a sizeable refund. Other tax credits ...

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