How To Avoid Paying Taxes...Legally
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Published 2023-03-22
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All Comments (21)
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Don't hate the player, hate the game
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“Taxes are for little people.”
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For anyone wondering, this is the pass through entity tax, which is where you elect to pay your state tax at the entity level, which avoids the $10k limit for deducting state tax, and doesn't affect your ability to itemize or take the standard deduction, as it becomes a business deduction, not a personal one. The IRS is aware of this and hasn't said that it's not allowed, but its not available in all states.
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As a young accountant, can confirm that just about everything is a gray area. Already made a few calls to the IRS to clarify a few things, those wait times, oof they are rough.
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How millionaires get away with paying less tax. They can afford the best accountants and lawyers to argue their case. Isn’t worth the IRS time / money to try a legal battle with them so they go after easy targets that are the lower earners.
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If anyone interested he is talking about turning your LLC to and S-corp and turning yourself an employee of the company this way you avoid being taxed twice as much
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So there is a guy paying 400k in state taxes who doesn't have a CPA providing him tax planning? Seriously?
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IRS has entered the chat
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U gotta pay to play, doesn't matter if you're spending your time figuring out ways to avoid taxes or spending money on taxes. Play safe! Play nice!! 😅 Enjoy!!
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California Assembly Bill 150 allows pass through entities to pay the State tax out of the business so it’s a deduction at the Federal level. This bill ends at the end of 2025. There’s some elections and payments you need to make in advance but it’s definitely helpful. My CPA helped me with this tax election. I highly recommend high income earners work with CPA’s to find legal tax avoidance laws.
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Not you cutting to Meet Kevin’s plane when you said everything is up for interpretation! Well played
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I love doing my taxes in Nevada and skipping that state tax part. Cali sucks so bad.
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my grandpa been doing this for years with his commercial property. he personally doesnt take a salary, the company does, and the company pays his personal expenses. car payments, mortages, etc. you really telling me my gpa knows more about the tax code than these guys?????
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This is why a flat tax is needed
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The more you’re willing to pay a CPA the more knowledge in taxes you’ll get. 90% people want to cheap out on a CPA but don’t realize they are a great assets they shouldn’t nickel and dime for their time.
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Power is the ability to own infrastructure and shape culture into moving the population’s money into your pockets
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I’m a travel nurse and got offered a 5 figure a week contract and then I heard about the taxes in CA which I knew were bad. Needless to say I chose the contract in NOLA for 1/3 of the pay
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The very poor wealthy and the very poor benefit from the tax system, everyone else is screwed
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Wow... thanks for putting that out there... now let's see how long the government gets a hold of it.
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It’s written in a way to make everyone guilty. “Show me the man and I’ll show you the crime.”
