💼Becoming a business savant allows for tax write-offs and deductions.
💰Investing and delaying income help reduce taxable income.
📦Move to tax-friendly locations or consider changing citizenship to enjoy zero or lower income taxes.
🤝Making charitable donations provides tax benefits and positive PR.
🏦Maximizing retirement accounts shields income from taxes.
How can I avoid paying taxes legally?
—You can avoid paying taxes legally by becoming a business owner, investing, moving to tax-friendly locations, making charitable donations, maximizing retirement accounts, and generating passive income through assets.
What are some tax-friendly locations?
—Some tax-friendly locations include places with zero income taxes like Dubai, Bahamas, or states in the US like Puerto Rico, Florida, and Texas.
How do I take advantage of tax write-offs?
—To take advantage of tax write-offs, become a business savant and utilize deductions and credits available for businesses. Consult with a tax professional for guidance.
What are some ways to generate passive income?
—You can generate passive income by acquiring assets like real estate or businesses that provide a steady stream of income without active work.
What are passive losses?
—Passive losses occur when the value of hard assets, like real estate or equipment, depreciates over time. These losses can be used to offset passive income for tax purposes.
00:00Introduction to the 10 legit ways to avoid paying taxes and building long-term wealth.
02:32Becoming a business savant allows for tax write-offs and deductions.
05:09Investing and delaying income help reduce taxable income.
08:20Move to tax-friendly locations or consider changing citizenship to enjoy zero or lower income taxes.
10:35Making charitable donations provides tax benefits and positive PR.
13:17Maximizing retirement accounts shields income from taxes.
15:52Taking equity instead of payments helps delay income and avoid taxes.
18:40Generating passive income through assets provides steady income without active work.
23:55Passive losses occur when the value of hard assets depreciates over time and can be used to offset taxable passive income.
