Tax Loopholes are not such a bad thing. Often times the press and others make it seem as if it were shady or wrong. The truth is that if you aren’t smart enough to take advantage of the tax loopholes you deserve to be poor. There is nothing immoral or wrong with taking advantage of all the tax laws available to you. The government has those laws in place to encourage economic growth in the country.
I’m sure you have had the thought that if you could just not pay taxes, you would be fine financially. Well, you do have to file and pay taxes, but you don’t have to pay more tax than you are legally bound to pay. When you use the tax loopholes you will save just a little on taxes each year that will make a big difference in your bottom line.
The problem is the CPAs and attorneys don’t really pay a lot of attention to your taxes. You have to call the shots. You can’t rely on an advisor to tell you about tax loopholes, they won’t risk the liability. You have to study up and then ask your advisor to put them in place for you. They are happy to do that for you.
How to Use Tax Loopholes
You may not have to know how to fill out your own tax returns, but you had better make sure that you take advantage of the tax laws that cut in your favor. Taking advantage of the tax loopholes is something that you work on all year. You have to know the tax laws and then work on “generating the numbers” that the accountant will use at the end of the year to calculate the taxes.
Lowering your adjusted gross income is the most important thing you can do, so go for the tax laws that let you actually lower your adjusted gross income instead of just giving you a “standard deduction.”
The Ten Tax Tips we have prepared concentrate on helping you lower you adjusted gross income not just get a deduction. Most of the tax tips are off the wall – stuff like don’t forget you moving expenses. Well, I didn’t move this year, so give me a tip I can use.
In my Ten Tax Tips I have tried to get laws that people can actually use. Check out the tips, its free after all.
